MNI China Daily Summary: Wednesday, July 31

MNI BRIEF: BOJ To Raise Further, No Clues on Timing - Ueda

MNI BRIEF: BOJ's FY26 Inflation View Flat; Upside Risk To FY24, 25 Prices

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

MNI BRIEF: China July PMI Contracts For Third Straight Month

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

Flash Inflation In-Line With Tracking; Services Softens But Only Slightly

MNI: EUROZONE JUL FLASH HICP +2.6% Y/Y

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

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(Z2) Recovery Undermines Recent Bearish Threat

BRENT TECHS
  • RES 4: $107.41 - 76.4% retracement of the Aug 6 - Sep 26 bear leg
  • RES 3: $104.62 - High Jul 5
  • RES 2: $101.39 - High Aug 30
  • RES 1: $96.46/98.75 - High Oct 11 / 10 and key near-term resistance
  • PRICE: $94.75 @ 07:01 BST Oct 14
  • SUP 1: $91.08/90.59 - Low Oct 13 / 50.0% of the Sep 26 - Oct 10 rally
  • SUP 2: $88.67 - 61.8% retracement of the Sep 26 - Oct 10 rally
  • SUP 3: $85.00/82.44 - Low Sep 30 / Low Sep 26 and the bear trigger
  • SUP 4: $81.97 - 1.618 proj of the Jul 29 - Aug 5 - 30 price swing

The recovery in Brent futures yesterday undermines the bearish threat that appeared to be strengthening on the back of this week’s move lower from Monday’s high of $98.75. A continuation higher would expose $98.75 and a break of this level would reinstate a bullish theme, signalling scope for a stronger recovery. Key short-term support has been defined at $91.08, yesterday’s low. A break would be bearish.

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