MNI China Press Digest July 2: PBOC, FDI, Land Revenue

MNI: PBOC Net Drains CNY298 Bln Via OMO Tues; Rates Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1291 Tues; -0.09% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1291 TUES VS 7.1265

MNI China Daily Summary: Monday, July 1

June CPI Below Market Expectations, Headline Y/Y At 2.4%

MNI: UK JUN BRC SHOP PRICES -0.2% M/M, +0.2% Y/Y

Multivariate Core Trend Inflation Falls To Post-2020 Low

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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Stocks on More Solid Footing as Russia Avoids Worst of Sanctions Pressure For Now

EQUITIES
  • Wall Street staged a solid recovery into the Thursday close, recovering sharply as Russia appeared to avoid the worst of Western sanctions pressure and thereby minimized the broader risk to the nascent post-COVID global economic recovery. The US and Western partners stopped short of removing Russia from the SWIFT payments system and avoided hitting the Russian energy sector, leaving a protracted supply disruption less likely in the near term.
  • As a result, the e-mini S&P erased a near 3% decline, adding 5% off the lows to finish higher on the session. The NASDAQ and growth names outperformed, putting the cash index higher by 3.5% at the close.
  • This late rally filtered through to a largely positive Asia-Pac session, with European indices similarly green at the NY crossover. The UK's FTSE-100 outperforms, rallying over 2% to erase the Thursday drop, although the index still holds well shy of the best levels seen on Wednesday.
  • Utilities are leading the bounce, with the lower risk of energy disruption fuelling gains, while real estate and consumer staples also trade well. A modestly softer Brent and WTI crude price has tampered a recovery in energy, which is the worst performing sector in Europe so far today.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market News

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