MNI China Daily Summary: Wednesday, September 4

MNI: UK AUG FINAL SERVICES PMI 53.7 (FLASH: 53.3); JUL 52.5

RPT-MNI POLICY: Fed Prefers Gradual Rates Easing If Jobs Allow

MNI: PBOC Sets Yuan Parity Higher At 7.1148 Weds; +2.17% Y/Y

MNI: PBOC Net Drains CNY276.6 Bln via OMO Wednesday

CHINA PBOC CONDUCTS CNY0.7 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: EUROZONE JUL PPI +0.8% M/M, -2.1% Y/Y

MNI: EUROZONE FINAL AUG SERVICES PMI 52.9 (FLASH: 53.3); JUL 51.9

MNI: GERMANY AUG SERVICES PMI 51.2 (FLASH: 51.4); JUL 52.5

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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COMMODITIES: WTI Futures Trading at Lowest Level Since December 2023

COMMODITIES
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WTI futures maintain a softer tone. The contract traded sharply lower Tuesday, resulting in a break of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and paves the way for an extension towards $68.92, the Dec 13 ‘23 low. Moving average studies are in a bear-mode position highlighting a clear downtrend. Initial resistance is at $74.65, the 20-day EMA. The trend in Gold remains bullish and the recent sideways move marks a pause in the uptrend. MA studies are in a bull-mode set-up and this highlights a dominant uptrend. The recent breach of $2483.7, Jul 17 high, confirmed a resumption of the primary uptrend and the focus is on $2536.4 next, a Fibonacci projection. Initial support to watch lies at $2483.6, the 20-day EMA. It has been pierced, a move lower would  be considered corrective.

  • WTI Crude down $0.49 or -0.7% at $69.87
  • Natural Gas down $0 or -0.05% at $2.201
  • Gold spot down $18.7 or -0.75% at $2474.65
  • Copper down $4.25 or -1.04% at $405.05
  • Silver down $0.27 or -0.96% at $27.7963
  • Platinum down $6.57 or -0.72% at $902.74
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WTI futures maintain a softer tone. The contract traded sharply lower Tuesday, resulting in a break of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and paves the way for an extension towards $68.92, the Dec 13 ‘23 low. Moving average studies are in a bear-mode position highlighting a clear downtrend. Initial resistance is at $74.65, the 20-day EMA. The trend in Gold remains bullish and the recent sideways move marks a pause in the uptrend. MA studies are in a bull-mode set-up and this highlights a dominant uptrend. The recent breach of $2483.7, Jul 17 high, confirmed a resumption of the primary uptrend and the focus is on $2536.4 next, a Fibonacci projection. Initial support to watch lies at $2483.6, the 20-day EMA. It has been pierced, a move lower would  be considered corrective.

  • WTI Crude down $0.49 or -0.7% at $69.87
  • Natural Gas down $0 or -0.05% at $2.201
  • Gold spot down $18.7 or -0.75% at $2474.65
  • Copper down $4.25 or -1.04% at $405.05
  • Silver down $0.27 or -0.96% at $27.7963
  • Platinum down $6.57 or -0.72% at $902.74