MNI China Daily Summary: Tuesday, July 30

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: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

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

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

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Crude Softer on Weaker US Data before EIA Stocks

OIL

Crude trading down on the day after weaker US ISM data and construction spending and before an expected build in US crude inventories. Concern for weak oil demand and a US economic slowdown are limiting any attempts for crude to push higher.

  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30GMT. Expectation is for the data to show an inventory build in crude but a small draw in oil products with refinery utilisation dipping lower again.
  • WTI-Brent spread is edging lower on the day with WTI falling faster than Brent.
    • Brent MAY 23 down -0.6% at 82.93$/bbl
    • WTI APR 23 down -1% at 76.31$/bbl
    • WTI-Brent down -0.2$/bbl at -6.44$/bbl
    • Brent MAY 23-JUN 23 down -0.05$/bbl at 0.57$/bbl
    • Brent JUN 23-DEC 23 down -0.14$/bbl at 2.74$/bbl
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