US equity index futures mixed, little changed
Jul Durable Goods > estimate; Ex-Transport > estimate
Euro STOXX 600 index down ~0.5%
Dollar declines; crude off >1.5%; gold, bitcoin rise
US 10-Year Treasury yield flat at ~4.28%
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CHINA LARGE-CAP ETF: TRADERS TAP INTO TRENDLINES
The Shanghai stock benchmark retreated from a fresh 10-year high to close lower on Tuesday, as investors rotated into undervalued sectors following a blistering rally.
The Shanghai Composite Index .SSEC ended 0.4% lower at 3,868.38, surrendering earlier gains that had lifted it to a fresh high since August 2015.
China's blue-chip CSI300 Index .CSI300 declined around 0.4% after touching a fresh intraday high since July 2022.
Investor enthusiasm remains strong, with combined turnover on the Shanghai and Shenzhen exchanges exceeding 2 trillion yuan ($279.61 billion) for the tenth consecutive session, the longest such streak on record.
Meanwhile, the iShares China Large-Cap ETF FXI.P has also been on a blistering run so far this year. FXI is up nearly 29% in 2025 vs a SPDR S&P 500 ETF Trust SPY.P gain of about 10%.
Of note, on a monthly basis, the China Large-Cap ETF has been outperforming the SPDR S&P 500 ETF since January 2024, when the FXI/SPY ratio hit a record low.
The FXI ended Monday at $39.14 and is on track for its third-straight monthly close back above a broken support line from 2004, which is now once again acting as support, at around $35.75. Bulls look for it to continue to contain pullbacks.
In any event, a continued FXI rise to even just challenge the resistance line from its 2007 record high would suggest there is still room for a significant advance.
That line, which is now around $49.50, is more than 25% above the FXI's Monday close.
(Terence Gabriel)
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EARLIER ON LIVE MARKETS:
ECB UNLIKELY TO INTERVENE AMID FRANCE POLITICAL DEBACLE - BERENBERG CLICK HERE
TURNING CAUTIOUS ON THE BRITISH CONSUMER CLICK HERE
AUTOS, MINERS BEAR THE BRUNT OF EARNINGS DOWNGRADES CLICK HERE
FED INDEPENDENCE CONCERNS, FRENCH BANKS WEIGH ON STOXX 600 CLICK HERE
EUROPE BEFORE THE BELL: FUTURES SLIP, FED INDEPENDENCE CONCERNS WEIGH CLICK HERE
MARKETS ASK AGAIN OF TRUMP: 'CAN HE DO THAT?' CLICK HERE
FXI08262025 https://tmsnrt.rs/3JyWU5u
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)