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

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Equities Roundup: Extending Highs, Chip Stocks Buoy IT Sector

US STOCKS
  • While the DJIA is still trading weaker, stocks are extending session highs in late morning trade, risk appetite gaining momentum in the lead-up to the FOMC policy annc at 1400ET, short end rates bid as markets temper expectations of a summer rate hike following a pause today.
  • Currently, S&P E-Mini future are up 17.75 points (0.4%) at 4434.5, DJIA down 92.93 points (-0.27%) at 34118.72, Nasdaq up 75.7 points (0.6%) at 13649.27.
  • Leading gainers: Information Technology and Utility sectors are outperforming. Semiconductor stocks buoying IT: Nvidia +2.35%, AMD +1.9%, Itel +1.75%. Moderate gains in multi-purpose energy and water company names leading Utilities (CMS, DTE, Dominion Energy up 1.5-1.65%).
  • Laggers: Health Care and Energy sectors underperformed, pharmaceuticals and biotech shares outperforming health care equipment makers. Meanwhile, nnergy stocks sagged with crude reversing early gains (WTI at 69.30 vs 70.47 high).
  • For a technical perspective, S&P futures continued gains confirm a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows, marking an extension of the bull cycle that started in October 2022.
  • The focus is on a climb towards 4452.42, a Fibonacci projection. Firm support is at 4292.26, the 20-day EMA. Initial support is at 4348.75, the Jun 5 high.
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