MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.0957 TUES VS 7.0938

MNI: GERMANY MAR CPI +2.2% Y/Y

Services Stickiness To Offset Goods Pullback In State CPI Data

NBP Watch

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Equity Roundup: IT, Utilities Underperforming

US STOCKS

Major indexes still weaker but off midmorning lows ahead midday, Utilities and Information Technology sectors underperforming. SPX eminis currently trades -32.5 (-0.81%) at 3999.75; DJIA -205.86 (-0.61%) at 33528.49; Nasdaq -127.5 (-1.1%) at 11206.32.

  • SPX leading/lagging sectors: Utilities underperforming (-1.71%) specifically electrical: NextEra Energy: NEE -8.27% despite reporting better than expected profit/rev's, though bottom line disappointed. Information Technology next up (-1.2%) early wk bid sapped after MSFT reported late Tue: growth slowed in Dec, lackluster guidance. Laggers included CDAY -5.27%, ENPH -5.02, ADP -4.27%, SEDG -4.03%.
  • Leaders: Financials sector holds steady w/ insurance and banks outperforming diversified financials (USB +6.32%, WFC +0.81%, CFG +0.55%). Real Estate next up (-0.30%), hotel and resort REITs supporting.
  • Dow Industrials Leaders/Laggers: McDonalds (MCD) +0.79 at 270.35, Merck (MRK) +0.62 at 19.14, WBA +0.12 at 36.02. Laggers: Boeing (BA) -4.88 at 207.10, Chevron (CVX) -3.19 at 177.64, Microsoft (MSFT) -3.00 at 239.04.
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