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MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

IFO disappoints

MNI: GERMANY JUL IFO BUSINESS CLIMATE INDEX 87

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

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Stocks Inch Higher Still, RSI Hits Overbought

EQUITIES
  • Cash equity indices traded in minor positive territory Friday but managed to hit another all-time high in the process. The S&P500 inched higher to 4,107.89, setting a particularly high bar for upcoming earnings season, which begins next week.
  • In futures space, the e-mini S&P rally has now tipped the index into overbought territory according to the RSI for the first time since late August last year.
  • Consumer discretionary firms outperformed Friday, with technology not far behind. Energy and consumer staples were the laggards, both slipping over 0.5% apiece on a sectoral basis. Strength in US markets continues to bleed into European indices, with the EuroStoxx50 nearing new post-Global Financial Crisis highs.
  • Focus turns to Q2 earnings season, with the largest US bank names reporting next week. Updates are due from Goldman Sachs, JPMorgan Morgan Stanley, Bank of America, Wells Fargo, Citigroup and others. This keeps the financials sector in focus, with the bulk of the larger reports due on Thursday.
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