MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Crude Off as Markets Weigh Odds of White House Action

COMMODITIES
  • WTI and Brent crude futures traded lower into the Friday close, with a combination of greenback strength and further speculation that the White House could move against high energy and gas prices weighing on sentiment. WTI oscillated either side of the $80/bbl handle, closing close to the week's lowest levels.
  • WTI futures gains initially stalled on Wednesday. Recent gains have exposed key resistance and the bull trigger at $85.41, Oct 25 high. A break of this bull trigger would confirm a resumption of the uptrend and resume the bullish price sequence of higher highs and higher lows. This would open $87.45, a Fibonacci projection. On the downside, key short-term support has been defined at $78.25 Nov 4 low. A break would be bearish.
  • Gold holds much of the post-CPI gains, resulting in a clear break of resistance at $1834.0, Sep 3 high. The breach of this hurdle reinforces current bullish conditions and paves the way for further upside. Note too that the yellow metal has also breached $1863.3, 76.4% of the Jun - Aug sell-off.
Energy BulletsCommodities
Energy BulletsCommodities

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