MNI China Daily Summary: Thursday, July 11

MNI BOK WATCH: More Evidence Needed To Cut Rates, Says Rhee

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

June CPI Preview – Services Expected To Reverse May Acceleration

EZ/UK Bond Supply Calendar: EU-Bond Auction, BoE APF on Monday

CPI Details Show Disinflation Tapering Off for High-Rate Items (2/2)

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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Gazprom Warns of 60% Gas Price Increase for Europe

NATURAL GAS

Gazprom has warned that European gas prices could surge by 60% to more than $4,000 per 1,000 cubic meters this winter as its own export and production volumes drop.

  • "European spot gas prices have reached $2,500 (per 1,000 cubic metres). According to conservative estimates, if such a tendency persists, prices will exceed $4,000 per 1,000 cubic metres this winter," Gazprom said.
  • Gazprom's gas exports have fallen by 36.2% to 78.5 billion cubic metres between Jan. 1 and Aug. 15 and production is down by 13.2% to 274.8 billion cubic metres compared to a year ago.
  • Gazprom’s H1 August production is down 36% year-on-year according to ICIS records.
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