Traders Market Weekly: War, Rates and Bankers Deliver Chaos

Viewing 15 posts - 46 through 60 (of 71 total)
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  • #66462
    Truman
    Participant

    Major European indices trade in the green with Italy’s MIB (+1.0%) showing relative strength.

    STOXX Europe 600: +0.7%,
    Germany’s DAX: +0.5%,
    U.K.’s FTSE 100: +0.7%,
    France’s CAC 40: +0.4%,
    Italy’s FTSE MIB: +1.0%,
    Spain’s IBEX 35: +0.7%.

    #66463
    Truman
    Participant

    U.K.’s August Construction Output -0.5% m/m (expected 0.2%; last -0.4%);
    2.3% yr/yr (expected 2.6%; last 3.2%).
    August GDP 0.2% m/m, as expected (last -0.6%); 0.5% yr/yr, as expected (last 0.3%).
    August Industrial Production -0.7% m/m (expected -0.2%; last -1.1%); 1.3% yr/yr (expected 1.7%; last 1.0%).
    August Manufacturing Production -0.8% m/m (expected -0.4%; last -1.2%); 2.8% yr/yr (expected 3.4%; last 3.1%).
    August trade deficit GBP15.95 bln (expected deficit of GBP14.70 bln; last deficit of GBP13.91 bln)

    The Bank of England’s latest quarterly survey on bank liabilities and credit conditions showed that lenders expect defaults to increase while mortgage demand is expected to fall in Q4.

    #66464
    Truman
    Participant

    European Central Bank policymaker Wunsch said that the ECB should hasten the end of pandemic purchase reinvestments, echoing comments made by policymaker Kazaks. However, there is some opposition to this idea among other members of the governing council.

    Separately, policymaker Holzmann warned that upcoming inflation figures could be hotter than expected.

    #66465
    Truman
    Participant

    Domino’s Pizza (DPZ 343.31, -10.74, -3.0%): beats by $0.87, misses on revs
    Walgreens Boots Alliance (WBA 22.25, -0.35, -1.6%): misses by $0.02, beats on revs; guides FY24 EPS below consensus, revs in-line
    Delta Air Lines (DAL 36.77, +0.79, +2.2%): beats by $0.08, beats on revs; guides Q4 EPS in-line, revs in-line; guides FY23 EPS in-line, revs below consensus
    Fastenal (FAST 58.40, +2.39, +4.3%): beats by $0.02, reports revs in-line

    #66466
    Truman
    Participant

    Microsoft (MSFT 330.70, -1.72, -0.5%): IRS seeking additional tax payment of $28.9 bln plus penalties and interest for the tax years 2004-2013

    #66467
    Truman
    Participant

    First Solar (FSLR 157.50, +6.00, +4.0%): upgraded to Overweight from Equal Weight at Barclays

    Target (TGT 112.00, +3.01, +2.8%): upgraded to Buy from Neutral at Bank of America

    #66468
    Truman
    Participant

    Ford Motor (F 11.98, -0.27, -2.2%): Major expansion of stand up strike at Ford’s Kentucky truck plant

    #66469
    Truman
    Participant

    Total CPI increased 0.4% month-over-month in September (consensus 0.3%) and core CPI, which excludes food and energy, rose 0.3% (consensus 0.3%). More than half of the increase in total CPI was driven by a 0.6% increase in the index for shelter.

    On a year-over-year basis, total CPI was unchanged at 3.7% while core CPI dropped to 4.1% from 4.3% for the 12 months ended in August.

    The key takeaway from the report is that the headline numbers belie some otherwise encouraging inflation readings below the surface. To wit: the all items index less shelter was up just 2.0% year-over-year and the services index less rent of shelter was up 2.8% year-over-year.

    #66470
    Truman
    Participant

    Initial jobless claims for the week ending October 7 were unchanged at 209,000 (consensus 214,000) while continuing jobless claims for the week ending September 30 increased by 30,000 to 1.702 million.

    The key takeaway from the report is that the low level of initial claims — a leading indicator — remains consistent with a tight labor market that continues to work in the economy’s favor.

    Treasury yields turned higher in response.

    The 2-yr note yield, which was at 4.99% just before the data, is up five basis points from yesterday to 5.05%. The 10-yr note yield, which was at 4.54% before the data, is up two basis points from yesterday at 4.61%.

    #66489

    Dow 33,631.14 -173.73 -0.51%
    S&P 500 4,349.61 -27.34 -0.62%
    Nasdaq 13,574.22 -85.46 -0.63%
    VIX 16.69 0.60 3.73%
    Gold 1,881.70 -5.60 -0.30%
    Oil 83.48 -0.01 -0.01%

    #66497
    Truman
    Participant

    Asia-Pacific Stocks ended the week mostly lower
    Friday (for the week)
    India Sensex: -0.2% (+0.4%)
    Japan Nikkei: -0.6% (+4.3%)
    China Shanghai Composite: -0.6% (-0.7%)
    Australia ASX All Ords: -0.6% (+1.4%)
    South Korea Kospi: -1.0% (+2.0%)
    Hong Kong Hang Seng: -2.3% (+1.9%)

    In addition, Chinese officials are looking into establishing a new stabilization fund to support the stock market and implementing policy to boost consumption.

    #66498
    Truman
    Participant

    China reported a larger than expected trade surplus for September, coupled with larger than expected total social financing for the month.

    China’s September CPI 0.2% m/m (expected 0.3%; last 0.3%); 0.0% yr/yr (expected 0.2%; last 0.1%).
    September PPI -2.5% yr/yr (expected -2.4%; last -3.0%).
    September trade surplus $77.71 bln (expected surplus of $70.00 bln; last surplus of $68.36 bln).
    September Imports -6.2% yr/yr (expected -6.0%; last -7.3%) and Exports -6.2% yr/yr (expected -7.6%; last -8.8%).
    September New Loans CNY2.31 trln (expected CNY2.50 trln; last CNY1.36 trln).
    September Outstanding Loan Growth 10.9% yr/yr (expected 11.1%; last 11.1%).
    September total social financing CNY4.12 trln (CNY3.80 trln; last CNY3.12 trln)

    In addition, Chinese officials are looking into establishing a new stabilization fund to support the stock market and implementing policy to boost consumption.

    #66499
    Truman
    Participant

    South Korea’s September Unemployment Rate 2.6% (last 2.4%)

    India’s September trade deficit $19.37 bln (expected deficit of $23.25 bln; last deficit $24.16 bln)

    Singapore’s Q3 GDP 1.0% qtr/qtr (expected 0.5%; last 0.1%); 0.7% yr/yr (expected 0.4%; last 0.5%)

    New Zealand’s September Manufacturing PMI 45.3 (last 46.1). September Electronic Card Sales -0.8% m/m (last 0.6%); 1.6% yr/yr (last 4.2%)

    #66500
    Truman
    Participant

    Major European indices trade in the red.

    STOXX Europe 600: -0.7% (+1.3% week-to-date),
    Germany’s DAX: -0.7% (+0.5% week-to-date),
    U.K.’s FTSE 100: -0.3% (+1.7% week-to-date),
    France’s CAC 40: -0.7% (-0.1% week-to-date),
    Italy’s FTSE MIB: -0.4% (+2.1% week-to-date),
    Spain’s IBEX 35: -0.5% (+0.6% week-to-date).

    #66501
    Truman
    Participant

    Eurozone’s August Industrial Production 0.6% m/m (expected 0.1%; last -1.1%); -5.1% yr/yr (expected -3.5%; last -2.2%)
    France’s September CPI -0.5% m/m, as expected (last 1.0%); 4.9% yr/yr, as expected (last 4.9%)
    Spain’s September CPI 0.2% m/m, as expected (last 0.5%); 3.5% yr/yr, as expected (last 2.6%)
    Swiss September PPI -0.1% m/m (expected 0.2%; last -0.2%); -1.0% yr/yr (last -0.8%)

Viewing 15 posts - 46 through 60 (of 71 total)
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