MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

MNI BRIEF: Treasury's Yellen: Inflation Moving To Fed's Target

Japan Tokyo Jul Core CPI +2.2% Y/Y

MNI BRIEF: Japan July Tokyo Core CPI Rises 2.2% Vs. June's 2.1%

MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

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

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Equities Roundup: S&P Regional Bank Downgrade Weighing

US STOCKS
  • Early support for stocks continues to gradually evaporate, Nasdaq still posting modest gains vs. weaker SPX and DJIA stocks. S&P E-Mini futures are currently down 1 points (-0.02%) at 4411, Nasdaq up 50.7 points (0.4%) at 13549.86, DJIA down 115.55 points (-0.34%) at 34346.94.
  • Overnight support partly attributed to a dovish story from WSJ's Nick Timiraos late Monday "How Hard Should the Fed Squeeze to Reach 2% Inflation?" one desk said amid a general opinion that Fed Chairman Powell will come off hawkish when he speaks to the Jackson Hole eco summit Friday morning.
  • The reversal in SPX led by Financials, regional banks in particular after "S&P Global Ratings downgraded the ratings of five regional banks late Monday" Market Watch reported, citing "risks relating to funding, liquidity and asset quality with an emphasis on office commercial real estate." S&P cut "Associated Banc. Corp. (ASB), Comerica Inc. (CMA), KeyCorp. (KEY), UMB Financial Corp. (UMBF) and Valley National Bancorp. (VLY) and said the outlook on all five is stable." Current laggers: Regions Financial -3.66%, Zions Bancorp -3.5%, Key -3.3%, Comerica -3.3%..
  • Leading gainers: Communication Services, Consumer Discretionary and Information Technology sectors outperformed. Interactive media buoyed the former with Take Two +1.6, Netflix +1.45%. Autos continued to underpin Consumer Discretionary with Tesla +2.25%, while software/services names, not chips stocks for a change underpinned IT: Epam +2.75%, DXC Tech +1.35%, PTC +1.25%.
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