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 BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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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Growth Sensitive Equities Falter

EQUITIES

Outside of China and Hong Kong, broader equity market sentiment has been weak. US futures are in the red (-0.60%), with negative spill-over from a stronger USD (particularly against GBP) evident in the equity space today. The risk averse tone from late last week has persisted, particularly in relation to growth sensitive stocks (tech/commodities).

  • The HSI is in positive territory (last +0.17%), with tech shares (+2.33%) jumping, albeit from very depressed levels, while Macau casinos are up on a report mainland tours could resume as soon as November.
  • Mainland China shares are also trading resiliently. Early impetus came from property developers after a report that China Construction Bank will buy assets off developers. However, we are now away from best levels, while the aggregate Shanghai composite index is down smalls.
  • Growth/rate sensitive markets in South Korea and Taiwan have faltered. The Kospi is off by around 3%, the Taiex -2.25%.
  • Australian shares are down by around 1.35%, with mining related stocks seeing the sharpest falls.
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