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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Moderately Richer In Volatile Trade

US TSYS

TYH3 deals at 115-07+, +0-03, in line with levels seen late in the NY session.

  • Cash Tsys finished Tuesday 1-3bps richer across the major benchmarks, the front end of the curve led the bid.
  • Tsys firmed through the European session on spillover from a bid in EU FI as PPI data from the UK was softer than expected and the German IFO survey was mixed. Gains were pared on hawkish ECB speak.
  • Volatile trading around the BOC rate decision saw Tsys initially pressured on the decision to raise rates by 25bps to 4.50%, before moderating losses on dovish guidance in the policy statement.
  • The latest 5-Year auction stopped through by ~2.5bps, with a strong bid/cover and indirect take up observed.
  • Service PPI data from Japan and the BOJ Summary of Opinions from the January meeting headline in Asia-Pac. Further out we have a slew of data from the US including Q4 GDP, new home sales and initial jobless claims. We also have the latest 7-Year Tsy supply.
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