CHINA: CAIXIN PMI Services Rises in May
Jun-05 01:54
- Following the disappointing May CAIXIN PMI Manufacturing, all eyes were on the CAIXIN PMI Services
- April had delivered a +50.7 result and market expectations were for an improvement to +51.0.
- May's result of +51.1 will be welcome relief to market watchers.
- Despite this improvement, the CAIXIN PMI composite slipped into contraction at +49.6, driven by the decline in manufacturing PMI.
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US TSYS: US Tsys - Epsilon theory : Our True Enemy Has Yet To Reveal Himself
May-06 01:47
Ben Hunt of Epsilon Theory wrote a thread on X : “It's not the tariffs. It's not the recession. It's not the tax cuts. These are just the catalysts, the vehicles through which the true enemy shows himself.”
- “I feel as strongly today as I did in 2008 that our true enemy has not yet revealed himself.”
- “I feel as strongly today as I did in 2008 that the ‘normal’ market discourse around recession and jobs and inventories acts as a distraction from the systemic risk that is manifesting itself.”
- “I feel as strongly today as I did in 2008 that to the degree systemic risk is being discussed, it is described as ‘well-contained’ by the US government even though we can all see with our own eyes that it is not contained at all.”
- “In 2008 the true enemy was the over-financialization of the US residential mortgage market, and the catalyst for the true enemy to wreak havoc in the global financial system was a sharp, universal decline in US home prices.”
- “In 2025 the true enemy is the over-financialization of the US Treasury market, and the catalyst for the true enemy to wreak havoc in the global financial system is a sharp, universal decline in the full faith and credit of the United States.”
- “The true enemy is uncompensated risk in the risk-free securities that have been financialized and levered across every substrate of the global system, uncompensated risk that comes from a diminishment of the full faith and credit of the United States.”
- https://x.com/EpsilonTheory/status/1919474733508178055
CHINA: Central Bank Withdraws Liquidity via OMO (updated)
May-06 01:36
- The PBOC issued CNY405bn of 7-day reverser repo at 1.5% during this morning’s operations.
- Total maturities today CNY
- Net liquidity withdrawal CNY682bn.
- The PBOC monitors and maintains liquidity in the interbank system through the issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted Average Index is at 1.60% versus close on 30/4 at 1.79%.
- The China Overnight Interbank repo rate is at 1.72%, versus close on 30/4 of 1.78%
- The China 7-day Interbank repo rate is at 1.60%, versus close on 30/4 of 1.95%
CHINA: Central Bank Withdraws Liquidity via OMO
May-06 01:34
- The PBOC issued CNY405bn of 7-day reverser repo at 1.5% during this morning’s operations.
- Total maturities today CNY1,087bn
- Net liquidity withdrawal CNY682bn.
- The PBOC monitors and maintains liquidity in the interbank system through the issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted Average Index is at 1.60% versus close on 30/4 at 1.79%.
- The China Overnight Interbank repo rate is at 1.72%, versus close on 30/4 of 1.78%
- The China 7-day Interbank repo rate is at 1.60%, versus close on 30/4 of 1.95%
