CANADA JUNE JOBS -1.4K VS FORECAST +20K, PRIOR +26.7K

MNI China Daily Summary: Friday, July 5

MNI BRIEF: PBOC Plans To Borrow Hundred Bln Yuan CGB - Press

MNI: PBOC Net Drains CNY48 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

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

EZ/UK Bond Supply Calendar: EU/UK Syndications Due Next Week

CANADA JUN IVEY PURCHASING MANAGERS INDEX 62.5 SA

MNI: BLS: NET PAYROLLS REVISIONS FOR MAY, APRIL -111K

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

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Slide in Stocks Puts E-mini S&P Through Key Support

EQUITIES
  • The e-mini S&P gapped lower at the open, with the contract cracking below both the 50-DMA and 50-day EMA support. This put the index as much as 5% off the alltime highs posted in early September, with energy, financials and materials leading the way lower. Evidence of sizeable selling was prominent from the off, with NYSE's TICK Index showing some of the largest programmatic in the series' history.
  • A perfect storm of China stability concerns and the risks surrounding Wednesday's Fed rate decision worked against sentiment, pressuring equity markets globally. Markets are beginning to price in the possible macro fallout from the expected credit event surrounding Chinese real estate giant Evergrande, with contagion spread via the global banking network unsettling an already buoyant market.
  • Losses were uniform across the Atlantic, with European indices off 2% or more. The selling pressure put Germany's DAX at the lowest levels since mid-May . The UK's FTSE-100 fared better thanks to sizeable rallies in AstraZeneca (positive drug test results), but still slipped 0.8% into the close.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeEquitiesBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market News

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