MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Volatile Day For Oil Ahead Of OPEC+

COMMODITIES
  • Crude oil prices are currently down slightly on what has been a volatile day, ahead of OPEC+ expected to approve a March increase of 400kbpd tomorrow.
  • OPEC’s technical committee found that the market will be oversupplied by 1.3mbpd in 2022 if OPEC+ fully unwind their production cuts as planned.
  • However, members struggled to boost output in recent months, with production 832kbpd below target in Dec and with further difficulties into Jan.
  • WTI is -0.1% at $88.05. It fleetingly cleared first resistance at $88.84 (Jan 28 high) before retracing, whilst support remains at $85.01 (Jan 26 low).
  • Brent is -0.2% at $89.04 and has remained below initial resistance of $90.27 (Jan 28 high), with support at $87.79 (Jan 27 low).
  • Gold continues to edge up slowly this week, up 0.2% at $1801.1. It remains comfortably between resistance of $1822.2 (Jan 27 high) and support of $1780.4 (Jan 28 low). Analysts in the London Bullion Market Association's 2022 survey saw prices largely stable, averaging $1801.9 through year.
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