MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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Crude Buoyed By Supply Concerns Plus Late Dollar Boost

COMMODITIES
  • Crude oil gained ground today on supply concerns and increased optimism over demand but it remains in contango suggesting ample near term supplies against the current weak demand, plus some late support from the USD on balance depreciating after Powell’s remarks.
  • Longer dated spreads are also slightly up on the day although have pulled back from earlier gains. Concern for supplies with outages in Turkey and Norway added to optimism around future Chinese demand to support the futures today.
  • WTI is +4.2% at $77.21, jumping closer towards resistance at the 50-day EMA of $78.39 and away from support at yesterday’s low of $72.25.
  • Brent is +3.5% $83.78, also pushing closer to resistance at the 50-day EMA of $84.08 and off support at $79.10.
  • Gold meanwhile sees a relatively tight range today compared to moves in days following the payrolls surge, +0.2% at $1870.66. Resistance remains at $1899.9 (20-day EMA) and support at $1861.4 (Feb 3 low).
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