MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

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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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Slightly Richer After A Mixed Domestic Data Drop

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ACGBs (YM +2.0 & XM +3.0) are holding slightly firmer going into the Easter long weekend. Today’s mixed result domestic data drop (Retail Sales, Consumer Inflation Expectations, Private Sector Credit and Job Vacancies) failed to be a market mover.

  • (AFR) There is a lot of complaining about the Reserve Bank of Australia’s 13 interest rate rises. But remarkably, there is little serious financial stress among mortgage holders after more than 4 percentage points of cash rate rises since May 2022. (See link)
  • Today’s came despite cash US tsys cheapening 1-5bps in today’s Asia-Pac session following aftermarket comments from the Federal Reserve Governor Waller.
  • Fed Waller said the Fed should wait a "couple months" to get a better understanding of the trajectory of inflation. (See MNI link)
  • Cash ACGBs are 2-3bps richer, with the AU-US 10-year yield differential unchanged at -24bps.
  • Swap rates are 2-3bps lower.
  • Bills are slightly mixed across the strip.
  • RBA-dated OIS pricing is slightly mixed across meetings. A cumulative 38bps of easing is priced by year-end.
  • The local market is closed until next Tuesday for the Easter long weekend.
  • Later today, the US calendar sees Weekly Claims, GDP, PCE, PMI and UofM Sentiment.
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ACGBs (YM +2.0 & XM +3.0) are holding slightly firmer going into the Easter long weekend. Today’s mixed result domestic data drop (Retail Sales, Consumer Inflation Expectations, Private Sector Credit and Job Vacancies) failed to be a market mover.

  • (AFR) There is a lot of complaining about the Reserve Bank of Australia’s 13 interest rate rises. But remarkably, there is little serious financial stress among mortgage holders after more than 4 percentage points of cash rate rises since May 2022. (See link)
  • Today’s came despite cash US tsys cheapening 1-5bps in today’s Asia-Pac session following aftermarket comments from the Federal Reserve Governor Waller.
  • Fed Waller said the Fed should wait a "couple months" to get a better understanding of the trajectory of inflation. (See MNI link)
  • Cash ACGBs are 2-3bps richer, with the AU-US 10-year yield differential unchanged at -24bps.
  • Swap rates are 2-3bps lower.
  • Bills are slightly mixed across the strip.
  • RBA-dated OIS pricing is slightly mixed across meetings. A cumulative 38bps of easing is priced by year-end.
  • The local market is closed until next Tuesday for the Easter long weekend.
  • Later today, the US calendar sees Weekly Claims, GDP, PCE, PMI and UofM Sentiment.