MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

MNI: EUROZONE JUNE FINAL SERVICES PMI 52.8 (FLASH: 52.6); MAY 53.2

MNI: GERMANY JUNE FINAL SERVICES PMI 53.1 (FLASH: 53.5); MAY 54.2

June Services PMI: Inflation Eases As Services Remain Expansionary

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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S&P Holding Narrow Range With Cross Currents Underneath

US STOCKS
  • A sizeable rally in Treasuries has provided little macro tailwind for stocks today, despite it being driven in real yield terms (10Y nominal -4.3bps, real -6.4bp) in a change from yesterday’s lower inflation breakeven led move.
  • ESZ3 at 4560.75 (unch) is within the day’s narrow range. Trend conditions remain bullish with resistance seen at 4580.5 (Nov 22 high), which it came close to earlier with a fleeting high of 4577.25, after which lies key resistance at 4597.50 (Sep 1 high).
  • E-minis see the S&P near in line with Nasdaq 100 (0.05%), underperforming the Dow (+0.2%) and outperforming the Russell 2000 (-0.3%).
  • In cash space, SPX is led by consumer discretionary (+0.5%, helped by Tesla +3.8%) and real estate (+0.5%) again with lower rates, closely follow by utilities (+0.5%) and consumer staples (+0.4%). Healthcare (-0.4%) is a clear lagger followed by tech/industrials (-0.05%), with tech suffering from Nvidia -1.2% after Micron has slipped -2.9% for its worst decline in two months after higher operating expenses.
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