MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

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

Aircraft-Led Durables Collapse Masks Rebound In Core Orders

MNI: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

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

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Stocks on Firmer Footing as ES1 Cements Five-Day Winning Streak

EQUITIES
  • The e-mini S&P extended its winning streak Thursday, cementing a fifth consecutive session of new all-time highs. This pushes the high watermark up to 4305.75, helping the S&P500 cash outperform both the tech-led NASDAQ and the Dow Jones Industrial Average.
  • Gains in the US came as energy firms rallied further - the energy sector as a whole was higher by over 2% as oil benchmarks rallied sharply and the Brent premium over WTI contracted. Market moves were in response to an OPEC+ deal that sees 400,000bpd return to the market initially, before output curbs ease further in the subsequent months.
  • The tech sector was the underperformer, with semiconductor names the hardest hit.
  • European trade was uniformly positive, with Spain's IBEX-35 and UK's FTSE-100 outperforming, higher by 1.3% apiece.
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