MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

US MBA: REFIS -0.4% SA; PURCH INDEX +2% SA THRU JUNE 14 WK

MNI: US MBA: MARKET COMPOSITE +0.9% SA THRU JUN 14 WK

MNI: EUROZONE APR CONSTRUCTION OUTPUT -0.2% M/M, -1.1% 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 Price Will Only Rise if Middle East Conflict Escalates: Teneo

OIL
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Risk premiums now seem baked into prices around $85/b, likely due to rising non-OPEC supply growth and OPEC spare capacity, Emily Stromquist, Teneo’s Managing Director said in an interview with Gulf Intelligence.

  • “The only thing right now that could drive up prices in a more sustained way would be either a sustained attack that affected the Strait of Hormuz, or an escalation that could draw in Gulf countries.”
  • “There are no concerns about significant shortages, and there haven’t been protracted outages or significant disruptions to oil flows,” she added.
  • Stromquist also highlighted that neither Israel nor Iran seeks an expanded conflict.
  • On whether tougher US sanctions could move the needle in the market, Stromquist said that for measures to have any impact, they would need to hit the direct link of exports to China, which looks unlikely.
  • Iran’s exports are around a six-year high of 1.5m b/d, mostly to China.
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Risk premiums now seem baked into prices around $85/b, likely due to rising non-OPEC supply growth and OPEC spare capacity, Emily Stromquist, Teneo’s Managing Director said in an interview with Gulf Intelligence.

  • “The only thing right now that could drive up prices in a more sustained way would be either a sustained attack that affected the Strait of Hormuz, or an escalation that could draw in Gulf countries.”
  • “There are no concerns about significant shortages, and there haven’t been protracted outages or significant disruptions to oil flows,” she added.
  • Stromquist also highlighted that neither Israel nor Iran seeks an expanded conflict.
  • On whether tougher US sanctions could move the needle in the market, Stromquist said that for measures to have any impact, they would need to hit the direct link of exports to China, which looks unlikely.
  • Iran’s exports are around a six-year high of 1.5m b/d, mostly to China.