MNI China Daily Summary: Tuesday, Aug 27

MNI BRIEF: Japan's July Trimmed Mean Rises 1.8% Vs. 2.1% - BOJ

MNI: PBOC Net Injects CNY323.4 Bln via OMO Tuesday

MNI BRIEF: China Urges Canada To Drop Additional EV Tariffs

MNI BRIEF: China Industrial Profits Expanded Further In July

MNI: PBOC Sets Yuan Parity Higher At 7.1249 Tues; +2.38% Y/Y

MNI: US CONF BOARD CONSUMER CONFIDENCE 103.3 IN AUG V JUL 101.9

MNI: US Q2 FHFA HPI Q/Q SA +0.9% V +5.7% Q2 2023

MNI:US JUN FHFA HPI SA -0.1% V +0.0% MAY; +5.1% Y/Y

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S&P E-Mini Nears Major Resistance, Buoyed By Mega-Cap Strength

US STOCKS
  • ESH4 has resumed its push higher, most recently touching 4799.25 before stopping just of the round 4800.00 after which lies major resistance at 4808.25 (Jan 4, 2022 high).
  • Sticking with e-minis, the S&P 500 (+0.6%) closely follows the Nasdaq 100 (+0.7%), whilst the Down (+0.2%) and Russell 2000 (+0.2%) lag.
  • In cash space, Apple (-1.3%) remains under pressure after earlier Apple watch production halting headlines, but there are some large gains for other mega-caps, with Meta (+3.4%), Google (+3.3%), Amazon (+2.1%) and Nvidia (+1.9%).
  • Those names help drive communication services (+2.3%) to outperform SPX, followed by energy (+1.7%) with WTI strength amidst Red Sea traffic disruption and consumer staples (+1.3%), whilst real estate lags (just -0.2%) amidst higher yields.
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