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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Core FI down on the day, but off earlier lows

BONDS
  • After a risk-on Asian session (helped by rescinding Chinese covid concerns and an easing of restrictions in Hong Kong), core fixed income started the European session on a similar downward path. There was also very strong UK labour market data and core fixed income markets hit their intraday lows within 10 minutes of the gilt open (see the gilt comment at 9:43BST for more). Since then we have drifted sideways a bit, but maintaining most of the early losses.
  • Gilt and UST curves have bear flattened while the German curve has steepened.
  • Looking ahead, the most notable upcoming data release will be US retail sales.
  • There are a number of speakers again todayIn terms of speakers we will hear from ECB's Lagarde and Centeno, BOE's Cunliffe, Fed's Powell, Bullard, Harker, Kashkari, Mester and Evans.
  • TY1 futures are down -0-9+ today at 119-12 with 10y UST yields up 2.8bp at 2.913% and 2y yields up 3.4bp at 2.607%.
  • Bund futures are down -0.75 today at 153.28 with 10y Bund yields up 5.3bp at 0.988% and Schatz yields up 4.0bp at 0.168%.
  • Gilt futures are down -0.70 today at 119.57 with 10y yields up 7.8bp at 1.807% and 2y yields up 10.5bp at 1.327%.
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