MNI China Daily Summary: Friday, September 6

MNI BRIEF: China To Address Consumption In Next Five-year Plan

MNI: PBOC Net Injects CNY111.4 Bln via OMO Friday

CHINA PBOC CONDUCTS CNY141.5 BLN VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.0925 Fri; +2.94% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.0925 FRI VS 7.0989

MNI: EUROZONE Q2 GDP +0.2% Q/Q, +0.6% Y/Y

MNI: FRANCE JUL INDUSTRIAL PRODUCTION -0.5% M/M, -2.2% Y/Y

MNI: GERMANY JUL EXPORTS +1.7% M/M; IMPORTS +5.4% M/M

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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Treasuries Stabilise After Further Sell-Off Overnight

US TSYS
  • Cash Tsy yields have recently stabilised after rising through Asian hours, currently up 3-3.5bps across the curve.
  • 2Y yields are +3.0bps at 0.856%, 5Y +3.3bps at 1.462%, 10Y +3.0bps at 1.735% and 30Y +3.4bps at 2.129%.
  • The 2Y is just off post-pandemic highs from earlier in the session whilst the 10Y is not far off the last year's high of 1.774% (Mar 30).
  • TYH2 is down 8 ticks at 128-19 and off a session low of 128-16, having earlier broken a key support level of 128-22+ on solid volumes. New support is seen at 128-05 (1.618 proj of the Dec 20-29-31 price swing) followed by the psychological 128-00, whilst resistance is seen at 129-19 (Jan 4 high).
  • Fedspeak: Bullard (2022 voter, 1315ET) and Daly (non-voter, 1130ET).
  • Data: ISM services and especially prices paid is the main release over finalised durable goods for Nov and weekly jobless claims, but with greater focus on tomorrow’s payrolls.
  • NY Fed buy-op: TIPS 7.5Y-30Y, appr $925M (1120ET).
  • Issuance: $50B 4W, $40B 8W bill auctions (1130ET).
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