Macroeconomics

1. [PPI] National Bureau of Statistics: In June 2026, China's producer prices for manufactured goods rose by 4.1% year-on-year and fell by 0.3% month-on-month. Producer purchase prices rose by 6.4% year-on-year and fell by 0.2% month-on-month. For the first half of the year, producer prices for manufactured goods increased by 1.5% year-on-year, while producer purchase prices rose by 2.4%.

2. [CPI] National Bureau of Statistics: In June 2026, China's Consumer Price Index (CPI) rose by 1.0% year-on-year and fell by 0.3% month-on-month. The average CPI for the January–June period increased by 1.0% year-on-year.

3. [Automobiles] Data from the CPCA (China Passenger Car Association) shows that retail sales in the national passenger vehicle market totaled 1.602 million units in June, a year-on-year decline of 23.2%. Of this total, retail sales of conventional internal combustion engine vehicles stood at 600,000 units (down 39% year-on-year), while retail sales of new energy vehicles (NEVs) reached 1.007 million units (down 9.4% year-on-year); the domestic retail penetration rate for NEVs was 62.8%. Exports of new energy passenger vehicles in June totaled 499,000 units, a year-on-year increase of 152.7%.

4. [New Zealand Rate Hike] On July 8, the Reserve Bank of New Zealand announced a 25-basis-point interest rate hike, raising the benchmark rate to 2.50%, in line with market expectations.

Energy

1. [Crude Oil] On July 8, international crude oil futures surged. The settlement price for the August contract of US WTI crude oil futures was $73.52 per barrel, an increase of $3.08 (or 4.4%). The settlement price for the September contract of Brent crude oil futures was $78.02 per barrel, an increase of $3.86 (or 5.2%).

2. [Crude Oil] On July 8, data from the US Energy Information Administration (EIA) showed that for the week ending July 3, US crude oil inventories rose by 3 million barrels to 411.4 million barrels, contrasting with the expected decline of 2.4 million barrels. US gasoline inventories fell by 1.9 million barrels to 212.1 million barrels, compared to an expected decline of 1.6 million barrels. Distillate fuel inventories—including diesel and heating oil—fell by 5 million barrels to 103.6 million barrels, contrasting with expectations of a 600,000-barrel increase.

3. [Crude Oil] The U.S. Energy Information Administration (EIA) reported on Wednesday that total U.S. exports of petroleum products reached a record 8.73 million barrels per day (bpd) for the week ending July 3. The EIA noted that this figure surpassed the previous weekly record of 8.22 million bpd set in early May.

4. [Crude Oil] Citigroup stated that its base-case scenario projects an average Brent crude price of $75 per barrel for the third quarter of 2026. The bank forecasts an average price of $70 per barrel for the fourth quarter of 2026 and $65 per barrel for 2027, contingent upon the eventual conclusion of a U.S.-Iran agreement and the reopening of the Strait of Hormuz.

5. [Diesel] On Wednesday, Russia implemented a comprehensive ban on diesel exports through the end of July and announced plans to import fuel, a move driven by domestic shortages resulting from ongoing Ukrainian strikes on refineries. This news caused a sharp spike in global diesel prices; combined with safe-haven buying amid U.S.-Iran tensions, this placed significant pressure on international energy markets.

6. [Petroleum Coke] On July 8, Yatong Petrochemical quoted its petroleum coke at 2,770 RMB per tonne, an increase of 70 RMB per tonne from the previous trading day. The product has a sulfur content of 2.8%; the company operates a delayed coking unit with an annual capacity of 1.2 million tonnes and a daily output of 850 tonnes.

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