US-CHINA: Trump: We Want A Level Playing Field With China
Jan-23 17:03
US President Donald Trump, speaking at Davos, describes how he sees the US relationship with China in the next four years.
- Trump notes that Chinese President Xi Jinping called him shortly after his inauguration. Trump says "I see [the relationship as] very good. I think we're going to have a very good relationship. All we want is fairness. We just want a level playing field, we don't want to take advantage. We've been having massive deficits with China. Biden allowed it to get out of hand..."
- Trump: "It's just an unfair relationship. We have to make it fair, it doesn't have to be phenomenal... I like President Xi very much, we've always had a great relationship... and looking forward to doing very well with China."
- Trump: "Hopefully China can help us stop the war [in Ukraine] they have a great deal of power over that situation and we'll work with them."
- Trump: "We'd like to see denuclearisation," adding during his first administration he had spoken about the issue with Russian President Vladimir Putin and said "China would have come along."
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COMMODITIES: Crude Climbs, Gold Steady, Copper Edges Higher
Dec-24 16:42
- Oil has climbed further today in a thin pre-holiday trading session. Front month remains around the middle of its December range, supported by more positive factors out of the US.
- WTI Feb 25 is up by 1.6% at $70.3/bbl.
- The Biden Administration is looking to tighten sanctions on Russia as a parting blow to Putin, the Washington Post reports.
- For WTI futures, a bearish threat remains present and recent gains are, for now, considered corrective. A resumption of the bear cycle would open $65.57, the Oct 1 low. Initial firm resistance to watch is unchanged at $71.97, the Nov 7 high.
- Meanwhile, spot gold has remained broadly unchanged today, with the yellow metal edging up by 0.2% to $2,617/oz.
- For gold, a resumption of weakness would signal scope for an extension towards the key support at $2,536.9, the Nov 14 low.
- However, moving average studies are in a bull mode position highlighting a medium-term uptrend. Initial pivot resistance is $2,637.6, the 20-day EMA. A breach of this EMA would be positive for bulls.
- Copper has risen by 0.6% to $411/lb, although the red metal remains near the bottom of its recent range.
- Bloomberg reports that speculators have cut their net LME copper bets to an 11-month low.
- A bearish trend condition in copper futures is intact, with attention on $401.35, the Aug 7 low and a bear trigger.
US TSYS/SUPPLY: Review 5Y Auction: Second Consecutive Stop, Tsys Pare Losses
Dec-24 16:35
- Tsy futures paring losses (TYH5 trades 108-13 last, -2) after $70B 5Y note auction (91282CMD0) stopped 0.2bp through (second consecutive stop since June): drawing 4.478% high yield vs. 4.480% WI; 2.40x bid-to-cover vs. 2.43x for the prior auction.
- Peripheral stats show indirect take-up rising to 67.27% vs. 64.12% prior, directs at 20.26% vs. 24.58% prior (highest since Jul 2014), primary dealer take-up 12.47% vs. 11.30% prior.
- The next 5Y auction is tentatively scheduled for January 27.
FED: US TSY 1Y-10M FRN AUCTION: HIGH MARGIN 0.140%; ALLOTMENT 72.00%
Dec-24 16:32
- US TSY 1Y-10M FRN AUCTION: HIGH MARGIN 0.140%; ALLOTMENT 72.00%
- US TSY 1Y-10M FRN AUCTION: DEALERS TAKE 29.46% OF COMPETITIVES
- US TSY 1Y-10M FRN AUCTION: DIRECTS TAKE 0.89% OF COMPETITIVES
- US TSY 1Y-10M FRN AUCTION: INDIRECTS TAKE 69.64% OF COMPETITIVES
- US TSY 1Y-10M FRN AUCTION: BID/CVR 2.98
