MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

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

MNI: US MAY CONSTRUCT SPENDING -0.1%

MNI: US ISM JUN MANUF PURCHASING MANAGERS INDEX 48.5

US JUNE MANUFACTURING PMI 51.6 (51.7 FLASH, 51.3 MAY)

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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Favorable US Data Supportive for Crude

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- US DATA: Core PCE In Line With Consensus In May, 3-month Run Rate Eases

  • Core PCE inflation came in at 0.249% in May, just about rounding down to a 0.2% M/M to bring it in line with the Bloomberg consensus. The unrounded figure prints squarely in line with the 0.24-0.25% sell-side consensus reported by MNI.
  • USD: The FX price action remains fairly subdued following the US data, however, lower personal spending figures keep the greenback on the backfoot and see some European short-term trends extend.
  • The details of April’s report are favorable as the Fed looks for signs that underlying inflation pressures are waning also proving supportive for crude on Friday.
  • Brent JUL 24 up 0.1% at 81.98$/bbl
  • WTI JUL 24 up 0.5% at 78.27$/bbl
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- US DATA: Core PCE In Line With Consensus In May, 3-month Run Rate Eases

  • Core PCE inflation came in at 0.249% in May, just about rounding down to a 0.2% M/M to bring it in line with the Bloomberg consensus. The unrounded figure prints squarely in line with the 0.24-0.25% sell-side consensus reported by MNI.
  • USD: The FX price action remains fairly subdued following the US data, however, lower personal spending figures keep the greenback on the backfoot and see some European short-term trends extend.
  • The details of April’s report are favorable as the Fed looks for signs that underlying inflation pressures are waning also proving supportive for crude on Friday.
  • Brent JUL 24 up 0.1% at 81.98$/bbl
  • WTI JUL 24 up 0.5% at 78.27$/bbl