MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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

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Equities Roundup: Communication Services, IT Underperforming

US STOCKS
  • Stocks indexes are trading mildly weaker, climbing off early session lows in generally quiet late summer trade. DJIA shares are up 21.99 points (0.06%) at 34498.35, S&P E-Mini futures down 8.5 points (-0.19%) at 4376, Nasdaq down 74.4 points (-0.6%) at 13241.34.
  • Laggers: Communication Services, Information Technology and Consumer Discretionary sectors underperformed in the first half. Interactive media weighed on Communication Services with Google -2.15%, Meta -2.1%, Match -.45%.
  • A drop in inventories spurred more profit taking in semiconductor stocks: Despite beating earnings est's late Thursday Keysight Tech -12.25% as earnings guidance missed. Nvidia -2.45%, while Trimble slipped -1.45%. Meanwhile, auto maker Tesla weighed on Consumer Discretionary with Tesla -2.1%.
  • Leading gainers: Energy sector shares outperformed for the third day running: Oil and gas shares outpaced equipment and services shares in the first half: Devon Energy +1.06%, Baker Hughes and Marathon oil both up +0.75, Exxon Mobil +0.65%.
  • Consumer Staples and Utility sectors followed, distribution/retail stores buoyed the former: Dollar General +2.0%, Target +1.7%, Walmart +1.4%. Water utility supported the latter: with American Water Works +0.95%.
  • Technicals: A bearish theme in the E-mini S&P contract remains intact and today’s sell-off reinforces this theme. This week’s bearish price action has resulted in a break of the 50-day EMA and the contract has breached channel support drawn from the Mar 13 low. 4368.50, the Jun 26 low, has been breached today and attention turns to 4344.28, a Fibonacci retracement. Initial firm resistance to watch is at the 50-day EMA - at 4459.03.
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