MNI: PBOC Sets Yuan Parity Higher At 7.1376 Fri; -0.90% Y/Y

CHINA PBOC CONDUCTS CNY1.17 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1376 FRI VS 7.1323

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI BRIEF: China Steel Market To Remain Subdued In August

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

Australia Jun New Loan Commitments +1.3% For Housing

More Detail On Today's CPI, BoK Likely On Hold Later In August

CPI Steady - Temporary Factors Driving For Now

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

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Indices Slide, Meta's Loss Amongst Largest in Market History

EQUITIES
  • Equity markets edged lower Thursday, with tech a distinct underperformer following the notable slide in Meta (Facebook) shares. The company dropped over 25%, wiping out as much as $200bln in value - amounting to the one of the largest drops in $ terms in market history after-earnings.
  • Meta's earnings outlined a myriad of problems facing the tech giant: dropping users to rival networks likeTikTok, a shrinking user base for the first time in company history, a tightening of Apple's privacy standards hurting Meta's ability to target advertising and sizeable investments in unprofitable virtual reality/metaverse products.
  • This put the NASDAQ lower by over 2.5%, while the Dow Jones Industrial Average was more shielded, but still shed near 1% by the London close.
  • Equities traded defensively following hawkish outturns from both the ECB and the Bank of England, with healthcare, consumer staples and utilities among the session's best performers, while tech and growth stocks made up the bottom of the pile.
  • Earnings remain a market focus, with Amazon and Ford Motor due after the bell.
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