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CHINA: Futures Jump as Industrial Profit Decline Continues. 

CHINA
EM BulletAPACChinaEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • The PBOC conducted its daily OMO this morning injecting CNY175bn ahead of the Lunar New Year break, just as China data showed that decline in Industrial Profits is now into it’s third  year with a decline of -3.3% for December.     
  • The benchmark 10YR future jumped +0.365 in this morning’s trade to be at 109.405.  
  • Having edged towards the 20-day EMA last week, today’s moves sees the contract break out above all major technical levels with key levels being 20-day EMA 109.05, 50-day EMA 108.40, 100-day EMA 107.55 and 200-day EMA 106.60.
  • China’s 5YR future jumped +0.295 and the 2YR future jumped +0.142.
  • The Lunar New Year holidays sees China out Jan 28-Feb 04 inclusive and it is likely that the Central Bank will provide liquidity leading into the holiday period which could see the resumption of the upward trend.
  • Key data out next week: Industrial Profits Jan 27, PMI’s 27 Jan.   
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  • The PBOC conducted its daily OMO this morning injecting CNY175bn ahead of the Lunar New Year break, just as China data showed that decline in Industrial Profits is now into it’s third  year with a decline of -3.3% for December.     
  • The benchmark 10YR future jumped +0.365 in this morning’s trade to be at 109.405.  
  • Having edged towards the 20-day EMA last week, today’s moves sees the contract break out above all major technical levels with key levels being 20-day EMA 109.05, 50-day EMA 108.40, 100-day EMA 107.55 and 200-day EMA 106.60.
  • China’s 5YR future jumped +0.295 and the 2YR future jumped +0.142.
  • The Lunar New Year holidays sees China out Jan 28-Feb 04 inclusive and it is likely that the Central Bank will provide liquidity leading into the holiday period which could see the resumption of the upward trend.
  • Key data out next week: Industrial Profits Jan 27, PMI’s 27 Jan.