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MNI China Daily Summary: Friday, December 6

MNI BRIEF: BOJ Tankan To Show Slipping Sentiment

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Equities Roundup: Post CPI Rally Holds, S&P Back to Mid-Sep Levels

US STOCKS
  • Stocks currently holding near session highs, risk appetite strong following this morning's lower than expected CPI inflation data for October.
  • Back to mid-September levels, S&P E-Mini futures are up 84.25 points (1.9%) at 4509.75, Nasdaq up 309.1 points (2.2%) at 14076.59, DJIA up 470.8 points (1.37%) at 34809.73. Eminis rallied though initial technical resistance of 4508.00 (High Sep 20) with focus on 4552.38 (76.4% retracement of the Jul 27 - Oct 27 bear leg).
  • Broad based rally led by Real Estate, Consumer Discretionary and Utility sector shares, the former led by management and services shares: CBRE +7.67%, CoStar Group 4.60%. Consumer Discretionary sector supported by strong gains in auto and parts makers: Aptiv +6.16%, Ford +5.65%, Tesla +5.4, GM +5.25%.
  • Meanwhile, Utility sector shares were buoyed by independent power and water providers: AES +7.5%, AWK +5.34%.
  • Laggers: Energy, Consumer Staples and Health Care sectors outperformed, oil and gas shares weighed on the former: Exxon Mobil -0.75%, EQT -0.05% while Occidental Petroleum gained 0.25%. Household and personal product stocks weighed on Staples: Procter&Gamble -0.1%, Kimberly-Clark -0.16%.
  • Meanwhile, equipment and service providers weighed on Health Care: McKesson -2.35%, Cardinal Health +1.69%, Cencora Inc -1.66%
  • Corporate earnings expected after the close: Advanced Auto Parts, TJX and Cisco
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