MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

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-Off Gains Momentum

US TSYS SUMMARY

Generally a nascent risk-off tone to midweek session: stocks pared gains/traded weaker while Tsys trade strong after the closing bell, just off late session highs (but off early overnight levels) yield curves mildly flatter, decent over all volumes (TYM >1.5M).

Indifferent data react, Tsy futures pared overnight gains, 2s-30s held just above steady on two-way flow post-data: Durables new orders -1.1%/ex-trans -0.9%. Two-way flow with slightly better buying in 10s-30s.
  • Small auction tail: Tsys slipped briefly after US Tsy $61B 5Y Note auction (91282CBT7) drew high yld of 0.850% (0.621% last month) vs. 0.847% WI; 2.36 bid/cover vs. 2.24 prior. Indirects drew 58.08% vs. 57.05% prior, directs 16.62% vs. 14.38% prior, dealers 25.31% vs. 28.57% prior.
  • Rates gradually rebounded, inched higher in latter/second half of session as equities traded back to early overnight lows. Focus on Thursday's weekly claims and flurry of more Fed speakers.
  • The 2-Yr yield is down 0.1bps at 0.1446%, 5-Yr is down 0.8bps at 0.8076%, 10-Yr is down 1.4bps at 1.6067%, and 30-Yr is down 1.9bps at 2.3079%.
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