MNI China Daily Summary: Wednesday, April 24

MNI BRIEF: China Steel Demand Q2 Limited Rebound

MNI: Japan Nippon Life To Up Yen Bonds, Hedged Foreign Assets

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

MNI: PBOC Sets Yuan Parity Lower At 7.1048 Weds; -4.92% Y/Y

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

MNI: US MBA: MARKET COMPOSITE -2.7% SA THRU APR 19 WK

US MBA: REFIS -6% SA; PURCH INDEX -1% SA THRU APRIL 19 WK

CBI Price Expectations Highest Since February 2023

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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Bund futures lower on hawkish comments from Wunsch

ECB
  • National Bank of Belgium Governor Pierre Wunsch has held an interview with Bloomberg this morning in which he has said that “Without any really bad news coming from that front, hiking by the end of this year to zero or slightly positive territory for me would be a no brainer.”
  • Wunsch also said in his interview when asked about a July hike that "If we have another inflation surprise, it’s certainly a scenario that I would consider."
  • His comments are probably the most hawkish yet by an ECB Governing Council member and follow those of Bank of Latvia Governor Kazaks yesterday that he had "no reason to disagree" with market pricing.
  • Bund futures are taking a leg lower now. They had been drifting lower through most of the overnight session from 154.60 to 154.30 ahead of the interview but at the time of writing had breached 154.00. They are still some way above yesterday's low of 153.25.
  • EURUSD is about 10 pips higher since the comments but remains marginally lower overnight.
  • The front-end of the Euribor strip is also down around 3 ticks after trading fairly steadily through the rest of the overnight session.
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