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MNI: RBNZ LEAVES OCR AT 5.5%

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

Headline CPI Ticks Down To 0.2% Y/Y, PPI In Line

CHINA JUNE FOOD PRICES -2.1% Y/Y VS -2.0% Y/Y MAY

CHINA JUNE CPI +0.2% Y/Y VS MEDIAN +0.4%; MAY +0.3% Y/Y: NBS

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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Crude And Gold Boosted by Gaza Ground Invasion Headlines

COMMODITIES
  • Crude’s session has been closely defined by Israel-Hamas tensions, gaining stronger after comments from Israeli PM Benjamin Netanyahu suggesting a ground invasion will be conducted. The move sees a reversal of yesterday’s weakness in the face of a stronger USD.
  • According to Reuters, Netanyahu says: "The timing of an invasion will be reached by consensus," adding that he, "won't give details."
  • Crude stocks showed a build vs expectations of a draw (+1.37mln vs vs exp -477k). Crude exports ticked lower on the week but remained high at 4.8mbpd. Imports edged higher on the week to just over 6mbpd, while refinery runs fell to the lowest since March at 15.189mbpd.
  • MNI Commodity Weekly: US Sanctions Relief for Venezuela Faces Pressure After Opposition Election Result -Full piece here:
  • WTI is +1.9% at $85.34, pushing further away from support at $80.20 (Oct 6 low) but still off resistance at $89.85 (Oct 20 high).
  • Brent is +2.3% at $90.10 vs support at $85.18 (Oct 12 low) and resistance at $93.79 (Oct 20 high).
  • Gold is +0.6% at $1982.38 on the above invasion headlines, maintaining its bullish outlook and seeing a step closer to resistance at $1997.2 (Oct 20 high).
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