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South Korea’s July Consumer Confidence 103.2 (expected 99.2; last 100.7)
Singapore’s June Industrial Production 5.0% m/m (expected 3.8%; last -3.6%); -4.9% yr/yr (expected -6.8%; last -10.5%)
SK Hynix reported better than expected results for Q2 but also said that output will be reduced.
Australia’s Q2 CPI 0.8% qtr/qtr (expected 1.0%; last 1.4%); 6.0% yr/yr (expected 6.2%; last 7.0%)
Australia’s Treasurer Chalmers warned that there is still a long way to go before inflation is defeated.
Major European indices trade in the red.
STOXX Europe 600: -1.0%,
Germany’s DAX: -0.8%,
U.K.’s FTSE 100: -0.6%,
France’s CAC 40: -1.9%,
Italy’s FTSE MIB: -0.3%,
Spain’s IBEX 35: +0.1%.Eurozone’s June Private Sector Loans 1.7% yr/yr (expected 1.8%; last 2.1%) and Loans to Nonfinancials 3.0% yr/yr (expected 3.4%; last 4.0%)
Expectations remain in place for the European Central Bank to announce a 25-bps rate hike tomorrow.
Unicredit reported better than expected results for the quarter while Santander said that it is on track to meet its targets for the year.
LVMH missed expectations while Deutsche Bank exceeded estimates.France’s July Consumer Confidence 85 (expected 86; last 85)
Swiss July ZEW Expectations -32.6 (expected -31.1; last -30.8)
Snap (SNAP 10.33, -2.18, -17.4%): beats by $0.23, beats on revs, DAUs increased 14% to 397 mln; guides Q3 revs in-line, expects DAUs of 405-406 mln
Texas Instruments (TXN 177.45, -8.63, -4.6%): beats by $0.11, beats on revs; guides Q3 EPS mid point below consensus; sees Q3 revs in line; Experienced weakness across all end markets with exception of automotive
Coca-Cola (KO 63.03, +0.78, +1.3%): beats by $0.06, beats on revs; guides FY23 EPS in-line
Boeing (BA 221.80, +7.68, +3.6%): beats by $0.07, beats on revs; 737 program transitioning production to 38 per month; reaffirms FY23 guidance: $4.5-$6.5 bln of operating cash flow and $3-5 bln of free cash flow
Hilton (HLT 149.85, -1.28, -0.9%): beats by $0.05, beats on revs; guides Q3 EPS above consensus; guides FY23 EPS above consensus
Thermo Fisher (TMO 539.10, -31.81, -5.6%): misses by $0.28, misses on revs; lowers FY23 EPS below consensus, revs below consensus
Robert Half (RHI 72.00, -8.21, -10.2%): misses by $0.13, misses on revs; expects Q2 earnings and revs below consensus
AT&T (T 15.02, +0.22, +1.5%): beats by $0.03, reports revs in-line
Union Pacific (UNP 234.00, +18.45, +8.6%): misses by $0.17, misses on revs; announces Jim Vena has been appointed as chief executive officer and a member of the Board, effective August 14, 2023
Waste Mgmt (WM 163.88, -7.87, -4.6%): misses by $0.04, misses on revs; guides FY23 revs below consensus
Wells Fargo (WFC 46.70, +1.22, +2.7%): increases quarterly common stock dividend to $0.35/share from $0.30/share and authorizes a new common stock repurchase program of up to $30 bl
PacWest (PACW 9.97, +2.28, +29.7%): and Banc of California (BANC) confirm merger, announce $400 million equity raise
NetApp (NTAP 80.30, +1.24, +1.6%): upgraded to Equal-Weight from Underweight at Morgan Stanley
Target (TGT 131.79, -1.81, -1.4%): downgraded to Mkt Perform from Strong Buy at Raymond James
The S&P 500 futures are down 7 points and are trading 0.1% below fair value.
The Nasdaq 100 futures are down 38 points and are trading 0.3% below fair value.
The Dow Jones Industrial Average futures are down 65 points and are trading 0.2% below fair value.Energy complex futures are trending lower.
WTI crude oil futures are down 1.2% to $78.68/bbl and natural gas futures are down 1.4% to $2.71/mmbtu.
The U.S. Dollar Index is down 0.2% to 101.20.
US stocks to the upside as Powell stresses data dependency
The major stock indices have pushed to the upside as Powell stresses data dependency.
Dow Industrial Average top 170 points or 0.48% at 35609
S&P index is up 11.2 points or 0.24% at 4578.61
NASDAQ index is back in positive territory with a gain of 38 points or 0.27% at 14183Forex:
The EURUSD has moved higher in trades above its 100-hour moving average at 1.10895. It trades at 1.1098. Stay above the 100-hour moving average is more bullish
The GBPUSD is also higher and now has surpassed its 200-hour moving average at 1.29438. It trades at 1.2951. Stay above the 200 hour moving averages more bullish
The USDJPY is lower and looks to test its 200-hour moving average at 140.019. It trades at 140.09 currently
The USDCHF tumbles below its 200-hour moving average of 0.86257. The current price trades at 0.8606. The lows for the month of July extended down from 0.8554 to 0.8565. Those are the next targets on further selling.
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