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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI China Daily Summary: Friday, December 13
MNI US OPEN - UK Economy Contracts for Second Straight Month
Equities Under Pressure From Yields But Declines Limited By Nvidia and Energy Surge
- ESM4 has lifted slightly off an earlier low of 5296.75 but at 5307.25 remains under pressure after the strong push higher in Treasury yields.
- Some notably large sell program have helped the downward pressure, including 1634 names per the NYSE’s TICK index for its largest since Apr 15.
- 10Y yields are currently +7.3bps from Friday’s close at ~4.54% for highs since payrolls on May 3, with real yields +5.5bps.
- ESM4 remains easily above support at 5259.02 (20-day EMA) whilst resistance is seen at cycle highs of 5368.25 (May 23 high).
- E-minis: S&P 500 (-0.2%), Nasdaq 100 (unch), Dow Jones (-0.8%) and Russell 2000 (-0.5%).
- SPX movers: IT (+1.1%, dominated by Nvidia +6.9%) and energy (+1.0%, aided by 3.1% for WTI from Friday’s close). Most other sectors are in the red, most notably health care (-1.5%), industrials (-1.3%), financials (-1.3%) and consumer staples (-1.1%).
- Those Nvidia gains extend last week’s post-earnings gains with a boost by Elon Musk’s artificial intelligence startup, xAI, raising $5.2bn in an equity offering with a remaining $2bn to be sold, and looking to construct a supercomputer connecting groups of Nvidia’s H100 GPUs.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.