MNI China Press Digest Aug 2: Hukou, Property, State Grid

MNI: PBOC Sets Yuan Parity Higher At 7.1376 Fri; -0.90% Y/Y

CHINA PBOC CONDUCTS CNY1.17 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1376 FRI VS 7.1323

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI BRIEF: China Steel Market To Remain Subdued In August

Australia Jun New Loan Commitments +1.3% For Housing

More Detail On Today's CPI, BoK Likely On Hold Later In August

CPI Steady - Temporary Factors Driving For Now

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

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Equities Roundup: Consumer Discretionary, IT Underperforming

US STOCKS
  • Stocks trading weaker ahead midday, at/near session lows with S&P E-Mini futures back to early June levels: -56.75 points (-1.31%) at 4269, DJIA down 349.61 points (-1.05%) at 33090.84, Nasdaq down 222.8 points (-1.7%) at 13087.11.
  • Laggers: Consumer Discretionary, Real Estate and Information Technology sectors underperformed early Tuesday. Auto makers and broadline retailers weighed on Discretionary sector shares: Amazon -2.6%, Etsy -1.7%, GM -2.75%, Ford -1.95%, Tesla -1.8%.
  • Real Estate Investment Trusts (REITs) underperformed, particularly hotel and office REITs: Boston Properties -4.9%, Host Hotels -3%. Meanwhile, Software and services shares weighed on IT: Annsys -2.25%, Intuit and Oracle both -2.05%, Adobe -2.0%.
  • Leaders: Materials, Consumer Staples and Industrials resisted Tuesday's sell off the most. Chemical and industrial gasses buoyed Materials: Air Products & Chemicals +.95%, Corteva +0.9, Linde +0.7%. Meanwhile, household and personal product shares supported Consumer Staples: Kimberly-Clark +1.25%, Clorox +0.36%.
  • Technicals: A bear cycle in S&P E-minis remains in play and the contract is trading closer to its recent lows. The recent break of support at 4397.75, the Aug 18 low, reinforced bearish conditions and signals scope for a continuation lower. Sights are on 4242.15, a Fibonacci retracement point. Initial firm resistance is 4461.47, the 50-day EMA. Ahead of the 50-day average is resistance at 4399.00, the Sep 22 high, and 4415.45, the 20-day EMA.
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