MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

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

IFO disappoints

MNI: GERMANY JUL IFO BUSINESS CLIMATE INDEX 87

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

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Equities Roundup: Weaker But Off Midday Lows

US STOCKS
  • Stocks are trading weaker in afternoon trade, trading desk talk of asset allocation out of stocks into bonds earlier, while stocks came under pressure late Thursday after Fitch downgraded the US rating. Currently, DJIA shares are down 291.29 points (-0.82%) at 35339.39, S&P E-Mini future down 56.75 points (-1.23%) at 4544.5, Nasdaq down 276.7 points (-1.9%) at 14006.73.
  • Laggers: Information Technology, Communication Services and Consumer Discretionary Services sectors underperformed. Semiconductor stocks weighed heavily on the IT sector, lagging hardware, software and services: Solaredge -18.5% after missing earnings est late Tuesday, AMD -6.75%, Enphase -6.15, Nvidia -5.25%. On the flipside, CDW gained 7.25% after beating earnings and provided positive forward guidance.
  • As to Communication Services, media and entertainment shares weighed: Electronic Arts -7%, META -2.5%, Google -2.45%. Auto and parts shares weighed on Discretionary stocks, BWA -7.5%, Tesla -2.9%, Ford -2.8%,
  • Leading gainers: Consumer Staples, Health Care and Utilities outperformed. Buoying staples, Bunge Ltd (agribusiness) gained 4.95%, Walgreens Boots +3.05%, Molson Coors +2.45%, while Hormel gained 2.25%. Pharmaceuticals and biotech shares helped Health Care: Waters Corp +7.45%, Agilent +4.15%, Vertex +2.85%.
  • Technicals: E-mini S&P contract continues to trade below 4634.50, the Jul 27 high. The pullback from this level highlights a possible short-term bearish signal. Price has found resistance at the top of a bull channel drawn from the Mar 13 low - the channel top is at 4654.42 today. An extension lower would expose the 20-day EMA - at 4547.38 and a break of it would strengthen bearish conditions.
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