MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

USDA: CORN STOCKS 12,074M BSL ON JAN 1

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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US STOCKS: Late Equities Roundup: Chip Makers, Insurance Providers Lagging

US STOCKS
USEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsNorth America
  • After recovering slightly from midday lows, stocks are receding again late Friday, no real changes to underlying drivers  IT and Financial sectors continued to underperform.
  • Currently, the DJIA trades down 566.66 points (-1.33%) at 42065.08, S&P E-Minis down 70.75 points (-1.19%) at 5887.75, Nasdaq down 248.9 points (-1.3%) at 19229.91.
  • Semiconductor and hardware makers weighed on the tech sector after the exiting Biden administration looked to tamp down on high end chips used for AI applications sold to China. Leading laggers included ON Semiconductor -6.12% , Advanced Micro Devices -4.64% while Oracle, Intel, Nvidia, AMAT and Broadcom traded -4.5-2.5%.
  • Insurance and services shares weighed on the Financials sector, partially driven by expected losses tied to the California wildfires: Allstate -6.07%, Global Payments -5.51%, Cincinnati Fncl Services -5.21% and Travelers -4.11%.
  • On the positive side, the Energy sector continued to outperform with oil and gas stocks supported by a rally in crude (WTI +2.62 at 76.54): Devon +2.87%, Coterra +2.50%, EOG +2.35 and Valero +1.89%.
  • Reminder, the next round of quarterly earnings kicks off mid-January with Blackrock, Bank of NY Melon, Wells Fargo, JP Morgan, Goldman Sachs, Citigroup, US Bancorp, M&T Bank and PNC all reporting between January 13-16.
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  • After recovering slightly from midday lows, stocks are receding again late Friday, no real changes to underlying drivers  IT and Financial sectors continued to underperform.
  • Currently, the DJIA trades down 566.66 points (-1.33%) at 42065.08, S&P E-Minis down 70.75 points (-1.19%) at 5887.75, Nasdaq down 248.9 points (-1.3%) at 19229.91.
  • Semiconductor and hardware makers weighed on the tech sector after the exiting Biden administration looked to tamp down on high end chips used for AI applications sold to China. Leading laggers included ON Semiconductor -6.12% , Advanced Micro Devices -4.64% while Oracle, Intel, Nvidia, AMAT and Broadcom traded -4.5-2.5%.
  • Insurance and services shares weighed on the Financials sector, partially driven by expected losses tied to the California wildfires: Allstate -6.07%, Global Payments -5.51%, Cincinnati Fncl Services -5.21% and Travelers -4.11%.
  • On the positive side, the Energy sector continued to outperform with oil and gas stocks supported by a rally in crude (WTI +2.62 at 76.54): Devon +2.87%, Coterra +2.50%, EOG +2.35 and Valero +1.89%.
  • Reminder, the next round of quarterly earnings kicks off mid-January with Blackrock, Bank of NY Melon, Wells Fargo, JP Morgan, Goldman Sachs, Citigroup, US Bancorp, M&T Bank and PNC all reporting between January 13-16.