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: Broad Gains​

BOND SUMMARY

European sovereign bonds have rallied this morning alongside gains for equities and commodities.

  • Gilts opened higher and have gradually given up some of the early gains, while continuing to trade above Friday's closing levels. Cash yields are 1-3bp lower on the day, with the belly of the curve slightly outperforming. Focus this week will be on the budget this Wednesday with Chancellor of the Exchequer Rishi Sunak strongly hinting at the likelihood of tax rises - if not announced at this week, then at some point in this parliament.
  • Bunds have rallied and the curve has bull flattened. Cash yields have edged down 1-4bp.
  • OATs trade in line with bunds and the curve has similarly flattened. Last yields: 2-year -0.5970%, 5-year -0.5478%, 10-year -0.0589%, 30-year 0.6989%.
  • BTPs have outperformed core EGBs with yields 4-6bp lower.
  • Supply this morning came from Germany (Bubills, EUR5.08bn) and the Netherlands (DTCs, EUR2.15bn).
  • Italian and Spanish manufacturing PMI data for February came in better than expected. German regional CPI data for February has broadly accelerated in Y/Y terms since January.
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