MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

US EIA: CRUDE OIL STOCKS EX SPR +2.74M TO 460.0M APR 12 WK

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

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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Risk Appetite Continues to Improve

US TSYS
Tsys hold mixed levels after the bell, inside range across the board, curves steeper with bonds underperforming most of the session. Decent volumes are off Tue-Wed pace as June/Sep roll climbs near 90% complete ahead next Tue's First Notice date when Sep takes lead quarterly.
  • Early carry-over risk-on tone after May minutes showed no discussion of larger rate hikes. MNI interview MN Fed research Dir Mark Wright said policymakers may consider slowing the pace of interest rate hikes as they approach a neutral rate of interest, although officials have divergent views as to where that key juncture lies.
  • Bonds receded after mixed data: Q1 GDP weaker than exp at -1.5% vsd -1.3% exp, GDP Price Index little stronger than expected at +8.1% vs. +8.0%, Personal Consumption stronger +3.1% vs +2.8% exp, weekly claims lower ay 210k while continuing claims rise 1.346M vs. 1.310M est.
  • Bonds bounced off lows after strong $42B 7Y note auction (91282CES6) stops through: 2.777% high yield vs. 2.802% WI; 2.69x bid-to-cover vs. 2.41x last month.
  • Indirect take-up: climbs to 77.86% vs. 64.95% in April; Primary dealer take-up: 15.76% vs. 15.22% prior; Direct take-up: falls to new low of 6.38% vs. 19.82%.
  • Friday data calendar includes: Personal Income/Spending, Advance Goods Trade Balance and U-Mich Sentiment.
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