MNI China Daily Summary: Thursday, Dec 5

MNI: UK NOVEMBER CONSTRUCTION PMI 55.2 (FCST: 53.5); OCT 54.3

MNI: EUROZONE NOVEMBER CONSTRUCTION PMI 42.7 OCT 43.0

MNI BRIEF: China Construction Output Slows In November

MNI: PBOC Net Drains CNY153 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1879 Thurs; -1.82% Y/Y

MNI: EUROZONE OCT RETAIL SALES -0.5% M/M, +1.9% Y/Y

MNI: FRANCE OCT INDUSTRIAL PRODUCTION -0.1% M/M, -0.6% Y/Y

MNI: GERMANY OCT FACTORY ORDERS -1.5% M/M

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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Late Equity Roundup

US STOCKS
  • Stocks have rebounded off second half lows, steady to marking modest gains after the FI close. Currently, S&P E-Mini future are steady (0%) at 4375.75, Nasdaq up 14.9 points (0.1%) at 13493.2, DJIA up 3.97 points (0.01%) at 34064.66.
  • Initial technical resistance at 4391.75 today's high, followed by 4430.50 (High Oct 12). Initial support well below: 4157.75/4122.25 Low Nov 3 / Low Oct 27 and the bear trigger.
  • Leaders: Health Care and Information Technology continue to outperform, pharmaceuticals and biotech shares buoying the former: Eli Lilly +5.12%, Vertex +2.41%, Regeneron +2.16% (on the flipside Moderna trades -7.36% lower after providing weaker than expected forward guidance late last week).
  • Hardware makers underpinning the IT sector: Apple (+1.4%) continues to inch off last week's multi-year lows despite earnings of $1.46 that surpass analyst estimate of $1.31. Revenue fell to $89.5 billion in the fiscal fourth quarter, however, just above $89.4 billion analyst estimates. Meanwhile, Motorola and Nvidia both gained 1.45%.
  • Laggers: Real Estate and Energy sectors underperformed: residential and industrial Real Estate Investment Trusts weighing on the former: UDR -2.65%, Camden -3.03%, Prologis -2.09%. Meanwhile, oil and gas shares weighed on the Energy sector: EQT Corp -4.61%, Marathon -2.59%, Coterra -2.28%.
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