MNI BRIEF: Foreign Firms Content In China

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

Unemployment Falls To 11.3% In Q2, Driven By Services

1 and 3-Year Consumer Inflation Expectations Remain Unchanged

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.8%

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

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Equities Roundup: Consumer Discretionary, Comm Services Outperforming

US STOCKS
  • Stocks are making moderate gains in late morning gains, Consumer Discretionary and Communication Services sectors outperforming. At the moment: DJIA is up 32.52 points (0.09%) at 37564.45, S&P E-Mini futures up 7.25 points (0.15%) at 4800.75, Nasdaq up 47.1 points (0.3%) at 14907.46.
  • Leading gainers: Broadline retailers buoyed the Consumer Discretionary sector: Home Depo +1.70% after Wedbush upgrade based on home improvement spending expectations, Amazon +1.2%, Lowes +1.0%. Interactive media/entertainment shares buoyed Communication Services for the second day running: Meta +2.89%, Google +0.65%.
  • Laggers: Energy and Materials sector stocks underperformed for the third day running, energy and equipment servicer shares weighing on the former: Baker Hughes -1.64%, Haliburton -1.22%, Schlumberger -0.45%. Metals/mining shares weighed on the Materials sector: Newmont -1.01%, Freeport-McMoRan -0.96%.
  • Reminder, banks lead the next quarterly earnings cycle that starts next week Friday with BlackRock, Bank of America, Wells Fargo, JPMorgan, Citigroup and Bank of NY Mellon.
  • Technicals: S&P E-Minis have recovered from last Friday’s low. Support at the 20-day EMA of 4754.67 has recently been pierced. A clear break of this average would strengthen a short-term bearish threat and open 4694.47, the lower band of a MA envelope. A move through this support would expose the 50-day EMA, at 4661.92. Key resistance and the bull trigger is at 4841.50, the Dec 28 high. Clearance of this level would resume the uptrend.
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