MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

MNI: PBOC Net Drains CNY224.73 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1323 Thurs; -0.83% Y/Y

Asia USD Sov Yields Lower, Indonesian CPI Below Estimates

Australia Jun Exports +1.7%; Imports +0.5%

MNI:AUSTRALIA JUN TRADE BALANCE A$+5589

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

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Late Equities Roundup: Eminis Climb to New Contract Highs, Near 5000

US STOCKS
  • Stocks have shrugged off this morning's post-jobs data weakness, to making new contract highs the second half. While higher than expected employment figures is positive for the economy, stocks (as well as Tsys) had initially reacted negatively as projected rate cut chances declined (May 2024 at -74.9% vs. -90.8% pre-data). Currently, the DJIA is up 235.89 points (0.61%) at 38755.63, S&P E-Minis up 64.25 points (1.3%) at 4992.75, Nasdaq up 290 points (1.9%) at 15651.79.
  • Communication Services sector continued to lead gainers late Friday - but it was primarily due to one stock: Meta +21.59% after announcing positive earnings, forward guidance and a $50B share buyback late Thursday. Others in the sector not so lucky: Charter Communications -16.29% after missing earning ests, Alphabet, Comcast -3.25%, and Warner Brothers -2.2%.
  • Similarly, the Consumer Discretionary sector was buoyed by one broadline retailer: Amazon +8.17% after beating earnings late Thursday, while Etsy gained 5.26%.
  • Laggers: Real Estate and Utility sectors underperformed in late trade, office and health care investment trusts weighing on the former: Boston Properties -2.83%, Alexandria Real Estate -1.84%, Healthpeak Properties -2.66%. Independent power and multi-utility shares weighed on the later sector: NiSource -2.58%, Southern Co -2.6%, WEC Energy -2.27%.
  • Looking ahead: corporate earnings expected next Monday: Estee Lauder, McDonalds, Tyso Foods, ON Semiconductor, Caterpillar, Rambus and Vertex Pharmaceuticals.
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