MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

MNI BRIEF: Treasury's Yellen: Inflation Moving To Fed's Target

Japan Tokyo Jul Core CPI +2.2% Y/Y

MNI BRIEF: Japan July Tokyo Core CPI Rises 2.2% Vs. June's 2.1%

MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

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

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Crude Currently Supported By Saudi Comments & US Stock Drawdown

OIL

Oil prices have been zig-zagging sideways in a narrow range during APAC trading today after rising around 2% on Wednesday. WTI is down 0.2% to $74.20/bbl, while Brent is fairly steady around $78.32. Crude has been supported by a sharp drawdown in US stocks despite the lack of a debt-ceiling deal and Fitch announcing today that the US was on negative credit watch as a result. The USD index is up 0.2%.

  • The Fed is currently expected to be on hold at its June 14 meeting but a number of Fed officials are still sounding hawkish and warning that inflation has not yet been contained.
  • OPEC+ meets over the June 3-4 weekend and while the Saudi energy minister warned that speculators should “watch out’, many analysts still think that the group will leave their output quota unchanged. But there is a risk of another cut.
  • Fed’s Barkin and Collins speak later. There are also revised US and German Q1 GDP data, and US jobless claims and Chicago/Kansas Fed indices.
Energy BulletsCommodities
Energy BulletsCommodities

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