MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

MNI BRIEF: China Politburo Flags Policy Support; 3rd Plenum In July

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI BRIEF: Caixin Apr Manufacturing PMI Hits Over One-year High

MNI BRIEF: China April Mfg. PMI Moderates To 50.4

Strong Q1 GDP Print Consistent With Survey Outperformance

GDP Bounces On Construction / Exports; Weaker End-2023 On Revisions

MNI: ITALY APR FLASH HICP +0.6% M/M, +1% Y/Y

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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Oil Firms With Supply Constraints Whilst Gold Dips

COMMODITIES
  • Crude oil prices have increased more than +1.5% today coming ahead of the G7's expected new package of sanctions against Russia including a price cap and OPEC+ trimming its 2022 market surplus forecast from 1.4mbpd to 1.0mbpd.
  • CFTC data released late Fri showed a reduction in US oil net longs to the lowest since Apr’20 but a rise for European oil markets, with Brent net longs up 10.5k to 239k on continue supply risks. Separately, hardware issues have further prevented the release of EIA’s petroleum status report.
  • WTI is +1.7% at $109.49 as it moves closer to initial resistance at the 20-day EMA of $110.87, clearance of which could open $116.58 (Jun 17 high).
  • Brent is +1.6% at $114.90 as it moves closer to initial resistance at $116.25 (Jun 21 high), clearance of which could open $121.25 (Jun 17 high).
  • ICE futures data for Brent showed a trimming of net longs across futures and options by 30k to 209k.
  • Gold is -0.1% at $1824.27, having first firmed on G7 sanctions announcing a ban on new imports from Russia before fading with questions over how effective it might be. Support at $1805.2 (Jun 14 low) continues to appear exposed, clearance of which could open a bear trigger at $1787 (May 16 low).
Energy BulletsCommodities
Energy BulletsCommodities

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