MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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

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Equities Roundup: Hardware Makers a Drag on IT Sector

US STOCKS
  • Stocks trading mostly firmer at midday, Nasdaq shares underperforming. Currently, DJIA shares are up 353.98 points (1.01%) at 35420.22, S&P E-Mini futures up 27.75 points (0.62%) at 4525.75, Nasdaq up 25.4 points (0.2%) at 13935.35.
  • Leading gainers: Financials, Communication Services and Health Care sector lead Monday's modest rally. Financial services companies outperformed banks: Berkshire Hathaway gained 3.3% after reporting better than expected quarterly earnings Saturday. Other gainers included Bank on NY Mellon +2.0%, Ameriprise +1.8, Ivesco +1.7%.
  • Media and entertainment shares buoyed Communication services: Paramount +2.45%, News Corp +2.25%, Google +1.7%. Service providers supported Health Care sector, Davita +5.67%, ResMed +3.37%, Humana +2.5%.
  • Laggers: Information Technology, Consumer Discretionary and Utilities underperformed. Hardware makers weighed on IT: Arista Networks -2.15%, Apple -2.05%, Zebra Tech -1.8%. Autos weighed on discretionary stocks with Tesla -3.56, Ford -.2%.
  • Technicals: Last week’s move lower reinforces a bearish theme and resulted in a break of support at the 20-day EMA. The recent failure at the top of the bull channel also highlights a bearish development and the risk of an extension lower near-term. Further downside would open 4453.93, the 50-day EMA. First key resistance is at 4634.50, the Jul 27 high.
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