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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Partially reversing some of yesterday's huge rally

BONDS
  • Core fixed income, particularly Bunds, is trading lower today following the huge rallies seen in both bunds and gilts yesterday.
  • There have been no real headline drivers to the move, but some moves lower given the magnitude of yesterday's moves was to be expected.
  • Looking ahead, the big release of the day is the US employment report at 13:30GMT / 8:30ET. Consensus looks for a slight moderation in payrolls growth in January to a still stronger than sustainable pace after last month’s broadly in line outcome. Annual benchmark revisions could make the initial read more complicated, but barring large surprises we suspect focus will be on AHE, which has abated a bit in the words of Powell after its own large revisions. Primary dealer analysts have an unusually distinct skew to a hawkish surprise from both AHE growth and the unemployment rate. For our full preview click here.
  • We are also due to receive the ISM services report at 15:00GMT / 10:00ET.
  • TY1 futures are down -0-1+ today at 115-16 with 10y UST yields up 0.1bp at 3.396% and 2y yields down -1.1bp at 4.095%.
  • Bund futures are down -1.20 today at 138.63 with 10y Bund yields up 6.8bp at 2.141% and Schatz yields up 4.4bp at 2.522%.
  • Gilt futures are down -0.41 today at 107.18 with 10y yields up 3.7bp at 3.040% and 2y yields down -0.9bp at 3.160%.
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