MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

VIEW CHANGE: Deutsche Bank looks for first cut in June rather than May

VIEW CHANGE: BNP looks for first cut in August rather than June

March Final HICP Data Suggests “Easter Effects” Limited To Airfares

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: Some Relief Ahead Of Jackson Hole

BONDS

EGBs and Gilts enjoyed a relief rally Thursday following a selloff earlier in the week, and ahead of Friday's highly anticipated speech by Fed Chair Powell.

  • Little in the way of obvious headline drivers Thursday, with trading within the prior session's ranges, and only a modest and brief reaction to data (stronger-than-expected German IFO in the morning and US GDP / jobless claims in the afternoon).
  • As losses have been led earlier this week by the short end and belly of the UK and German curves, those segments outperformed today.
  • Euribor futures rose for the first time since Aug 14 (Dec23 down 9bp implied), while UK rate futures enjoyed their biggest jump of the month (down 13.5bp implied).
  • Periphery EGB spreads fell sharply: 10Y BTPs down nearly 8bp to Bunds (the biggest narrowing since Aug 3), while GGBs were 4+bp tighter.

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

  • Germany: The 2-Yr yield is down 5bps at 0.871%, 5-Yr is down 7.3bps at 1.085%, 10-Yr is down 5.3bps at 1.317%, and 30-Yr is down 0.8bps at 1.496%.
  • UK: The 2-Yr yield is down 13.2bps at 2.806%, 5-Yr is down 12.6bps at 2.577%, 10-Yr is down 8.3bps at 2.615%, and 30-Yr is down 4.4bps at 2.89%.
  • Italian BTP spread down 7.7bps at 224.1bps / down 4.2bps at 258.3bps
HomepageBond Market NewsBulletMarketsFixed Income Bullets
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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