JGBS AUCTION: 2-Year JGB Auction Results

The Japanese Ministry of Finance (MoF) sells Y1,977.9bn 2-Year JGBs:

• Average Yield: 0.841% (prev. 0.729%)
• Average Price: 100.115 (prev. 99.942)
• High Yield: 0.844% (prev. 0.735%)
• Low price: 100.110 (prev. 99.930)
• % Allotted At High Yield: 35.8202% (prev. 36.5535%)
• Bid/Cover: 4.4665x (prev. 3.9028x)

*JAPAN 2Y GOVT BOND AUCTION MAY HAVE 100.09 LOWEST PRICE:POLL – BLOOMBERG

US President Trump posted via Truth Social that he is not seeking a a summit with China President Xi Jinping. The full post is below. This comes as US and China officials are set to meet for the second day of trade talks in Stockholm. A potential meeting between Trump and XI was reportedly set to be part of the agenda of the talks.

• "The Fake News is reporting that I am SEEKING a “Summit” with President Xi of China. This is not correct, I am not SEEKING anything! I may go to China, but it would only be at the invitation of President Xi, which has been extended. Otherwise, no interest! Thank you for your attention to this matter."
• Also noted the FT reported overnight: " The US has frozen restrictions on technology exports to China to avoid hurting trade talks with Beijing and help President Donald Trump secure a meeting with President Xi Jinping this year, the FT reports, citing people familiar with the matter." (via BBG).
• Rtrs headlines have also just crossed that Nvidia has placed fresh orders with TSMC for 300k in H20 chips, as demand from China is very strong, but that the US Commerce Department is yet to approve the company's export licenses for the H20.