MNI China Daily Summary: Wednesday, November 27

MNI: GERMANY GFK DECEMBER CONSUMER CLIMATE -23.3

MNI BRIEF: BOJ’s JGB Unrealised Loss Rises To JPY13.7 Tlrn

RPT:- MNI NOV CHINA MONEY MARKET INDEX 53.5 VS OCT 38.4

MNI NOV CHINA MONEY MARKET INDEX 53.5 VS OCT 38.4

MNI BRIEF: China Profits Fall In October Y/Y

MNI: FRANCE NOV CONSUMER SENTIMENT 90

RBNZ SEES RISK OF MID-TERM INFLATION VOLATILITY

MNI: RBNZ CUTS OCR 50BP TO 4.25%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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OIL: OPEC+ Likely to Extend Voluntary Cuts Beyond Q2: JPM

OIL

OPEC+ is likely to extend voluntary production cuts beyond Q2 with the fundamental oil view unchanged, according to JPMorgan.

·         The sell off due to Fed repricing this week is non-fundamental but is a strong signal of a Brent’s ceiling at $90/bbl as physical buyers stepped away.

·         Key indicators tracked by OPEC, such as curve backwardation, suggest relatively strong fundamentals but a large counter-seasonal inventory build in April is a concern.

·         OECD crude and product inventories are similar to April last year despite strong global demand growth and over 4mb/d of OPEC spare capacity.

·         The Brent forecast is unchanged at the high $80s/90/bbl through May and $85/bbl thereafter but with upside risks. Prices could rise into $90s/bbl in September with stock draws in May through August.

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