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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Day ahead

EGBS
  • Bunds have moved higher on the European open, following some of the overnight moves in Treasuries and also some risk-off moves in global equity indices, which has now passed through to European equity index futures moving lower.
  • As our overnight team pointed out earlier there has been "geopolitical tension centring on the Middle East, broader COVID worry and regulatory matters in China" all weighing on sentiment.
  • However, Bunds remain below yesterday's highs of 177.07 with our technical analyst looking for the next resistance at 177.61, the August 5 high and bull trigger.
  • The highlight of the data calendar will be the second print of Q2 GDP, but that is now outdated and is unlikely to have a huge impact on the market unless we get a large surprise.
  • In terms of supply, Germany is due to launch a new 0% Sep-23 Schatz for E6bln while Spain, Finland and the ESM all hold bill auctions.
  • Peripheral spreads are largely unchanged this morning.
  • Bund futures are up 0.18 today at 176.98 with 10y Bund yields down -1.5bp at -0.485% and Schatz yields down -0.6bp at -0.749%.
  • BTP futures are up 0.13 today at 155.20 with 10y yields down -1.6bp at 0.548% and 2y yields down -0.5bp at -0.498%.
  • OAT futures are up 0.15 today at 162.50 with 10y yields down -1.7bp at -0.141% and 2y yields down -0.3bp at -0.712%.
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