MNI BRIEF: Japan May Core CPI Rises 2.5% Vs. April +2.2%

BRIEF: IMF Says New EU Fiscal Rules To Help Contain Volatility

BRIEF: Fiscal Commitments "Critical" - Eurogroup's Donohoe

MNI China Daily Summary: Thursday, June 20

MNI: PBOC Net Injects CNY18 Bln Via OMO Thu; Rates Unchanged

CHINA PBOC CONDUCTS CNY20 BILLION VIA 7-DAY REVERSE REPOS THU

MNI JAPAN MAY CORE CPI +2.5% Y/Y; APRIL +2.2%

UK GfK Highest Since Nov-21

MNI: UK JUN GFK CONSUMER CONFIDENCE INDEX -14

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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

S&P Undone by Weak Autos & Earnings

EQUITIES
  • Equity markets slipped into the close, with the three main indices looking to finish lower by 1% or more. This opens a gap of around 50 points with the alltime highs printed earlier in the week for the e-mini S&P. Despite Tuesday's pullback, key support remains in tact at the 4334.8 50-dma on the continuation contract.
  • Across Wall Street, the consumer discretionary sector was hardest hit. Autos firms suffered sharply, with the likes of Tesla, Ford and General Motors all off by 4% or more at some points of the session. The moves follow disclosures from Buffett's Berkshire Hathaway, who trimmed their General Motors position for a third consecutive quarter.
  • Similar weakness was also seen in pandemic winner Home Depot after their quarterly earnings release. The company saw customer transactions decline markedly as consumers rotated back into hospitality segments as regional restrictions lifted.
  • European trade was similarly negative, with Italy's FTSE-MIB the hardest hit. The index slipped 0.9% although the UK's FTSE-100 held onto gains of 0.4% or so into the closing bell.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeEquitiesBulletMarketsFixed 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.