Fresh Session Lows For Futures Post-GDP, But Limited Move Retraced

YM & XM saw modest downticks in the wake of the firmer than expected Q1 GDP print (+0.8% Q/Q vs. the already revised higher median of +0.7%), although the response was limited after the contracts registered fresh session lows, likely owing to the sell off already witnessed since the release of the final round of partials data on Tuesday. Elsewhere, China’s latest Caixin m’fing PMI release was weaker than expected (48.1 vs. median 49.0). The breakdown of that release contained little in the way of surprises, with Chinese policymakers already focusing on targeted support for the real economy (resulting in nothing in the way of meaningful market impact). YM and XM hover a little above worst levels of the day, last -7.5 & -8.0, respectively.