MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1315 Fri; -0.52% Y/Y

Intermediate PPI Deflation Continues To Fade in June

MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

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

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Pushing Higher, Up Strongly For the Past Week

OIL

Oil prices have probed higher through the first part of Friday trade. Brent was last just above $80/bbl, comfortably above intra-session lows from Thursday (just under $78/bbl). Highs for the session rest at $80.30/bbl, while earlier in the week we got $80.60/bbl. At this stage, Brent is comfortably higher for the week, +4.6%. WTI is near $74.50/bbl in recent dealings, +4.4% firmer for the week.

  • Focus for oil markets largely remains on developments in the Red Sea, where disruptions risk a key supply route.
  • Tankers carrying crude oil and fuel entering the Bab al-Mandab strait fell to around 30 this week, down by over 40% from the daily average seen in the previous three weeks as more shipping companies pause routes in the Red Sea according to Bloomberg ship tracking.
  • Working the other way is a potential more positive supply backdrop. Angola will exit OPEC, stated-owned Jornal de Angola reported. This is not expected to boost supply in the near term, but is symptomatic of tensions within the group.
  • Elsewhere, US total oil and gas rig counts fell by 3 to 620, according to Baker Hughes Dec. 21.
  • This has helped temper US supply optimism and has added positive sentiment in the space at the margin.
Energy BulletsCommodities
Energy BulletsCommodities

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