MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

MNI China Daily Summary: Tuesday, July 2

Australia May Total Dwelling Approved +5.5%

Australia May Retail Trade +0.6%

MNI: AUSTRALIA MAY RETAIL SALES +0.6% M/M

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Cautious Shift

OIL

Oil has traded softer, retreating from recent multi-month highs. Brent crude trades at USD47.66/b, down from an intraday high of USD48.04, while WTI has edged down to USD44.85/b from USD45.13/b.

  • Markets have struck a more cautious note, underpinned in part by renewed uncertainty over the timeline for rolling out coronavirus vaccines after Oxford-AstraZenecea indicated an error in the published results of its vaccine trial.
  • There is some speculation of division within OPEC+ over an expected production increase early next year with Iraq and UAE said to be eager to scale up output sooner.
  • OPEC's President Abdelmadijd Attar warned that the group needs to remain cautious as data indicate the possibility of a production surplus in the near term.
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