MNI China Daily Summary: Wednesday, July 31

MNI BRIEF: BOJ To Raise Further, No Clues on Timing - Ueda

MNI BRIEF: BOJ's FY26 Inflation View Flat; Upside Risk To FY24, 25 Prices

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

MNI BRIEF: China July PMI Contracts For Third Straight Month

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

Flash Inflation In-Line With Tracking; Services Softens But Only Slightly

MNI: EUROZONE JUL FLASH HICP +2.6% Y/Y

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

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Equities See Intraday Rally But Macro Backdrop Still Weighs

US STOCKS
  • A steady rally in equities that started after day’s heavy data schedule had been digested hasn’t been enough to claw back heavy losses on the open that at the time were exacerbated by the largest sell order since Mar 9 with 1932 names.
  • The macro backdrop sets the tone today as Tsys may have pared post-ADP losses but it’s been more so at the front end of the curve and real yields still sit +12bp and +10bp on the day for 5Y and 10Y tenors.
  • The S&P E-mini trades -0.8%, with Nasdaq inline but Dow (-1.1%) and Russell (-1.8%) underperforming.
  • SPX losses are led by energy (-2.6%) and consumer discretionary (-1.5%), but financials at -1.1% mask a heavier day for banks (-2.1%). The separate KBW index suggests no differentiation by size, with BKX (-2.1%)/KRX regionals (-2.0%).
  • ESU3's session low of 4419.50 stopped short of support at the 20-day EMA of 4405.73 (20-day EMA).
  • North of the border, TSX underperforms at circa -1.5%. Energy clearly weighs (-1.8%) but largest declines are seen in IT (-2.1%) and materials (-2.0%).
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