MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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

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Equities Roundup: Reversing Early Gains

US STOCKS
  • Late session position squaring/profit taking ahead the weekend, not to mention a 1000+ name sell program has stocks inching back near opening levels recently. Currently, DJIA shares are down -56.97 points (-0.16%) at 35157.1, S&P E-Mini futures down 9.5 points (-0.21%) at 4511.75, Nasdaq up 14.9 points (0.1%) at 13973.58.
  • Leading gainers: Consumer Discretionary, Energy and Materials sector shares continue to outperform but have scaled back support over the last couple hours. Discretionary shares weren't led by autos this time but by retailers including Amazon +9.55% in carry over bid from late Thu after blowout positive earnings and rosy forward guidance. Energy gained as crude prices climbed higher (WTI +1.35 at 82.90), Occidental Petroleum +3.15%, Targa Resources +2.85%, Pioneer Natural Resources +2.3%. Reminder, crude rallied Thursday after headline "SAUDI TO EXTEND VOLUNTARY CUT OF 1M B/D THROUGH SEPT".
  • Laggers: Utilities, Information Technology and Real Estate sectors underperformed. Utiities weighed by independent power/renewable energy shares AES -4.26%, while Dominion fell 3.25%. Hardware and equipment makers weighed on IT: Fotinet down a whopping 24.3% after beating earnings but missing sales and downgrading forward guidance. Meanwhile, Palo Alto Networks -7.86%, Microchip Tech -7.37%, Apple -3.75%.
  • Technicals: E-mini S&P contract continues to trade below 4634.50, the Jul 27 high. This week’s move lower reinforces a bearish theme and has resulted in a break of support around the 20-day EMA. The recent failure at the top of the bull channel and the break of the 20-day average, highlights a developing bearish threat. A continuation lower would open 4452.13, the 50-day EMA. First key resistance is at 4634.50, the Jul 27 high.

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