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: Giving Up Early Gains

BOND SUMMARY

The early bid in European sovereign bonds has unwound, while USTs are holding on to gains.

  • Having started on a firm footing, gilts sold off through the morning with the short-end of the curve underperforming. Bear flattening has driven the 2s30s spread down 2bp.
  • Bunds have similarly given up the early gains to now trade close to flat on the day.
  • OATs have underperformed bunds on the day with long end yields 1-2bp higher.
  • Supply this morning came from Germany (Bubills, EUR3.587bn) and Belgium (OLOs, EUR3.101bn). France will come to market this afternoon to sell BTFs.
  • Beyond the German IFO update for July (weaker than expected), there was little to note this morning on the data front. It is similar a quiet day for European central bank speakers with just the BoE's Gertjan Vlieghe talking on demographics, debt and income at 1200BST.
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