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

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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

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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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Inflationary Pressures From Flash Release Confirmed In Feb Final PMI

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The UK services PMI was revised -0.5 points lower vs the flash release at 53.8 (vs 54.3 flash). However, the index remains above levels seen in H2 2023 and has printed above 50 for the last 4 months.

  • The key message appears similar to the flash release though: Labour costs continue to put upward pressure on prices, much like in the Eurozone.
  • BoE-dated OIS continue to shows ~60bp of ’24 cuts, while Gilts also saw a limited reaction.

Key notes from the release:

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The UK services PMI was revised -0.5 points lower vs the flash release at 53.8 (vs 54.3 flash). However, the index remains above levels seen in H2 2023 and has printed above 50 for the last 4 months.

  • The key message appears similar to the flash release though: Labour costs continue to put upward pressure on prices, much like in the Eurozone.
  • BoE-dated OIS continue to shows ~60bp of ’24 cuts, while Gilts also saw a limited reaction.

Key notes from the release:

Keep reading...Show less