MNI China Daily Summary: Tuesday, July 2

MNI BRIEF: China Aims For AI Standards By 2026

MNI China Press Digest July 2: PBOC, FDI, Land Revenue

MNI: PBOC Net Drains CNY298 Bln Via OMO Tues; Rates Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1291 Tues; -0.09% Y/Y

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Wider Italian Debt Dynamics Remain Concerning (2/2)

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

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Equities Roundup: Chip Stocks Surge, Nvidia Reports After the Close

US STOCKS
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  • Stocks trading mildly mixed at midday, off recent lows as accounts square up ahead this afternoon's FOMC minutes for the May 1 meeting. Currently, the DJIA is down 68.19 points (-0.17%) at 39805.08, S&P E-Minis down 5 points (-0.09%) at 5340, Nasdaq up 9.7 points (0.1%) at 16842.43.
  • Information Technology and Health Care sectors outperformed in the first half, chip stocks supported the latter with First Solar +15.36%, Enphase +9.88%, Analog Devices +8.37% as a strong outlook outweighed revenue decline. Reminder, Nvidia and Synopsys report earnings after the close.
  • Pharmaceuticals and biotech shares buoyed the Health Care sector: Moderna +10.09%, Pfizer +2.40%, Vertex Pharmaceuticals +1.35%.
  • Laggers: Energy and Materials sectors underperformed in late morning trade, equipment and services shares weighing on the former: Schlumberger -2.67%, Baker Hughes -2.57%, Haliburton -2.50%.
  • Metals and mining shares weighed on the Materials sector: Freeport McMoRan -5.95%, Newmont -3.0%, Steel Dynamics Inc -1.30%.
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  • Stocks trading mildly mixed at midday, off recent lows as accounts square up ahead this afternoon's FOMC minutes for the May 1 meeting. Currently, the DJIA is down 68.19 points (-0.17%) at 39805.08, S&P E-Minis down 5 points (-0.09%) at 5340, Nasdaq up 9.7 points (0.1%) at 16842.43.
  • Information Technology and Health Care sectors outperformed in the first half, chip stocks supported the latter with First Solar +15.36%, Enphase +9.88%, Analog Devices +8.37% as a strong outlook outweighed revenue decline. Reminder, Nvidia and Synopsys report earnings after the close.
  • Pharmaceuticals and biotech shares buoyed the Health Care sector: Moderna +10.09%, Pfizer +2.40%, Vertex Pharmaceuticals +1.35%.
  • Laggers: Energy and Materials sectors underperformed in late morning trade, equipment and services shares weighing on the former: Schlumberger -2.67%, Baker Hughes -2.57%, Haliburton -2.50%.
  • Metals and mining shares weighed on the Materials sector: Freeport McMoRan -5.95%, Newmont -3.0%, Steel Dynamics Inc -1.30%.