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CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

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Australia May Exports +2.8%; Imports +3.9%

MNI:AUSTRALIA MAY TRADE BALANCE A$+5773

US Treasury Auction Calendar

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Equities Roundup: Risk Appetite Sours, Real Estate, Cons Disc Weak

US STOCKS
  • Stocks are trading weaker, near midday lows as risk appetite ebbed following this morning's "hawkish hold" policy announcement from the BOE. Currently, DJIA down 214.81 points (-0.62%) at 34226.26, S&P E-Mini Future down 50.75 points (-1.14%) at 4396.5, Nasdaq down 160.7 points (-1.2%) at 13308.32.
  • Laggers: Real Estate reversed the prior session gains as Tsy yields climbed to new 16Y highs this morning (10YY 4.881%): property management names broadly weaker: CoStar Group -3.35%, CBRE Group -2.70%.
  • Consumer Discretionary and Materials sectors followed, broadline retailers weighing on the former: Amazon -3.35%, CarMax -2.1%, Bed Bath & Bodyworks -2%. Construction materials stocks weighed on Materials sector: Vulcan Materials -3.35%, Martin Marietta Materials -3.25%.
  • Leaders: Utilities, Energy and Health Care sectors outperformed. Electrical and multi-energy providers buoyed Utilities: Eversource +1.35%, Public Service Ent +0.8% while Consolidated Edison gained +0.65%. Oil and Gas names helped the Energy sector with Valero +3.75%, Marathon Petroleum +1.65%, Philips66 +0.75%. Meanwhile, equipment and service providers buoyed the Health Care sector: UnitedHealth Group +2.2%, Humana +2.15%, Centene +2.05%.
  • Technicals: At the moment, Eminis are through key support of 4397.75 (Low Aug 18 and a bear trigger) with focus on the next level at 4352.50 (Low Jun 8).
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