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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EGBs-GILTS CASH CLOSE: Mixed Risk Reactions

BONDS

Bunds outperformed for most of the session but came back to the pack, and it was a mixed risk picture overall with core FI in general doing fine and periphery spreads widening despite higher equities.

  • BoE unch decision didn't have much of an impact. Brexit headlines continue to be mixed-to-positive, with most concerns cited today being of a procedural variety (ie when can bill passage be made).
  • Late session brought news that the UK reported a record 35.6k COVID cases - but Gilts fell.
  • On Friday, UK Nov retail sales is the clear data highlight, with German IFO following thereafter. No bond supply and no central bank speakers.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is unchanged at -0.725%, 5-Yr is down 0.2bps at -0.746%, 10-Yr is down 0.3bps at -0.57%, and 30-Yr is up 0.7bps at -0.155%.
  • UK: The 2-Yr yield is up 2.6bps at -0.051%, 5-Yr is up 2.5bps at -0.006%, 10-Yr is up 1.5bps at 0.287%, and 30-Yr is up 1.3bps at 0.847%.
  • Italian BTP spread up 0.7bps at 111bps
  • Spanish bond spread up 0.9bps at 59.9bps
  • Portuguese PGB spread up 2bps at 58.1bps
  • Greek bond spread up 0.4bps at 115.4bps
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