MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

Inflation Slowed in June, Shaking Off May Hotel Price Jump

Broad-based Deceleration In June Core Metrics

MNI: ITALY JUN FLASH HICP +0.2% M/M, +0.9% % Y/Y; MAY +0.8% Y/Y

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: Off Lows, Mirroring Bounce in Tsys

US STOCKS
  • Stocks trading mildly higher - loosely mirroring a bounce in Tsys following a tweet from Pershing Square fund manager/CEO Bill Ackman has covered shorts in Tsys in light of "too much risk in the world to remain short." While that doesn't say much for risk sentiment, the bounce in rates and softer projected rate hike expectations does. Currently, S&P E-Mini futures are up 6 points (0.14%) at 4254.75, Nasdaq up 49.3 points (0.4%) at 13033.38, DJIA down 6.83 points (-0.02%) at 33120.92.
  • Leaders: Communication Services, Consumer Discretionary and Consumer Staples sectors outperformed, media and entertainment shares buoyed the former in early trade: IPG +2.09%, OMC +2.02%, META +1.0%. Hotel and leisure stocks lead the discretionary sector: MGM Resorts +3.72%, Wynn and Airbnb +3.45-3.5%.Meanwhile, Household/personal product makers and distribution shares supported Consumer Staples: Walgreens Boots +4.2%, Church & Dwight +1.03%, McCormick +1.0%.
  • Laggers: Energy, Materials and Utilities sectors underperformed in the first half, oil and gas shares weaker as crude traded lower (WTI -0.61 at 87.47): Occidental -3.5%, Chevron -2.2% (following news of $53B purchase of Hess Energy), Devon Energy -1.25%. Chemical shares weighed on Materials, particularly FMC -13.85% after announcing broadly weaker forward guidance and cost structure review. Meanwhile gas and electricity utility share traded weaker: ATO -0.52%, Exelon -1.93%, Eversource -1.36%, ATO -0.52%.
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