MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

Aircraft-Led Durables Collapse Masks Rebound In Core Orders

MNI: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

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

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Off Monday's Highs As A More Cautious Risk Tone Emerges

OIL

Oil hasn't been able to build on positive momentum from Monday's session, last tracking down 0.55% for Brent to $79.20, while WTI is off by slightly less, around $74.30/bbl currently. These falls only partially unwind Monday's gains, but underscores the struggles oil has to generate meaningful upside traction at the current juncture. We remain within recent ranges for both benchmarks though.

  • The broader risk tone has been a more cautious one today, with US equity futures tracking lower and the USD finding some support. This has weighed at the margins, particularly ahead of key central bank speak later.
  • Optimism around China demand was bolstered further late yesterday, as the authorities issued a generous quota for crude oil imports. Still, this is not overwhelming current supply side dynamics.
  • In terms of oil specific event risks in the upcoming US session, the EIA releases its short term energy outlook, while the API weekly report on oil inventories is also due.
Energy BulletsCommodities
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