MNI: PBOC Sets Yuan Parity Lower At 7.1048 Weds; -4.92% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1048 WEDS VS 7.1059

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI China Daily Summary: Tuesday, April 23

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

MNI: AUSTRALIA MONTHLY MAR CPI 0.4% MM, 3.8% YY

MNI:AUSTRALIA Q1 CPI +0.9% Q/Q

MNI: UK JAN-MAR MEDIAN PAY AWARDS +4.8% :XpertHR/Brightmine

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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What to Watch: Seven State Primaries, Stocks Weaker, 3Y Sale

MARKET INSIGHT

Tsys trading modestly firmer, better volumes than the week opener (TYU2>360k), yield curves mostly flatter with long end outperforming, 2s10s -.809 at 29.948, 5s30s +.003 at 0.312 (but off inverted low of -1.022).

  • US Equities: Stocks weaker (ESM2 -35.0 at 4085.50), retailers getting hit: Target down appr 9% after cutting 2Q operating margin outlook, Walmart offered in sympathy.
  • Economic data:
    • Trade Balance (-$109.8B, -$89.5B); revisions at 0830ET
    • Consumer Credit ($52.435B, $35.000B), 1500ET
  • No Fed speakers: Fed in blackout through June 16
  • US Tsys auctions: US Tsy $44B 3Y note auction (91282CEU1) at 1300ET
  • Seven state primaries today: California, Iowa, Mississippi, Montana, New Jersey, New Mexico and South Dakota.
  • Geopol Headlines:
    • SCHOLZ: GERMANY PREPARED TO STRENGTHEN BALTIC TROOP PRESENCE, Bbg
    • FINLAND'S HAAVISTO: OPEN DOOR POLICY IMPORTANT FOR NATO, Bbg
    • Another confidence vote. After UK PM Johnson passed late Mon, Sweden's JM Morgan Johansson passes confidence vote brought on by coalition of right-leaning parties.
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