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Heading North


Modi, AMLO Top Major Economy Leader Poll, Macron Last


Under Pressure


Trend Condition Remains Bearish

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A turn around in risk appetite after the previously flagged news re: Evergrande satisfying a missed coupon payment on a US$ bond before the end of the 30-day grace period. This has applied some light pressure to U.S. Tsys, with JPY moving to the bottom of the G10 FX table, while the likes of the AUD and the NZD see some light outperformance. E-minis have moved off of lows, with the S&P 500 & DJIA contacts trading around unchanged levels, while the NASDAQ 100 contract is still ~0.4% lower on the back of the previously flagged Intel margin guidance re: the next 2-3 years. USD/CNH a touch lower on the news, but operating within yesterday's range. The reaction hasn't been huge, with Evergrande now needing to make a ~$45mn payment before the COB next Friday to avoid official default on a missed coupon payment on another US$ bond.