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CANADA Q1 GDP ANNUALIZED +1.7% VS EXPECTED +2.4%

MNI BRIEF: China Utility Prices Should Be Reasonable

MNI: PBOC Net Injects CNY98 Bln Via OMO Fri; Rate Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1088 Fri; -2.14% Y/Y

Consumption Contributes Positively To In Line Q/Q GDP Print

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

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

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Reversing the Rally of Late Last Week

BOND SUMMARY
  • There has been a decent sell-off in core fixed income this morning as Treasuries, Bunds and gilts all reverse the moves seen in the second half of last week.
  • Optimism over China-US talks and vaccine prospects seem to be the overriding drivers with S&P e-mini futures making new highs today.
  • The calendar is fairly light today with consumer confidence and new home sales the highlights along with a panel appearance from Fed's Daly. Markets continue to look ahead to the virtual Jackson Hole conference on Thursday and Friday this week.
  • TY1 futures are down -0-6+ today at 139-10 with 10y UST yields up 2.3bp at 0.678% and 2y yields up 0.7bp at 0.160%.
  • Bund futures are down -0.55 today at 176.47 with 10y Bund yields up 2.8bp at -0.464% and Schatz yields up 1.0bp at -0.672%.
  • Gilt futures are down -0.29 today at 136.92 with 10y yields up 1.7bp at 0.229% and 2y yields up 1.3bp at -0.34%.
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