MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

VDMA Factory Orders Remain Weak in June

IFO Employment Lower Again

Swiss July CPI Preview - Expected Below SNB Q3 Projections

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

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Equities Roundup: IT, Comm Services, Financials Outperform

US STOCKS
  • Stocks are extending midmorning highs following a round of softer economic data and lower than expected Treasury refunding data. Focus turns to this afternoon's FOMC policy annc, second consecutive no move expected. Currently, DJIA is up 183.99 points (0.56%) at 33238.33, S&P E-Mini futures up 30 points (0.71%) at 4242.25, Nasdaq up 109.2 points (0.8%) at 12958.71.
  • Leaders: Information Technology, Communication Services and Financial sectors outperforming, software and semiconductor makers supporting the former: Advanced Micro Devices +5.46%, Arista Networks +3.88%, Micron +3.54%. Media and entertainment stocks buoyed Communication Services: Charter +2.13, Warner Bros +1.96, Meta +1.85%.
  • Meanwhile, insurance and financial services names buoyed the Financial sector: Assurant Inc +10.75%, Arch Capital +2.81%, Global Payments +1.64%.
  • Laggers: Consumer Staples, Health Care and Real Estate sectors underperformed in the first half, household/personal products makers weighing on the former: Estee Lauder down a whopping -16.63% after lowering 2024 guidance, Clorox -0.82%. Equipment maker shares weighed on the Health Care sector: IDEXX Labs -5.42%, Humana -4.16%, Align Tech -2.03%.
  • Meanwhile, slew of corporate earnings annc's after the close include: Allstate, Williams Cos, Avis Budget Group, Zillow, Ingersoll Rand, DoorDash, Electronic Arts, American International Group, Albemarle Corp, MetLife Inc, Marathon Oil, Airbnb, Roku, Etsy, QUALCOMM, PayPal and APA Corp.
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