MNI: PBOC Drains Net CNY7 Bln Via OMO Weds; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0930 Weds; -3.82% Y/Y

CHINA PBOC INJECTS CNY3 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.0930 WEDS VS 7.0963

MNI BRIEF: Brazil Inflation A Sliver Higher Than Consensus

MNI China Daily Summary: Tuesday, March 12

Not much to move the dial in UK activity data

Activity data broadly in line

MNI: UK JAN IND PROD -0.2% M/M, +0.5% Y/Y

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 - Recovering Early Losses

BOND SUMMARY

Having sold off through to mid-morning, EGBs traded firmer through the remainder of the session with curves broadly bull flattening.

  • The bund curve is 2bp flatter.
  • OAT yields are 1-2bp lower with the long-end of the curve similarly outperfomring.
  • BTPs have marginally outperformed core EGBs with cash yields 2-3bp lower on the day.
  • Final Eurozone Manufacturing PMI data confirm that the economic recovery was underway in April.
  • Market focus will be on the BoE MPC meeting on Thursday. Although no change in the main monetary policy instruments is expected, there is some speculation on the possibility that the asset purchase pace could be tapered.
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