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: Energy, Consumer Discretionary, Materials Leading

US STOCKS
  • Stocks are making modest gains at midday, poised to extend past late overnight highs. Currently, the DJIA is up 17 points (0.05%) at 33979.99, S&P E-Mini Future up 15 points (0.34%) at 4375.5, Nasdaq up 60.1 points (0.5%) at 13271.61.
  • Leaders: Energy, Consumer Discretionary and Materials sectors outperformed in the first half. Oil and gas stocks lead gainers in the first half Monday, Coterra Energy +2.46%, EOG Resources +2.38%, APA Corp +1.75%.
  • Consumer Discretionary sector was supported by broadline retailers again: CarMax +2.7%, Amazon +1.60%, Pool Corp +1.25%. Meanwhile, container/packaging stocks led Materials: Sealed Air +2.85%, Avery Denison +2.06%, Westrock +1.65%.
  • Laggers: Utilities, Consumer Staples and Real Estate underperformed Monday, multi energy providers weighed on the former: Ameren -1.6%, CMS Energy and WEC Energy bot -1.38.
  • Food and beverage shares weighed on Consumer Staples: Tyson -1.43%, Keurig -1.3%, Conagra -1.21%. Meanwhile, Real Estate Investment Trusts (REITS) lagged R/E management and development share: Boston Properties -1.53%, Equity Residential and Extra Space Storage Inc both -1.45%.
  • Technicals: Despite Monday's bounce, a bear cycle in S&P E-minis remains in play. Last Thursday’s sell-off resulted in a break of support at 4397.75, the Aug 18 low. This breach reinforces bearish conditions and signals scope for a continuation lower. Sights are on 4318.00 next, the Jun 2 low. Initial firm resistance is 4496.68, the 50-day EMA. Short-term gains would be considered corrective.
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