MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Risk-On Of Sorts Supports Oil

COMMODITIES
  • Crude oil has generally trended higher through the US session, with forward curve backwardation strengthening. It comes with a cheapening in Treasuries and support for high beta FX majors even if equities haven't followed suit ahead of the FOMC's expected 75bp hike on Wednesday.
  • The Biden-Xi call expected within the next week or so is eyed for implications on potential Chinese demand and an unlikely willingness to curb Russian purchases. Nearer-term, Nord Stream gas issues remain heavily in focus, with Gazprom once again set to cut shipments to about 20% of capacity from 7am Moscow on Wednesday claiming maintenance issues.
  • Latest CFTC data meanwhile show managed money net longs have recovered after hitting the lowest levels in 18 months in prior weeks, but bullish bets on Nymex Brent and ICE WTI are still low due to recessionary risks and as high fuel pump prices are impacting demand.
  • WTI is +2.24% at $96.79, moving back closer to resistance at the 20-day EMA of $99.58 in a move against bearish trend conditions. Support is seen at $91.64 (Jul 15 low).
  • Brent is +1.88% at $105.14 as it moves back closer to the 50-day EMA of $107.21 with further resistance just higher at $107.61 (Jul 19 high).
  • Gold is -0.6% at $1717.24, pushing back against what had been seen as a corrective bounce. Support is seen at $1681.0 (Jul 21 low).
Energy BulletsCommodities
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