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Recession signs, RBA to hike, grains from Odessa
US and EU equities tread water notwithstanding another round of softer activity readings and heightened geopolitical tensions. China Caixin manufacturing PMI reaffirmed the message from the official reading indicating China’s reopening activity burst is over. The US ISM manufacturing printed better than expected, but signs of a slowdown are building. Meanwhile, House Speaker Nancy Pelosi is expected to arrive in Taipei today with China again warning of potential military or economic retaliation. Against this backdrop core yields have traded lower with the 30y Bond leading a flattening of the UST curve. The USD has ... (full story)