MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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2s10s Yield Curves 16Bp Off Early Tuesday Highs

US TSYS
Tsy futures trading mostly mostly higher through the day, curves flatter with long end outperforming, 30Y bonds bouncing back near second half highs, 30YY currently 2.8788% vs. 2.8635% low.
  • Curves bull flattened Wednesday (2s10s off early Tue's high of 42.897, currently -7.606 at 26.219) as short end remained under pressure -- pricing in two to three 50bp hikes over the next three FOMC meetings.
  • Little react to in-line March reading of Existing Home Sales of 5.77M units annualized, or -2.7% MoM.
  • Bond yield had climbed to new 3-year high of 3.0285% in early Asia hours before the Bank of Japan offered to conduct an unlimited purchase of Japanese Government Bonds (JGBs). That put the brakes on surge in yields as they retreated into the NY open.
  • Adding impetus to the bid: Some trading desks citing surge in industrial production and housing starts that recession fears are overblown, and looking for longer futures to continue to rebound.
  • Tsy futures gapped higher (30YY falls to 2.8874% low) after strong $16B 20Y note auction reopen (912810TF5) trades through with 3.095% high yield vs. 3.120% WI; 2.80x bid-to-cover vs. last month's 2.72x.
  • Fed speak on tap Thu: Fed Chair Powell, ECB Pres Lagarde at IMF/global economy panel event at 1300ET. Fed Blackout midnight Friday.
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