SHFE Market Movement (2015-7-8)

The Bank of Canada chose to hold steady earlier this month, but Governor Macklem immediately warned that if inflation remains persistently high, the central bank does not rule out multiple consecutive rate hikes. The Riksbank currently belongs to the dovish camp and is expected to keep its key policy rate unchanged at 1.75% at its meeting later this month, though the market currently also expects its rate to rise later this year.

As the US Fed is about to announce its interest rate decision, the sell-off in US Treasuries has intensified, with the benchmark 10-year Treasury yield climbing to its highest level since 2007. The 30-year Treasury yield, which is more sensitive to geopolitical risks, also continued to rise, reaching as high as 5.40% during the session, a new high since June 2007; the 2-year Treasury yield rose about 4 basis points to 4.68%.

The Trump administration has signaled it is about to approve deep-sea mining permits, part of a broader effort to expand US access to critical minerals that are widely used across many sectors of the US economy.Interior Secretary Doug Burgum said at the G20 energy ministers' meeting in Houston that permits could be issued within months, as the administration pursues an "energy growth" strategy to expand supply chains for the US and its allies.