MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

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MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

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MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

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OI Data Points To Aggressive Net Long Setting Following CPI

US TSY FUTURES
HomepageBond Market NewsBulletMarketsFixed Income Bullets

Preliminary OI data and yesterday’s post-CPI rally in Tsy futures points to aggressive net long setting, with TY futures alone seeing over $5mn of net DV01 equivalent OI added.

  • While the risks to existing market positioning definitely lay with a ‘hawkish’ CPI print, the reaction to the much-softer-than-expected data reveals plenty of space to add longs if fundamentals permit.
  • Soft demand metrics and pricing at the latest 30-Year Tsy auction facilitated further bull steepening of the curve later in the day, although didn’t prevent the addition of fresh net longs in WN futures.
11-Jul-2410-Jul-24Daily OI ChangeOI DV01 Equivalent Change ($)
TU4,300,9134,289,022+11,891+452,042
FV6,397,5006,369,491+28,009+1,185,584
TY4,583,3564,504,170+79,186+5,140,758
UXY2,075,7892,071,940+3,849+346,343
US1,669,7411,669,539+202+26,766
WN1,678,6391,668,774+9,865+2,014,661
Total+133,002+9,166,153
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Preliminary OI data and yesterday’s post-CPI rally in Tsy futures points to aggressive net long setting, with TY futures alone seeing over $5mn of net DV01 equivalent OI added.

  • While the risks to existing market positioning definitely lay with a ‘hawkish’ CPI print, the reaction to the much-softer-than-expected data reveals plenty of space to add longs if fundamentals permit.
  • Soft demand metrics and pricing at the latest 30-Year Tsy auction facilitated further bull steepening of the curve later in the day, although didn’t prevent the addition of fresh net longs in WN futures.
11-Jul-2410-Jul-24Daily OI ChangeOI DV01 Equivalent Change ($)
TU4,300,9134,289,022+11,891+452,042
FV6,397,5006,369,491+28,009+1,185,584
TY4,583,3564,504,170+79,186+5,140,758
UXY2,075,7892,071,940+3,849+346,343
US1,669,7411,669,539+202+26,766
WN1,678,6391,668,774+9,865+2,014,661
Total+133,002+9,166,153