MNI BRIEF: China March M2 Slows More Than Expected

MNI China Daily Summary: Friday, April 12

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: PBOC Injects Net CNY2 Bln Via OMO Fri; Rates Unchanged

CHINA END-MAR M2 +8.3% Y/Y VS MEDIAN +8.8%; END-FEB +8.7% Y/Y

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

Final March Inflation Reading Confirms Softening Core Dynamics

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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GoCs Ramp Up Bear Flattening After Modest Open

CANADA
  • GoC yields have surged higher with a delay after a modest open, driving a bear flattening with 2YY +5.5bps and 10YY +3.5bps. It pushes 2s5s and 2s10s back down to just above yesterday’s new post-1990 lows currently at -36bp and -41bp.
  • There has been alternating out/underperformance with Tsys in recent sessions (most recently lagging the sell-off on Tsy refunding) but ultimately Can-US yield differentials have narrowed further still over the past week, especially over the longer end, with the 2Y and 10Y differentials just +4bps and -5bps respectively.
  • No local data of note today sees drivers likely from the US docket with ISM Services plus finalised PMIs and factory orders plus a solid schedule of Fedspeak.
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