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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.
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Free AccessLate Equity Roundup: Financials Paring Losses
- Still weaker, SPX continues to inch off four week lows tapped in late morning trade. Financial shares that had lead the sell-off have recovered slightly, replaced by Consumer Discretionary, Materials and Information Technology stocks.
- Overnight, headlines reported Italy announced a "40% levy on the extra profits of lenders for 2023". European bank weakness spilled over to US, while ratings agency Moody's lowered the credit ratings of 10 regional banks. As a result, SPDR S&P regional banking ETF, KRE, gapped from appr 49.085 high late Monday to a 46.85 low after the ETF resumed trading overnight.
- Currently, DJIA shares are down DJIA down 150.52 points (-0.42%) at 35321.79, S&P E-Mini futures down 21 points (-0.46%) at 4516.25, Nasdaq down 120.2 points (-0.9%) at 13872.58.
- Laggers: Container makers weighed on Materials sector: Sealed Air -7.55% after beating earnings est late Monday while the stock underperformed it's peers; Ball Corp -2.2%, Amcor -2.1%. The Consumer Discretionary sector was weighed down by online retailers: Etsy -2.9%, Amazon -1.95%, Best Buy -1.45%. Meanwhile, chip makers weighed on IT: AMD -3.1%, Micron and Monolithic Power both -2.45% while Analog Devices slipped over 2%.
- Leading gainers: Health Care, Energy and Utility sectors continued to outperform. Pharmaceuticals and Biotech shares buoyed Health Care and outpaced weaker equipment and service providers: Eli Lily up a whopping 14% after beating earnings/sales estimates on strong performance of an obesity medication. Energy shares rebounded as crude bounced off midday lows (WTI +1.0 at 82.94 vs. 79.98 low), APA +2.6%, Volero +2.0% Marathon +1.75%.
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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.