MNI China Daily Summary: Friday, July 5

MNI BRIEF: PBOC Plans To Borrow Hundred Bln Yuan CGB - Press

MNI BRIEF: BOJ Consumption Activity Index Flat M/M In May

MNI: PBOC Net Drains CNY48 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: EUROZONE MAY RETAIL SALES +0.1% M/M, +0.3% Y/Y

Retail Trade Broadly In-Line With Consensus

Weak manufacturing in France and Germany in May; energy production up

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Rally Resumes

OIL

Crude is higher on Monday in Asia, resuming its recent rally after dropping sharply on Friday. WTI is up $0.51 at $59.75/bbl, brent is up $0.67 at $63.58/bbl.

  • The drop last week was due to capacity coming back on line after the big freeze affected US production, the pickup today is being attributed to progress on global coronavirus vaccinations and hopes for a pick-up in global activity.
  • Meanwhile, an Iranian foreign ministry official said the US needs to remove its sanctions before talks can begin to revive the nuclear deal. Iran is expected to bring as much as 1m bpd of supply back to the market by the end of this year.
  • Goldman Sachs have increased oil price estimates, the bank now expects brent will reach $70/bbl in Q2 and $75/bbl in Q3.
  • Elsewhere, markets look ahead to the OPEC+ meeting on March 4, observers expect a difference of opinions from Saudi Arabia and Russia.
Energy BulletsCommodities
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