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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OUTLOOK
  • UST and Bund futures are off their overnight lows after a kneejerk move lower in response to the BOJ's surprise widening of its permitted trading band to +/-0.50% from +/-0.25%, but they still remain notably weaker.
  • Bund futures approached the 8 November low of 135.76 on the continuation chart (moving as low as 135.83 on the intraday chart) while Treasury futures moved to their lowest levels of the month.
  • Reaction to this move will continue to drive price action this morning, and there will likely be another reaction as North America get to their desks later.
  • In terms of data, we have already received soft German PPI data while we will receive US housing data this afternoon.
  • This morning there are a handful of ECB speakers but in commentary so far there has not been much new.
  • Later today we may receive the Italian 2023 funding plans (although there is potential for this to come later in the week). We also await Finland and Greece's funding plans which are also both likely this week.
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