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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EGBs-GILTS CASH CLOSE: German Yields Close Quarter With Sharp Drop

BONDS

German yields outperformed Thursday, with Bobl and Bund rallying sharply.

  • Yields tracked both mixed inflation data (France's beat wasn't as big as feared) and a fall in oil prices, with crude dropping overnight on anticipation the US would release strategic reserves.
  • Later in the session, the Bund rally extended as equities slipped. Gilts lagged slightly.
  • Periphery EGBs kept pace with BTPs rallying the most in a month. 10Y spreads ended a little wider though; Spain 10s a little tighter.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 7.6bps at -0.074%, 5-Yr is down 10.9bps at 0.375%, 10-Yr is down 9.8bps at 0.548%, and 30-Yr is down 6.6bps at 0.666%.
  • UK: The 2-Yr yield is down 3bps at 1.352%, 5-Yr is down 3.8bps at 1.405%, 10-Yr is down 5.6bps at 1.61%, and 30-Yr is down 5bps at 1.763%.
  • Italian BTP spread up 0.9bps at 149.1bps / Spanish down 0.8bps at 88.8bps
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