MNI Brief: China Third Plenum To Deepen Reforms

MNI: PBOC Net Injects CNY80 Bln Via OMO Thurs; Rates Unchanged

CHINA PBOC CONDUCTS CNY100 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Higher At 7.1270 Thurs; -0.78% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 THURS VS 7.1248

MNI BRIEF: China Yuan Supported By Exports, Short Swing Sees

ANZ Business Sentiment Mixed, Price Measures Trending In The Right Direction

Job Vacancies Continue To Correct Lower, Inflation Expectations Tick Up

Business Sentiment Eases, But Export Outlook Ticks Higher

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, Pare Early Gains: Utilities, Health Care Lagging

US STOCKS
  • Stocks trading steady to mixed after posting modest gains earlier, ongoing apprehension ahead a likely US government shutdown this Sunday spurring position unwinds. Currently, the DJIA is down 56.82 points (-0.17%) at 33564.46, S&P E-Mini Future down 0.25 points (-0.01%) at 4315.25, Nasdaq up 27.7 points (0.2%) at 13092.47.
  • Laggers: Utilities, Health Care and Consumer Staples sectors underperformed, electric and water providers weighed on the former: NextEra Energy -5.5% (adding to -2% decline Tue after cutting growth outlook), Eversource Energy -1.3%, American Electric -1.05%.
  • Pharmaceuticals and biotech shares reversed prior session support, weighing the Health Care sector: Organon -2.25%, J&J -1.45%, Viatris -1.25%. Meanwhile, Consumer Staples weighed by household and personal products makers: Kenvue -1.7%, Kimberly-Clark -1.15%, Colgate Palmolive -1.0%.
  • Leaders: Energy, Industrials and Communication Services outperformed ahead midday, equipment and service providers buoyed the former: Haliburton +3.6%, Schlumberger +2.75%, Baker Hughes +1.6%.
  • Meanwhile Capital goods shares supported Industrials, particularly construction and engineering: Quantra Services +2.35%, Carrier Global +3.65%. Media and entertainment names buoyed Communications sector: Warner Bros +2.65%, Paramount +2.35%.
  • Technicals: A bear cycle in S&P E-minis remains in play and is extending the current down-leg. Last Thursday’s sell-off resulted in a break of support at 4397.75, the Aug 18 low. This breach reinforced bearish conditions and signals scope for a continuation lower. Sights are on 4300.62, a Fibonacci retracement point. Initial firm resistance is 4485.10, the 50-day EMA. Short-term gains would be considered corrective.
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