MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

MNI: GERMANY Q2 FLASH GDP  -0.1% Q/Q (+0.1% FCST, +0.2% PRIOR)

MNI: ITALY Q2 FLASH GDP  +0.2% Q/Q (+0.2% FCST, +0.3% PRIOR)

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

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Oil Climbs Despite Falling US Gasoline Demand, Growth Fears

COMMODITIES
  • Following yesterday's slide, growth concerns following even stronger than expected US CPI inflation and the Fed’s potential reaction to it has had very little impact on crude oil today, edging higher.
  • US implied oil demand fell 1.744mbpd to 18.720mbpd in the prior week, yet GS analysts say the “physical market is still screaming that it’s very, very tight”.
  • WTI is +0.6% at $96.43, off the intraday low of $93.67 that forms initial support just above $93.45 (Apr 25 low), maintaining the bearish extension.
  • Brent is +0.25% at $99.74, off $98.28 having briefly dipped below a bear trigger at $98.5 (Jul 6/7 low).
  • European gas climbed 4.5% today whilst Gazprom says there is no guarantee on the functioning of Nord Stream following the return of a turbine from maintenance in Canada.
  • Gold meanwhile is +0.6% at $1736.3 after a volatile day, with both inflation fears and the dollar weakening ultimately pushing the yellow metal higher.
  • It fleetingly cleared $1721.7 (Sep 29, 2021) on the immediate reaction to CPI, a clear break of which is required to test $1706.8 (1.618 proj of Mar 8 -29-Apr18 price swing).
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