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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Eurodollar/Tsy Option Roundup, Puts Persist

US TSYS
With some decent call trade in the mix, varied put trades drove volumes as underlying rate futures unwound midweek support Thursday. Underlying futures held weaker levels, early real vol evaporating as levels held near middle of the session range.
  • Rate-hike insurance position building gained momentum as market consensus over multiple 50bp hikes (as opposed to 75bp) grows - despite this morning's Real GDP surprising decline of -1.4% annualized (cons +1.0%).
  • Highlight Eurodollar trade included early block buy of 10,000 Sep 97.12 puts at 21.5 vs. 5,000 Sep 98.12 calls at 7.0 vs. 4,000 EDU2 97.33; additional block buy 20,000 Dec 96.00/97.00/97.37 broken put flys, 13.5 likely rolling down strikes as underlying Dec futures traded 96.855 (-0.070).
  • Salient Treasury option trade included a buy of 12,000 FVM 111/112 put spds 13.5 and +5,000 FVM 110.5/112.5 put spds 20 over FVM 114.5 calls vs. 112-27.25/0.48%. Call highlight: buyer of 24,000 TYM 122/123.5 calls, 9.
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