MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

VDMA Factory Orders Remain Weak in June

IFO Employment Lower Again

Swiss July CPI Preview - Expected Below SNB Q3 Projections

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

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Crude Pulls Back with Strengthening US Dollar

OIL

Crude giving up the gains from earlier in the day on the back of a strong US dollar with economic uncertainty still weighing on oil prices.

  • The next support levels for Brent are 14 Mar low of 76.89$/bbl and the 12 Dec low of 76.04$/bbl.
  • Crude was earlier boosted by optimism for the recovery in China after OPEC raised the oil demand growth forecast for China yesterday and data today showed an increase in crude processing at Chinese refineries in Jan and Feb.
  • IEA today raised the forecast for global oil supply by 0.3mbpd to 101.6mbpd in 2023 and demand by 0.1mbpd to 102mbpd. They expect supply growth to meet demand in the first half of this year but falling short in the second half when seasonal trends and China’s recovery are set to boost demand to record levels.
    • Brent MAY 23 down -0.1% at 77.39$/bbl
    • WTI APR 23 down -0.1% at 71.25$/bbl
    • Brent MAY 23-JUN 23 down -0.05$/bbl at 0.4$/bbl
    • Brent JUN 23-DEC 23 down -0.02$/bbl at 1.86$/bbl
    • Brent DEC 23-DEC 24 down -0.15$/bbl at 3.1$/bbl
Energy BulletsCommodities
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