MNI China Daily Summary: Thursday, May 23

MNI BRIEF: China Issues Measures To Cut Cost For Real Economy

MNI BRIEF: Headwinds For EU Banks As Profitability Boom Ends

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Higher At 7.1098 Thurs; -2.89% Y/Y

US Treasury Auction Calendar

Negotiated Wages Accelerate In Q1 Following German One-off Payments

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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/RESEARCH: Part 1: Academy...........>

US TSYS/STOCKS
US TSYS/STOCKS: /RESEARCH: Part 1: Academy Securities head of macro strategy
Peter Tchir eyed "shifting correlations" today in financial markets (US stocks,
bonds, etc cross-asset correlations). "I continue to focus on potential shifts
in correlation being the biggest risk the market faces," he said. "Today saw two
moves that caught my eye. Not alarming, but interesting." 
- He cited CBOE S&P 500 implied correlation index (KCJ ticker), which "measures
the correlation of price returns in the S&P 500 based on single stock options on
the 50 largest components. It was extremely low" previously, "partly because in
markets with small absolute moves in the indices, the correlation measures tend
drift towards zero." 
- But it "bounced nicely today, back to levels right before we had some market
excitement in August," he said. "It isn't anything to be too worried about, but
interesting given my view that correlation shifts are the risk the market is
least prepared for." (More)

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