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: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

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

MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

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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(M2) Consolidation Mode

GILT TECHS
  • RES 4: 124.60 High Mar 8
  • RES 3: 123.52 High Mar 9
  • RES 2: 122.72 High Mar 18 and a key near-term resistance
  • RES 1: 121.65 20-day EMA
  • PRICE: 121.19 @ Close Apr 4
  • SUP 1: 119.86 Low Mar 28 and the bear trigger
  • SUP 2: 119.75 123.6% retracement of the Feb 15 - Mar 1 climb
  • SUP 3: 119.36 Low Oct 10 2018 (cont)
  • SUP 4: 118.92 138.2% retracement of the Feb 15 - Mar 1 climb

Gilt futures remain inside its range and continue to consolidate above recent lows. The trend condition remains bearish. The recent break of 120.26, Mar 24 low, marked a resumption of the broader downtrend and resulted in a print below 120.00. Further weakness would open 119.75, a Fibonacci retracement. Key short-term resistance is at 122.72, Mar 18 high. A break would highlight a more meaningful short-term reversal.

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