MNI China Daily Summary: Thursday, September 26

MNI BRIEF: China GDP Growth Likely 4.8% In Q3 - BOC

MNI: GERMAN OCTOBER GFK CONSUMER CLIMATE -21.2

MNI: PBOC Net Drains CNY231.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.0354 Thurs; +3.96% Y/Y

CHINA PBOC CONDUCTS CNY292 BLN VIA 14-DAY REVERSE REPOS THURS

EZ/UK Bond Supply Calendar: 5/5/10-Year BTPs / CCTeu Due Friday

US EIA: CRUDE OIL STOCKS EX SPR -4.47M TO 413.0M SEP 20 WK

MNI: US AUG NEW HOME SALES -4.7% TO 0.716M SAAR

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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OUTLOOK: Price Signal Summary - Corrective Cycle In Gilts Remains In Play

OUTLOOK
BulletMarketsFixed Income BulletsForeign Exchange Bullets
  • In the FI space, Bund futures have pulled back from their recent highs. The move down has resulted in a break of support at the 20-day EMA, at 134.29. This signals scope for a deeper retracement near-term, potentially towards the 50-day EMA, at 133.58. Clearance of this average would undermine a bullish theme. For bulls, a reversal higher would refocus attention on key resistance and the bull trigger at 135.66, the Aug 5 high.
  • A bull cycle in Gilt futures is still in play, however, the pullback from Tuesday’s peak highlights a correction and Thursday’s move lower reinforces this theme. The extension is allowing an overbought condition to unwind. Support at 100.01, the 20-day EMA, has been pierced. The clear break of this average signals scope for a deeper retracement and exposes 99.29, the Sep 10 low. A reversal higher would refocus sights on 101.54, Sep 17 high.
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  • In the FI space, Bund futures have pulled back from their recent highs. The move down has resulted in a break of support at the 20-day EMA, at 134.29. This signals scope for a deeper retracement near-term, potentially towards the 50-day EMA, at 133.58. Clearance of this average would undermine a bullish theme. For bulls, a reversal higher would refocus attention on key resistance and the bull trigger at 135.66, the Aug 5 high.
  • A bull cycle in Gilt futures is still in play, however, the pullback from Tuesday’s peak highlights a correction and Thursday’s move lower reinforces this theme. The extension is allowing an overbought condition to unwind. Support at 100.01, the 20-day EMA, has been pierced. The clear break of this average signals scope for a deeper retracement and exposes 99.29, the Sep 10 low. A reversal higher would refocus sights on 101.54, Sep 17 high.