CHINA-RUSSIA: Xi Commends US-Russia Contact In Call w/Putin
(MNI) London - Chinese President Xi Jinping has held a call with his Russian counterpart Vladimir Putin, reports China's state-run CCTV. Xi told Putin that China "will continue to promote peace talks" in Ukraine, adding that, in the context of the prospective meeting between US President Donald Trump and Putin, China is "glad to see Russia and the US maintain contact".
- CCTV: "The leaders of the two countries highly appreciated the high level of political trust and strategic cooperation between China and Russia, and unanimously agreed to jointly advance the relations between the two countries to greater development."
- SCMP: "Xi said complicated issues did not have a simple solution. He added that China would continue to facilitate talks to resolve regional conflicts."
- The call comes at a tumultuous time in global geopolitics. As well as the US push to get Putin to the negotiating table with Ukraine, the US' tariff drive risks driving a wedge between Washington, D.C., and erstwhile allies. Putin and Xi are set to meet when China hosts the annual leaders summit of the Shanghai Cooperation Organisation, taking place in Tianjin 31 Aug-1 Sep.
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OUTLOOK: Price Signal Summary - Bear Threat In Gilts Remains Present
- In the FI space, Bund futures traded lower Tuesday, extending Monday’s sell-off. Support at 129.77, the Jul 3 low, has been cleared. The clear break confirms a resumption of the recent bearish theme and opens 129.30 next, the May 22 low. On the upside, resistance around the the 50-day EMA, at 130.47, has recently been pierced but for now, remains intact. A clear break of it is required to highlight a possible reversal.
- A bear cycle in Gilt futures remains in play and Tuesday’s sell-off reinforces this theme. The contract has breached support at 91.63, the Jul 2 low. Price has also pierced 91.50, the 61.8% retracement of the May 22 - Jul 1 bull leg. This exposes 90.97, the 76.4% retracement point. Clearance of this level would strengthen a bearish theme. On the upside, initial firm resistance is at 92.51, the 20-day EMA.
EUROSTOXX50 TECHS: (U5) Approaching The Bull Trigger
- RES 4: 5526.00 High Mar 19 / 20 (cont)
- RES 3: 5500.00 Round number resistance
- RES 2: 5486.00 High May 20 and a key bull trigger
- RES 1: 5456.00 High Jun 11
- PRICE: 5447.00 @ 12:00 BST Jul 9
- SUP 1: 5281.00/5194.00 Low Jul 1 & 4 / Low Jun 23 and bear trigger
- SUP 2: 5182.00 Low May 2
- SUP 3: 5100.94 38.2% retracement of the Apr 7 - May 20 bull leg
- SUP 4: 5078.00 Low Apr 30
Eurostoxx 50 futures are trading higher today as the contract extends the recovery that started Jun 23. This strengthens a bullish condition and exposes key resistance and the bull trigger at 5486.00, the May 20 high. Clearance of this level would confirm a resumption of the medium-term bull cycle that began Apr 7. A break would open the 5500 handle. On the downside key support has been defined at 5194.00, the Jun 23 low.
MNI EXCLUSIVE: David Miles on the costs of the shift away from long-dated gilts
OBR's David Miles on the costs of the structural shift away from long-dated gilts.- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
