MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI BRIEF: Japan Q1 GDP Revised Lower On Public Investment

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1265 Mon; -0.32% Y/Y

June Manufacturing PMI: Competition Limits Input Cost Passthrough

Spain Manufacturing PMI June 52.3 (52.9 F'cast, 54.0 May)

Daily Average Exports Hold Close To Recent Highs, Trade Surplus Firms

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

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

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Equities Roundup: Airlines, Banks Outperforming

US STOCKS
  • Stocks are holding to a narrow range at midday, a few dollars either side of steady as markets await the latest FOMC policy announcement this afternoon. Currently, S&P E-Minis trades down 2.25 points (-0.04%) at 5239.5, Nasdaq down 9.5 points (-0.1%) at 16157.15, DJIA up 16.25 points (0.04%) at 39124.93.
  • Leading Gainers: Industrials and Financial sectors outperformed, with airline stocks supporting the former: American Airlines gained 2.84% after a UBS upgrade, followed by Delta +2.65% and United +2.55%. Bank shares buoyed the Financial sector: Fifth Third +1.21%, US Bancorp, USB and M&T Bancorp all +1.15%, while KeyCorp gained 1.0%.
  • Laggers: Health Care and Energy sectors underperformed in the first half, pharmaceutical and biotech shares weighed on the former: Moderna -2.52%, AbbVie and Zoetis -1.24%, Danaher -1.20%. Oil and gas stocks traded weaker as crude prices remained under pressure at midday (WTI -1.70 at 81.77): Hess -1.75%, Chevron -1.26%, Diamondback Energy -1.0%.
  • The trend condition in S&P E-Minis remains bullish. Recent fresh cycle highs, reinforce current conditions and note that price action continues to highlight the fact that corrections remain shallow. This is an important bullish signal, reflecting positive market sentiment. Support to watch is 5175.27 the 20-day EMA. A clear break of this EMA would open 5065.11, the 50-day EMA. Sights are on 5300.00 next.
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