MNI China Daily Summary: Tuesday, July 2

MNI BRIEF: China Aims For AI Standards By 2026

MNI China Press Digest July 2: PBOC, FDI, Land Revenue

MNI: PBOC Net Drains CNY298 Bln Via OMO Tues; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

MNI: PBOC Sets Yuan Parity Higher At 7.1291 Tues; -0.09% Y/Y

MNI: US REDBOOK: JUN STORE SALES +5.6% V YR AGO MO

Moderation In Core Momentum In June, But Services Remain Elevated

Wider Italian Debt Dynamics Remain Concerning (2/2)

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: Nasdaq Outperforming

US STOCKS
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  • Stocks remain mixed in late morning trade, the DJIA and S&P Eminis lagging mildly higher Nasdaq stocks after this morning's weaker economic data. Stocks reversed opening gains after ISM Manufacturing and Construction Spending data came out weaker than anticipated. Currently, the DJIA is down 225.59 points (-0.58%) at 38461.41, S&P E-Minis down 9.75 points (-0.18%) at 5285, Nasdaq up 62.7 points (0.4%) at 16796.24.
  • Energy and Industrials sectors underperformed in the first half, oil and gas equipment and services shares weighing on the former as crude prices gapped lower (WTI -2.59 at 74.40) amid reports OPEC+ planned to restore output. Diamondback Energy -4.50%, Haliburton -4.22%, Schlumberger and Baker Hughes both -2.60%.
  • Construction and engineering shares weighed on Industrials: United Rentals -4.08%, Builders FirstSource Inc -3.76%, Parker-Hannifin -3.44%.
  • On the flipside, Health Care and Information Technology sectors outperformed in early trade, pharmaceuticals and biotech shares buoyed the former: Moderna +3.37%, Biogen +3.5%, Bristol Myers +2.97%. Meanwhile, semiconductor stocks supported IT: Nvidia gained 2.25% after announcing a 10-fpr-1 stock split Friday, First Solar +1.95%, Qualcomm +0.62%.
  • Still some notable earnings releases this week: Bath & Body Works, Crowdstrike, HP, Dollar Tree, Campbell Soup, Five Below Inc, Victoria Secret, Toro, Vail Resorts and Docusign.
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  • Stocks remain mixed in late morning trade, the DJIA and S&P Eminis lagging mildly higher Nasdaq stocks after this morning's weaker economic data. Stocks reversed opening gains after ISM Manufacturing and Construction Spending data came out weaker than anticipated. Currently, the DJIA is down 225.59 points (-0.58%) at 38461.41, S&P E-Minis down 9.75 points (-0.18%) at 5285, Nasdaq up 62.7 points (0.4%) at 16796.24.
  • Energy and Industrials sectors underperformed in the first half, oil and gas equipment and services shares weighing on the former as crude prices gapped lower (WTI -2.59 at 74.40) amid reports OPEC+ planned to restore output. Diamondback Energy -4.50%, Haliburton -4.22%, Schlumberger and Baker Hughes both -2.60%.
  • Construction and engineering shares weighed on Industrials: United Rentals -4.08%, Builders FirstSource Inc -3.76%, Parker-Hannifin -3.44%.
  • On the flipside, Health Care and Information Technology sectors outperformed in early trade, pharmaceuticals and biotech shares buoyed the former: Moderna +3.37%, Biogen +3.5%, Bristol Myers +2.97%. Meanwhile, semiconductor stocks supported IT: Nvidia gained 2.25% after announcing a 10-fpr-1 stock split Friday, First Solar +1.95%, Qualcomm +0.62%.
  • Still some notable earnings releases this week: Bath & Body Works, Crowdstrike, HP, Dollar Tree, Campbell Soup, Five Below Inc, Victoria Secret, Toro, Vail Resorts and Docusign.