宏观周报：央行借入国债，美国部分数据偏弱

Domestic Economic Indicators - The People's Bank of China (PBOC) has initiated treasury bond borrowing operations to stabilize the bond market, indicating a diversification of monetary policy tools[6] - The Caixin Manufacturing PMI for June recorded at 51.8, marking the highest level since June 2021, while the official PMI remained at 49.5, indicating weak demand[39] - The new export orders index fell to a six-month low, reflecting a slight decline in overseas market demand[17] U.S. Economic Data - The ISM Manufacturing Index for June was reported at 48.5, below the expected 49.1, indicating continued contraction in the manufacturing sector[12] - The ADP employment report showed an increase of 150,000 jobs in June, significantly below the expected 165,000, suggesting a potential slowdown in the U.S. economy[24] European Economic Trends - The Eurozone's inflation rate for June was reported at 2.5%, slightly lower than the previous month's 2.6%, indicating a moderate easing of inflationary pressures[48] - The French parliamentary elections saw the far-right National Rally leading with 33% of the votes, but the initial advantage was less than expected, potentially impacting future economic policies[11] Commodity Market Insights - Brent crude oil prices increased by 1.80% week-on-week, while copper prices rose by 0.95% and iron ore prices surged by 4.45%[51] - The PBOC's actions are expected to guide long-term treasury yields upward, amidst a backdrop of stable growth and loose monetary policy[19]