MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

Inflation Slowed in June, Shaking Off May Hotel Price Jump

Broad-based Deceleration In June Core Metrics

MNI: ITALY JUN FLASH HICP +0.2% M/M, +0.9% % Y/Y; MAY +0.8% Y/Y

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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TTF to Fall on Norway Return and Lack of Cold: Goldman Sachs

NATURAL GAS

TTF is expected to be pressured lower as Norwegian production returns, given elevated storage levels and with the lack of colder-than-average temperatures across NW Europe in the two-week forecast according to Goldman Sachs.

  • Cash prices are likely to return to lignite switching economics in a 23-33€/MWh range.
  • A decline in European storage congestion risk perception and repeated Norwegian outage extensions were the triggers of the recent short-covering rally. Winter tightness risk perception has not meaningfully changed with the rally focused on the October contract.
  • Once near-term weather forecasts for winter months become clearer from mid October they expect TTF to be very much weather-dependent.
  • With average winter weather, TTF can balance the market just above hard coal at 48€/MWh.
Energy BulletsCommodities
Energy BulletsCommodities

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