MNI: Fed: Policy Well Positioned To Respond To Risks

CANADA JUNE JOBS -1.4K VS FORECAST +20K, PRIOR +26.7K

MNI China Daily Summary: Friday, July 5

MNI BRIEF: PBOC Plans To Borrow Hundred Bln Yuan CGB - Press

MNI: PBOC Net Drains CNY48 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

MNI: BAKER HUGHES US RIG COUNT 585; OIL RIGS 479; GAS RIGS 101

EZ/UK T-Bill Calendar: Germany, France to Issue Bills Monday

EZ/UK Bond Supply Calendar: EU/UK Syndications Due Next Week

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: Jackson Hole Could Have Been More Hawkish

US STOCKS
  • Stocks are trading mildly higher after midday, near the middle of the session range as markets settle down following earlier volatility tied to Fed Chairman Powell's speech from the Jackson Hole economic summit.
  • Rates and stocks sold off after Chair Powell said the Fed "will keep at it until the job is done". Markets been rebounding since, however, as Powell's speech deemed more balanced or not as hawkish as it could have been.
  • Currently, S&P E-Mini futures are up 12.5 points (0.29%) at 4399.25, Nasdaq up 28.1 points (0.2%) at 13494.4, DJIA up 143.52 points (0.42%) at 34243.96.
  • Leading gainers: Energy, Utilities and Health Care sectors outperformed, higher crude (WTI +.52 at 79.56) underpinning O&G as well as Utility stocks: Devon Energy +3.35%, Valero +3.0%, Exon Mobil +2.25%. Pharmaceuticals buoyed Health Care sector: Bristol-Myers +1.65%, Organon +1.6%, Charles River Labs +1.35%.
  • Laggers: Communication Services and Information Technology sectors continued to unwind early-midweek gains: Warner Brothers -3.1%, Meta -2.6, Paramount -1.15%. Chip stocks weighed on IT: Nvidia -3.6% after surging over 6% following strong earnings late Wednesday, Monolithic Power -2%, Broadcom -.95%.
  • Technicals: Thursday's sharp sell-off in the E-mini S&P contract reinforces a bearish theme and signals the end of the recent corrective bounce between Aug 18 - 24. The focus turns to support at 4350.00, the Aug 18 low and bear trigger. A break would confirm a resumption of the current bear cycle. On the upside, resistance to watch is 4499.37, the base of a bull channel that was breached last week. The channel is drawn from the Mar 13 low.
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