MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

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

Factory Orders Decline as Non-EU Orders Dip

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

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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US & Canada Daily Oil Summary: Crude Stocks Plummet

OIL

Crude inventories fell more than expected, down 9.23m bbl, driven by large drop in production and refinery utilisation due to the severe cold weather across the US last week. The draw was assisted by a drop in imports and despite a small dip in exports.

  • North Dakota oil production disruption drops further Wednesday to around 170-220kbpd according to the pipeline authority.
  • Refinery operator Delek expects upcoming US refinery maintenance season to be among the highest ever, with 1.5m bd of capacity offline between Feb-mid March.
  • CANADA: A Trans Mountain Pipeline official expects the line fill to begin in February, according to a Bloomberg headline. A further headline said that the first ship loading would be in April.
  • USD: The Dollar Index spent the first half of Wednesday’s session on the retreat as global risk sentiment was lifted by news of the 50bp RRR cut in China. However, firmer-than-expected US PMI data provided some late support for the greenback, with the DXY’s decline moderating to just 0.5% as we approach the APAC crossover. The pullback comes ahead of key US growth data on Thursday, the final major release before the January FOMC meeting.
  • MNI: US JAN FLASH SERVICES PMI 52.9 (FCST 51.0); DEC 51.4. MNI: US JAN FLASH SERVICES PMI 52.9 (FCST 51.0); DEC 51.4. MNI: US JAN FLASH MANUFACTURING PMI 50.3 (FCST 47.7); DEC 47.9
  • Former President Donald Trump defeated former South Carolina Governor Nikki Haley in the New Hampshire primary, leaving little doubt that he will take the Republican presidential nomination.
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Energy BulletsCanada Bank of Canada Market NewsCommodities

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