MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

MNI BRIEF: China Politburo Flags Policy Support; 3rd Plenum In July

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI BRIEF: Caixin Apr Manufacturing PMI Hits Over One-year High

MNI BRIEF: China April Mfg. PMI Moderates To 50.4

Strong Q1 GDP Print Consistent With Survey Outperformance

GDP Bounces On Construction / Exports; Weaker End-2023 On Revisions

MNI: ITALY APR FLASH HICP +0.6% M/M, +1% Y/Y

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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Won Retreats Amid USD Outperformance, North Korea Resumes Missile Tests

KRW

The South Korean won leads losses in emerging Asia as U.S. Tsy yields have crept higher (last +1.7-3.3bp across the curve) and the ADXY index has faltered.

  • Spot USD/KRW last deals +17.70 figs at KRW1,343.10, with bulls looking to a move through the 100-DMA (KRW1,358.44). Bears keep an eye on Nov 14 low of KRW1,309.20.
  • USD/KRW 1-month NDF last +5.92 figs at KRW1,342.85. Topside focus falls on the 100-DMA at KRW1,362.62, while bears look for losses past Nov 15 low/200-DMA at KRW1,306.95/1,303.52.
  • North Korea test-fired a short-range ballistic missile into the East Sea, South Korea's Joint Chiefs of Staff said. Its Foreign Minister had earlier warned that the North would take "fiercer" actions if the U.S. and its allies continue to build deterrence capabilities in the region.
  • South Korean FX and stock markets opened one hour later than usual today due to the national college entrance exams. The FX market will close as usual, while stock market closure will be delayed by one hour.
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