ASIA STOCKS: Taiwan Outflows Surge Amid Tech Equity Weakness

Oil prices continued to range trade on Monday as the market awaits the outcomes of trade negotiations with the US. It also appears not to think that the latest EU restrictions against Russia will materially impact global supplies. 

• WTI fell 0.4% to $67.07/bbl off the intraday low of $66.46 which followed a high of $67.76. Trading volumes were thin as the August contract will expire Tuesday. WTI crude is 3.0% higher this month. It has started trading today around $67.10 holding above initial support at $65.68, 50-day EMA.
• Brent is down 0.3% to $69.09/bbl and is now up 3.5% in July. It reached $69.83 late in APAC trading and then fell to $68.43. Initial support is at $65.92, June 30 low, while resistance is $72.66.
• Low sulphur distillate prices rose 0.7% following news that the EU would restrict Russian refined products and imports from countries that refine Russian crude. A major Indian refinery will be impacted but not until January.
• Ukraine and Russia are scheduled to meet for a third time in Turkey on Wednesday to negotiate a truce. The two sides have been unable to find common ground previously with the risk this occurs again remaining high.

• South Korea to Sell KRW500bn 20-Year Bonds        
• Hong Kong to Sell HK$12.6 Billion 182-Day Bills    
• Hong Kong to Sell HK$63.431 Billion 91-Day Bills  
• Bank of Thailand to Sell THB60bn of 92-Days Bills On...         
• Bank Indonesia to Sell 365D SVBI Bills         
• Bank Indonesia to Sell 92D SVBI Bills            
• Bank Indonesia to Sell 32D SVBI Bills            
• Bank Indonesia to Sell 274D SVBI Bills         
• Bank Indonesia to Sell 186D SVBI Bills         
• MAS to Sell S$15.5 Billion 28-Day Bills on July 22  
• MAS to Sell S$1.8 Billion 255-Day Bills on July 22  
• MAS to Sell S$22.1 Billion 84-Day Bills on July 22  
• Philippines To Sell PHP 20.0Bln 2028 Bonds (PIBD0728D649*)  

source: Bloomberg Finance LP / MNI