MNI BRIEF: China June CPI Hits Three Month Low

RBNZ MPC SAYS OCR "HAS SIGNIFICANTLY REDUCED CPI"

MNI: RBNZ LEAVES OCR AT 5.5%

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

Headline CPI Ticks Down To 0.2% Y/Y, PPI In Line

CHINA JUNE FOOD PRICES -2.1% Y/Y VS -2.0% Y/Y MAY

CHINA JUNE CPI +0.2% Y/Y VS MEDIAN +0.4%; MAY +0.3% Y/Y: NBS

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: Awaiting Next Round of Earnings

US STOCKS
  • Stock indexes holding mildly mixed levels in afternoon trade, Dow shares outperforming (+9.1 at 33817.99) vs. weaker Nasdaq (-43.7 at 12028.98) while SPX Eminis holding steady (4156.75). SPX futures reversed modest early gains following notably weaker than expected Dallas Fed manufacturing index at -23.4 (cons -11.0) after -15.7.
  • Equity desks awaited the next round of earnings after the close with the following stocks reporting: Ameriprise Financial Inc, Crown Holdings Inc, First Republic Bank, Alexandria Real Estate, Cadence Design Systems Inc, AGNC Investment Corp, Range Resources Corp, Cleveland-Cliffs Inc.
  • Oddly, First Republic Bank (FRC) shares rallied to 16.35 high on the open (highest since March 27) ahead of the earning announcement after the bell.
  • For a technical perspective, The trend outlook in S&P E-minis remains bullish and the latest move lower from the Apr 18 high is considered corrective. Support to watch lies at 4125.73, the 20-day EMA where a break is required to suggest scope for a deeper pullback - this would expose 4083.76, the 50-day EMA.
  • Attention is on the 4200.00 handle where a breach would resume the uptrend and open 4205.50, Feb 16 high ahead of 4244.00, the Feb 2 high and key resistance
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