MNI China Daily Summary: Thursday, June 20

NORGES BANK HEAD: EITHER HIKE OR EARLIER CUT POSSIBLE

NORGES BANK HEAD SEES POLICY RATE AT 4.5% TO END YEAR

MNI: PBOC Net Injects CNY18 Bln Via OMO Thu; Rates Unchanged

CHINA PBOC CONDUCTS CNY20 BILLION VIA 7-DAY REVERSE REPOS THU

MNI: PBOC Sets Yuan Parity Higher At 7.1192 Thu; -1.93% Y/Y

IFO Upwardly Revises 2024 Growth Forecast by 0.2pp to +0.4% Y/Y

NOK Little Changed Ahead of Norges Bank; Hold In Rates Expected

Intermediate Goods Deflation Continues to Fade in May PPI

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 Futures Rise Again

OIL

Oil is higher for a second day on Tuesday, WTI is $0.22 higher at $61.78, while Brent is $0.16 higher at $65.14.

  • Markets are looking ahead to this week's OPEC+ meeting, the group are expected to maintain output cuts given signs in the last few weeks of the fragility of the oil rally. There are reports that Saudi Arabia has not yet decided its position on oil production quotas.
  • Salvagers managed to refloat the Ever Given, the ship that was blocking the Suez Canal, yesterday. Markets now watch for signs of a return to normalcy for the major shipping route, some analysts estimate it could take weeks for the back log to subside.
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