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 Weaker Overnight On Friday, US Tsys Bear-Flatten After Jobs Report Beat

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In post-Tokyo trade, JGB futures are weaker, closing -17 compared to settlement levels, after US tsy yields surged following the surprisingly strong Nonfarm Payroll Report (303k vs. 214k est, 275k prior down revised to 270k). The Unemployment Rate experienced a slight decline to 3.8% from February's 3.9%, aligning with consensus forecasts. Average Hourly Earnings saw a 0.3% increase for the month, contributing to a robust 4.1% annual growth rate.

  • The front end of the US curve underperformed as market expectations for Fed rate cuts were trimmed further. The move was supported by the FOMC's stance that there is no rush to cut. There are 14bps of easing priced by June and 65bps in total for this year, which is less than the 75bps median projection from the March FOMC.
  • (Bloomberg) The yen holds near a three-decade low after US yields posted their biggest weekly rise since mid-March. (See link)
  • Labor & Real Cash Earnings for February printed at 1.8% y/y and -1.3% y/y respectively versus expectations of 1.8% and -1.4% and prior 2.0% and -0.6%.
  • BoJ Governor Ueda is scheduled to appear in Parliament from 0900 JT.
  • Today, the local calendar will also see BoP Current Account Balance data on Monday alongside BoJ Rinban Operations covering 1-3-year, 5-10-year and 25-year+ JGBs. 5-year supply is due on Tuesday.
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In post-Tokyo trade, JGB futures are weaker, closing -17 compared to settlement levels, after US tsy yields surged following the surprisingly strong Nonfarm Payroll Report (303k vs. 214k est, 275k prior down revised to 270k). The Unemployment Rate experienced a slight decline to 3.8% from February's 3.9%, aligning with consensus forecasts. Average Hourly Earnings saw a 0.3% increase for the month, contributing to a robust 4.1% annual growth rate.

  • The front end of the US curve underperformed as market expectations for Fed rate cuts were trimmed further. The move was supported by the FOMC's stance that there is no rush to cut. There are 14bps of easing priced by June and 65bps in total for this year, which is less than the 75bps median projection from the March FOMC.
  • (Bloomberg) The yen holds near a three-decade low after US yields posted their biggest weekly rise since mid-March. (See link)
  • Labor & Real Cash Earnings for February printed at 1.8% y/y and -1.3% y/y respectively versus expectations of 1.8% and -1.4% and prior 2.0% and -0.6%.
  • BoJ Governor Ueda is scheduled to appear in Parliament from 0900 JT.
  • Today, the local calendar will also see BoP Current Account Balance data on Monday alongside BoJ Rinban Operations covering 1-3-year, 5-10-year and 25-year+ JGBs. 5-year supply is due on Tuesday.