MNI China Daily Summary: Friday, September 6

MNI BRIEF: China To Address Consumption In Next Five-year Plan

MNI: PBOC Net Injects CNY111.4 Bln via OMO Friday

CHINA PBOC CONDUCTS CNY141.5 BLN VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.0925 Fri; +2.94% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.0925 FRI VS 7.0989

MNI: EUROZONE Q2 GDP +0.2% Q/Q, +0.6% Y/Y

MNI: FRANCE JUL INDUSTRIAL PRODUCTION -0.5% M/M, -2.2% Y/Y

MNI: GERMANY JUL EXPORTS +1.7% M/M; IMPORTS +5.4% M/M

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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Price Signal Summary - S&P 500 Consolidation Appears To Be A Bull Flag

MARKET INSIGHT
  • In the equity space, S&P E-Minis continue to trade inside its recent range and the current consolidation still appears to be a bull flag formation. If correct, this is a bullish continuation pattern and reinforces current trend conditions. Attention is on the 50-day EMA that intersects at 4178.15 today. A clear break of this average would strengthen a bullish outlook, confirm the bull flag pattern and open 4303.50, the Apr 26/28 high. First key support to watch is 3960.50, May 26 low. EUROSTOXX 50 futures continue to consolidate but are trading closer to recent highs. The S/T outlook remains bullish. A positive theme follows the recent break of the 50-day EMA and scope is seen for a climb towards 3883.00, Apr 21 high and the key resistance at 3944.00, Mar 29 high. S/T support has been defined at 3576.00, May 19 low. Initial support is at 3743.00, the 20-day EMA.
  • In FX, EURUSD is unchanged and continues to trade just ahead of resistance marked by the bear channel top, drawn from the Feb 10 high. The resistance intersects at 1.0751 today and remains a key short-term hurdle for bulls. A break would highlight a stronger bullish outlook. A reversal lower would instead open support at 1.0533 initially, May 20 low. Initial support to watch lies at 1.0627, Jun 1 low. GBPUSD found support Tuesday at 1.2431 and this level represents a key short-term level. Attention is still on the key resistance highlighted by the 50-day EMA, at 1.2686 today. A break would strengthen bullish conditions. A reversal lower would expose 1.2317, the May 17 low, if instead 1.2431 is breached. USDJPY continues to climb and extend this week’s rally that has confirmed a resumption of the primary uptrend. The focus is on an extension towards 134.48, 1.236 projection of the Feb 24 - Mar 28 - 31 price swing.
  • On the commodity front, Gold is in consolidation mode. Firm resistance is still seen at the 50-day EMA, which intersects at $1873.4 today. A break of this average is required to suggest scope for a stronger recovery. For bears, a reversal lower would refocus attention on the key support and bear trigger at $1787.0, May 16 low. Initial support to watch is unchanged at $1828.6, Jun 1 low. In the Oil space, WTI futures remain bullish and the contract is holding on to its recent gains. Price is back above the $120.00 handle, a continuation higher would open $122.00.
  • In the FI space, Bund futures remain soft following recent weakness and the breach of support at 150.97, May 9 low. The contract has also traded through 150.00. The focus is on 148.23, the Jun 10, 2015 low (cont). Gilts remains in a clear downtrend and further downside is likely near-term. The focus is on 114.08, 2.236 projection of the May 19 - 24 - 26 price swing.
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