MNI China Press Digest July 18: PBOC, Beijing, Arctic Shipping

MNI: PBOC Net Injects CNY47 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1285 Thurs; -1.29% Y/Y

CHINA PBOC CONDUCTS CNY49 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1285 THU VS 7.1318

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

Australia Jun Unemployment Rate 4.0%

Japan Jun Exports +5.4% Y/Y; Imports +3.2% Y/Y

MNI:AUSTRALIA JUN UNEMPLOYMENT RATE +4.1%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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A Little Firmer As USD Falters

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Our commodities team notes that oil markets are steady, with WTI & Brent futures adding ~$0.50 vs. Friday’s settlement levels as of typing, as a softer USD adds light background support.

  • The latest reports of localised property market easing in China will also be lending support.
  • Immediate focus is on Sunday’s OPEC+ meeting. The group is widely expected to rollover existing production cuts, with the virtual hosting of the event leading some to point to an even lower bar for a simple rollover.
  • Elsewhere, the Memorial Day weekend in the U.S. signals the start of the summer driving season.
  • Our commodities team notes that record levels of travel are expected this Memorial Day weekend, but shorter journeys, more efficient cars, electric vehicles and higher ethanol blends will likely hit overall gasoline demand.
  • News that Iran has approved plans to raise its oil output further has had little tangible impact on prices thus far, while the state once again noted that the death of its former President will not alter its approach to nuclear discussions.
  • Technically, trend conditions in Brent remain bearish. Bears recently breached the 50-day EMA, signalling scope for a deeper correction towards $80.24, a Fibonacci retracement. Meanwhile, initial firm resistance is seen at the Apr 26 high ($88.64).
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Our commodities team notes that oil markets are steady, with WTI & Brent futures adding ~$0.50 vs. Friday’s settlement levels as of typing, as a softer USD adds light background support.

  • The latest reports of localised property market easing in China will also be lending support.
  • Immediate focus is on Sunday’s OPEC+ meeting. The group is widely expected to rollover existing production cuts, with the virtual hosting of the event leading some to point to an even lower bar for a simple rollover.
  • Elsewhere, the Memorial Day weekend in the U.S. signals the start of the summer driving season.
  • Our commodities team notes that record levels of travel are expected this Memorial Day weekend, but shorter journeys, more efficient cars, electric vehicles and higher ethanol blends will likely hit overall gasoline demand.
  • News that Iran has approved plans to raise its oil output further has had little tangible impact on prices thus far, while the state once again noted that the death of its former President will not alter its approach to nuclear discussions.
  • Technically, trend conditions in Brent remain bearish. Bears recently breached the 50-day EMA, signalling scope for a deeper correction towards $80.24, a Fibonacci retracement. Meanwhile, initial firm resistance is seen at the Apr 26 high ($88.64).