MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1315 Fri; -0.52% Y/Y

CHINA PBOC CONDUCTS CNY59 BILLION VIA 7-DAY REVERSE REPOS FRI

Intermediate PPI Deflation Continues To Fade in June

MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

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

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There's Always Time For Diplomacy

US TSYS
Risk-on early London hours: Russia/Ukraine tensions cool after reports that Russia withdrawing some troops from Ukraine border. NATO head Stoltenberg said there's "no concrete sign of de-escalation", yet remains "cautiously optimistic", Bbg.
  • Tsys extended lows after the bell (30YY tapped 2.3669% high) as US President Biden commented on Ukraine situation: "As long as there is hope for diplomatic resolution, we will pursue it. Russian defense ministry reported some units are leaving but US has not verified this yet. Analysts believes they are still in a very threatening position." However, Biden added "invasion remains distinctly possible and Americans should leave Ukraine now. If Russia attacks Ukraine it will be a war of choice not of necessity."
  • Higher than forecasted PPI for Jan (+1.0% vs. 0.05% est) weighed on FI and pre-open stocks.
  • Contributing to bear steepening (5s30s +5.5 at 42.69 late), trading desks report real$ buying short end and separately selling 30s, deal-tied rate lock selling keeping pressure on as markets hedged $6B Bristol Myers 4pt jumbo (10s, 20s, 30s and 40s).
  • Eurodollar/Treasury option flow was mixed, two-way call interest in the former: Scale buyer 38,000 short Sep 99.00 calls, 2.0 ref: 97.615-.62, after a Block sale of -20,000 Sep 98.50/98.75 call spds, 0.5 over Sep 97.37 puts vs. 98.33/0.30%.
  • After the close 2-Yr yield is down 0.5bps at 1.5692%, 5-Yr is up 2.4bps at 1.9351%, 10-Yr is up 5.8bps at 2.0451%, and 30-Yr is up 7.5bps at 2.3609%.
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