MNI China Daily Summary: Friday, November 22

UK NOV FLASH MANUF PMI 48.6 (FCST: 50.0); OCT 49.9

EUROZONE NOV FLASH MANUF PMI 45.2 (FCST: 46.0); OCT 46.0

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

GERMANY NOV FLASH MANUF PMI 43.2 (FCST: 43.0); OCT 43.0

FRANCE NOV FLASH MANUF PMI 43.2 (FCST:44.5); OCT 44.5

MNI: GERMANY Q3 FINAL GDP 0.1% Q/Q (VS FCST 0.2%)

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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Price Signal Summary - A Deeper Pullback In Gilts Would Be Considered Corrective

OUTLOOK
  • In the FI space, a bull cycle in Bund futures remains in play and the latest rally reinforces current conditions. 133.21, the Jun 14 high, was cleared last week, confirming a resumption of the uptrend. MA studies are in a bull-mode position, highlighting a rising trend. Sights are on 136.45, 76.4% of the Dec 27 - May 31 downleg (cont). The contract is off Monday’s high, an extension lower would allow an overbought condition to unwind. Firm support is 133.07, the 20-day EMA.
  • Gilt futures traded higher last week, marking a confirmation of the uptrend that started May 29. Yesterday’s high print reinforces current conditions. Note that 99.23, the Jun 21 high, has been cleared. Scope is seen for a climb towards 101.78, the 2.236 projection of the May 29 - Jun 4 - 10 price swing. Initial key support lies at 99.23, the Jun 21 high. A deeper pullback would be considered corrective and this would allow an overbought trend condition to unwind.
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