SCHATZ TECHS: (Z5) Trend Needle Points South

• RES 4: 18.030 High Jul 22 and a reversal trigger      
• RES 3: 118.00 Round number resistance  
• RES 2: 117.710 High Aug 5 and a key resistance
• RES 1: 117.466/630 50-day EMA / High Aug 27 
• PRICE: 117.300 @ 06:03 BST Sep 2
• SUP 1: 117.250/116.950 Low Aug 26 / 15 and the bear trigger    
• SUP 2: 116.840 1.00 proj of the Jun 13 - Jul 11 - 22 price swing  
• SUP 3: 116.800 Low Mar 17 (cont) 
• SUP 4: 116.637 76.4% retracement of the Mar 6 - Apr 7 bull leg (cont)

Last week, Bobl futures traded through resistance at the 50-day EMA, currently at 117.466. The EMA remains intact for now, a clear break of it would undermine the recent bearish threat and instead signal scope for a climb towards the next important short-term resistance at 117.710, the Aug 5 high. Key support and the bear trigger has been defined at 116.950, the Aug 15 low. Clearance of this level would resume the downtrend.

• President Xi Jinping unveiled the Global Governance Initiative at a grand gathering with leaders from the Shanghai Cooperation Organization family on Monday, stressing China's readiness to work with all countries for a more just and equitable global governance system.  He highlighted five principles for the Global Governance Initiative — adherence to sovereign equality, abiding by international rule of law, practicing true multilateralism, advocating the people-centered approach and focusing on taking real actions.  "We should maintain that all countries, regardless of size, strength and wealth, are equal participants, decision-makers and beneficiaries in global governance," Xi said. "We should promote greater democracy in international relations and increase the representation and voice of developing countries," he said.  (source China Daily)
• Shanghai's latest adjustments to home purchase measures triggered a more than 35 percent week-on-week surge in new home transactions, along with a sharp rise in inquiries for pre-owned apartments. Industry experts said on Monday that the response highlights the effectiveness of the new policy and sets the stage for broader market stabilization.  "Following the policy release, visits to some sales offices and brokerage outlets surged, with inquiries doubling, reflecting a boost in market confidence," said Yan Yuejin, research director at the E-House China R&D Institute.  (source China Daily)
• The Hang Seng is down -0.61% today, having finished yesterday up +2.15%. The CSI 300 has lost ground by -0.91% after closing at new highs yesterday. The Shanghai Comp is down -0.70% and Shenzhen down heavily by -2.3%.
• Yuan Reference Rate at 7.1089 Per USD; Estimate 7.1335
• China's 10-Yr Government bond is down -1bp in yield at 1.77%