MNI China Daily Summary: Tuesday, July 2

MNI BRIEF: China Aims For AI Standards By 2026

MNI China Press Digest July 2: PBOC, FDI, Land Revenue

MNI: PBOC Net Drains CNY298 Bln Via OMO Tues; Rates Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1291 Tues; -0.09% Y/Y

Moderation In Core Momentum In June, But Services Remain Elevated

Wider Italian Debt Dynamics Remain Concerning (2/2)

Q1 Seasonality Skews Italian Fiscal Deficit Higher (1/2)

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

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Late Equities Roundup: Chip Stocks Carry Rally For Second Day Running

US STOCKS
Credit BulletsHomepageCreditEquitiesAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • Stocks trade near late session highs with some modest profit taking doing little to dent the risk-on tone following this morning's in-line CPI and Retail Sales beat. S&P Eminis are back at levels not seen since April 1, currently up 55.25 points (1.05%) at 5324.75, DJIA up 277.96 points (0.7%) at 39835.38, Nasdaq up 219.3 points (1.3%) at 16730.
  • Eminis continue to extend the bull cycle from Apr 19, nearing key resistance and bull trigger at 5333.50, the Apr 1 high. Clearance of this hurdle would confirm a resumption of the medium-term uptrend.
  • Information Technology and Real Estate sectors led gainers for the second consecutive session, chip stocks continue to buoy the former: Advanced Micro Devices and Teradyne both +3.88%, Nvidia +3.65% and Broadcom +3.6%. Estate management and Investment trusts buoyed the latter: American Tower +3.31%, CBR Group +2.92%, Public Storage +2.58%.
  • Laggers: Consumer Discretionary and Materials sectors underperformed in early trade, autos and parts makers weighed on the former: Tesla -1.63%, Ford -1.72%, Aptiv -1.12%. Meanwhile, chemical makers weighed on the Materials sector late: Albemarle -5.94%, FMC Corp -3.56%, LyondellBasell Ind -1.48%.
  • Late cycle earnings releases still expected this week: CIsco, B Riley, Walmart, Deere & Co, Applied Materials and Take Two Entertainment.
200 words

To read the full story

Close

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.
  • Stocks trade near late session highs with some modest profit taking doing little to dent the risk-on tone following this morning's in-line CPI and Retail Sales beat. S&P Eminis are back at levels not seen since April 1, currently up 55.25 points (1.05%) at 5324.75, DJIA up 277.96 points (0.7%) at 39835.38, Nasdaq up 219.3 points (1.3%) at 16730.
  • Eminis continue to extend the bull cycle from Apr 19, nearing key resistance and bull trigger at 5333.50, the Apr 1 high. Clearance of this hurdle would confirm a resumption of the medium-term uptrend.
  • Information Technology and Real Estate sectors led gainers for the second consecutive session, chip stocks continue to buoy the former: Advanced Micro Devices and Teradyne both +3.88%, Nvidia +3.65% and Broadcom +3.6%. Estate management and Investment trusts buoyed the latter: American Tower +3.31%, CBR Group +2.92%, Public Storage +2.58%.
  • Laggers: Consumer Discretionary and Materials sectors underperformed in early trade, autos and parts makers weighed on the former: Tesla -1.63%, Ford -1.72%, Aptiv -1.12%. Meanwhile, chemical makers weighed on the Materials sector late: Albemarle -5.94%, FMC Corp -3.56%, LyondellBasell Ind -1.48%.
  • Late cycle earnings releases still expected this week: CIsco, B Riley, Walmart, Deere & Co, Applied Materials and Take Two Entertainment.