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 Rise to New 4-Month Highs

US STOCKS
  • Stocks drifting higher in late Friday trade, off late October seven month lows, S&P Eminis back to early August levels following dovish comments from Federal Reserve Chairman Powell earlier in the day.
  • On the eve of the blackout period the main question remains how the FOMC will frame the idea that rates can remain restrictive in real terms even while rates are being cut as long as inflation is diminishing. That's what Waller was pointing out on Tuesday, and is very similar to what Powell's said before.
  • Currently, DJIA is up 238.36 points (0.66%) at 36192.11, S&P E-Mini futures up 20.5 points (0.45%) at 4598, Nasdaq up 60.1 points (0.4%) at 14288.6.
  • Leading gainers: Real Estate, Industrials and Materials sectors outperformed, management and development companies supporting the former: Costar Group +2.83%, CBRE Group +2.55%. Airline and ground transportation supported the Industrial sector with Alaska Air +5.13%, American Airline +4.47%, Southwest +3.77% while Old Dominion gained 4.33%.
  • Meanwhile, the Materials sector was supported by metals and mining stocks after spot Gold surged over $32.0 on the day: Freeport McMoRan +5.12%, Newmont +2.21%.
  • Laggers: Communication Services, Health Care and Consumer Staples sectors underperformed in late trade. While Paramount Global surged 9% (amid reports they were in discussions with Apple to bundle streaming services), interactive media and entertainment shares weighed on Communication Services: Netflix -1.7%, Google -0.71%, Meta -0.65%.
  • Pharmaceuticals and biotech shares weighed on the Health Care sector Friday: Pfizer -5.87% after reports the drug maker was dropping an experimental weight loss pill while Regeneron slipped -1.5%. Household and personal product shares weighed on Consumer Staples: Church and Dwight -1.3%, Procter and Gamble -0.57%.

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