MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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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Margins Edge Higher on US Debt Limit Optimism

OIL PRODUCTS

Diesel and gasoline margins tick higher today with support from wider market optimism over the chances of raising the US debt limit and avoiding a default.

  • Despite edging higher diesel crack spreads remain low compared to start of year levels with the US spread at 26.7$/bbl versus around 58$/bbl.
  • The transatlantic diesel arbitrage has shut in recent days due to rising shipping costs according to Bloomberg. Shipping costs from the US Gulf Coast to Europe have increased 80% since the start of the week due to a spike in diesel exports partly due to maintenance at the Panama Canal.
    • US 321 crack up 0.9$/bbl at 33.13$/bbl
    • US gasoline crack up 1$/bbl at 36.32$/bbl
    • US ULSD crack up 0.6$/bbl at 26.73$/bbl
    • EU Gasoline-Brent up 0.7$/bbl at 23.27$/bbl
    • EU Gasoil-Brent up 0.4$/bbl at 15.07$/bbl
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