MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

MNI China Daily Summary: Tuesday, July 2

Australia May Total Dwelling Approved +5.5%

Australia May Retail Trade +0.6%

MNI: AUSTRALIA MAY RETAIL SALES +0.6% M/M

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: Comm Services, IT, Consumer Shares Outperforming

US STOCKS
  • Stocks extending recent session highs, SPX still shy of Thursday's two-year highs after Nikkei sources story on re: BoJ tweaking yield curve control spurred a sell-off in stocks and rates markets. Currently, DJIA is up 242.07 points (0.69%) at 35523.35, S&P E-Mini Futures up 47.5 points (1.04%) at 4611.75, Nasdaq up 266 points (1.9%) at 14315.95.
  • Leading gainers: Communication Services, Information Technology and Consumer Discretionary sectors continued to outperform. Communication Services led by strong gains in Meta up another +4.0% after earnings and forward guidance beat expectations early Thu, Live Nation, Warner Bros and Google gain 3-3.35%. Chip stocks buoy IT sector: Intel +6.2% after returning to profitability following two consecutive quarter losses, KLA +5.25%, Applied Materials +4.35, AMD +2.88%. Auto makers leading Consumer Discretionary w/ Tesla +2.95%.
  • Laggers: Energy, Real Estate and Health Care underperformed. Exxon -2.12%, Kinder Morgan -1.4% and Chevron -1% weighed on broader but smaller gains elsewhere in the sector. Equity REITS weighed on Real Estate while equipment and services providers weighed on Health Care: Centene -5.12%, Molina -2.85%, Boston Scientific -1.88%.
  • Technicals: E-mini S&P contract traded to a high of 4634.50 Thursday before reversing. This highlights a possible short-term bearish signal. Price has found resistance at the top of a bull channel drawn from the Mar 13 low - the channel top is at 4638.27 today. A continuation lower would expose the 20-day EMA - at 4526.43 and a break of this level would strengthen bearish conditions. Clearance of the channel top is required to resume the uptrend.
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