MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Cash Yields Open Unchanged, Ahead of 10Y Auction Later

US TSYS

TYH4 is trading at 110-07+, - 01+ from NY closing levels.
Cash yields are opening mostly unchanged across the curve to start the Asia trading session after the 10Y yield moved 6.8bps lower during the US session. Tuesday's move came on the back of a 28bps move higher in the days following the release of stronger-than-expected payroll data. This marked the largest two-day move higher in yields since June 2022.

  • Mar'24 10Y futures tested 110-24 as the US trading session got underway, but only moved higher throughout the day, closing at 111-09, initial technical resistance is 111-21 (20-day EMA), while support remains 110.-26 (Jan 19th lows).
  • The 2y10y, continues to come off the lows post Jobs data Friday of -40.198, to trade at -30.00 currently.
  • Data Tonight: Continued Focus on Fed Speakers, Mortgage Applications, Trade Balance & 10Y Sale
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