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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EGB/Gilt: Still Offered

BONDS

European government bonds traded weaker from the open and, despite paring back earlier losses, EGBs/Gilts continue to trade below yesterday's close. Equities have rallied across the board, while FX performance against the USD has been mixed.

  • Having initially opened lower, gilts have recovered some of the earlier losses with cash yields now 1-3bp higher on the day and the curve bear flattening.
  • Bunds have traded in a similar fashion following the initial leg lower. The 2s30s spread is now 2bp narrower.
  • OAT yields are 1-2bp higher across much of the curve.
  • BTPs have underperformed core EGBs on the day with yields up 2-4bp.
  • The final estimate of Q3 GDP for the euro area was inline with the initial print in Q/Q terms (2.2%) and was a touch higher in Y/Y terms (3.9% vs 3.7% previously). German industrial production for October came in stronger than expected (2.8% M/M vs 1.0% survey, -0.6% Y/Y vs -2.9% expected).
  • Supply this morning came from the UK (Gilts, GBP1.5bn), Germany (Schatz, EUR3.277bn allotted), Spain (Letras, EUR4.539bn), the Netherlands (DSL, EUR2.1bn) and Belgium (TCs, EUR1bn).
  • There are no European central bank speakers lined up for today and a light US data slate this afternoon.
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