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Daily Average Exports Hold Close To Recent Highs, Trade Surplus Firms

CHINA JUNE CAIXIN MANUFACTURING PMI 51.8 VS 51.7 IN MAY

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

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Rates strong, at/near late session.....>

US TSY FLOWS
US TSY FLOWS: Rates strong, at/near late session highs by the bell, moderate
volume (TYU>1.1M), 10YY -.0346bp at 2.0123%, curves back to flattening. Focus on
G20 and US/China trade negotiations over data. 
- Midday comments on US/China trade from Trump admin advisor Kudlow spurred
renewed bid in rates as long end extended session highs into the second half --
mkt trepidation as Kudlow says US "MAY MOVE AHEAD ON ADDITIONAL CHINA TARIFFS". 
- Equities initially pared gains on Kudlow comment before clawing higher later
in second half. 
- Early chatter over unlikely possibility that next week's employment release
could be pushed out a week if Pres Trump decrees extended federal holiday/4-day
weekend for Independence day holiday, see 0646ET bullet.
- Final leg US TSY supply today: $32B 7Y note auction (9128287B0) auction traded
through w/strong participation; awarded 1.889% rate vs. 1.894% WI (previous $32B
7Y awarded 2.144%); 2.44 bid/cover vs. 2.30 prior (2.61 avg).
- The 2-Yr yield is down 3bps at 1.7389%, 5-Yr is down 3.2bps at 1.7631%, 10-Yr
is down 4.1bps at 2.0054%, and 30-Yr is down 4.5bps at 2.5242%.
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