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 Higher At 7.1046 Fri; -5.03% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

MNI BRIEF: Beijing Opposes U.S. Measures Against Chinese Steel

MNI China Daily Summary: Thursday, April 18

Japan Mar Core CPI +2.6% Y/Y; Energy Price Fall Narrows

JAPAN MARCH SERVICES PRICES +2.1% Y/Y; FEB +2.2%

MNI JAPAN MARCH CORE CPI +2.6% Y/Y; FEB +2.8%

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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EGB/Gilt

BOND SUMMARY

The market narrative has been steered by the strong equity rally this morning.

  • Gilts have incrementally firmed with the curve a touch flatter. Last yields: 2-year -0.0323%, 5-year 0.0027%, 10-year 0.2976%, 30-year 0.8413%.
  • Bunds trade close to unch on the day with the curve flat overall.
  • The BTP curve has bear steepened with cash yields 1-3bp higher.
  • Supply this morning came from the UK (Gilts, GBP5.25bn), Spain (Letras, EUR2.647bn) and the ESM (Bills, EUR1.5bn).
  • The Italian and Spanish PMI prints for November came in lower than expectations. The Eurozone flash CPI estimate for November was similarly a touch weaker at -0.3% Y/Y vs -0.2% survey.
  • Adding to the gloom on the UK retail front and providing a glimpse of the risks to the economic recovery, department chain store Debenhams is set to enter liquidation after rescue talks with JD sports failed. This follows quickly on the heels of the collapse of Arcadia with combined potential job losses of 25,000.
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