MNI China Daily Summary: Thursday, August 1

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

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

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

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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(H1) Remains Vulnerable

GILT TECHS
  • RES 4: 135.96/99 High Jan 4 / High Dec 11 and the bull trigger
  • RES 3: 135.73 High Jan 5
  • RES 2: 135.16 High Jan 6
  • RES 1: 134.78 50-day EMA
  • PRICE: 134.37 @ Close Jan 8
  • SUP 1: 134.26 Low Jan 8
  • SUP 2: 134.01 Low Dec 24 and key support
  • SUP 3: 133.63 Low Dec 4
  • SUP 4: 133.52 Low Dec 2

Gilt futures found resistance last week at 135.96, Jan 4 high and traded sharply lower off the high. The sell-off also resulted in a break of support at 134.89, Dec 30 low. The move lower highlights a bearish short-term risk with the focus on 134.01 next, the Dec 24 low. A break of this level would reinforce a bearish argument and open 133.52, Dec 2 low. On the upside, resistance is at 135.16.

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