MNI BRIEF: China Steel Market To Remain Subdued In August

MNI China Daily Summary: Thursday, August 1

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

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

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

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

US EIA:NAT GAS STORAGE +18 BCF TO 3,249 BCF JUL 26 WK

MNI: US JUN CONSTRUCT SPENDING -0.3%

MNI: US ISM JUL MANUF PURCHASING MANAGERS INDEX 46.8

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

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Equities Roundup: New 4M Highs, Energgy, Industrials Leading

US STOCKS
  • Stocks have recovered from earlier post-NFP knee-jerk selling, major indexes making modest gains: at the highest level since early August S&P E-Mini futures are up 15 points (0.33%) at 4604.5, Nasdaq up 55.9 points (0.4%) at 14395.45, DJIA up 113.69 points (0.31%) at 36232.42.
  • Leading gainers: Energy, Industrials and Materials sectors outperformed in the first half, equipment and service shares led the former as they recovered from Thursday sales: Haliburton (+2.1%), Baker Hughes +1.58% and Schlumberger (+1.03%). Construction /building product shares supported Industrials: Allegion +6.58%, Carrier Group +5.88% (anncd sale of security division for appr $5B to Honeywell). Metals/mining shares led Materials: Freeport-McMoRan +5%, Steel Dynamics and Newmont both gaining +0.75%.
  • Laggers: Utilities, Real Estate and Consumer Staples sectors underperformed, with electricity/gas providers weighing on Utilities: Xcel -1.28%, FirstEnergy -0.80%, AEP -0.77%. Real Estate Investment Trusts, particularly office and specialized REITs weighed on Real Estate: SBA Comm -2.04%, Alexandria -1.24%, Boston Properties -1.21%. Meanwhile, household/personal product makers weighed on Consumer Staples: Church & Dwight -1.39%, Clorox -1.22%, Estee Lauder -1.1%.
  • A bullish theme in S&P e-minis remains intact and the contract continues to trade closer to its recent highs. Since the October 27 reversal, corrections have been shallow - this is a bullish signal. Note too that moving average studies are in a bull-mode position, highlighting positive market sentiment. A resumption of gains would signal scope for a climb towards 4644.75, the Aug 2 high. Initial support lies at 4525.42, the 20-day EMA
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