MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Mildly Weaker Tsys Flirting with Technical Support

US TSYS
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  • Treasury futures continued to gradually extend session lows by the bell, fully unwinding Wednesday's post-CPI/Retail Sales related rally. The Jun'24 10Y futures are -10.5 to 109-05, just below initial technical support of 109-07+ (50-day EMA).
  • Little data to trade off of Friday, the Conference Board leading indicator fell by more than expected in April, -0.6% M/M (cons -0.3) after -0.3% in March.
  • Unscheduled Fed speak underscored the day's move as Fed Gov Bowman reiterated stance in keeping interest rates steady to allow restrictive policy to bring inflation down.
  • Rate cut projections remain largely in-line with this morning's levels (*): June 2024 at -10% w/ cumulative rate cut -2.5bp at 5.313%, July'24 at -22% w/ cumulative at -8bp at 5.258%, Sep'24 cumulative -21.1bp, Nov'24 cumulative -29.2bp, Dec'24 -44.4bp.Looking ahead to next week, the minutes to the May 1 FOMC will be released next Wednesday.
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  • Treasury futures continued to gradually extend session lows by the bell, fully unwinding Wednesday's post-CPI/Retail Sales related rally. The Jun'24 10Y futures are -10.5 to 109-05, just below initial technical support of 109-07+ (50-day EMA).
  • Little data to trade off of Friday, the Conference Board leading indicator fell by more than expected in April, -0.6% M/M (cons -0.3) after -0.3% in March.
  • Unscheduled Fed speak underscored the day's move as Fed Gov Bowman reiterated stance in keeping interest rates steady to allow restrictive policy to bring inflation down.
  • Rate cut projections remain largely in-line with this morning's levels (*): June 2024 at -10% w/ cumulative rate cut -2.5bp at 5.313%, July'24 at -22% w/ cumulative at -8bp at 5.258%, Sep'24 cumulative -21.1bp, Nov'24 cumulative -29.2bp, Dec'24 -44.4bp.Looking ahead to next week, the minutes to the May 1 FOMC will be released next Wednesday.