MNI China Daily Summary: Monday, April 29

MNI BRIEF: China Pushes Back Against Japan's Semiconductor Threat

MNI: China CFETS Yuan Index Down 0.33% In Week of Apr 26

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

MNI: PBOC Sets Yuan Parity Higher At 7.1066 Mon; -4.49% Y/Y

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

April Inflation: Services Decelerate, Core Goods Likely Soft

MNI: GERMANY APR CPI +2.2% Y/Y

Core CPI Outlook: Services Softens, Energy Uptick Underwhelms

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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Equities Higher In Asia On Chinese Data & Expectations For Further Policy Support

EQUITIES

Regional equities firmed in Asia-Pac hours, initially benefitting from the positive Wall St. lead, Monday’s RRR cut announcement on the part of the PBoC and expectations for greater focus on growth-friendly policy on the part of the broader Chinese policymaking sphere in the wake of Monday’s Politburo meeting. This was further bolstered by Securities Times source reports, which flagged a 25bp cut in PBoC relending rates covering SMEs & the rural sector, the latest leg of targeted support for those areas of the economy. Stronger than expected Chinese export and import data provided another tailwind for risk assets.

  • The broader risk-positive mood, coupled with the USD/JPY uptick witnessed since yesterday’s Tokyo close, facilitated outperformance for the Nikkei 225, which added a little over 2%.
  • Elsewhere, Chinese tech was one of the major beneficiaries from the issues flagged above.
  • E-minis nudged higher, adding ~0.5%, benefitting from the broader risk-positive move.
  • A sense of caution re: the impending Biden-Putin phone call did little to hamper broader risk appetite.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
AT&T Market NewsEM BulletHomepageEmerging Market NewsCommoditiesEquitiesBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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