At a State Council Information Office briefing the Ministry of Industry and Information Technology said China’s manufacturing scale and quality improved during the 14th Five-Year Plan. Value added of industrial enterprises above designated size averaged 5.9% annual growth; total manufacturing value added rose from 26.5 tln yuan in 2020 to 34.7 tln yuan, remaining around 25% of GDP.

German 10-year bond yield fell to 3.186%, the low recorded on the 12th.

Frank Flett, head of macro strategy at Citadel Securities, says the risk-reward has shifted toward a rally in long-dated U.S. Treasuries, citing crowded short positions and improving inflation prints. He had warned last month that investors were underestimating the risk of a Fed July rate hike. Citadel’s simulations of CTAs and trend-followers show short positions are “substantially excessive” versus recent history, suggesting further declines would likely produce limited selling while sustained gains could force short covering. Flett says concerns about Fed credibility are overstated because recent soft jobs and inflation reports “appear to justify a more dovish policy response.”