China maintains stance that they will have to take countermeasures against US tariffs

China is standing by their earlier stance despite recent optimism

• Says that US is violating the Xi-Trump consensus with latest tariffs decision
• US actions deviate from the right way to resolve trade dispute

So much for the risk recovery today. What calmness that markets have worked to establish over the past few hours is going out the window now.

US futures are paring gains while Treasury yields are marked lower again. 10-year yields are down by nearly 3 bps while 30-year yields are back under 2.00%, down by almost 4 bps.

In turn, USD/JPY is back lower as the pair falls from 106.20 to 105.90 currently.