MNI China Daily Summary: Monday, June 3

MNI BRIEF: Caixin May Manufacturing PMI Hits Over Two-year High

MNI: China CFETS Yuan Index Up 0.03% In Week of May 31

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

MNI: PBOC Sets Yuan Parity Lower At 7.1086 Mon; -1.90% Y/Y

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

MNI: UK MAY MANUFACTURING PMI 51.2 (FLASH: 51.3); APR 49.1

Manufacturing PMIs Remain Contractionary, But Improvement Seen vs April

MNI: EUROZONE MAY MANUFACTURING PMI 47.3 (FLASH: 47.4); APR 45.7

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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Risk-Appetite Cools

US TSYS SUMMARY
Risk appetite cooled Tuesday, 30Y bonds staging an early rally with stocks broadly weaker: SPUs followed weaker global stocks: Estoxx as the index fell blow Friday's lows, Japan's NIKKEI settled down a whopping 584.99 pts or -1.97% at 29100.38.
  • While some sources cited ongoing pandemic related concerns (Japan looking to call a state of emergency earlier, growing concerns in India w/PM Modi addressing the nation) and growing US/Russia tensions over troop build-up near Ukraine border -- others simply cited various technicals: sellers emerge every time SPUs climb 16% over 200DMA; or following a pattern of better selling in the second half of the month, every month since the beginning of the year.
  • Whatever the reason, US markets had another day of no economic data to trade off of -- and more of the same Wednesday. Data resumes Thursday w/weekly claims. Otherwise, focus is on Bank of Canada policy announcement Wednesday (includes Monetary Policy Report) and ECB decision Thursday.
  • Another decent round of corporate issuance, near $17B generated hedging flow; FI markets a little gun-shy ahead Wednesday's $24B 20Y Bill auction re-open that has managed to push markets around last two auctions as performance varied.
  • The 2-Yr yield is down 0.6bps at 0.1512%, 5-Yr is down 3.4bps at 0.7952%, 10-Yr is down 4.4bps at 1.5607%, and 30-Yr is down 3.9bps at 2.2573%.
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