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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Mildly Cheaper Post Debt Optimism Hopes, Busy Docket Ahead

US TSYS
  • Cash Tsys sit mildly cheaper across the curve, having reversed a mild rally in Asia hours with European markets continuing yesterday’s risk-on push with equities seeing a further pusher, seemingly in a continuation of debt ceiling optimism. Ahead, more emphasis than usual on initial jobless claims and Philly Fed plus Walmart earnings pre-market after shaker retailer reports, Fedspeak including VC nominee Jefferson and the 10Y TIPS auction.
  • 2YY +1.3bps at 4.167%, 5YY +2.3bp at 3.607%, 10YY +2.7bp at 3.591% and 30YY +2.5bp at 3.878%.
  • TYM3 trades 4 ticks lower at 114-14+ on cumulative volumes of 265k, higher than the recent average but still on the low side. The session low of 114-13 is close to support at 114-10 (May 1 low) after which lies the key support at 113-30+ (Apr 19 low).
  • Data: Initial claims (0830ET) closely watched a) being a payrolls reference week and b) coming after Massachusetts fraud has been found to have played a large role in pushing claims higher in the past two weeks. The Philly Fed business survey for May (0830ET) is also watched after the typically volatile Empire survey slumped, with data finished off by existing home sales and the leading index at 1000ET.
  • Fedspeak: Jefferson (0905ET), Barr (0930ET), Logan (1000ET).
  • Issuance: US Tsy $15B 10Y TIPS auction (91282CGK1) – 1300ET
  • Bills issuance: US Tsy $35B 4W, $35B 8W bill auctions – 1130ET
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