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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Futures Highest Since March

IRON ORE

SGX Iron Ore Futures have broken above the $120/tonne handle, printing the highest level for the metal since mid-March.

  • In early trading on Wednesday we sit at $122.15/tonne, the metal is now ~27% above mid-August lows.
  • The space looked through yesterday's weaker-than-forecast Mfg PMI in China as last week's stimulus announcement from the Chinese government continues to linger. Citi noted that the absence of "any meaningful steel production cuts" is also adding a layer of support.
  • On the technical front we remain well above the 20-Day EMA ($117.27/tonne), the 200-Day EMA comes in at ($108.77/tonne).
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