MNI China Daily Summary: Tuesday, July 2

MNI BRIEF: China Aims For AI Standards By 2026

MNI China Press Digest July 2: PBOC, FDI, Land Revenue

MNI: PBOC Net Drains CNY298 Bln Via OMO Tues; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

MNI: PBOC Sets Yuan Parity Higher At 7.1291 Tues; -0.09% Y/Y

MNI: US REDBOOK: JUN STORE SALES +5.6% V YR AGO MO

Moderation In Core Momentum In June, But Services Remain Elevated

Wider Italian Debt Dynamics Remain Concerning (2/2)

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Quiet Reversal

US TSYS SUMMARY
Rates quietly reversed weakness to steady/mixed levels, albeit session highs on very light holiday volumes (TYH just over 550k well after the close).
  • Rate futures all the way back to Sunday evening levels -- prior to annc that Pres Trump signed Covid relief/US Govt spending bill that triggered risk appetite (note: equities climbed to new all-time highs and held gains after FI close: ESH1 +31.0 to 3726.0)
  • House scheduled to vote on upsized $2k direct relief payment at 1600ET; National Defense bill veto override vote at 1700ET.
  • Little react to weak 2Y Note auction: 0.137% high yield (0.165% last month) vs. 0.132% WI, bid/cover 2.45 vs. 2.71 previous.
  • Tsy surged after 5Y tailed as well: Weak US Tsy $59B 5Y Note draws high yld of 0.394% (0.397% last month) vs. 0.391% WI; 2.39 bid/cover vs. 2.38 prior.
  • The 2-Yr yield is up 0.4bps at 0.123%, 5-Yr is unchanged at 0.3622%, 10-Yr is up 0.5bps at 0.9281%, and 30-Yr is up 0.4bps at 1.6643%.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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