MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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 Supply Tightness Outweighs Demand Concerns, Russia Price Cap Proposals Eyed

COMMODITIES
  • A mixed session for crude oil but with demand concerns offset by sufficient upside momentum from OPEC members remaining committed to production targets with denial of reports of a 500kbpd increase at the next meeting on Dec 4 along with a weaker USD on the day.
  • Weaker momentum later in the session as the EU looks to soften the Russian oil price cap plan in proposals potentially agreed and announced tomorrow (per Bloomberg), coming after the G7 were seen proposing a $60-70/bbl price range (per WSJ).
  • WTI (CLF3) is +1.4% at $81.19 having come close to probing resistance at $82.43 (Nov 18 high) before retreating. Key medium-term support is still seen at $74.96 (Sep 28 low).
  • Brent is +1.2% at $88.49, having also come close to testing resistance at $90.63 (Nov 18 high) whilst support remains at $82.31 (Nov 21 low).
  • Gold is -0.03% at $1737.50, not troubling resistance at $1786.5 (Nov 15 high, bull trigger) or support at $1718.6 (20-day EMA).
Energy BulletsCommodities
Energy BulletsCommodities

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