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

Core CPI Outlook: Services Softens, Energy Uptick Underwhelms

CPI Ticks Higher Y/Y In April, But Softer Core And Sequential Readings

MNI Projects 2.2% National CPI Y/Y, Core CPI Disinflation

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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  • Bunds closed 6-8bps cheaper, mostly driven by the geopolitical situation in the Middle East. Stronger-than-expected US retail sales didn’t move 2024 ECB cut pricing while the day’s speakers unsurprisingly aligned with the status quo.
  • Main/XO closed +1bp/+10bp, moving wider after 2pm to take WoW moves to +6bp/+26bp. €IG/€HY cash closed +2bp/+3bp to bring WoW to +5bp/+18bp with BB/B bonds slightly tighter and Energy outperforming slightly within €IG.
  • SXXP closed +0.1% with Consumer P&S and Energy -1.5%. Notable €IG movers in the European session included Sandoz Group (+5%), ISS A/S (+4%), Lufthansa (-5%) and Forvia (-3%).
  • Asian markets are weaker with the HSI, CSI and ASX all nearly 2% lower after a heavy slate of Chinese data which saw GDP coming in at 5.3% vs 4.8% expected, retail sales coming in at 3.1% vs 4.8% expected, Industrial Production coming in at 4.5% vs 6.0% and Property stocks weakening as home prices continued to fall in March. Stoxx 50 futures -1.2%. Up today:


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  • Bunds closed 6-8bps cheaper, mostly driven by the geopolitical situation in the Middle East. Stronger-than-expected US retail sales didn’t move 2024 ECB cut pricing while the day’s speakers unsurprisingly aligned with the status quo.
  • Main/XO closed +1bp/+10bp, moving wider after 2pm to take WoW moves to +6bp/+26bp. €IG/€HY cash closed +2bp/+3bp to bring WoW to +5bp/+18bp with BB/B bonds slightly tighter and Energy outperforming slightly within €IG.
  • SXXP closed +0.1% with Consumer P&S and Energy -1.5%. Notable €IG movers in the European session included Sandoz Group (+5%), ISS A/S (+4%), Lufthansa (-5%) and Forvia (-3%).
  • Asian markets are weaker with the HSI, CSI and ASX all nearly 2% lower after a heavy slate of Chinese data which saw GDP coming in at 5.3% vs 4.8% expected, retail sales coming in at 3.1% vs 4.8% expected, Industrial Production coming in at 4.5% vs 6.0% and Property stocks weakening as home prices continued to fall in March. Stoxx 50 futures -1.2%. Up today:


Keep reading...Show less