MNI China Daily Summary: Wednesday, July 31

MNI BRIEF: BOJ To Raise Further, No Clues on Timing - Ueda

MNI BRIEF: BOJ's FY26 Inflation View Flat; Upside Risk To FY24, 25 Prices

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

MNI BRIEF: China July PMI Contracts For Third Straight Month

Flash Inflation In-Line With Tracking; Services Softens But Only Slightly

MNI: EUROZONE JUL FLASH HICP +2.6% Y/Y

MNI: GERMANY JUL UE RATE (SA) 6.0% (FCST 5.9%); JUN 6.0%

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

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Energy Complex Solid, But Demand Spotty

COMMODITIES
  • WTI and Brent crude futures firmed for a third session Wednesday, as markets continue to price in the growing likelihood of an economic recovery in the latter half of 2021. Markets boost futures prices across the curve Wednesday, with all contacts out to Jul-25 now north of $54/bbl.
  • Saudi Arabia's official selling prices showed further inconsistency of demand, however, with oil headed to the US seeing prices tick higher, while crude headed to Europe and Asia had prices cut.
  • Weekly DoE numbers were further supportive for prices, showing an expectedly large draw of close to 8mln bbls, while refinery utilization ticked higher by 1.1%.
  • Gold shrugged off early losses, while silver continues to lag. This corrects the pressure seen in the gold/silver ratio throughout April and in the early few sessions of May.
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