MNI China Daily Summary: Monday, October 14

MNI BRIEF: China Sep M2 Rises To Four-Month High

MNI BRIEF: China Foreign Trade Grow Steady; Exports +4.3% YTD

MNI BRIEF: China Foreign Trade Facing Pressure In Q4

CHINA YTD NEW LOANS CNY16.0 TRLN VS MEDIAN CNY16.3 TRLN: PBOC

CHINA SEP EXPORTS +2.4% Y/Y VS MEDIAN +6.0% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.2% Y/Y IN YUAN TERM: CUSTOMS

MNI BRIEF: China Sep CPI Slows To 0.4% Y/Y On Base Effects

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.20B BSL

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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US TSYS: Tsys futures Slightly Lower, Ranges Narrow On Low Volume

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • It has been a very slow day in US tsys, with Japan out and no cash trading. Ranges have been narrow in tsys futures, although there has been some, although small weakness in the short-end over the past hour or so. TU is trading at 103-13⅝, while TY underperformed post the NY close on Friday and is trading unchanged during the APAC session at 112-01+. Volumes are less than 50% of recent averages.
  • Focus in the region was on China with some disappointing headlines out over the weekend. Equities were initially slightly weaker on the open before recovering throughout China's business briefings today, with property & banking stocks outperforming.
  • In the week leading up to Oct. 8, hedge funds significantly reduced their net long position in SOFR futures by $5.6m in DV01, though they still held nearly 500,000 contracts. They also covered $8.2m in DV01 of their 10yr short positions while adding to net longs in ultra 10yrand ultra-long bond futures. Asset managers were bullish on ultra 10yr futures, increasing net longs by $6m in DV01, while unwinding $5.9m in DV01 in long-bond and ultra-long bond futures according to CFTC data.
  • Calendar is empty tonight with the US out for Columbus day, focus will turn to retail sales & jobless claims on Thursday.
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  • It has been a very slow day in US tsys, with Japan out and no cash trading. Ranges have been narrow in tsys futures, although there has been some, although small weakness in the short-end over the past hour or so. TU is trading at 103-13⅝, while TY underperformed post the NY close on Friday and is trading unchanged during the APAC session at 112-01+. Volumes are less than 50% of recent averages.
  • Focus in the region was on China with some disappointing headlines out over the weekend. Equities were initially slightly weaker on the open before recovering throughout China's business briefings today, with property & banking stocks outperforming.
  • In the week leading up to Oct. 8, hedge funds significantly reduced their net long position in SOFR futures by $5.6m in DV01, though they still held nearly 500,000 contracts. They also covered $8.2m in DV01 of their 10yr short positions while adding to net longs in ultra 10yrand ultra-long bond futures. Asset managers were bullish on ultra 10yr futures, increasing net longs by $6m in DV01, while unwinding $5.9m in DV01 in long-bond and ultra-long bond futures according to CFTC data.
  • Calendar is empty tonight with the US out for Columbus day, focus will turn to retail sales & jobless claims on Thursday.