MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Rates Near Mid-Apr/Pre-Retail Sales Highs, 50Bp Dec Rate Cut In Play

US TSYS
  • Front month Treasury futures extended session highs in late trade, partially driven by sell-off in stocks, SPX Eminis through 20-day EMA support of 4128.95 to 4097.50 low, just shy of 50-day EMA support at 4086.73.
  • Underperforming sectors: Energy, Materials and Industrials continue to lead the sell-off in SPX, Financials near the middle of the pack while shares of First Republic Bank (FRC) falling 50% in late trade.
  • Treasury curves bull steepening (2s10s +5.964 at -54.276 as 2s surged 13.5 to 103-15 following today's 2Y auction: 3.969% high yield vs. 3.965% WI; 2.68x bid-to-cover. Implied rate cuts into year end surged back over 50bp for Dec'23, Jan'24 -75bp cumulative.
  • The rally in 10s undermines the recent bearish theme with price trading above both the 20- and 50-day EMAs. A continuation higher would signal scope for a climb towards 116-08, the Apr 12 high and expose the key resistance at 117-01+, the Mar 24 high.
  • Wednesday Data Calendar, focus on Wholesale/Retail Inv, Durables and Capital Goods. Next legs of the week's Treasury coupon supply with $24B 2Y FRN (91282CGY1, $36B 17W bill auction at 1130ET; $43B 5Y Note auction (91282CHA2) and $45B 17D bill CMB auction at 1300ET.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.