MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Late Equity Roundup, Near Lows, DJIA Outperforming

US STOCKS

The latest earnings cycle started in earnest Thursday -- several bank names included, (USB, WFC, MS, GS and C) all beating estimates. Nevertheless, stocks trade weaker, near lows with Dow Industrials outperforming after the early FI market close. Some desks cited the rebound in Tsy yields (30YY taps 2.8975%) and curves bouncing off flatter levels for sell trigger.

  • SPX extended lows in late trade: ESM2 at 4403.5 (-38.75), focus on key support of 4362.63, 50.0% retracement of the Feb 24 - Mar 29 rally.
  • SPX leading/lagging sectors: Energy sector gained late (+0.62%), outpacing Utilities (+0.33%) and Consumer Staples (+0.31%). Strong airline performance helped buoy industrials earlier while sector receded late (+0.09%).
  • Laggers: Information Technology sector (-1.65%) as supply chain woes for chips weighing on semiconductor and hardware makers.
  • Meanwhile, Dow Industrials currently trade -4.64 (-0.01%) at 34562.98, Nasdaq -219.9 (-1.6%) at 13424.34.
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