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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Dealing Mixed, Global Bonds Cheapen Today Despite Iran’s Weekend Attack

ASIA RATES
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Asian rates are dealing mixed after conflicting signals from global bond markets after Iran’s military launched drones and missiles against Israel over the weekend, in a significant escalation of hostilities. US tsys finished Friday’s session 4-8bps richer in response to simmering tensions in the Middle East. However, US tsys are dealing 3-4bps cheaper in today’s Asia-Pac session.

  • China Government Bonds are dealing flat to 1bp cheaper after the Government vows to tighten stock market supervision as the rebound stalls. China equities are higher. (See link)
  • Additionally, China withdrew cash from the banking system for a second consecutive month, signalling its caution toward monetary easing as currency depreciation pressures mount. (See link)
  • China’s calendar will see New Home Prices, GDP, Industrial Production & Retail Sales tomorrow.
  • The South Korean Sovereign Bond curve has twist-steepened, pivoting at the 3s, with yields 3bps lower to 2bps higher, after the BoK said it will take measures promptly if there is concern over volatility increase in FX and financial markets.
  • Fitch Ratings says South Korea’s election leaves obstacles to the Government reform agenda. However, they believe there is still scope to advance fiscal consolidation. (See link)
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Asian rates are dealing mixed after conflicting signals from global bond markets after Iran’s military launched drones and missiles against Israel over the weekend, in a significant escalation of hostilities. US tsys finished Friday’s session 4-8bps richer in response to simmering tensions in the Middle East. However, US tsys are dealing 3-4bps cheaper in today’s Asia-Pac session.

  • China Government Bonds are dealing flat to 1bp cheaper after the Government vows to tighten stock market supervision as the rebound stalls. China equities are higher. (See link)
  • Additionally, China withdrew cash from the banking system for a second consecutive month, signalling its caution toward monetary easing as currency depreciation pressures mount. (See link)
  • China’s calendar will see New Home Prices, GDP, Industrial Production & Retail Sales tomorrow.
  • The South Korean Sovereign Bond curve has twist-steepened, pivoting at the 3s, with yields 3bps lower to 2bps higher, after the BoK said it will take measures promptly if there is concern over volatility increase in FX and financial markets.
  • Fitch Ratings says South Korea’s election leaves obstacles to the Government reform agenda. However, they believe there is still scope to advance fiscal consolidation. (See link)