MNI China Daily Summary: Tuesday, May 28

MNI BRIEF: Japan's April Trimmed Mean Rises 1.8% Vs. 2.2% - BOJ

MNI BRIEF: China To Curb Key Financial Risks - NFRA

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

MNI: PBOC Sets Yuan Parity Higher At 7.1101 Tues; -2.43% Y/Y

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

MNI: US Q1 FHFA HPI Q/Q SA +1.1% V +6.6% Q1 2023

MNI:US MAR FHFA HPI SA +0.1% V +1.2% FEB; +6.7% Y/Y

April Industrial Prices Increase From Precious Metal Investment

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 Extends Decline Ahead of FOMC Meeting

OIL

Crude oil falls back down through the lows from last week as economic concerns continue to drive the bearish sentiment ahead of the possible rate hike by the US Fed tomorrow.

  • The FOMC is expected to hike rates another 25bp on Wednesday and then possibly signal that it will pause.
  • WTI is trading down through the first technical support levels of 73.93$/bbl with next support at 72.76$/bbl. Next technical support for Brent is at 76.52$/bbl.
  • Crude time spreads and diesel and gasoline margins are following the move lower.
    • Brent JUL 23 down -2.6% at 77.21$/bbl
    • WTI JUN 23 down -2.9% at 73.5$/bbl
    • Brent JUL 23-AUG 23 down -0.05$/bbl at 0.32$/bbl
    • Brent DEC 23-DEC 24 down -0.45$/bbl at 3.17$/bbl
    • US gasoline crack down -0.8$/bbl at 30.69$/bbl
    • US ULSD crack down -0.3$/bbl at 23.89$/bbl
Energy BulletsCommodities
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