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July 07, 2026
China LGFV Repair Rather Than Reboot
July 7, 2026 9:45 AM UTC
• Our assessment is that this ongoing exercise will likely have a small boost to GDP growth. LGFV’s debt restructuring could allow some new borrowing, but the big issue is that LGFV and LG finances are dependent on one off property taxes with the building of new property. The overhang
IMM Commitment of Traders Reports w/e Jun 30
July 7, 2026 8:25 AM UTC
Latest IMM data highlights market was still strongly spec GBP short - playing to the squeeze and EUR/GBP breakdown
NZD shorts also extended and so prone to bounce if RBNZ does not 'disappoint'
JPY shorts remain at the highs - so still a short base for noise if/when jitters strikes, as US holiday sho
July 06, 2026
Preview: Due July 7 - U.S. May Trade Balance - Advance goods data shows deficit up sharply
July 6, 2026 5:52 PM UTC
We expect a May trade deficit of $78.7bn, up from $55.9bn in April and the widest deficit since a pre-tariff record of $133.0bn in March 2025. We expect a 3.4% decline in exports after four straight gains and a 3.1% increase in imports, which would be a fourth straight gain.