MNI China Daily Summary: Monday, April 29

MNI BRIEF: China Pushes Back Against Japan's Semiconductor Threat

MNI: China CFETS Yuan Index Down 0.33% In Week of Apr 26

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

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Core CPI Outlook: Services Softens, Energy Uptick Underwhelms

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

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Equity Futures Rally to Cycle Highs Following Powell Speech

EQUITIES

EUROSTOXX 50 futures trend conditions remain bullish and the contract has traded to a fresh cycle high. This maintains the uptrend that started in early October and confirms an extension of the price sequence of higher highs and higher lows. The recent break of 3810.00, Aug 17 high, also strengthens the case for bulls. The 4000.00 handle has been pierced, this opens 4049.50 next, the Feb 23 high. Initial firm support is at 3840, the Nov 17 low. S&P E-Minis remain in an uptrend and yesterday’s gains reinforce a bullish theme. The rally resulted in a break of initial resistance at 4050.75, the Nov 15 high. This confirms a resumption of the uptrend and marks an extension of the price sequence of higher highs and higher lows. Sights are on the 4100.00 level next. On the downside, key short-term support has been defined at 3912.50, the Nov 17 low.


  • Japan's NIKKEI closed higher by 257.09 pts or +0.92% at 28226.08 and the TOPIX ended 0.89 pts higher or +0.04% at 1986.46.
  • Elsewhere, in China the SHANGHAI closed higher by 14.136 pts or +0.45% at 3165.471 and the HANG SENG ended 139.21 pts higher or +0.75% at 18736.44.
  • Across Europe, Germany's DAX trades higher by 88.48 pts or +0.61% at 14469.67, FTSE 100 higher by 8.7 pts or +0.11% at 7586.16, CAC 40 up 16.2 pts or +0.24% at 6748.07 and Euro Stoxx 50 up 22.55 pts or +0.57% at 3981.54.
  • Dow Jones mini down 28 pts or -0.08% at 34552, S&P 500 mini up 0.75 pts or +0.02% at 4080, NASDAQ mini down 9.25 pts or -0.08% at 12030.
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