CHINA-RUSSIA: Putin Meets w/China VP Han At Eastern Econ Forum

Sep-04 10:25

(MNI) London - Russian President Vladimir Putin has met with with Chinese Vice President Han Zheng at the Eastern Economic Forum taking place this week in the city of Vladivostok in Russia's far-east. Chinese state media has Han saying that China is 'full of confidence' in the prospects for cooperation with Russia, and that China 'is willing to share development opportunities with Russia.'

  • China's Xinhua reports Putin stating that 'Russia-China relations are at their best in history. Russia attaches great importance to cooperation in various fields such as economy, trade, culture and local affairs between the two countries and looks forward to exploring more new development opportunities with China.'
  • Russian state-run Tass reports that Putin also said to Han "As agreed, we are expecting the Chairman of the People's Republic of China, Mr. Xi Jinping, at the BRICS summit. I propose that during this work we also hold a bilateral working meeting,"
  • The BRICS summit takes place 22-24 Oct in the Russian city of Kazan. There has been notable international focus on the bloc over the past 48 hours with the news that NATO member Turkey has formally applied to join the organisation, viewed as something of an economic and geopolitical counterweight to the US and European-dominated G7.
  • Malaysia, whose PM Anwar Ibrahim Putin also met on the sidelines of the forum, is another country seen as a possible addition to the BRICS bloc.

Historical bullets

LOOK AHEAD: Monday Data Calendar: Final PMIs, Flash ISMs, SLOOS, Fed Speak

Aug-05 10:25
  • US Data/Speaker Calendar (prior, estimate)
  • Aug-5 0830 Chicago Fed Pres Goolsbee interview on CNBC
  • Aug-5 0945 S&P Global US Services PMI (56.0, 56.0)
  • Aug-5 0945 S&P Global US Composite PMI (55.0, --)
  • Aug-5 1000 ISM Services Index (48.8, 51.0)
  • Aug-5 1000 SM Services Prices Paid (56.3, --)
  • Aug-5 1000 ISM Services Employment (46.1, --)
  • Aug-5 1000 ISM Services New Orders (47.3, --)
  • Aug-5 1130 US Tsy $76B 13W, $70B 26W Bill auctions
  • Aug-5 1400 Sr Loan Officer Opinion Survey on Bank Lending Practices
  • Aug-5 1700 SF Fed Daly moderated discussion on economy/monetary policy

EQUITIES: EU Bank call spread

Aug-05 10:24

SX7E (20th Sep) 130/135cs bought for 2.35 in 6k.

US 10YR FUTURE TECHS: (U4) Bull Cycle Remains In Play

Aug-05 10:15
  • RES 4: 116-00 Round number resistance
  • RES 3: 115-30+ 2.764 proj of the Apr 25 - May 16 - 29 price swing
  • RES 2: 115-17 2.618 proj of the Apr 25 - May 16 - 29 price swing
  • RES 1: 115-01+ Intraday high High Aug 2
  • PRICE: 114-17+ @ 10:50 BST Aug 5
  • SUP 1: 112-21/01+ Low Aug 2 / 1
  • SUP 2: 111-23/110-27+ 20- and 50-day EMA values
  • SUP 3: 109-17+ Low Jul 5
  • SUP 4: 109-04 Trendline drawn from the Apr 25 low

Treasuries traded sharply higher last week and remain firm. Furthermore, today’s gains reinforce the current bullish condition. Moving average studies are in a bull-mode position too and the recent breach of 111-01, the Jun 14 high, confirmed a resumption of the uptrend that started Apr 25. Scope is seen for a climb towards 115-17, a Fibonacci projection. Initial support lies at 112-21, Friday’s intrada low.