MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

MNI: US APR FLASH MANUFACTURING PMI 49.9 (FCST 52.0); MAR 51.9

MNI: US REDBOOK: APR STORE SALES +5.1% V YR AGO MO

CBRT Data Watch

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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Brent Can't Hold Above $80/bbl, But Still A Positive Start To The Week

OIL

Brent crude is starting the week on a firmer footing. We are up around 1% at this stage, tracking at $79.80/bbl (earlier highs were just above $80.50/bbl). This of course comes after late weakest towards the end of last week (-4.5% down through Thur/Fri trading). WTI is also 1% higher for the session, last trading just above $75/bbl.

  • Market sentiment has been buoyed by China's growth plans for next year, particularly around reviving consumption/domestic demand. The other positive cited is the rebuild of strategic petroleum reserves by the US government, following releases earlier this year.
  • Still, it remains to be seen if these factors can generate a sustained turnaround. Weaker US survey data from the Friday session last week has raised fears as we progress into 2023. Other indicators like prompt spreads also don't suggest near term tightness from a supply standpoint.
  • The focus in the London/EU time zone is likely to be the EU energy ministers meeting, which is aimed at agreeing to a gas price cap level.
Energy BulletsCommodities
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