MNI China Daily Summary: Friday, June 7

MNI BRIEF: China May Forex Reserves Rise On Weakened Dollar

MNI BRIEF: BOJ Consumption Activity Index Rebounds In April

MNI BRIEF: China Service Trade Grows Rapidly, Deficit Expands

MNI: PBOC Net Drains CNY98 Bln Via OMO Fri; Rates Unchanged

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

Q1 GDP Deflator At 3.6%; 0.5pp Below Eurosystem Projections

Compensation Per Employee Accelerates Above ECB Forecasts In Q1

MNI: EUROZONE Q1 GDP +0.3% Q/Q, +0.4% Y/Y

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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Treasuries hold a quiet higher price.....>

US TSYS/7Y
US TSYS/7Y: Treasuries hold a quiet higher price range, roughly midrange on a
choppy day that saw early ECB reaction push Tsys higher before 8am ET, then a
zigzag morning after that amid varied cross-flows. Tsys declined as House
adopted the Senate-passed US Budget on view tax reform may then be forthcoming
(see 11:15am ET bullet with budget/tax interaction explanation.) 
- But Tsys bottomed out amid a large 27,500 Eurodollar Red Pack futures block
buy, as noted earlier citing 11:40am ET bullet. Tsys also saw 2/7Y and 2/10Y
flatteners. 
- Traders generally expressed some cautious optimism into the 1pm ET US$28Y 7Y
auction, but had mixed views on foreign demand. "It will be just fine," said one
trader. 
- HISTORY: Sept. $26B 7-year note auction drew a 2.150% rate, and a big 70.64%
indirect bid rate, a 19% direct rate leaving only a tiny 10.41% for dealers to
mop up.

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