MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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: Riksbank Delivers 50bp Hike

BOND SUMMARY

European government bonds have rallied this morning alongside a broad sell-off in stocks.

  • The Riksbank raised the main policy rate by 50bp to 0.75%, in line with expectations. The central bank's forecast for the policy rate was also revised higher and will be close to 2% at the start of next year.
  • The UK reported the largest current account deficit on record of GBP51.7bn during the first quarter widening from GBP7.3bn in the final quarter of 2021.
  • The gilt curve has twist steepened with the 2s30s spread trading up 7bp.
  • Bunds have rallied with the curve bull steepening. Cash yields are down 8-15bp on the day.
  • It is a similar story for OATs where the long end of the curve is 4bp steeeper.
  • BTPs have underperformed core EGBs with yields down 2-6bp on the day.
  • Supply this morning came from Italy (BTP, EUR7bn).
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