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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MNI US Payrolls Preview - Eyes On Wages, Slack

EXECUTIVE SUMMARY

  • March nonfarm payrolls are expected to have risen by 490k according to the Bloomberg median. There are a few much softer forecasts although the majority of views are relatively tightly packed between 450-550k and the primary dealer median sits at 520k.
  • Watch average hourly earnings to see how much of a bounce there is after the surprising pause in February, in conjunction with other measures of slack.
  • We see two-sided risks to May pricing for Fed hikes and somewhat asymmetric risk to the downside for the broader rate path, but acknowledge that there's a long way to go between this report and the next FOMC decision on May 4, especially in the current geopolitical climate.

PLEASE FIND THE FULL REPORT AT THE BELOW LINK, INCLUDING PREVIEWS FROM EIGHT SELL SIDE ANALYSTS PLUS THE ST LOUIS FED'S MODEL:

USNFPMar2022Preview.pdf

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