MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Oil Fluctuates As Markets Assess China Zero-Covid Policies

COMMODITIES
  • Crude oil prices have broadly trended higher today but for the most part haven’t made up for the sharp decline at open on limited prospects of China moving away from its zero-Covid policy (NHC officials saying the country will "unswervingly" adhere to current controls). WSJ sources then saying that this could be under consideration spurred some intraday increases but they were limited by the noted caution that would be taken and the fact there is no timeline.
  • WTI is -0.9% at $91.74, pulling back from a high of $93.74 having cleared resistance at $92.87 (Nov 4 high). Most active strikes in the CLZ2 are by far $100/bbl and $95/bbl calls.
  • Brent is -0.8% at $97.79, having also cleared resistance at $98.81 (Nov 4 high) before retreating.
  • Gold is -0.3% at $1676.80 as higher US yields help offset any tailwind from a weaker USD. It sits close to resistance at $1682.1 (Nov 4 high).
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