MNI BRIEF: China Steel Market To Remain Subdued In August

MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

US EIA:NAT GAS STORAGE +18 BCF TO 3,249 BCF JUL 26 WK

MNI: US JUN CONSTRUCT SPENDING -0.3%

MNI: US ISM JUL MANUF PURCHASING MANAGERS INDEX 46.8

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

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Dec Employ Positioning Welcome Distraction From Politics

US TSYS SUMMARY

Really Decent volumes on net despite a rather quiet second half, TYH1>1.5M futures. Risk-appetite continued through the session, equities making new all-time highs (ESH1 3803.25), rate futures correspondingly weaker, 10YY tapped 1.08% while curves continued to extend 4+ year highs (5s/30s 141.202H).

  • Relative calm after storm following Wed's protestor breach in the Capitol, possibly partially tied to Trump muzzled from social media platforms: Facebook, Twitch, Twitter over accusations of inciting Wed's DC Capitol riots.
  • Slow stream of resignations through the day, some cabinet members (Elaine Cho, Mitch McConnel's wife) amid growing chatter of implementing the 25th amendment to remove the president less than 2 weeks before pres elect Biden takes office on Jan 20.
  • Focus on Fri's Dec employ data, +50k est, curves extend bear steepening and heavy option positioning for more (Fed BULLARD: EXPECT LONGER-TERM RATES TO RISE AS ECONOMY RECOVERS, Bbg).
  • The 2-Yr yield is unchanged at 0.1369%, 5-Yr is up 2.9bps at 0.4545%, 10-Yr is up 3.6bps at 1.071%, and 30-Yr is up 3.2bps at 1.8456%
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