MNI: Canada Mortgage Growth At Lowest Since 2001 At 3.3%

FED: POWELL TESTED POSITIVE FOR COVID-19, HAS SYMPTOMS

MNI China Daily Summary: Friday, May 17

MNI BRIEF: China Cities Must Ensure Housing Project Delivery

MNI BRIEF: PBOC Sets A New Tool To Bail Out Property Sector

MNI BRIEF: PBOC Abolishes Lower Housing Mortgage Limit

MNI: BAKER HUGHES US RIG COUNT 604; OIL RIGS 497; GAS RIGS 103

Canadians Buy Record CAD35.6B In Foreign Securities In March

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES +14.4B CAD IN MAR

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Equities Roundup

US STOCKS
  • Stocks extending session highs after paring support in late morning trade. DJIA up 206.08 points (0.61%) at 34032.73; S&P E-Mini Future up 23 points (0.55%) at 4176.75; Nasdaq up 22.5 points (0.2%) at 12164.77.
  • Trading desks couldn't cite any particular headline or catalyst for the support other than a reluctance to sell into the bounce off Wednesday's low for the month (SPX 4070.25).
  • Month end allocation could be an ongoing factor after the SPX index enjoyed the largest one day rally since January 6 (+77.75 vs. +86.75) yesterday.
  • Eminis are near key resistance in early afternoon trade: 4198.25 High Apr 18, where clearance of this level would confirm a resumption of the uptrend that started Mar 13.
  • On the downside, key short-term support has been defined at 4068.75, the Apr 26 low. A move below this level would highlight a short-term bearish reversal instead
  • Meanwhile, the Federal Reserve issued it's supervisory report on Silicone Valley Bank Friday, laying blame on the banks board of directors and management but is also critical of its own supervisors that the Fed says did not appreciate the extent of SVB vulnerabilities and did not take sufficient steps to ensure the bank fixed those problems quickly enough.
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