EURGBP TECHS: Bull Cycle Remains In Play

Semafor reports: “Americans are starting to think more positively about China, according to new polling from the think tank Third Way... Since 2023, the share of Americans who view China as an “enemy” dropped by seven percentage points, while the share who see it as an “ally or trade partner” grew by eight percentage points.”

• Semafor notes: “A majority of respondents also said they wanted to cooperate and find “areas of agreement” with China, up from 32% in 2023. Third Way conducted the poll in May, after Trump had begun his first round of aggressive tariffs on Beijing.”
• Third Way wrote in a memo: “Americans aren’t softening on China because they hold the country and its leaders in high regard. But they have become more aware of the role China plays in their daily lives and, as a result, have become more hesitant to use blunt force.”

Figure 1: US Perceptions of China (Americans’ Preferences for Dealing with China) 

Source: Semafor, Third Way

RRP usage retreats to $84.356B (lowest levels since April 25) this afternoon from $125.730B yesterday, total number of counterparties at 23. Lowest usage of the year at $54.772B on Wednesday, April 16 -- in turn the lowest level since April 2021 - compares to July 1: $460.731B highest usage since December 31.

• Date $MM Issuer (Priced *, Launch #)
• 08/05 $1.9B #Daimler Truck $550M 2Y +60, $750M +5Y +92, $600M +7Y +105
• 08/05 $1.25B #Tennessee Valley Authority 5Y +20
• 08/05 $1B #Macquarie Bank 11NC10 +145
• 08/05 $500M #Essential Utilities 10Y +107
• 08/05 $500M #Healthpeak LLC +7Y +92
• 08/05 $500M #CNA Financial WNG 10Y +103
• 08/05 $500M Freedom Mortgage 7.75NC3
• 08/06 $500M Travel + Leisure 8NC3
• 08/05 $Benchmark MSCI 10Y +112.5
• 08/05 $Benchmark Standard Chartered 11NC10 +145a