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Freeport LNG asks for regulatory approval to begin cooling down liquefaction train at Texas plant, according to Reuters
Victoria’s Secret (VSCO) plans to enter into an accelerated share repurchase agreement with Goldman Sachs & Co. to repurchase $125 mln of the Company’s common stock
Upstart (UPST) implemented a plan of reorganization; involves a reduction of current workforce by ~20%, or ~365 employees
Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note.
Japan’s Nikkei: +0.1%,
Hong Kong’s Hang Seng: +1.1%,
China’s Shanghai Composite: +0.9%,
India’s Sensex: +0.3%,
South Korea’s Kospi: +1.0%,
Australia’s ASX All Ordinaries: +0.3%.China’s January Caixin Manufacturing PMI 49.2 (expected 49.5; last 49.2)
Japan’s January Manufacturing PMI 48.9, as expected (last 48.9)
South Korea’s January trade deficit $12.69 bln (expected deficit of $9.27 bln; last deficit of $4.69 bln). January Imports -2.6% yr/yr (expected -3.6%; last -2.5%) and Exports -16.6% yr/yr (expected -11.3%; last -9.6%). January Nikkei Manufacturing PMI 48.5 (last 48.5)
India’s January Manufacturing PMI 55.4 (expected 57.4; last 57.8)
Hong Kong’s Q4 GDP 0.0% qtr/qtr (last -2.6%); -4.2% yr/yr (last -4.5%)
Australia’s January Manufacturing PMI 50.0 (expected 49.8; last 50.2)
New Zealand’s Q4 Employment Change 0.2% qtr/qtr (expected 0.3%; last 1.3%). Q4 Unemployment Rate 3.4% (expected 3.3%; last 3.3%) and Q4 Labor Cost Index 1.1% qtr/qtr (expected 1.2%; last 1.1%); 4.3% yr/yr, as expected (last 3.8%)Major European indices trade in positive territory.
STOXX Europe 600: +0.3%,
Germany’s DAX: +0.3%,
U.K.’s FTSE 100: +0.2%,
France’s CAC 40: +0.2%,
Italy’s FTSE MIB: +0.6%,
Spain’s IBEX 35: +1.0%.Eurozone’s January CPI -0.4% m/m (expected -0.3%; last -0.4%); 8.5% yr/yr (expected 9.0%; last 9.2%). January Core CPI -0.8% m/m (expected -0.2%; last 0.6%); 5.2% yr/yr (expected 5.4%; last 5.2%). December Unemployment Rate 6.6% (expected 6.5%; last 6.6%). January Manufacturing PMI 48.8, as expected (last 47.8)
Germany’s January Manufacturing PMI 47.3 (expected 47.0; last 47.1)
U.K.’s January Nationwide HPI -0.6% m/m (expected -0.3%; last -0.3%); 1.1% yr/yr (expected 1.9%; last 2.8%)
France’s January Manufacturing PMI 50.5 (expected 50.8; last 49.2)
Italy’s January CPI 0.2% m/m (expected 0.1%; last 0.3%); 10.1% yr/yr, as expected (last 11.6%). January Manufacturing PMI 50.4 (expected 49.6; last 48.5)
Spain’s January Manufacturing PMI 48.4 (expected 48.0; last 46.4)
Swiss January procure.ch PMI 49.3 (expected 54.8; last 54.1)
Manufacturing PMI readings from Italy and France returned into expansionary territory while the reading for the eurozone remained below 50.0.
There is renewed hope that a solution will be found to the dispute surrounding the Northern Ireland protocol.
Unions in France are planning to protest the recently announced pension reform on February 7 and 11.Snap (SNAP 9.83, -1.73, -15.0%): beats by $0.02, reports revs in-line; internal forecast for Q1 revenue below consensus; not providing Q1 EBTIDA guidance
Adv. Micro Devices (AMD 77.79, +2.64, +3.5%): beats by $0.02, beats on revs; guides Q1 revs in-line
Western Digital (WDC 42.22, -1.73, -3.9%): misses by $0.29, beats on revs; guides MarQ EPS below consensus, revs below consensus; announces $900 million convertible preferred equity investment led by Apollo-Managed Funds
Match Group (MTCH 49.54, -4.58, -8.5%): misses by $0.33, reports revs in-line; guides Q1 revs below consensus; guides FY23 revs in-line
Juniper Networks (JNPR 31.53, -0.77, -2.4%): reports EPS in-line, misses on revs; guides Q1 EPS in-line, revs in-line
Electronic Arts (EA 116.00, -12.68, -9.9%): beats by $0.23, misses on revs; guides Q4 EPS below consensus, revs below consensus
Mondelez Int’l (MDLZ 66.92, +1.48, +2.3%): beats by $0.03, beats on revs; to sell developed markets gum business in the U.S., Canada and Europe to Perfetti Van MellePeloton (PTON 13.69, +0.76, +5.9%): misses by $0.34, beats on revs; guides Q3 revs in-line
Waste Mgmt (WM 150.88, -3.85, -2.5%): misses by $0.12, reports revs in-line; guides FY23 revs below consensus; intends to raise dividend
The weekly MBA Mortgage Application Index fell 9.0% with purchase applications declining 10.0% and refinancing applications falling 7.0%.
The S&P 500 futures are down 9 points and are trading 0.2% below fair value.
The Nasdaq 100 futures are down 2 points and are trading roughly in line with fair value.
The Dow Jones Industrial Average futures are down 116 points and are trading 0.3% below fair value.ADP Employment Change showed that private employers added 106,000 jobs in January (Briefing.com consensus 170,000) after a revised increase of 253,000 in December (from 235,000).
U.S. Treasuries on track for a higher start with the long bond expected to pace the early advance.
Treasury futures began rising last evening, continuing their push into the night. The market reached highs around 4:00 ET, followed by some backtracking in recent trade.
Overnight action saw the release of final Manufacturing PMI readings from major economies.
The U.S. session will also feature a sizable batch of economic data, but the main focus will be on the FOMC announcement at 14:00 ET and Fed Chairman Powell’s press conference at 14:30 ET.
U.S. Dollar Index is down 0.2% at 101.86.
Yields:
2-yr: -1 bp to 4.20%
3-yr: -4 bps to 3.88%
5-yr: -5 bps to 3.59%
10-yr: -4 bps to 3.49%
30-yr: -5 bps to 3.61%
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