MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Treasury Yields Open A Touch Lower, 5Y Auction Later

US TSYS
  • Jun'24 10Y futures are a touch higher this morning, now trading up + 02 at 110-18+, and off the lows made on Monday of 110-15. Later today there will be a $67b 5y bond auction.
  • Looking at technical levels: Initial support lays at 109-24+ (Mar 18 low/ the bear trigger), further down 109-14+ (Nov 28 low), to the upside resistance holds at 110-30+ (Mar 21 & 22 high), above here 111-00+ (50-day EMA), while a break above here would open a retest of 111-24 (Mar 12 high).
  • Cash treasuries steepened out to the mid curve overnight, with yields 3-5bps. As trading gets underway in Asia for Tuesday, yields are reversing some of those moves. The 2yr is -0.9bps at 4.617%, 10yr is -0.8bp to 4.238%, while the 2y10y is -0.609 at -38.822.
  • Looking ahead: Later today Durable & Capital Goods Orders
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