MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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: BTPs Lead EGB Rally

BOND SUMMARY

European government bonds have broadly rallied this morning with the periphery, and BTPs in particular, leading the charge. Equities have posted modest gains, FX is mixed and oil is incrementally higher.

  • The gilt curve has continued to twist steepen, with the long-end driving most of the move. The 2s30s spread has widened 4bp.
  • Bunds have firmed across much of the curve, although the very long end is close to flat on the day. Yields below 10-year maturity are down 2-4bp.
  • The OAT curve has bull steepened with the 2s30s spread trading up 5bp.
  • BTP's have rallied strongly with the belly of the curve outperforming. Cash yields are now down 4-11bp.
  • UK Chancellor of the Exchequer Rishi Sunak is today expected to unveil a package of support measures for households to counter the rise in energy prices. There is speculation that this could include a windfall tax on energy companies, which would face stiff resistance from some in the party.
  • Supply this morning came from Italy (BTP-ST/BTPei, EUR3.5bn)
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