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Marvell (MRVL 62.32, +3.18, +5.4%): co has secured Amazon (AMZN) artificial intelligence order, according to Taiwan site Liberty Times Net
Coinbase (COIN 53.31, +1.70, +3.3%): Cathie Wood increases stake in Coinbase, according to Bloomberg
The U.S. trade deficit widened to $74.6 billion in April (consensus -$75.3 billion) from an upwardly revised $60.6 billion (from -$64.2 billion) in March, which was recalculated with annual revisions to the goods and services series.
The widening deficit in April was the result of exports being $9.2 billion less than March exports and imports being $4.8 billion more than March imports.
The key takeaway from the report is the drop in exports, which reflects weakening demand abroad for U.S. goods.
The U.S. Dollar Index is down 0.2% to 103.95.
The weekly MBA Mortgage Applications Index fell 1.4% with purchase applications declining 2.0% and refinancing applications falling 1.0%.
Equity indices in the Asia-Pacific region ended Thursday on a mixed note.
Japan’s Nikkei: -0.9%,
Hong Kong’s Hang Seng: +0.3%,
China’s Shanghai Composite: +0.5%,
India’s Sensex: -0.5%,
South Korea’s Kospi: -0.2%,
Australia’s ASX All Ordinaries: -0.3%.Japan’s Q1 GDP 0.7% qtr/qtr (expected 0.4%; last 0.1%); 2.7% yr/yr (expected 1.6%; last 0.4%).
Q1 GDP Private Consumption 0.5% qtr/qtr (expected 0.6%; last 0.2%).
April Current Account surplus JPY1.895 trln (expected surplus of JPY2.947 trln; last surplus of JPY2.278 trln).
May Economy Watchers Current Index 55.0 (expected 55.1; last 54.6)Australia’s April trade surplus AUD11.158 bln (expected AUD14.000 bln; last AUD14.822 bln). April Imports 2.0% m/m (last 4.0%) and Exports -5.0% m/m (last 4.1%)
UBS expects that the Reserve Bank of Australia will announce another 25-bps rate hike at the August meeting.
Chinese government officials spoke about the country’s economy but did not indicate that additional support will be offered to the property market, as has been speculated in recent days.
Four large Chinese banks cut their yuan deposit rates and there was speculation that the People’s Bank of China will lower its loan prime rate in the coming weeks.
Major European indices trade on a mostly higher note while the U.K.’s FTSE (-0.1%) lags.
STOXX Europe 600: UNCH,
Germany’s DAX: +0.3%,
U.K.’s FTSE 100: -0.1%,
France’s CAC 40: +0.4%,
Italy’s FTSE MIB: +0.9%,
Spain’s IBEX 35: +0.3%.Eurozone’s Q1 GDP was revised down to reflect the first contraction since mid-2021.
Eurozone’s Q1 GDP -0.1% qtr/qtr (expected 0.0%; last -0.1%); 1.0% yr/yr (expected 1.2%; last 1.8%).Q1 Employment Change 0.6% qtr/qtr, as expected (last 0.3%); 1.6% yr/yr (expected 1.7%; last 1.5%)
France’s Q1 nonfarm payrolls 0.3% qtr/qtr (expected 0.2%; last 0.2%)British Prime Minister Sunak will meet with President Biden at the White House today.
The U.K. will host a global artificial intelligence summit later this year.
GameStop (GME 20.38, -5.73, -22.0%): beats by $0.01, misses on revs; former CEO terminated, Ryan Cohen named as Executive Chairman
Greif (GEF 66.00, +1.78, +2.8%): beats by $0.45, misses on revsSmartsheet (SMAR 40.76, -8.24, -16.8%): beats by $0.10, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY24 EPS above consensus, revs in-line
HashiCorp (HCP 26.89, -7.88, -22.7%): beats by $0.07, beats on revs; guides JulQ EPS below consensus, revs below consensus; guides FY24 EPS above consensus, revs below consensus; cuts workforce by 8%
Oxford Industries (OXM 101.90, -5.31, -5.0%): beats by $0.04, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY24 EPS below consensus, revs below consensus
Semtech (SMTC 27.40, +4.67, +22.2%): beats by $0.10, reports revs in-line; guides Q2 EPS in-line, revs in-line
Signet Jewelers (SIG 62.01, -7.51, -10.8%): beats by $0.29, beats on revs; guides Q2 revs below consensus; lowers FY24 guidance; Q1 comps -13.9%
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