MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

PPI a Tenth Softer than Exp; Further NEIG HICP Disinflation to Come?

MNI: EUROZONE MAY PPI -0.2% M/M, -4.2% Y/Y

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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Dollar Recovery and Middle East De-escalation Prompts Crude Reversal

OIL

Crude futures reversing Friday as the dollar regains some strength after earlier weakness post US PMI release.

  • Middle East tensions, which have been a big driver of oil since October 6 Hamas attacks, are easing after successful hostage swaps Friday.
  • Bloomberg and Reuters sources led stories Friday remain supportive of a deal being reached between Nigeria and Angola for revised 2024 production quotas.
  • It allows the group to focus on the more pressing issue of cut rollovers or the potential of collective further cut efforts with Saudi seemingly unlikely to bear any more burden alone where further cuts are concerned.
  • Russia’s intent remains under question while Iran’s production increases this year with - more expected in the short term - have provided further headaches for Saudi.
  • Brent JAN 24 down -0.3% at 81.14$/bbl
  • WTI JAN 24 down -0.4% at 76.04$/bbl
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