MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

MNI: GERMANY Q2 FLASH GDP  -0.1% Q/Q (+0.1% FCST, +0.2% PRIOR)

MNI: ITALY Q2 FLASH GDP  +0.2% Q/Q (+0.2% FCST, +0.3% PRIOR)

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

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Crude Reverses Overnight Optimism

COMMODITIES
  • Crude oil has seen a volatile session to close out with only a small decline after overnight gains that had been linked to Chinese growth optimism and supply concerns with the planned production cut from Russia in March. The move lower in European and US hours follows yesterday’s drop on the large build in US crude inventories.
  • WTI is -0.2% at $78.46, off a low of $77.92 that held easily clear of support at $76.52 (Feb 9 low). The medium-term view remains unchanged, with key resistance seen at $82.66 (Jan 18 high).
  • After lighter volumes, the most active strikes in the CLJ3 have been $70/bbl puts.
  • Brent is -0.3% at $85.11, also easily holding above $83.05 (Feb 9 low).
  • Gold is +0.4% at $1842.84 having recovered from a day’s low of $1827.72 (coming just above a key near-term support at $1825.2, Jan 5 low) after a turnaround in the USD.
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