MNI China Daily Summary: Monday, April 15

MNI: China CFETS Yuan Index Up 0.22% In Week of Apr 12

MNI: PBOC Sets Yuan Parity Higher At 7.0979 Mon; -4.90% Y/Y

MNI China Press Digest April 15: A-Shares, Exports, Property

MNI: PBOC Conducts CNY100 Bln MLF Mon; Rates Unchanged

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

MNI: EUROZONE FEB IP +0.8% M/M, -6.4% Y/Y

IP M/M Improvement Broadbased Although Y/Y Remains Weak

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

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: FI Trading Gets Off To A Weak Start

BOND SUMMARY

European government bonds have traded weaker this morning with equities broadly higher and G10 FX making gains against the dollar.

  • Although US President Joe Biden's pledge to support Taiwan in the event of invasion has further ratcheted up bilateral tensions with Beijing, his announcement on reviewing Trump-era tariffs has been risk positive.
  • The latest update of the German IFO survey for May showed a stronger than expected set of results and an improvement on the previous month's reading.
  • Gilts have traded lower and the curve has slightly bear flattened with yields up 2-4bp.
  • Bunds have underperformed gilts with the curve similarly bear flattening. Cash yields are 4-7bp higher on the day while the 2s30s spread is 3bp narrower.
  • OAT yields are up 4-8bp, with the belly of the curve underperforming.
  • BTP yields are up 1-4bp.
  • Supply this morning came from Germany (Bubills, EUR5.242bn allotted) and Belgium (OLOs, EUR3.807bn). Later today France will offer EUR4.4-5.6bn of BTFs.
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