MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

NBH Data Watch

INDON Sov Curve Flatter, Trade Surplus Soars, BI Decision Wednesday

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

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 Holding Gains, Narrow Range, Few Domestic Drivers

JGBS

In the Tokyo afternoon session, JGB futures sit mid-range at 148.76, +14 compared to the settlement levels.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined comments from Governor Ueda in parliament re: seeing various uncertain elements over prices and fiscal management at the time of an exit from monetary easing. (link ICYMI)
  • Cash JGBs are trading mixed in the Tokyo afternoon session with yield movements ranging from +0.8bp (1-year) to -0.8bp (20-year). The benchmark 10-year yield is 0.1bp lower at 0.437%.
  • The swap curve has twist steepened with a 10-year pivot. Swap spreads are mixed, generally narrower out to the 5-year zone but wider beyond.
  • The local calendar next week sees PPI (May) and Machine Tool Orders (May P) on Monday, BSI Large Manufacturing (Q2) on Tuesday, Trade Balance (May) and Core Machine Orders (Apr) on Wednesday and Weekly Investment Flows (June 9) on Thursday. The calendar highlights undoubtedly will be the BoJ Policy Decision on Friday.
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