MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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OPEC Cuts Keep Market Tight Despite Soft Demand: Bloomberg Intelligence

OIL

OPEC+'s aggressive output cuts are set to tighten the market once again despite soft demand according to Bloomberg Intelligence. Oil prices have yet to see a significant spike due to the Israel-Hamas war but any escalation of the conflict is an upside risk to prices in the near term.

  • OPEC+ cuts are likely to lead to the restart of inventory drawdowns and a deficit with a significant global supply shortage in 4Q.
  • Saudi Arabia may continue to extend its additional voluntary production cuts to keep the market relatively tight for as long as necessary as OPEC+ look to preemptively protect against a weakening economic outlook.
  • The lack of a significant drop in Russian production keeps the market well supplied while the Israel-Hamas war could curb supply if it escalates and extends to the wider region.
  • A notable divergence between the forward curve and more bullish analyst expectations for prices beyond this year appears to be closing according to Bloomberg.
Energy BulletsCommodities
Energy BulletsCommodities

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