MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1159 Weds; -1.39% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1159 WEDS VS 7.1148

MNI China Daily Summary: Tuesday, June 18

MNI: PBOC Net Injects CNY84 Bln Via OMO Tues; Rates Unchanged

Japan May Exports +13.5% Y/Y; Imports +9.5% Y/Y

MNI BRIEF: Japan May Exports Rise On Automobiles, Auto Parts

MNI: JAPAN MAY EXPORTS +13.5% Y/Y; APRIL +8.3%

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

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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Goldman Says The Distillate Market Selloff Signals A Hit To Global GDP

OIL PRODUCTS

The selloff in the distillate market signals a hit to global GDP, with the distillate market pricing in a more than a 3 percentage point hit to global real GDP, Goldman analysts, including Callum Bruce, said.

  • One-third of the selloff in European distillate cracks since January reflects a ~1mbpd weaker demand outlook compared with the bank’s expectations.
  • The bank’s NW Europe Gasoil crack forecast for 2023 has been revised down by $8/bbl to $25/bbl, and for 2024 by $3/bbl to $28/bbl.
  • Gasoline shortages in summer remain bullish as octane shortages continue to dictate price action, the analysts added.
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