MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: US MAR PERSONAL INCOME +0.5%; NOM PCE +0.8%

MNI Eurozone Inflation Preview – April 2024

Labour Market Continues Firming Despite Headline Unemployment Uptick

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 Prices Weighed Down By Covid Restrictions In China

OIL

Oil prices are down again today, as news of new Covid restrictions in China boosted the USD and reinforced Friday’s crude demand concerns. WTI and Brent are currently down around 1% from the NY close after ending last week sharply lower.

  • Oil prices remain in narrow ranges. WTI crude is off of its intraday low of $79.18 and trading under $80/bbl at $79.20 after reaching a high of $80.30 earlier. Brent is also off its low of $86.40 at around $86.75. It reached a high of almost $88 earlier in the session.
  • Winter oil demand has so far been declining, despite the impending European sanctions against Russian oil. (ANZ)
  • Goldman Sachs also reduced its oil price forecasts for Q4 by $10/bbl, now expecting Brent to rise to only $100. The revision was principally due to the prospect of further Covid restrictions in China.
  • The only events of note tonight are BoE’s Cunliffe speech and the Chicago Fed’s November National Activity Index.
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