MNI China Daily Summary: Thursday, September 26

MNI BRIEF: China GDP Growth Likely 4.8% In Q3 - BOC

MNI: GERMAN OCTOBER GFK CONSUMER CLIMATE -21.2

MNI: PBOC Net Drains CNY231.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.0354 Thurs; +3.96% Y/Y

CHINA PBOC CONDUCTS CNY292 BLN VIA 14-DAY REVERSE REPOS THURS

EZ/UK Bond Supply Calendar: 5/5/10-Year BTPs / CCTeu Due Friday

US EIA: CRUDE OIL STOCKS EX SPR -4.47M TO 413.0M SEP 20 WK

MNI: US AUG NEW HOME SALES -4.7% TO 0.716M SAAR

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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EQUITIES: Bull Cycle in E-Mini S&P Remains in Play

EQUITIES
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Eurostoxx 50 futures traded higher last week as the contract extended the recovery from the Sep 10 low. It is still possible that recent gains are corrective. MA studies are in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on key support at 4757.00, the Sep 6 / 10 lows. Key resistance is 5024.00, the Sep 3 high. A break would cancel a bearish theme and strengthen bullish conditions. A bull cycle in S&P E-Minis remains in play and price is trading just below its recent high. The contract has traded through a key and major resistance at 5785.00, the Jul 16 high and a bull trigger. A clear breach of this hurdle would confirm a resumption of the long-term uptrend. Sights are on the 5800.00 handle next. First key support is 5622.43, the 50-day EMA. Initial support lies at 5680.47, the 20-day EMA.

  • Japan's NIKKEI closed lower by 70.33 pts or -0.19% at 37870.26 and the TOPIX ended 6.23 pts lower or -0.23% at 2650.5.
  • Elsewhere, in China the SHANGHAI closed higher by 33.181 pts or +1.16% at 2896.306 and the HANG SENG ended 128.54 pts higher or +0.68% at 19129.1.
  • Across Europe, Germany's DAX trades lower by 83.41 pts or -0.44% at 18912.6, FTSE 100 higher by 8.93 pts or +0.11% at 8291.71, CAC 40 down 38.34 pts or -0.5% at 7565.67 and Euro Stoxx 50 down 25.71 pts or -0.52% at 4915.01.
  • Dow Jones mini down 42 pts or -0.1% at 42555, S&P 500 mini down 10 pts or -0.17% at 5782, NASDAQ mini down 70.75 pts or -0.35% at 20097.
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Eurostoxx 50 futures traded higher last week as the contract extended the recovery from the Sep 10 low. It is still possible that recent gains are corrective. MA studies are in a bear-mode position and this highlights a downtrend. A reversal lower would refocus attention on key support at 4757.00, the Sep 6 / 10 lows. Key resistance is 5024.00, the Sep 3 high. A break would cancel a bearish theme and strengthen bullish conditions. A bull cycle in S&P E-Minis remains in play and price is trading just below its recent high. The contract has traded through a key and major resistance at 5785.00, the Jul 16 high and a bull trigger. A clear breach of this hurdle would confirm a resumption of the long-term uptrend. Sights are on the 5800.00 handle next. First key support is 5622.43, the 50-day EMA. Initial support lies at 5680.47, the 20-day EMA.

  • Japan's NIKKEI closed lower by 70.33 pts or -0.19% at 37870.26 and the TOPIX ended 6.23 pts lower or -0.23% at 2650.5.
  • Elsewhere, in China the SHANGHAI closed higher by 33.181 pts or +1.16% at 2896.306 and the HANG SENG ended 128.54 pts higher or +0.68% at 19129.1.
  • Across Europe, Germany's DAX trades lower by 83.41 pts or -0.44% at 18912.6, FTSE 100 higher by 8.93 pts or +0.11% at 8291.71, CAC 40 down 38.34 pts or -0.5% at 7565.67 and Euro Stoxx 50 down 25.71 pts or -0.52% at 4915.01.
  • Dow Jones mini down 42 pts or -0.1% at 42555, S&P 500 mini down 10 pts or -0.17% at 5782, NASDAQ mini down 70.75 pts or -0.35% at 20097.