MNI China Daily Summary: Monday, May 6

MNI: China CFETS Yuan Index Up 0.03% In Week of Apr 30

MNI: PBOC Net Drains CNY8 Bln Via OMO Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0994 Mon; -4.33% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.0994 MON VS 7.1063

PPI ex-energy remains at -1.3%Y/Y in March

MNI: EUROZONE MAR PPI -0.4% M/M, -7.8% Y/Y

Services PMIs improve more in core than periphery vs March

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Crude Suffers With Stock Build And Weak Data Whilst Gold Swings With USD

COMMODITIES
  • The oil market has fallen on the day, amid rising US crude stocks and weak economic data from China. WTI has shown a largely muted reaction to the Fed’s decision to hold rates steady and subsequent communications.
  • EIA Weekly US Petroleum Summary - w/w change week ending Jan 26: Crude stocks +1,234 vs Exp -225, Crude production +700, SPR stocks +892, Cushing stocks -1,972
  • The number of tankers carrying crude oil through the Gulf of Aden has significantly declined after a laden fuel-tanker was hit by a missile strike on Friday, Clarkson data showed. Countries in the Middle East are still awaiting the US response to the killing of three of its service personnel in a drone strike at a Jordanian outpost.
  • WTI is -2.5% at $75.86, a step closer to support at $74.76 (50-day EMA).
  • Brent is -1.4% at $81.71, a step closer but still a little way off support at $79.40 (50-day EMA).
  • Gold is -0.25% at $2031.60 after a volatile session that saw a high of $2055.92 as the dollar slumped on weak US data before an intraday resurgence as Powell pushed back on March Fed cut prospects.
Energy BulletsCommoditiesFOMC Calendar Market News
Energy BulletsCommoditiesFOMC Calendar Market News

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