MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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

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Prompt Brent Spread Extends Gains

OIL

Crude is trading just below the high of the day of 84.93$/bbl as the market balances optimism for a recovery in China oil demand and the expected Russian production cuts in March against global economic growth uncertainty.

  • The prompt Brent spread continues to rally up above yesterday’s high to 0.66$/bbl and the highest since November. Longer dated spreads are holding onto recent gains with both June23-Dec23 and Dec23-Dec24 both almost unchanged on the day.
    • Brent MAY 23 up 0.3% at 84.59$/bbl
    • WTI APR 23 up 0.5% at 78.06$/bbl
    • Brent MAY 23-JUN 23 up 0.03$/bbl at 0.65$/bbl
    • Brent JUN 23-JUL 23 unchanged at 0.52$/bbl
    • Brent JUN 23-DEC 23 unchanged at 2.94$/bbl
    • Brent DEC 23-DEC 24 up 0.02$/bbl at 4.92$/bbl
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