MNI BRIEF: PBOC To Curb Any Overshooting Of The Yuan-MPC

MNI China Daily Summary: Wednesday, April 3

MNI BRIEF: Japan Q4 Output Gap Posts Positive Figure - BOJ

MNI: PBOC Drains Net CNY248 Bln Via OMO Weds; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0949 Weds; -4.77% Y/Y

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

US MBA: REFIS -2% SA; PURCH INDEX -0.1% SA THRU MARCH 29 WK

MNI: US MBA: MARKET COMPOSITE -0.6% SA THRU MAR 29 WK

Pickup In Core Momentum Clouded By Easter Effect

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: Clawing Back Losses

BOND SUMMARY

European government bonds have rallied this morning with gilts leading the charge. Equities have pushed higher, while the US dollar is on the back foot against G10 FX.

  • Gilts started on a weak footing before clawing back losses through the morning. Cash yields are now 6-9bp lower on the day with the curve bull flattening.
  • Bunds have similarly been unwinding yesterday's losses. Yields are now 2-7bp lower on the day with the longer end of the curve outperforming.
  • OATs have slightly outperformed bunds on the day, particularly at the longer end. Yields have pushed down 2-8bp with the 2s30s spread narrowing 6bp.
  • BTPs trade broadly in line with core EGBs.
  • Supply this morning came from the UK (Gilt, GBP2bn), Germany (Bund, EUR859mn allotted), Portugal (BTs, EUR1.251bn) and the Eurozone (EU Bills, EUR1.99bn).
  • Later today, French President Emmanuel Macron and his challenger in the second round vote, Marine Le Pen, will go head-to-head in a crucial televised debate ahead of the Sunday ballot.
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