FED'S DALY SAYS THERE'S NO URGENCY TO CUT RATES

MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

Seasonally Adjusted CPI Series: Flat Core Goods, Higher Services

EZ/UK Bond Supply Calendar: Belgian 30Y USD and Bund Auction Weds

MNI: US BLS: JOLTS QUITS RATE 2.2% IN FEB

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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EGB/GILT

BOND SUMMARY

Markets are mildly risk-off this morning with core sovereign bonds rallying, European equities trading a touch weaker and the dollar posting gains against most G10 currencies.

  • Eurozone flash PMI data for August broadly disappointed, with French manufacturing being particularly noteworthy for sliding back into contractionary territory. Meanwhile, UK PMI data beat expectations (Composite: 60.3 vs 56.9 survey) as did retail sales for July. However, the CBI Trends Total Orders print came in below expectations.
  • The Sep-20 gilt future trades at 137.17, towards the top of the morning range (L: 13686 / H: 137.18).
  • Bund cash yields are ~1bp lower across the curve, which trade close to flat overall.
  • OAT yields are now close to unch on the day. Last yields: 2-year -0.6350%, 5-year -05744%, 10-year -0.2074%, 30-year.
  • BTPs are slightly weaker and similarly trade in line with yesterday's closing levels.
  • Supply this morning came from the UK (Bills, GBP2.25bn)
  • Focus now shifts to the US flash PMIs for August which are out later today.
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