MNI China Daily Summary: Friday, July 12

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

MNI BRIEF: China Steel Export Growth Slows In June

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

Retail Sales / Services Turnover Publications Postponed Indefinitely

CHINA H1 NEW LOANS CNY13.27 TRLN VS JAN-MAY CNY11.14 TRLN

Inflation Momentum Ticks Up Despite Lower-than-expected Print

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Market Roundup: Cautious Optimism, or Calm Before the Storm?

US TSYS

  • Carry-over "risk-on" more like risk-off unwind on net this morning from Tue: Tsy yields gaining (30YY +.0194 at 2.2565% vs. 2.2731% overnight high), equities in the black (ESH2 +32.5 at 4332.5) may be tied to measured response via sanctions from US and allies lending to relative calm. Trading desk notes "Congressional Effect" tailwind for equities when Congress is out of session.
  • US rolls out first tranche of sanctions against Russia today: BLOCKING MAJOR RUSSIAN FINANCIAL INSTITUTIONS; TARGETING ELITES AND FAMILIES CLOSE TO PUTIN; SOVEREIGN DEBT RESTRICTIONS. More in reserve if aggression toward Ukraine in support of pro-Russian separatists in Denetsk and Luhansk regions continues.
    Tsy futures mildly weaker in 2s-30s, holding to narrow band since Asia/London crossover.
  • Tsy futures mildly weaker in 2s-30s, holding to narrow band since Asia/London crossover.
  • Technicals: Trend outlook remains bearish and recent gains are considered corrective. Moving average studies point south and a price sequence of lower lows and lower highs remains intact.
    • The bear trigger is unchanged 125-17+, the Feb 10 low.
    • On the upside, a resumption of gains would expose the 50-day EMA at 128-01+.
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