MNI China Press Digest July 18: PBOC, Beijing, Arctic Shipping

MNI: PBOC Net Injects CNY47 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1285 Thurs; -1.29% Y/Y

CHINA PBOC CONDUCTS CNY49 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1285 THU VS 7.1318

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

Australia Jun Unemployment Rate 4.0%

Japan Jun Exports +5.4% Y/Y; Imports +3.2% Y/Y

MNI:AUSTRALIA JUN UNEMPLOYMENT RATE +4.1%

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

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Crude Holds Nudge Higher After Wagner Conflict

COMMODITIES
  • Crude oil has seen a relatively narrow range for the session, with only modest gains on Friday’s close after tighter supply concerns on continued uncertainty following Wagner movements and apparent climbdown were partly offset by weaker demand concerns.
  • Bloomberg scenario analysis showed that OPEC+ voluntary output cuts could deepen the oil-market deficit to about 2mbpd in 2H 2023. They see the market deficit combining with any substantial inventory depletion likely forming a constructive price backdrop assuming a deceleration in the global economy doesn’t drive a significant demand slump.
  • WTI is +0.5% at $69.47 It doesn’t trouble resistance at $72.72 (Jun 21 high) whilst support remains at $66.96 (Jun 12 low) as part of its bearish technical outlook. In options space, the CLQ3 has seen heaviest trading at $75/bbl calls today.
  • Brent is +0.6% at $74.26, off resistance at $77.24 (Jun 21 high) and support at $71.50 (May 31 low).
  • Gold is +0.2% at $1924.24, also in relatively narrow ranges with the USD index also contained, and not troubling support at $1910.3 (Jun 23 low).
Energy BulletsCommodities
Energy BulletsCommodities

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