MNI China Daily Summary: Tuesday, July 9

CORRECTED-MNI: China H2 Steel Outlook Subdued

MNI BRIEF: Gradual, but Decisive ECB Cuts Needed –Giorgetti

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

EZ/UK T-Bill Calendar: 12-Month BOT Auction On Wednesday

EZ/UK Bond Supply Calendar: 12/14-Year Bund Auction on Wednesday

June CPI: Surprise Unlikely To Shift Norges Bank Cut Expectations

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Crude Oil Eyes Key Resistance After Demand Boost

COMMODITIES
  • Crude oil has been boosted further today by slightly stronger than expected Q3 GDP (2.6% vs 2.4 cons) with a larger beat for consumption although the gloss was taken off by disappointing core durable goods orders at the tail end of the quarter.
  • Further, US petroleum exports hit a record 11.4mln bpd last week as domestic inventories are at historic lows, with gasoline prices jumping as NY area supplies hit ten-year seasonal lows, whilst Iraq’s parliament has voted in a new oil minister.
  • WTI is +1.3% at $89.08 having cleared resistance at $88.66 (Oct 12 high) to open key resistance at $92.34 (Oct 10 high). More optimism around the recovery of Chinese demand could be needed to breach this level.
  • Brent is +1.2% at $96.84 off a session high of $97.25 that came closer to the key near-term resistance of $98.75 (Oct 10 high).
  • Gold is -0.3% at $1660.0, pulling away from initial resistance at yesterday’s high of $1674.9 but still some way off support at the bear trigger of $1615.0 (Sep 28 low).
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