MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.0957 TUES VS 7.0938

Services CPI Accelerates To 3.7% Y/Y In Line With MNI's Tracking

MNI: GERMANY MAR CPI +2.2% Y/Y

Services Stickiness To Offset Goods Pullback In State CPI Data

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Mixed Temperatures and Concern for Rail Strikes Drive US Volatility

NATGAS

Volatile trading in US Natgas with mixed weather forecasts and uncertainty over a possible increase in heating demand if potential rail strikes disrupt coal supplies next month.

    • US Natgas DEC 22 down -2% at 6.64$/mmbtu
  • The two largest railway unions in US held conflicting votes on a key labour pact as the country tries to avoid a strike next month from Dec 9.
  • US weather forecasts show warmer than normal temperatures expected across central and eastern areas with below normal now expected in the west into the first week of December. Dry gas demand is today estimated at 90bcf/d.
  • Lower 48 dry gas production is steady at 100.7bcf/d while exports to Mexico were still around 6.2bcf/d yesterday.
  • Total deliveries to US LNG export terminals have remained unchanged in recent days at around 12.2bcf/d.
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