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MNI China Daily Summary: Wednesday, June 26

MNI DATA TABLE: MNI China Interbank Liquidity Index (Jun) - 1

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EZ/UK Bond Supply Calendar: 5/10-year BTPs / CCTeu Due Thursday​

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

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Risk Appetite Grows

US TSYS SUMMARY

Long-end support after early London Block buys evaporated quickly, Tsys chopped lower through NY session as equities made new highs (DJIA cracked 30,000 for first time, climbed to 30116.51 all-time high). No market react to headline "TRUMP WEIGHING SANCTIONS RELATED TO CRACKDOWN IN HONG KONG: NYT".

  • Modest, short term bounce after decent 7Y auction stopped through: $56B 7Y Note drew high yield 0.653% rate (0.600% last month) vs. 0.657% WI; 2.37 bid/cover vs. 2.24 prior.
  • Heavy volumes tied to Dec/Mar futures rolls, more than half complete ahead next Monday's first notice.
  • Eurodollar futures volume Spike, on more LIBOR retirement positioning? Over -50,000 EDH2 at 99.71-.705. Massive volumes centered in Eurodollar Reds (EDZ1-EDU2) both outright and on spreads recorded this month most likely due to LIBOR transition to the Secured Overnight Financing Rate (SOFR) positioning and risk mitigation.
  • The 2-Yr yield is up 0.3bps at 0.1622%, 5-Yr is up 0.8bps at 0.3924%, 10-Yr is up 2.1bps at 0.875%, and 30-Yr is up 4.4bps at 1.5974%.
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