MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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WTI Tests $70/bbl After Weak Consumer Sentiment, Gas Jumps On Rig Count Slump

COMMODITIES
  • Crude oil has again come under pressure today after surprisingly weak US consumer sentiment built on broader demand concerns that had emerged through the week including a slower recovery in China.
  • On the supply side, strong Russian output weighs against tigher supplies from OPEC, Iraq and Canada with the latter hindered by Alberta wildfires, although Chevron has since started to resume some operations.
  • WTI is -1.1% at $70.06 as it moves nearer support at $68.43 (May 5 low).
  • Brent is -1.05% at $74.18 as it moves nearer support at $71.28 (May 4 low).
  • Gold is +0.0% at $2015.33 with relative resilience considering a firm increase in Treasury yields and a second day of dollar strength.
  • Special mention also goes to US natural gas prices currently +3.7% after bouncing in late trade with a sharp drop in the rig count (-16 to 141, with the 10% drop the sharpest since Feb’16). Notably different trends in Europe though, with TTF prices sliding on the week with strong LNG supplies amid low demand from Asia, high seasonal storage levels and muted demand with limited pickup in industrial demand despite the low prices.
  • Weekly moves: WTI -1.8%, Brent -1.5%, Gold -0.1%, US nat gas +6.2%, EU TTF nat gas -10.4%
Energy BulletsCommodities
Energy BulletsCommodities

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