Traders Market Weekly: Climbing The Wall of Worry

Viewing 11 posts - 61 through 71 (of 71 total)
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  • #56757
    Truman
    Participant

    Singapore’s Monetary Authority made no policy changes for the first time in the past six meetings, but also indicated that “the prevailing slope of policy band” will be maintained.

    Singapore’s Q1 GDP -0.7% qtr/qtr (expected -0.2%; last 0.1%); 0.1% yr/yr (expected 0.6%; last 2.1%)

    #56758
    Truman
    Participant

    South Korea’s February M2 Money Supply 4.4% yr/yr (expected 5.9%; last 5.1%)

    New Zealand’s March Business NZ PMI 48.1 (expected 51.0; last 51.7)

    #56759
    Truman
    Participant

    Major European indices are looking for a higher finish to the week.

    —Equity Markets—

    STOXX Europe 600: +0.6% (+1.8% week-to-date)
    Germany’s DAX: +0.5% (+1.3% week-to-date)
    U.K.’s FTSE 100: +0.6% (+1.9% week-to-date)
    France’s CAC 40: +0.4% (+2.6% week-to-date)
    Italy’s FTSE MIB: +0.8% (+2.4% week-to-date)
    Spain’s IBEX 35: +0.4% (+0.4% week-to-date)

    #56760
    Truman
    Participant

    European Central Bank policymaker Nagel said that the tightening cycle will continue since core inflation remains very high while policymakers Holzmann and Kazaks spoke about the potential for a 50-bps hike in May.

    Germany’s March WPI 0.2% m/m (expected 2.5%; last 0.1%); 2.0% yr/yr (expected 4.4%; last 8.9%)
    France’s March CPI 0.7% m/m (expected 0.8%; last 1.1%); 5.7% yr/yr (expected 5.6%; last 6.3%)
    Spain’s March CPI 0.4% m/m, as expected (last 0.9%); 3.3% yr/yr, as expected (last 6.0%)

    Swiss March PPI 0.2% m/m, as expected (last -0.2%); 2.1% yr/yr (expected 2.9%; last 2.7%)

    #56761
    Truman
    Participant

    Total retail sales declined 1.0% month-over-month in March (consensus -0.4%) following an upwardly revised 0.2% decline (from -0.4%) in February. Excluding autos, retail sales were down 0.8% month-over-month (consensus -0.4%) following an upwardly revised unchanged reading (from -0.1%) in February.

    The key takeaway from the report is that sales declines were seen across most retail categories, reflecting weakness in consumer spending on goods that should exacerbate concerns about an economic slowdown that cuts into earnings prospects.

    #56762
    Truman
    Participant

    Import prices declined 0.6% month-over-month and were down 4.6% year-over-year. Excluding fuel, import prices were down 0.5% month-over-month and down 1.5% year-over-year.

    Export prices fell 0.3% month-over-month and were down 4.8% year-over-year. Excluding agricultural products, export prices were down 0.2% month-over-month and were down 5.2% year-over-year.

    #56763
    Truman
    Participant

    Industrial production rose 0.4% in March (consensus 0.2%) following a revised 0.2% increase in February (from 0.0%).
    Capacity utilization rose to 79.8% (consensus 79.0%) from a revised 79.6% in February (from 79.1%).

    #56764
    Truman
    Participant

    Dow -190.58 at 33839.02, Nasdaq -59.02 at 12107.24, S&P -11.70 at 4135.79

    Weak mega cap stocks are weighing on index performance. The main indices all hit session lows recently.

    The Vanguard Mega Cap Growth ETF (MGK) is down 0.2% while the Invesco S&P 500 Equal Weight ETF (RSP) trades flat. Microsoft (MSFT 286.74, -3.09, -1.1%) and Amazon.com (AMZN 101.90, -0.46, -0.4%) are among the worst performers from the space.

    Most of the S&P 500 sectors fell into negative territory as the market declined.

    The S&P 500 financial sector (+1.2%) outperforms, helping to offset some mega cap-induced weakness.

    JPMorgan (JPM 138.05, +9.05, +7.0%), Citigroup (C 48.63, +1.32, +2.8%), and BlackRock (BLK 695.18, +24.45, +3.7%) are some of the top performers while Wells Fargo (WFC 39.60, -0.04, -0.1%) and PNC Financial (PNC 119.33, -2.08, -1.7%) lag following earnings reports from all the aforementioned names.

    #56765
    Truman
    Participant

    The preliminary University of Michigan Consumer Sentiment Index for April checked in at 63.5 (consensus 62.7) versus the final reading of 62.0 for March. In the same period a year ago, the index stood at 65.2.

    The key takeaway from the report is that short-run inflation expectations were up noticeably from the prior month, which is something that could compel the Fed to press ahead with another rate hike in May even though long-run inflation expectations remained stable.

    #56819

    Dow 33,886.47 -143.22 -0.42%
    S&P 500 4,137.64 -8.58 -0.21%
    Nasdaq 12,123.47 -42.81 -0.35%
    VIX 17.07 -0.73 -4.10%
    Gold 2,017.60 -37.70 -1.83%
    Oil 82.68 0.52 0.63%

    from all-time FAV album/movie :)

    #56514

    April 16-22, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Ban Earnings
    [See the full post at: Traders Market Weekly: Climbing The Wall of Worry]

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