US 10YR FUTURE TECHS: (H5) Technical Parameters Unchanged

(MNI) London - First-ranked Vice Premier of China Ding Xuexiang has been speaking at the World Economic Forum (WEF) meeting in Davos, Switzerland. Select comments from his address below.

• Ding: 'We neet to jointly promote inclusive and equitable economic globalisation, [which is] not a zero-sum game, but a process of mutual benefit and shared progress.'
• Ding: 'Protectionism leads nowhere, and there are no winners in a trade war'. Ding notes that 'Economic globalisation can bring about conflicts and differences in distribution of benefits'.
• Ding: 'Multilateralism is the right path for maintaining world peace and promoting human development...We need to foster and open, inclusive and non-discriminatory environment for international economic cooperation...We need to promote digital connectivity and help countries expand emerging and future industries.'
• Ding: 'China's stable economic growth will provide strong impetus for global economic development'.
• Ding: 'China does not pursue a trade surplus...China is willing to import more competitive, high-quality products and services to balance trade...China's door of opening up will not close...We sincerely welcome more foreign companies to invest in China'. 

Overnight Reuters reported US President Donald Trump is set to sign a memo directing "federal agencies to assess China's performance under the "Phase 1" trade deal he signed with Beijing in 2020 to end a nearly two-year tariff war. The deal required China to increase purchases of U.S. exports by $200 billion over two years, [...] "China's adherence to this agreement will now be assessed, to determine whether enforcement or changes are required," the memo reads."

• Spread set previously 4.25% Sep-39 gilt +4.00bp (Guidance was +4.00/+4.25bps)
• Size: GBP8.5bln (MNI had expected GBP5.0-6.5bln)
• Books closed in excess of GBP119bln (inc JLM interest of £7bn)
• Expected Settlement Date: 22-January-2025 (T+1)
• ISIN: GB00BQC82D08
• Joint Leads: DB (B&D / DM) / JPM / MS / Nomura / RBC CM
• HR 102% vs UKT 4 1/4% Treasury Gilt 07-Sept-2039 (GB00B3KJDS62)
• Timing: Today's business
• Hedge deadline is 11.30am UK

From market source / Bloomberg

On January 20, US President Donald Trump was sworn in as the 47th president of the United States, in a ceremony moved inside to the US Capitol Rotunda due to freezing conditions in Washington D.C.

• As expected, Trump announced the declaration of two national emergencies, one at the US-Mexico border and another on energy, to endow the executive branch with additional powers to enact a record number of Day 1 executive orders.
• His Day 1 actions stopped short of imposing new tariffs, but Trump reiterated his plans to raise revenue with tariffs and ordered a review of global trade practices. Trump later indicated that he may impose a 25% tariff on Mexican and Canadian products on February 1: “We’re thinking in terms of 25% … I think we’ll do it Feb. 1.”
• Please find attached, a summary of key market-relevant executive orders, including Biden's-era orders rescinded by Trump. 

Full article: TRUMP DAY ONE EXECUTIVE ORDERS