Macro Briefing: 7 July 2023

* Yellen criticizes China on actions against US companies
* Global economic activity eases to four-month low in June via PMI survey data
* US services sector growth strengthened in June
* US job openings fell in May, indicating labor market tightness is easing
* Jobless claims in US edge up but remain steady at modest level
* US private payrolls surged in June, ADP reports:

Policy-sensitive 2-year US Treasury yield rises to highest level since 2007, reportedly triggered by news of a surge in hiring by US companies in June.

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