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 +3-5bps after firmer-than-expected UK wages while stronger-than-expected German ZEW expectations print also pressured the space while various central bank speakers came across the day including hawkish comments from the Fed’s Powell and Jefferson.
  • Main/XO closed +1.5bp/+6.5bp to bring WoW moves to +8bp/+42bp. €IG/€HY cash closed +4bp/+22bp (+9bp/+35bp WoW) in the fourth worst day for the €IG index of the past year. +10yr €IG spreads underperformed 1-3yr by 1.5bp (now 14bp YTD) while Cons Cyclicals underperformed at nearly +5bp. Comms, Cons Cyclicals and Cons Staples are now over 10bp wider WoW while Energy outperforms at +7bp.
  • SXXP closed -1.5% with all sectors in the red as Basic Resources underperformed at -3%. Notable €IG movers in the European session were Adecco -11%, SES -10%, Arcelormittal -7%, Fresenius +5% and Naturgy +3%.
  • Asian equities broadly lower Japan lower though Chinese shares rebounded as the regulator tried to ease concerns around new exchange rules. Oil prices eased a touch. Stoxx 50 futures are +0.2% after the SPX closed -0.2%.

GMT/Local

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  • Bunds closed +3-5bps after firmer-than-expected UK wages while stronger-than-expected German ZEW expectations print also pressured the space while various central bank speakers came across the day including hawkish comments from the Fed’s Powell and Jefferson.
  • Main/XO closed +1.5bp/+6.5bp to bring WoW moves to +8bp/+42bp. €IG/€HY cash closed +4bp/+22bp (+9bp/+35bp WoW) in the fourth worst day for the €IG index of the past year. +10yr €IG spreads underperformed 1-3yr by 1.5bp (now 14bp YTD) while Cons Cyclicals underperformed at nearly +5bp. Comms, Cons Cyclicals and Cons Staples are now over 10bp wider WoW while Energy outperforms at +7bp.
  • SXXP closed -1.5% with all sectors in the red as Basic Resources underperformed at -3%. Notable €IG movers in the European session were Adecco -11%, SES -10%, Arcelormittal -7%, Fresenius +5% and Naturgy +3%.
  • Asian equities broadly lower Japan lower though Chinese shares rebounded as the regulator tried to ease concerns around new exchange rules. Oil prices eased a touch. Stoxx 50 futures are +0.2% after the SPX closed -0.2%.

GMT/Local

Keep reading...Show less