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

INE Business Confidence Data Supports Upward Revisions In Q1 GDP Forecasts

MNI: GERMANY FEB PRODUCER PRICES -2.9% Y/Y

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: Prepping For Big Issuance Tuesday

BONDS

A fairly quiet session to start the week, with early yield dips (on overnight weakness in equities) reversing over the course of the session.

  • More than anything, supply eyed later in the week, with large syndication announcements pushing EGB yields higher. Data showed ECB net asset purchases rebounded sharply last week; in Germany, there was some attention on interrnal party wrangling over who will be the Union parties' candidate for Chancellor in the September elections.
  • While today saw "just" E4bn of EFSF syndication, tomorrow sees: syndications from Austria (dual-tranche) and Spain which were announced today, and auctions from the Netherlands, Italy, Germany, and the UK.
  • Apart from that, UK Feb GDP and German ZEW figures highlight Tuesday's docket.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is up 0.1bps at -0.701%, 5-Yr is up 0.2bps at -0.631%, 10-Yr is up 1bps at -0.293%, and 30-Yr is up 2bps at 0.262%.
  • UK: The 2-Yr yield is up 0.8bps at 0.054%, 5-Yr is up 0.8bps at 0.361%, 10-Yr is up 1.5bps at 0.789%, and 30-Yr is up 0.5bps at 1.31%.
  • Italian BTP spread down 0.2bps at 102.8bps / Spanish up 0.2bps at 68.2bps
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