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MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1315 Fri; -0.52% Y/Y

CHINA PBOC CONDUCTS CNY59 BILLION VIA 7-DAY REVERSE REPOS FRI

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MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

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

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Crude Edging Higher But Still Down This Week

OIL

Crude edging back up today but still trading over 3$/bbl down so far this week with concern for central bank rate hikes next week. An expected recovery in China remains an upside risk and the upcoming holiday period could bring a potential short term boost to fuel demand.

  • The end to the force majeure at Nigerian oil export units should allow the return of about 300kbpd of exports to ease some of the current supply concerns.
    • Brent JUN 23 up 0.7% at 78.27$/bbl
    • WTI JUN 23 up 0.8% at 74.92$/bbl
    • WTI-Brent unchanged at -3.34$/bbl
    • Brent JUN 23-JUL 23 up 0.09$/bbl at 0.06$/bbl
    • Brent JUN 23-DEC 23 up 0.34$/bbl at 2$/bbl
    • Brent DEC 23-DEC 24 up 0.08$/bbl at 3.17$/bbl
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