MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

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

Factory Orders Decline as Non-EU Orders Dip

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

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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Pullback in Eurostoxx 50 Futures Considered Corrective

EQUITIES

A bullish theme in Eurostoxx 50 futures remains intact and the latest pullback appears to be a correction. The short-term trend condition is overbought and a move lower would allow this overbought reading to unwind. Moving average studies are in a bull-mode position signalling a rising cycle and the potential for a continuation higher. A resumption of gains would open 4388.00, the Aug 30 high. Initial firm support to watch is at 4290.00, the 20-day EMA. A bullish theme in S&P e-minis remains intact and the contract is holding on to its recent gains. A strong rally on Nov 14 resulted in the break of a trendline drawn from the Jul 27 high. This breach reinforces bullish conditions and signals scope for a climb towards 4597.50, the Sep 1 high. Moving average studies are in a bull-mode position highlighting an uptrend. On the downside, initial firm support is seen at 4473.54, the 20-day EMA.


  • Japan's NIKKEI closed lower by 87.17 pts or -0.26% at 33321.22 and the TOPIX ended 12.21 pts lower or -0.51% at 2364.5.
  • Elsewhere, in China the SHANGHAI closed lower by 16.866 pts or -0.56% at 3021.688 and the HANG SENG ended 360.7 pts lower or -2.08% at 16993.44.
  • Across Europe, Germany's DAX trades higher by 169.87 pts or +1.06% at 16163.64, FTSE 100 lower by 14.31 pts or -0.19% at 7440.79, CAC 40 up 36.3 pts or +0.5% at 7286.43 and Euro Stoxx 50 up 29.08 pts or +0.67% at 4377.1.
  • Dow Jones mini up 90 pts or +0.25% at 35535, S&P 500 mini up 12.5 pts or +0.27% at 4575.5, NASDAQ mini up 54.75 pts or +0.34% at 16103.25.
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