MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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

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Equities Roundup

US STOCKS
  • Stocks are drifting in modestly weaker territory, off first half lows ahead midday. At the moment: DJIA is down 212.12 points (-0.56%) at 37465.89, S&P E-Mini Futures down 13 points (-0.27%) at 4787.5, Nasdaq down 18.1 points (-0.1%) at 14824.2.
  • Leading gainers: Health Care and Communication Services outperformed late morning, pharmaceuticals/biotech shares supporting the former: Illumina +7.11%, Catalent +5.66%, Revvity +4.39%. Interactive media/entertainment shares buoyed Communication Services: Match Group +3.85%, Google +1.25%, Meta +0.27%.
  • Laggers: Energy and Materials sector stocks underperformed, energy and equipment servicer shares continued to weigh on the former: Schlumberger -2.82%, Haliburton -1.9%, Baker Hughes -1.9%. Metals/mining shares weighed on the Materials sector: Newmont -3.33%, Steel Dynamics :2.26, Nuemont -1.93%.
  • Reminder, banks lead the next quarterly earnings cycle that starts next week Friday with BlackRock, Bank of America, Wells Fargo, JPMorgan, Citigroup and Bank of NY Mellon.
  • Technicals: The recent move lower in S&P E-Minis appears to have been a correction. Support at the 20-day EMA of 4750.67 has been pierced. A clear break of this average would strengthen a short-term bearish threat and expose 4695.69, the lower band of a MA envelope. A move through this support would expose the 50-day EMA, at 4656.58. For bulls, a resumption of gains would expose key resistance and the bull trigger at 4841.50, the Dec 28 high.
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