MNI BRIEF: BOJ: Wage Hikes At Smaller Firms Spreading

MNI BRIEF: Japan June Sentiment Index, Outlook Index Both Rise

MNI BRIEF:PBOC Starts Temporary OMO Tools To Adjust Liquidity

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1286 Mon; -0.29% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: GERMANY MAY EXPORTS -3.6% M/M; IMPORTS -6.6% M/M

GERMANY MAY TRADE BALANCE E24.9bln (E20.3bln F'CAST, E22.2bln APRIL)

RBNZ Data Watch

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

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

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Yields Climb to New Highs After BoE Follows Fed With Hawkish Hold

US TSYS
  • Tsy futures bounced briefly but remained under pressure after the BoE left rate unchanged at 5.25%. Split five-to-four in deciding to leave the Bank Rate on hold. All the senior Bank insiders on the committee, with the exception of departing Deputy Governor Jon Cunliffe, backing no change.
  • Rate futures extended lows (yields at new 16Y highs: 10YY marking 4.881%) after weekly claims came out lower than expected at 201k vs. 225k (small up-revision in prior to 221k from 220k), broad decline in Philadelphia Fed Business Outlook, however, -13.5 vs -1.0 est, 12.0 prior.
  • Rates held near lows after Existing Home Sales came out a little softer than expected (4.04M vs 4.1M est), MoM (-0.7% vs 0.7% est), Leading Index (-0.4% vs. -0.5 est, prior up-revised to -0.3% from -0.4%).
  • Thursday session low of 108-08 put focus on 108-00 and 107-23, the 1.236 projection of the Jul 18 - Aug 4 - Aug 10 price swing.
  • Cross asset summary: Greenback near flat (DXY +.015 at 105.343), Gold weaker (-9.56 at 1920.74), crude weaker (WTI -.08 at 89.58) and stocks extending late lows: DJIA is down 218.24 points (-0.63%) at 34223.35, S&P E-Mini Futures down 55.5 points (-1.25%) at 4392, Nasdaq down 184.6 points (-1.4%) at 13285.99.
  • Friday focus: S&P Global PMIs, while Fed speakers return from policy blackout: both at 1300ET, separate events: SF Fed Daly on economy, policy and MN Fed Kashkari fireside chat, audience Q&A, livestreamed.
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