MNI China Press Digest July 18: PBOC, Beijing, Arctic Shipping

MNI: PBOC Net Injects CNY47 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1285 Thurs; -1.29% Y/Y

CHINA PBOC CONDUCTS CNY49 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1285 THU VS 7.1318

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

Australia Jun Unemployment Rate 4.0%

Japan Jun Exports +5.4% Y/Y; Imports +3.2% Y/Y

MNI:AUSTRALIA JUN UNEMPLOYMENT RATE +4.1%

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

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Stronger Dollar Weighs On Oil, Gold

COMMODITIES
  • Crude prices are down on the day but are broadly flat on the week. Support has come from Mideast tensions and attacks on Russian oil refineries, although the upside has been capped by a stronger US dollar.
  • WTI is down 0.5% on the day at $80.7/bbl.
  • For WTI futures, the bull theme remains intact, with sights on $83.87 next, the Oct 20 ‘23 high. Support to watch is $79.27, the 20-day EMA.
  • Henry Hub is also trading lower today but holding rangebound on the week, amid continued lower LNG feedgas flows and milder weather.
  • US natural gas APR 24 is 1.9% lower on Friday at $1.65/mmbtu.
  • Meanwhile, spot gold is down 0.9% on the day to $2,162/oz, leaving the yellow metal around 2.6% off the all-time high reached on the open Thursday. Over the week as a whole, gold is set for a marginal 0.3% gain.
  • Copper also traded lower Friday, declining 1.3% to $400.6/lb, taking the loss over the week to 2.9%. Analysts note that seasonal demand in China is lagging, while the stronger dollar also weighed on the metal.
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