MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

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

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (2/2)

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (1/2)

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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Late Equity Roundup: Off Lows, DJIA Mildly Higher

US STOCKS

Stock indexes trading mixed after the FI close, off midday lows to near middle of the session range. S&P eminis trading -12.5 (-0.28%) at 4518 -- ESM2 well above key support of 4440.90 50-day EMA.

  • A clear break of this average would be seen as a bearish development with the next key support at 4320.25 Low Mar 17. Dow currently trades +25.86 (0.07%) at 34704.77, and Nasdaq -42.8 (-0.3%) at 14177.83.
  • New month/quarter underway -- early risk on as month-end rebalance buying in Tsys evaporated. March jobs data in-line (+431k w/Feb uprevised to +750k). While Tsys climbed off midmorning lows, they remain weaker, huge 5Y Block sale on the bell anchoring the short end (-21,577 FVM 114-00.75, -21.25; 113-31 last, -23).
  • Broad based yield inversion (recession signal despite recent Fed talk) continues to weigh w/ 2s10s falling to -7.853 inverted low, 5s30s -12.857L.
  • SPX leading/lagging sectors: Real Estate extends gains (+1.65%) followed by Utilities (+1.14%) and Consumer Staples (+1.03%). Laggers: Industrials off earlier lows (-0.77 weighed down air freight, road and rail sectors on recession concerns
  • Dow Industrials Leaders/Laggers: Visa (V) holds strong +4.35 at 226.12 while Home Depot (HD) extends bounce (+3.57 at 302.90) after weeks of selling pushed it to lowest levels since Mar 2021.Caterpillar (CAT -2.47 at 220.35, while Intel (INTC) displaces earlier lagger Boeing (BA), -1.61 at 47.95
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