MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

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

Services Inflation Potentially A Touch Softer; Food Prices Jump

Nominal Wage Growth Moderates In April, But Real Wages Remain Positive

MNI Projects 2.2-2.3% Y/Y National CPI, Core CPI Around 2.9%

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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Modest Gains For Stoxx

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Euro Stoxx 50 futures are +15 on the day, while the cash equivalent has added ~0.25%.

  • A marginal uptick in crude oil futures and a positive lead from China/HK will have helped.
  • Light headwinds for the broader USD will have also factored in.
  • More recently, dovish ECB speak will have been supportive at the margin,
  • As is the case with most markets, holidays in the UK & U.S. are limiting conviction and volumes, as well as reducing liquidity.
  • Looking a little deeper, utilities and energy names lead the rally from a sectoral standpoint, while the IT and communications sectors have lodged modest losses (based on Euro Stoxx 50 sectors).
  • Technically, the bullish theme in Euro Stoxx 50 futures remains intact and the recent pullback appears to be a correction.
  • The contract has recently cleared key resistance at the Apr 2 high (5,079.00), to confirm a resumption of the uptrend. This opens 5,127.70 next, a Fibonacci projection.
  • Conversely, the downside level to watch is the 50-day EMA (4,955.70).
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Euro Stoxx 50 futures are +15 on the day, while the cash equivalent has added ~0.25%.

  • A marginal uptick in crude oil futures and a positive lead from China/HK will have helped.
  • Light headwinds for the broader USD will have also factored in.
  • More recently, dovish ECB speak will have been supportive at the margin,
  • As is the case with most markets, holidays in the UK & U.S. are limiting conviction and volumes, as well as reducing liquidity.
  • Looking a little deeper, utilities and energy names lead the rally from a sectoral standpoint, while the IT and communications sectors have lodged modest losses (based on Euro Stoxx 50 sectors).
  • Technically, the bullish theme in Euro Stoxx 50 futures remains intact and the recent pullback appears to be a correction.
  • The contract has recently cleared key resistance at the Apr 2 high (5,079.00), to confirm a resumption of the uptrend. This opens 5,127.70 next, a Fibonacci projection.
  • Conversely, the downside level to watch is the 50-day EMA (4,955.70).