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

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Cheaper, Narrow Ranges, 5Y Supply Tomorrow

JGBS
BulletMarketsFixed Income BulletsHomepage

JGB futures are holding weaker, -15 compared to settlement levels, after dealing in a relatively narrow range.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined Labor & Real Cash Earnings and Current-Account Surplus data, and remarks from BoJ Governor Ueda that he had achieved his goal to change the bank's monetary stimulus into a simpler framework.
  • (Bloomberg) -- Japan markets have a positive outlook on high sustained inflation and significant household savings, according to Jennifer Hsui, global head of index equity investments at BlackRock. (See link)
  • Cash US tsys have extended Friday’s post-payrolls cheapening in today’s Asia-Pac session, with benchmark yields 1-3bps higher.
  • Looking ahead, the market’s focus is likely on US CPI and March FOMC minutes on Wednesday and PPI on Thursday.
  • Cash JGBs are mostly cheaper across the curve, with yields -0.8bp lower (10-year) to 1.6bps higher (2-year). The benchmark 5-year yield is 0.5bps higher at 0.387% ahead of tomorrow’s supply.
  • Today’s BoJ Rinban Operations covering 1-3-year, 5-10-year and 25-year+ JGBs showed mixed results. Spreads were positive but the offer cover ratios were lower than previous outings.
  • Swap rates are flat to slightly higher across maturities. Swap spreads are mixed.
  • Tomorrow, the local calendar will see the Consumer Confidence Index and Machine Tool Orders data.
215 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

JGB futures are holding weaker, -15 compared to settlement levels, after dealing in a relatively narrow range.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined Labor & Real Cash Earnings and Current-Account Surplus data, and remarks from BoJ Governor Ueda that he had achieved his goal to change the bank's monetary stimulus into a simpler framework.
  • (Bloomberg) -- Japan markets have a positive outlook on high sustained inflation and significant household savings, according to Jennifer Hsui, global head of index equity investments at BlackRock. (See link)
  • Cash US tsys have extended Friday’s post-payrolls cheapening in today’s Asia-Pac session, with benchmark yields 1-3bps higher.
  • Looking ahead, the market’s focus is likely on US CPI and March FOMC minutes on Wednesday and PPI on Thursday.
  • Cash JGBs are mostly cheaper across the curve, with yields -0.8bp lower (10-year) to 1.6bps higher (2-year). The benchmark 5-year yield is 0.5bps higher at 0.387% ahead of tomorrow’s supply.
  • Today’s BoJ Rinban Operations covering 1-3-year, 5-10-year and 25-year+ JGBs showed mixed results. Spreads were positive but the offer cover ratios were lower than previous outings.
  • Swap rates are flat to slightly higher across maturities. Swap spreads are mixed.
  • Tomorrow, the local calendar will see the Consumer Confidence Index and Machine Tool Orders data.