MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

MNI BRIEF: Treasury's Yellen: Inflation Moving To Fed's Target

Japan Tokyo Jul Core CPI +2.2% Y/Y

MNI BRIEF: Japan July Tokyo Core CPI Rises 2.2% Vs. June's 2.1%

MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

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

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Extending Session Highs

US TSY FUTURES
  • Treasury futures marking new session highs as bank-tied concerns accelerate safe haven buying. Jun'23 10Y futures have climbed to session high of 116-23 (+26; yield 3.3131 -.0225), still shy of overnight high of 116-25.5.
  • Key resistance for the contract is 116-30, April 5/6 high. Tuesday’s price pattern is a bullish engulfing candle and this also reinforces current conditions, highlighting bullish sentiment and signaling scope for a test of 117-01+, the Mar 24 high and bull trigger.
  • Bank shares continue to underperform: Comerica (CMA) -17.17%, Zion -14.7%, Citizens Financial (CFG) -9.7%, KeyCorp (KEY) -8.5% to name a few, weighing on SPX Eminis -41.5 at 4065.75.
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