MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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 Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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Fund Flows & Supply Expectations

CREDIT MACRO
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  • $IG pared back some of yesterday's outflows - over the week ETF flows look muted. Similar trends in €IG ETF's with reported total flows (for week ending Wed) flat - Indicating conventional fund inflows sat back locally after strong inflows the prior week. £IG flows were reported flat as well.
  • $HY continued to see sizeable ETF inflows of $500m - its had $1.5b in inflows over the week & should help it reverse the 1b+ reported total (ETF & mutual) outflows last week.
  • Primary has been busier than expected with €22b (vs. c€16b) in Euro & Sterling market & $25b (vs. c$20b) in $IG.
  • €/£ supply comes in at €125b this month - that includes £8b in Sterling IG & €13b in HY. A relatively firm March for us but follows Jan/Feb supply that failed to see the spike in activity dollar markets did. $IG March supply is at $145b - marginally above expectations but below the $200b+ issuance we saw in Jan/Feb & March's through 2020-22.
  • Supply tends to slow down in April across all 3 regions. $IG midpoint for expectations (syndicate desks, bbg) is for a sizeable slow down to $100b. No expectations for us but historically April has tended to have €80-100b in supply.
  • Euro/Sterling expectations are at ~€12b for the 4-day week ahead.
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  • $IG pared back some of yesterday's outflows - over the week ETF flows look muted. Similar trends in €IG ETF's with reported total flows (for week ending Wed) flat - Indicating conventional fund inflows sat back locally after strong inflows the prior week. £IG flows were reported flat as well.
  • $HY continued to see sizeable ETF inflows of $500m - its had $1.5b in inflows over the week & should help it reverse the 1b+ reported total (ETF & mutual) outflows last week.
  • Primary has been busier than expected with €22b (vs. c€16b) in Euro & Sterling market & $25b (vs. c$20b) in $IG.
  • €/£ supply comes in at €125b this month - that includes £8b in Sterling IG & €13b in HY. A relatively firm March for us but follows Jan/Feb supply that failed to see the spike in activity dollar markets did. $IG March supply is at $145b - marginally above expectations but below the $200b+ issuance we saw in Jan/Feb & March's through 2020-22.
  • Supply tends to slow down in April across all 3 regions. $IG midpoint for expectations (syndicate desks, bbg) is for a sizeable slow down to $100b. No expectations for us but historically April has tended to have €80-100b in supply.
  • Euro/Sterling expectations are at ~€12b for the 4-day week ahead.