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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Short-End Gilts A Little Weaker Pre-BoE

BONDS

Futures are broadly higher but within limited ranges early Thursday, with Treasuries slightly underperforming. Fairly light volumes overall ahead of the Bank of England decision.

  • The UK short end is notably weaker (2-Yr yield is up 1.4bps at 0.077%) in a bear flattening move on the UK curve ahead of the BoE decision.
  • Spain sold E4.7bln of Bono/Obli - SPGBs are leading EGB periphery tightening, with large screen buying in 10s (about a half hour before the auction). Meanwhile France sold E7.5bln of LT OAT.
  • The calendar for the rest of the session includes the BoE decision (0700ET/1200BST) and press conference an hour later; as well as appearances by Fed's Waller and Kashkari.
  • US initial jobless claims are the data highlight (earlier, German factory orders beat expectations).

Latest levels:

  • Sep Bund futures (RX) up 35 ticks at 177.29 (L: 177.05 / H: 177.31)
  • Sep Gilt futures (G) up 17 ticks at 130.31 (L: 130.21 / H: 130.39)
  • Sep BTP futures (IK) up 46 ticks at 155.43 (L: 154.98 / H: 155.46)
  • Sep 10-Yr US futures (TY) down 2.5/32 at 134-24 (L: 134-21.5 / H: 134-27.5)
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