MNI China Daily Summary: Tuesday, July 9

CORRECTED-MNI: China H2 Steel Outlook Subdued

MNI BRIEF: Gradual, but Decisive ECB Cuts Needed –Giorgetti

MNI BRIEF: Mexico Inflation 4.98% In June, Above Consensus

MNI BOK WATCH: Slowing Inflation Puts Q4 Cut In Sight

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

EZ/UK T-Bill Calendar: 12-Month BOT Auction On Wednesday

EZ/UK Bond Supply Calendar: 12/14-Year Bund Auction on Wednesday

June CPI: Surprise Unlikely To Shift Norges Bank Cut Expectations

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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Reassured by Fed, US Stocks Hit New Highs

EQUITIES
  • After shrugging off what could have been construed as a hawkish policy statement, US equity markets shot higher during Powell's press conference as the Fed chair reassured investors that it is still not the time to be talking about any tapering of asset purchases.
  • Grilled on what conditions would be required to pressure the Fed to reduce asset purchases, Powell cemented his view that 'substantial' further progress is still needed. As such, equity markets rallied, with the e-mini S&P showing above the week's highs to hit another record.
  • Energy and communication services names led gains, while financials' gains on a steeper yield curve were tempered by the slip in 10yr yields.
  • The VIX traded under pressure as equities resumed their climb, inching back into negative territory ahead of the close.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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