MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

USDA: CORN STOCKS 12,074M BSL ON JAN 1

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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EQUITIES: Mixed Start, Tech Outstrips Staples, Utilities

EQUITIES
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  • Cash equity markets open mixed, with the Dow Jones opening flat-to-mildly-lower, the S&P higher by 10 points or so, but the NASDAQ-100 is a standout: higher by 0.6% through the opening bell.
  • Tech names are outperforming defensives including utilities and staples, with NVidia carrying tech higher with opening gains of 1.7%, while megacaps META and Tesla buoy indices more broadly (both are higher by over 1.5% apiece).
  • Tariff talk out earlier today (Biden's USTR launching fresh probe into Chinese legacy semiconductors) failed to materially suppress prices, despite the investigation likely clearing the route for more punitive tariffs on the sector through 2025.
  • The e-mini S&P found firm support ahead of the 100-dma support at 5857.00 on Friday (5861.00 today) and has bounced well - with the price anchored by the 6018.00 50-dma across the past few sessions.
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  • Cash equity markets open mixed, with the Dow Jones opening flat-to-mildly-lower, the S&P higher by 10 points or so, but the NASDAQ-100 is a standout: higher by 0.6% through the opening bell.
  • Tech names are outperforming defensives including utilities and staples, with NVidia carrying tech higher with opening gains of 1.7%, while megacaps META and Tesla buoy indices more broadly (both are higher by over 1.5% apiece).
  • Tariff talk out earlier today (Biden's USTR launching fresh probe into Chinese legacy semiconductors) failed to materially suppress prices, despite the investigation likely clearing the route for more punitive tariffs on the sector through 2025.
  • The e-mini S&P found firm support ahead of the 100-dma support at 5857.00 on Friday (5861.00 today) and has bounced well - with the price anchored by the 6018.00 50-dma across the past few sessions.