MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI China Daily Summary: Friday, April 12

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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What to watch

MARKET INSIGHT
  • The highlight of the day will be the ECB policy decision and press conference. Note that these will take place at the new time of 13:15BST / 14:15CET for the policy decision and statement with the press conference beginning at 13:30BST / 14:30CET. At the time we wrote our ECB preview the probability of a 25bp hike this week was looking pretty high based on public ECB communication. However, we also noted that a 50bp hike could note be ruled out and various sources pieces released through this week have shifted market pricing and increased the probability of a 50bp hike. A sufficiently large (likely limitless) and flexible anti-fragmentation tool is also expected to be announced at the meeting. Delaying the announcement would be risky for spreads given the previous market disappointment at the unscheduled mid-June meeting for discussing fragmentation risks. For the full MNI ECB preview click here.
  • Elsewhere there will be continued focus on Italian politics after three coalition partners did not support Draghi in yesterday's confidence vote. Draghi is expected to resign today and probably head an interim technocrat government until either a new coalition can be formed or (more likely) new elections are held.
  • Elsewhere we have US jobless claims data as well as the Philly Fed and leading index.
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