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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Tighter Oil Fundamentals Drive Inventory Draws and Higher Prices: StanChart

OIL

Tightening fundamentals are expected to be the main driver taking oil above $90/bbl according to Standard Chartered with a global inventory draw continuing through Q2.

  • April is broadly balanced, but May is expecting draws of 1.55mbpd and June draws of 1.56mbpd after a 1mbpd global inventory draw during Q1.
  • Demand outperformance is expected to play a key role in improving oil market sentiment. Global oil demand is forecast to reach a record high of 104.31mbpd in August.
  • Standard Chartered suggest that “macro-led gloom among investors that dominated sentiment at the start of the year is now lifting” while expectations for US oil supply growth are more downbeat.
  • “Money-manager positioning also suggests that a significant improvement in sentiment is already under way.”
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