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The S&P 500 futures are up 1 basis point and are trading roughly in line with fair value.
The Nasdaq 100 futures are up 11 points and are trading 0.1% above fair value.
The Dow Jones Industrial Average futures are up 20 points and are trading 0.1% above fair value.The weekly MBA Mortgage Application Index rose 7.4% with refinancing applications increasing 9.0% and purchase applications rising 7.0%.
Yesterday’s close marked the first time since 1981 that the 2s10s spread was more than 100 basis points, reflecting worries about the Fed possibly taking rates too high and forcing a recession.
The 2-yr note yield is up three basis points this morning at 5.04% and the 10-yr note yield is unchanged at 3.97%.
ADP Employment Change showed that private payrolls rose by 242,000 in February (consensus 195,000) following a revised 119,000 increase in January (from 106,000).
The trade deficit for January widened to $68.3 billion (consensus -$69.0 billion) from an upwardly revised $67.2 billion (from -$67.4 billion), as imports were $9.6 billion more than December imports and exports were $8.5 billion more than December exports.
The key takeaway from the report is that both imports and exports increased versus December, reflecting a pickup in global trade activity that is a reflection of increased demand.
the SOFT LANDING is difficult to achieve.
Probably 4 more 25BPS or even a 50BPS is not out of range for March
Still FOMC is not root cause of inflation
A balanced budget & less “ad hoc” spending is a good start 🙂Dow 32,798.40 -58.06 -0.18%
S&P 500 3,992.01 5.64 0.14%
Nasdaq 11,576.00 45.67 0.40%
VIX 19.08 -0.51 -2.60%
Gold 1,818.20 -1.80 -0.10%
Oil 76.45 -1.13 -1.46%One of G.O.A.T. Aussie Groups from down under 🙂
Equity indices in the Asia-Pacific region ended Thursday on a mixed note.
Japan’s Nikkei: +0.6%,
Hong Kong’s Hang Seng: -0.6%,
China’s Shanghai Composite: -0.2%,
India’s Sensex: -0.9%,
South Korea’s Kospi: -0.5%,
Australia’s ASX All Ordinaries: +0.1%.China’s February CPI -0.5% m/m (expected 0.2%; last 0.8%); 1.0% yr/yr (expected 1.9%; last 2.1%). February PPI -1.4% yr/yr (expected -1.3%; last -0.8%)
Japan’s Q4 GDP 0.0% qtr/qtr (expected 0.2%; last -0.3%); 0.1% yr/yr (expected 0.8%; last -1.1%). Q4 GDP Capital Expenditure -0.5% qtr/qtr (expected -0.4%; last 1.5%) and GDP Private Consumption 0.3% qtr/qtr (expected 0.5%; last 0.0%). February Machine Tool Orders -10.7% yr/yr (last -9.7%)
Australia’s final January Building Approvals -27.6% m/m, as expected (last 15.3%) and Private House Approvals -13.8% m/m, as expected (last -2.1%)
New Zealand’s February Electronic Card Retail Sales 0.0% m/m (last 2.6%); 11.7% yr/yr (last 2.7%)
China reported an unexpected drop in its February CPI, which moderated the yr/yr growth rate to its slowest pace in nearly a year.
Australia is continuing its work on improving trade relations with China.
Japan reported no growth in its revised reading for Q4, which follows a 0.2% contraction in Q3.
South Korea’s President Yoon will visit Japan at the end of next week.
Major European indices trade in the red.
STOXX Europe 600: -0.5%,
Germany’s DAX: -0.5%,
U.K.’s FTSE 100: -0.7%,
France’s CAC 40: -0.4%,
Italy’s FTSE MIB: -0.9%,
Spain’s IBEX 35: -0.6%.France’s Q4 nonfarm payrolls 0.2% qtr/qtr (expected 0.0%; last 0.4%)
A monthly survey conducted by the Bank of France projects Q1 French growth of just 0.1%.European Central Bank policymaker Villeroy de Galhau repeated that inflation in France and the eurozone remains too high.
Etsy (ETSY 105.50, -7.68, -6.8%): downgraded to Underperform from Buy at Jefferies
Hilton (HLT 148.30, +0.86, +0.6%): upgraded to Overweight from Equal Weight at Barclays
Eli Lilly (LLY 309.05, -3.49, -1.1%): announced that solanezumab did not slow the progression of cognitive decline due to Alzheimer’s disease (AD) pathology when initiated in individuals with amyloid plaque but no clinical symptoms of the disease, known as the preclinical stage of AD
SVB Financial Group (SIVB 187.50, -80.33, -30.0%): announces proposed offering of $1.25 billion of its common stock and $500 million of depositary shares
Still falling … Silvergate Capital (SI 2.4500, -2.46, -50.1%): to wind down operations and voluntarily liquidate Silvergate Bank
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