MNI China Daily Summary: Wednesday, July 31

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MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

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MNI BRIEF: China July PMI Contracts For Third Straight Month

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

Flash Inflation In-Line With Tracking; Services Softens But Only Slightly

MNI: EUROZONE JUL FLASH HICP +2.6% Y/Y

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

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Stocks Bounce, But Last Week's Highs Still Intact

EQUITIES
  • Continental equity markets trade uniformly higher, with stocks following a bounce in sentiment after the demobilization of Russian troop units at both the eastern and southern Ukrainian borders. Markets are reversing the risk-off poise adopted early Monday, helping consumer discretionary, tech and financials outperform across the European morning.
  • While the bounce in stocks looks promising, prices are yet to make any material challenge on last week's highs, suggesting the risk of a Russian incursion remains partly priced into assets at this point. As such, the e-mini S&P targets 4520.50 initially ahead of the 100-dma at 4567.4.
  • S&P E-minis traded sharply lower Friday and remains vulnerable. The contract recently failed to hold above the 50-day EMA - at 4549.15 today. This average represents a firm resistance and a clear break would suggest scope for a stronger rally towards 4671.75 initially, Jan 18 high. The Jan 10 candle pattern is a bearish engulfing reversal, signalling a potential top and the recent move lower reinforces the pattern.
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