MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

MNI BRIEF: PBOC To Watch CNY Moves Closely - Vice Governor Zhu

MNI BRIEF: China Aims To Digitalise 70% Of Firms By 2025

MNI BRIEF: Q1 Cross Border Activity Up 117.8% - Ministry

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

MNI: EUROZONE FEB CONSTRUCTION OUTPUT +1.8% M/M, -0.4% Y/Y

Q1 Industry Survey Suggests H1 Growth Tailwind

Indonesian Sov Curve Flattens, Barclays See BI Cutting Next Week

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/Gilts - Paring off the lows

BONDS
  • Another busier session for EGBs and Bund, with likely positioning and some squaring ahead of the US holidays.
  • Bund have drifted lower testing through the yield initial resistance at -0.210%, helped by the stronger US data.
  • Bund is now off the lows as we head towards the end of the European session.
  • Peripheral spreads are wider, with Greece by 5bps.Greek/Bund spread is widest since October 2020.
  • Gilts have once again been dominated by rolling position into March.
  • Gilt roll pace is now running at 51%.
  • Looking ahead ECB Schnabel and US FOMC minutes, but unlikely to be a real mover, with most investors already looking forward and especially at data releases.
  • Gilt futures are down -0.33 today at 125.51 with 10y yields up 1.1bp at 1.006% and 2y yields down -0.1bp at 0.583%.
  • Bund futures are down -0.19 today at 170.62 with 10y Bund yields down -0.1bp at -0.223% and Schatz yields down -1.5bp at -0.752%.
  • BTP futures are down -0.38 today at 150.15 with 10y yields up 1.7bp at 1.077% and 2y yields unch at -0.230%.
  • OAT futures are down -0.26 today at 166.42 with 10y yields up 0.6bp at 0.142% and 2y yields down -2.4bp at -0.827%.
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