MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

Labour Market Continues Firming Despite Headline Unemployment Uptick

EZ/UK Bond Supply Calendar: Italy, EU Auctions, BoE APF Monday

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 3%

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Equities Roundup: Interactive Media, Autos Outperform

US STOCKS
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  • Stocks are firmer in late morning trade, Communication Services and Consumer Discretionary sectors outperforming. Currently, DJIA is up 108.86 points (0.28%) at 39422.76, S&P E-Minis up 13 points (0.25%) at 5291.5, Nasdaq up 66.3 points (0.4%) at 16451.22.
  • Leading Gainers: Media and entertainment shares buoyed the Communication Services sector in the first half: Fox +1.13%, Meta +1.10%, Google +1.05%. Automakers lead gainers in the Consumer Discretionary sector: Tesla +5.32% (reportedly after offering free self-driving trials in North America - but more likely tied to Italian officials approaching Musk for van and truck production), GM +1.15%, BorgWarner +0.80%.
  • Laggers: Energy and Utilities pared prior session gains, oil and gas shares weighing on the former: APA -2.14%, EOG Resources -1.19%, Marathon Oil -1.15%. Gas and multi energy providers weighed on Utilities: Dominion Energy -2.2%, NRG Energy -1.37%, Eversource Energy -1.11%.
  • Technicals for S&P Eminis: The trend condition is unchanged and remains bullish. Last week’s extension reinforces this theme and the break of 5257.25, Mar 8 high, confirmed a resumption of the uptrend. Note that moving average studies remain in a bull-mode position reflecting positive market sentiment. Sights are on 5398.12, the top of a bull channel drawn from the Jan 17 low. Initial firm support is 5213.02, the 20-day EMA. A move lower is considered corrective.
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  • Stocks are firmer in late morning trade, Communication Services and Consumer Discretionary sectors outperforming. Currently, DJIA is up 108.86 points (0.28%) at 39422.76, S&P E-Minis up 13 points (0.25%) at 5291.5, Nasdaq up 66.3 points (0.4%) at 16451.22.
  • Leading Gainers: Media and entertainment shares buoyed the Communication Services sector in the first half: Fox +1.13%, Meta +1.10%, Google +1.05%. Automakers lead gainers in the Consumer Discretionary sector: Tesla +5.32% (reportedly after offering free self-driving trials in North America - but more likely tied to Italian officials approaching Musk for van and truck production), GM +1.15%, BorgWarner +0.80%.
  • Laggers: Energy and Utilities pared prior session gains, oil and gas shares weighing on the former: APA -2.14%, EOG Resources -1.19%, Marathon Oil -1.15%. Gas and multi energy providers weighed on Utilities: Dominion Energy -2.2%, NRG Energy -1.37%, Eversource Energy -1.11%.
  • Technicals for S&P Eminis: The trend condition is unchanged and remains bullish. Last week’s extension reinforces this theme and the break of 5257.25, Mar 8 high, confirmed a resumption of the uptrend. Note that moving average studies remain in a bull-mode position reflecting positive market sentiment. Sights are on 5398.12, the top of a bull channel drawn from the Jan 17 low. Initial firm support is 5213.02, the 20-day EMA. A move lower is considered corrective.