MNI China Daily Summary: Friday, February 3

MNI BRIEF: Professional Forecasters Up Inflation Outlook: ECB

MNI BRIEF: China To Fully Reopen Borders With HK and Macau

Core PPI Records First Negative M/M Since May '20

MNI: EUROZONE DEC PPI +1.1% M/M, +24.6% Y/Y

MNI: UK JAN SERVICES PMI 48.7 (FLASH 48.0); DEC 49.9

(RPT)MNI INTERVIEW: BOC In One And Done Zone - Chamber

Rpt- MNI INTERVIEW: BOC Losses May Dent Inflation Fight- Tombe

MNI BRIEF: EU Sees Statement After UK-EU Talks This Afternoon

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PMI Miss and FOMC Minutes Help Support TY Bullish Outlook

US TSYS
BulletMarketsFixed Income NewsHomepageFOMC Calendar Market News
  • Cash Tsys have seen a mixed session, but ultimately rally on a combination of notably weak PMI data and somewhat dovish FOMC minutes. The latter pointed to a “substantial” majority of participants judging a slowing in the pace of hikes would likely soon be appropriate with only “various” participants expecting the terminal rate to be “somewhat higher than they had previously expected”.
  • The net result is 2YY -3.1bps at 4.483%, 5YY -5.0bps at 3.896%, 10YY -4.7bps at 3.709% and 30YY -8.0bps at 3.744%, with all majors tenors except the 30Y remaining within pre-FOMC session ranges.
  • TYZ2 couldn’t exceed its earlier post-PMI peak of 113-00+ on the minutes, touching 112-31+ before retreating to 112-29 at typing. The technical bullish outlook remains intact, with resistance seen at 113-11 (Nov 16 high).
  • Thanksgiving tomorrow sees data/Fedspeak resume on Monday all with an eye on Powell speaking on the economic outlook and labour market on Nov 30.
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  • Cash Tsys have seen a mixed session, but ultimately rally on a combination of notably weak PMI data and somewhat dovish FOMC minutes. The latter pointed to a “substantial” majority of participants judging a slowing in the pace of hikes would likely soon be appropriate with only “various” participants expecting the terminal rate to be “somewhat higher than they had previously expected”.
  • The net result is 2YY -3.1bps at 4.483%, 5YY -5.0bps at 3.896%, 10YY -4.7bps at 3.709% and 30YY -8.0bps at 3.744%, with all majors tenors except the 30Y remaining within pre-FOMC session ranges.
  • TYZ2 couldn’t exceed its earlier post-PMI peak of 113-00+ on the minutes, touching 112-31+ before retreating to 112-29 at typing. The technical bullish outlook remains intact, with resistance seen at 113-11 (Nov 16 high).
  • Thanksgiving tomorrow sees data/Fedspeak resume on Monday all with an eye on Powell speaking on the economic outlook and labour market on Nov 30.