CHINA: Country Wrap: Signs of Life in China Property Sales
May-22 05:22
- China Securities Journal reports that sales of second hand and new homes in major cities in China have been showing signs of recovery. Property viewings are on the increase in Beijing with some signs of price increases and some new developments selling out (source China Securities)
- Chinese Premier Li Qiang will meet President Prabowo Subianto during the visit, says Foreign Ministry spokesperson. The trip will include a business banquet, a meeting with parliament leaders and MoU signings on health, tourism and export protocols, he says in a press briefing on Wednesday (source BBG)
- China's Hang Seng fell -0.55% today following over 2% gains in the prior two trading days as sentiment slipped. The CSI 300 eked out some minor gains of +0.13% whilst the Shanghai Composite was flat and Shenzhen fell -0.45%
- Yuan Reference Rate at 7.1903 Per USD; Estimate 7.2035
- Bonds were a touch softer today with the CGB 10YR at 1.68% (+0.5bp)
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LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
Apr-22 05:18
| Date | Time | Country | Event |
| 22-Apr | 1500 | EU | Consumer Confidence Indicator (p) |
| 22-Apr | 1800 | EU | ECB's De Guindos at MIT/ICADE Finance Club |
| 23-Apr | 0815 | FR | S&P Global PMI (p) |
| 23-Apr | 0830 | DE | S&P Global PMI (p) |
| 23-Apr | 0900 | EU | S&P Global PMI (p) |
| 23-Apr | 1000 | EU | Construction Production / Trade Balance |
| 23-Apr | 1100 | EU | ECB Wage Tracker |
| 23-Apr | 2015 | EU | ECB's Lane in panel on Central Bankers' Dilemmas |
| 23-Apr | 2045 | EU | ECB's Cipollone in panel on Tokenization |
| 24-Apr | 0745 | FR | Consumer Sentiment |
| 24-Apr | 0800 | ES | PPI |
| 24-Apr | 0900 | DE | IFO Business Climate Index |
| 24-Apr | 1400 | BE | BNB Business Confidence |
| 24-Apr | 1400 | EU | ECB's Lane at Peterson Institute Webcast |
US TSYS: TY To Fresh Session Lows
Apr-22 05:17
TY futures trade to fresh session lows of 110-18. No overt headline driver for the move, which appears to be more of a function of a break of Friday’s lows.
- Initial support of note located at the April 15 low (110-15), with recent gains in the contract still considered corrective in nature at this stage.
JGBS: Mixed With Belly Underperforming
Apr-22 05:17
JGB futures are weaker but well above session lows, -28 compared to the settlement levels.
- The local calendar has been light today.
- "Bank of Japan officials see no need to change their stance on gradually raising interest rates despite US tariffs, as they wait for more data to analyse the impact. The BOJ is likely to hold its policy settings steady at its May 1 meeting and may cut its price forecast due to a stronger yen, cheaper oil, and economic weakness." (per BBG)
- "The impact of Donald Trump's tariff campaign has already filtered through to Japanese companies, with about 10% saying the measures have affected their businesses and more voicing concern on the future jolt, according to a MoF survey." (per BBG)
- Cash US tsys are ~2bps cheaper in today's Asia-Pac session after yesterday's long-end sell-off.
- Cash JGBs are mixed across benchmarks, with the belly underperforming (~3bps cheaper) and the 20-year the outperformer (~2bps richer). The benchmark 10-year yield is 3.0bps higher at 1.314% versus the cycle high of 1.596%.
- Swap rates are 1-2bps higher.
- Tomorrow, the local calendar will see Jibun Bank PMIs and the Tertiary Industry Index. PPI Services is due on Thursday.
