MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

PPI a Tenth Softer than Exp; Further NEIG HICP Disinflation to Come?

MNI: EUROZONE MAY PPI -0.2% M/M, -4.2% Y/Y

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

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

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Late Equities Roundup: Utilites, Financials Outperforming

US STOCKS
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  • Stocks holding mildly higher in late trade, cautious in extending recent all-time highs ahead tomorrow's key UK CPI inflation data and the May 1 FOMC minutes. Currently, the DJIA is up 20.92 points (0.05%) at 39829.47 (40073.06 high), S&P E-Minis up 3.75 points (0.07%) at 5335.5 (5348.25 high), Nasdaq up 11 points (0.1%) at 16806.01 (16804.15 high).
  • Utilities and Financial sectors continued to lead gainers in late trade, shares of electricity and independent power providers outperforming: Constellation Energy +2.5%, Vistra +2.02%, CenterPoint Energy +0.93%. Banks supported the Financial sector as they recovered some ground lost on Monday: JPM +1.6% (-3.57% Monday after Dimon commented would not buy back shares at current levels), Citigroup +1.59%, Wells Fargo +1.43%.
  • Laggers: Energy and Industrial sectors underperformed in late trade, oil and gas shares weighing on the former: Coterra Energy -1.86%, EQT Corp -1.19%, Marathon Oil -0.98%. Ground transportation shares weighed on the Industrials sector: JB Hunt -3.07%, Union Pacific -3.6%, CH Robinson -2.24%.
  • Reminder: a few late cycle corporate earnings still expected this week: Target, Petco, Analog Devices, Toll Brothers, TJX, Synopsys, Nvidia (after market Wednesday), Autodesk, Dollar Tree Inc.
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  • Stocks holding mildly higher in late trade, cautious in extending recent all-time highs ahead tomorrow's key UK CPI inflation data and the May 1 FOMC minutes. Currently, the DJIA is up 20.92 points (0.05%) at 39829.47 (40073.06 high), S&P E-Minis up 3.75 points (0.07%) at 5335.5 (5348.25 high), Nasdaq up 11 points (0.1%) at 16806.01 (16804.15 high).
  • Utilities and Financial sectors continued to lead gainers in late trade, shares of electricity and independent power providers outperforming: Constellation Energy +2.5%, Vistra +2.02%, CenterPoint Energy +0.93%. Banks supported the Financial sector as they recovered some ground lost on Monday: JPM +1.6% (-3.57% Monday after Dimon commented would not buy back shares at current levels), Citigroup +1.59%, Wells Fargo +1.43%.
  • Laggers: Energy and Industrial sectors underperformed in late trade, oil and gas shares weighing on the former: Coterra Energy -1.86%, EQT Corp -1.19%, Marathon Oil -0.98%. Ground transportation shares weighed on the Industrials sector: JB Hunt -3.07%, Union Pacific -3.6%, CH Robinson -2.24%.
  • Reminder: a few late cycle corporate earnings still expected this week: Target, Petco, Analog Devices, Toll Brothers, TJX, Synopsys, Nvidia (after market Wednesday), Autodesk, Dollar Tree Inc.