MNI China Daily Summary: Thursday, June 27

MNI BRIEF: China EU In Close Communication - MOFCOM

MNI BRIEF: China To Hold Key Third Plenum On July 15-18

MNI Brief: China Third Plenum To Deepen Reforms

MNI: PBOC Net Injects CNY80 Bln Via OMO Thurs; Rates Unchanged

Inflation Accelerates in June

Services Expected Prices Remain At Elevated Levels

Thedeen Does Not Commit To Cut In August, Depends on Data

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

PacWest Slide Hits S&P 500 Climb, Tech Outperforms Before Key Earnings

US STOCKS
  • The S&P e-mini at 4599.5 (+0.3%) has pulled back off a session high of 4608.75 that had stopped just short of resistance despite a grinding higher in real yields, with the sell-off coming after news that Banc of California was in advanced news to buy PacWest.
  • The move saw banks come under pressure, with the KBW index hitting session lows and currently -1.6% and with regionals -1.0%.
  • Indeed, financials are joint laggards along with real estate for the SPX, both at -0.7%, within which banks are -1.4% having already been underperforming having led yesterday’s increases. Gains meanwhile are led by materials (+1.8%) and IT (+1.3%).
  • Next resistance for the S&P e-mini is seen at last week’s high of 4609.25 after which lies a bull channel top drawn off the Mar 13 low with an intersection at 4622.12.
  • Nasdaq outperforms (+0.8%) whilst the Dow lags (+0.1%), ahead of key earnings after the close today, including major tech companies Microsoft & Alphabet. See here: https://roar-assets-auto.rbl.ms/files/54818/MNIUSEARNINGS240723.pdf
HomepageEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

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.