MNI China Daily Summary: Wednesday, November 20

MNI BRIEF: Chinese Aluminium Exporters To Renegotiate Prices

MNI BRIEF: BOJ October Real Export Index Falls 4.9% M/M

MNI: PBOC Net Injects CNY69.1 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1935 Weds; +0.09% Y/Y

CHINA PBOC CONDUCTS CNY302.1 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: US MBA: MARKET COMPOSITE +1.7% SA THRU NOV 15 WK

MNI: EUROZONE SEP CONSTRUCTION OUTPUT -0.1% M/M, -1.6% Y/Y

MNI: GERMANY OCT PRODUCER PRICES -1.1% Y/Y

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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Stocks Return Higher After Mid-Week Pause

EQUITIES
  • Equities head into the Thursday close higher, with tech outperforming to boost the NASDAQ ahead the other main US indices. Stock futures are trading well, but the mid-week highs in the e-mini S&P remain in tact at 4419.75, just ahead of the alltime highs printed last week.
  • Across the S&P 500, energy and financials are outperforming thanks to a stabilisation above the lows in oil prices and a modest steepening of the Treasury curve, but gains are mild as markets look ahead to Friday's payrolls release.
  • Individual strength was seen in re-opening sensitive firms including Penn National Gaming, American Airlines and Norwegian Cruiselines, which have underperformed since mid-July over concerns surrounding the Delta variant of COVID.
  • European trade was more mixed, with UK's FTSE-100 finishing modestly lower while continental markets enjoyed a higher close of between 0.3-0.5%.
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