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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Defensive Start To The Week

EQUITIES

Defensive trade has been the name of the game in Asia on Monday with worries surrounding the giant Chinese property developer Evergrande seemingly providing much of the early impetus. Volumes have been kept thin by market holidays in China, Japan, South Korea and Taiwan. Markets in Hong Kong lead the way lower, the Hang Seng down over 4% while the Hang Seng Property index has dropped to the lowest since 2016. Other markets in the region also seeing losses, though moves are less pronounced. US futures are lower, S&P 500 e-minis have traded below their 50- & 55-DMAs (there hasn't been a close below these MAs since March) and sit at levels last seen on Aug 20. Markets look ahead to the FOMC meeting on Wednesday this week.

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