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

CHINA SETS YUAN CENTRAL PARITY AT 7.0949 WEDS VS 7.0957

MNI China Daily Summary: Tuesday, April 2

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

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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: A Mixed Start

BOND SUMMARY

European sovereign bonds initially traded weaker, with EZ sovereigns firming through the session.

  • Gilts continue to trade below yesterday's close with cash yields <1bp higher on the day.
  • Bunds recovered early losses and now trade close to flat.
  • The OAT curve has flattened a touch on the back of the long-end firming. The 2s30s spread is 1bp narrower.
  • BTPs have firmed with yields ~1bp lower.
  • UK employment data came in stronger than expected for March (84k 3M/3M vs 50k survey) and the unemployment rate dipped (4.8% vs 4.9% expected. Wage data was mixed (the exc bonus data matched expectations, while the headline figure was significantly lower than expected: 4.0% Y/Y vs 4.5% survey)
  • Supply this morning came from the UK (Gilts, GBP5.5bn), Germany (Schatz, EUR4.849bn allotted) and the ESM (Bills, EUR1.5bn).
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