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

EZ/UK Bond Supply Calendar: Italy, EU Auctions, BoE APF Monday

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 3%

IFO Employment: Overall Softening, Services Stronger

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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EGBs-GILTS CASH CLOSE: BTP Spreads Narrow As Volatility Pulls Back

BONDS

EGBs saw fairly wide swings through Friday trade, though were ultimately bound within Thursday's ranges and with less volatility than in the prior two sessions.

  • Core FI yields were directionless for most of the session, ultimately resolving lower toward the weekly close as equities and oil prices dropped along a strengthening USD.
  • Periphery EGB spreads held their early narrowing on overnight comments by Lagarde nodded to the ECB containing spreads. Bunds bull steepened and outperformed Gilts.
  • The UK curve twist flattened, with more BoE hike bets boosting 2Y yields.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

  • Germany: The 2-Yr yield is down 7.3bps at 1.094%, 5-Yr is down 8.6bps at 1.457%, 10-Yr is down 5.3bps at 1.661%, and 30-Yr is up 0.2bps at 1.851%.
  • UK: The 2-Yr yield is up 8.9bps at 2.204%, 5-Yr is up 3.5bps at 2.207%, 10-Yr is down 1.9bps at 2.498%, and 30-Yr is down 0.8bps at 2.667%.
  • Italian BTP spread down 9.7bps at 193.7bps / Greek down 18.6bps at 237bps
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