MNI BRIEF: BOJ Consumption Activity Index Flat M/M In May

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

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1289 FRI VS 7.1305

MNI China Daily Summary: Thursday, July 4

MNI: FRANCE MAY INDUSTRIAL PRODUCTION -2.1% M/M, -3.1% Y/Y

MNI: GERMANY MAY IND PROD -2.5% M/M

INDON/PHILIP Long-end Spreads Widen, Inflation Falls

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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Improving Demand Outlook Propels Oil Higher

OIL

Oil has inched further higher, supported by the recovery in risk sentiment and improving demand outlook following the successive Covid vaccine announcements of Pfizer, Moderna and Oxford-AstraZeneca, as well as signs that Joe Biden will have a smoother than expected transition to the White House.

  • Lingering speculation of an extension of OPEC+ cuts is providing further support on the margin.
  • Brent crude trades at USD48.19/b, having retreated from a session high of USD48.75/b and still hovering around multi-month highs. WTI trades at USD45.17/b, near the middle of the day's range (L: USD44.73 / HUSD45.72) and 0.51% higher on the day.
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