MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.0957 TUES VS 7.0938

Seasonally Adjusted CPI Series: Flat Core Goods, Higher Services

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

MNI: US BLS: JOLTS QUITS RATE 2.2% IN FEB

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 - Fade some of last week's rallies

BONDS
  • A light volume trading session for Govies with US cash market closed for US independence day.
  • This has nonetheless been another wide range trading session, with EGBs and Bund unwinding some of last week's rallies.
  • Bund trade in a 145 ticks range, but is off the lows at the time of typing.
  • ECB Vasle: "Likely to be more hikes after September", has kept Bonds under pressure, but trade well within Friday's range.
  • Peripherals are mixed, Greece is 8bps tighter, while Italy is 6.6bps wider.
  • Gilt has caught up with Germany, down 97 ticks at the time of typing, and trades mostly inline with Europe.
  • Gilt/Bund spread is 0.7bp wider.
  • Looking ahead, there is no data release, and focus will be on speakers, with ECB Nagel and Guindos speaking later.
  • Gilt futures are down -1.01 today at 114.96 with 10y yields up 9.0bp at 2.173% and 2y yields up 9.8bp at 1.759%.
  • Bund futures are down -1.25 today at 149.60 with 10y Bund yields up 7.9bp at 1.308% and Schatz yields up 8.8bp at 0.587%.
  • BTP futures are down -1.46 today at 124.14 with 10y yields up 13.4bp at 3.213% and 2y yields up 10.3bp at 1.085%.
  • OAT futures are down -1.30 today at 139.31 with 10y yields up 10.1bp at 1.895% and 2y yields up 7.6bp at 0.493%.
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