MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Prices Retreating In Face Of Gloomier Demand Outlook

OIL

Oil prices continued to unwind their gains from last week after OPEC+ announced production cuts, because of a weakening demand outlook. WTI is down 0.8% from its close to be trading below $89/bbl and approaching its 50-day MA, while Brent is -0.6%, but both are off of their session lows.

  • Last week’s supply concerns have been overtaken by worries about the global economy as the IMF revised down its GDP forecasts and Biden stated that a “slight recession” was possible. China’s assertion that its “Zero-covid policy” is the best way to face the virus, has added to expectations that global oil demand will weaken.
  • Biden reiterated his anger at Saudi Arabia for agreeing to the OPEC+ cuts and stated that the US will be revisiting its relationship with the major oil producer.
  • OPEC, the International Energy Agency and US Energy Information Administration are all scheduled to release outlooks this week. A downward revision to demand expectations is likely to put further pressure on prices.
  • US data remain the focus of the week with the September PPI out today as well as the FOMC minutes followed by the CPI on Thursday.
Energy BulletsCommodities
Energy BulletsCommodities

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