MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

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 Higher At 7.1046 Fri; -5.03% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

INE Business Confidence Data Supports Upward Revisions In Q1 GDP Forecasts

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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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EGBs/GILTS: Bunds Just Off Session Highs, Gilts Underperforming

BONDS

The German curve has bull flattened with Gilts trading mixed. Core FI futures have come well off morning lows despite sustained gains in equities and significant supply, with periphery spreads tightening.

  • Bund future briefly through (but now below) resistance at 171.84 (previous day's high); Gilt future remained capped by resistance at Sep 16 high of 127.68.
  • Plenty of supply, with E3bln of 7Y Bund, E1bln of Finnish RFGB, and large syndication of inaugural Green gilt (GBP10bln size on books > GBP100bln).
  • Greece the outperformer so far after ECB's Stournaras saying he expects the ECB to buy Greek debt post-PEPP.

Checking on levels:

  • Dec Bund futures (RX) up 28 ticks at 171.83 (L: 171.27 / H: 171.96)
  • Dec Gilt futures (G) up 11 ticks at 127.56 (L: 127.21 / H: 127.69)
  • Dec BTP futures (IK) up 51 ticks at 154.24 (L: 153.72 / H: 154.41)
  • Dec OAT futures (OA) up 30 ticks at 168.15 (L: 167.63 / H: 168.32)
  • Italy / German 10-Yr spread 1.9bps tighter at 101.6bps
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