Good morning - QQQs +20bps and main story is out of China as China stocks are moving higher after China's Central bank lowered interest rates and the government added stimulus designed to bolster the stock market. China's Central bank will cut banks' reserve requirement ratio (RRR) by 50 basis points in the near future, freeing up about 1 trillion yuan ($142.21B) for new lending. Depending on the market liquidity situation later this year, the RRR May be further lowered by 0.25-0.5 percentage points, Pan said.
China names all up on the news. Does $ flow out of certain TMT sectors into China/commodities today? Does $ flow into China exposed semis? We’ll see - will be an interesting nday.
Oil +2%; BTC +40bps; China +5%; Yields up 2-4bps across the curve. Let’s get to it…
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