GERMANY: Foreign Minister's China Trip Cancelled At Short Notice

Oct-24 10:23

(MNI) London - Foreign Minister Johann Wadephul's high-profile visit to China, planned for 27-28 October, has been cancelled at late notice, according to an FM spox. The spox claims that they found it impossible to get sufficient meetings with officials to make the trip worthwhile, saying that Beijing had only confirmed one relevant meeting with Wadephul's counterpart, Wang Yi. Hans von der Burchard at Politico notes on X that "it is known that [Wadephul] was keen to go (to discuss rare earths, microchips)."

  • The cancellation of the visit came a day after Wadephul told Reuters that, "I will of course also clearly address this issue [rare earth export controls and semiconductors] on the trip. I am certain that, just like us, China has a primary interest in stable and reliable global trade relations and supply chains. This can only succeed in the long term if the rules of fair and open international trade are observed by all sides."
  • Wadephul also said he would look to discuss China and its position vis-à-vis Russia, saying "Our interest is that China contributes to achieving a just and lasting peace in Ukraine. No other country has as much influence on Russia as China."
  • It has not been confirmed which side initiated the cancellation, although the German FM spokesperson's expression of regret that the minister would not be travelling could be an indicator.  

Historical bullets

US 10YR FUTURE TECHS: (Z5) Remains Above Support For Now

Sep-24 10:22
  • RES 4: 114-12  1.0% 10-dma envelope
  • RES 3: 114-10   High Apr 7 (cont.)
  • RES 2: 114-00   Round number resistance 
  • RES 1: 113-12/29 High Sep 18 / High Sep 11 and the bull trigger 
  • PRICE:‌‌ 112-29+ @ 11:12 BST Sep 24
  • SUP 1: 112-20+/112-15+ Low Sep 22 / High Aug 5  and 14 
  • SUP 2: 112-10   50-day EMA
  • SUP 3: 111-13+ Low Aug 18 and a key support  
  • SUP 4: 110-25   Low Aug 1 

The latest pullback in Treasury futures appears corrective. Price has moved through the 20-day EMA, at 112-28. The break signals scope for a deeper retracement and attention turns to the 50-day EMA, at 112.10 and the next key support. Moving average studies remain in a bull mode position, highlighting a dominant uptrend. The bull trigger has been defined at 113-29, the Sep 11 high.

EGB SYNDICATION: Latvia Benchmark 10-Year Syndication Mandate

Sep-24 10:17

Latvia has mandated Deutsche Bank, Erste Group and Goldman Sachs Bank Europe SE for a potential benchmark syndicated transaction of a Euro-denominated 10-year line, subject to market conditions, according to Bloomberg.

LOOK AHEAD: Wednesday Data Calendar: New Home Sales, Build Permits, 5Y Note Sale

Sep-24 10:14
  • US Data/Speaker Calendar (prior, estimate)
  • 09/24 0700 MBA Mortgage Applications (29.7%, --)
  • 09/24 1000 New Home Sales (652k, 650k), MoM (-0.6%, -0.3%)
  • 09/24 1130 US Tsy $28B 2Y FRN re-open (91282CNQ0) & $65B 17W bill auctions
  • 09/24 1300 US Tsy $70B 5Y Note Auction (91282CPA3)
  • 09/24 #### Building Permits (1.312M, 1.312M), MoM (-3.7%, 0.0%)
  • 09/24 1610 SF Fed Daly economic outlook, moderated Q&A
  • Source: Bloomberg Finance L.P. / MNI