[CautiousInvestor]

Dow 35,282.72 -237.40 -0.67%
S&P 500 4,537.48 -29.27 -0.64%
Nasdaq 14,050.11 -77.17 -0.55%
VIX 14.97 1.78 13.50%
Gold 1,943.70 -26.40 -1.34%
Oil 79.80 1.02 1.29%

[Truman]

Equity indices in the Asia-Pacific region ended the week on a mixed note.

Japan’s Nikkei: -0.4% (+1.4% for the week),
Hong Kong’s Hang Seng: +1.4% (+4.4% for the week),
China’s Shanghai Composite: +1.8% (+3.4% for the week),
India’s Sensex: -0.2% (-0.8% for the week),
South Korea’s Kospi: +0.2% (-0.1% for the week),
Australia’s ASX All Ordinaries: -0.7% (+1.2% for the week).

[Truman]

Japan’s July CPI 2.5% yr/yr (last 2.3%). July Tokyo CPI 3.2% yr/yr (expected 2.8%; last 3.2%) and Tokyo Core CPI 3.0% yr/yr (expected 2.9%; last 3.2%)

The Bank of Japan made no changes to its interest rates, but voted to conduct yield curve control policies with greater flexibility, allowing the 10-yr JGB yield to rise up to 1.0% while maintaining the target at 0.50%. The news gave a brief boost to the yen before the currency returned to little changed against the dollar.

[Truman]

South Korea’s June Retail Sales 1.0% m/m (expected 0.0%; last 0.4%).
June Industrial Production -1.0% m/m (expected -0.3%; last 3.0%); -5.6% yr/yr (expected -5.5%; last -7.6%)

[Truman]

Australia’s Q2 PPI 0.5% qtr/qtr (expected 0.9%; last 0.7%); 3.9% yr/yr, as expected (last 4.9%). June Retail Sales -0.8% m/m (expected 0.0%; last 0.8%)

[Truman]

Singapore’s Q2 URA Property Index -0.2% qtr/qtr (expected -0.4%; last -0.4%)

[Truman]

China’s Premier Li Qiang repeated that steps are being taken to open up China’s economy.

The People’s Bank of China will support bond issuance of tech startups.

[Truman]

Major European indices trade near their flat lines.
STOXX Europe 600: -0.3% (+1.1% week-to-date),
Germany’s DAX: +0.1% (+1.5% week-to-date),
U.K.’s FTSE 100: +0.1% (+0.5% week-to-date),
France’s CAC 40: -0.2% (+0.3% week-to-date),
Italy’s FTSE MIB: -0.2% (+2.4% week-to-date),
Spain’s IBEX 35: UNCH (+1.3% week-to-date).

[Truman]

Eurozone’s July Business and Consumer Survey 94.5 (expected 95.0; last 95.3)

European Central Bank policymakers have pushed back against speculation that a rate cut could take place as early as September with policymaker Simkus saying that a cut is unlikely even in the first half of 2024.

[Truman]

Germany’s Q2 GDP -0.2% qtr/qtr (expected 0.1%; last -0.3%); -0.6% yr/yr (last -0.2%)

Germany’s Q2 GDP showed a slight improvement from Q1 but remained in contraction.

[Truman]

France’s Q2 GDP 0.5% qtr/qtr (expected 0.1%; last 0.1%); 0.9% yr/yr (last 0.9%).
June Consumer Spending 0.9% m/m (expected 0.1%; last 0.6%).
June CPI 0.0% m/m (expected 0.2%; last 0.2%); 4.3% yr/yr, as expected (last 4.5%).
June PPI -1.1% m/m (expected -2.8%; last -1.5%); 3.0% yr/yr (last 5.6%)

[Truman]

Italy’s June PPI -0.3% m/m (expected -6.3%; last -2.3%); -5.5% yr/yr (expected -12.9%; last -4.3%).
May Industrial Sales 1.5% m/m (expected -0.1%; last -1.9%); -0.5% yr/yr (expected 0.3%; last -1.9%)

[Truman]

Spain’s Q2 GDP 0.4% qtr/qtr, as expected (last 0.5%); 1.8% yr/yr (expected 2.0%; last 4.2%).
July CPI 0.1% m/m (expected -0.4%; last 0.6%); 2.3% yr/yr (expected 1.6%; last 1.9%)

BBVA reported better than expected results for the quarter while BASF lowered its capital expenditure forecast for the year.

[Truman]

Swiss July KOF Leading Indicators 92.2 (expected 90.5; last 90.7)

[Truman]

Intel (INTC 36.67, +2.10, +6.1%): beats by $0.17, beats on revs, gross margin of 39.8% compared to guidance of 37.5%; guides Q3 EPS above consensus, revs in-line; Demand for AI expanding pipeline of business engagements

Ford Motor (F 13.62, -0.11, -0.8%): beats by $0.18, beats on revs; raises FY23 adjusted EBIT and FCF guidance; raises FY23 EBIT guidance for Pro and Blue segments but lowers EBIT guidance for EV segment

Boston Beer Co (SAM 345.01, +31.46, +10.0%): beats by $1.34, beats on revs; reaffirms FY23 EPS guidance

Coursera (COUR 15.55, +2.54, +19.5%): misses by $0.11, beats on revs; guides Q3 revs above consensus; guides FY23 revs above consensus; upgraded to Overweight from Neutral at Cantor Fitzgerald

First Solar (FSLR 221.20, +22.40, +11.3%): beats by $0.59, beats on revs; guides FY23 EPS in-line, revs in-line; upgraded to Buy from Neutral at BofA Securities

Juniper Networks (JPNR 27.71, -1.98, -6.7%): beats by $0.04, beats on revs; guides Q3 EPS below consensus, revs below consensus

KLA Corporation (KLAC 497.50, +15.15, +3.1%): beats by $0.54, beats on revs; guides Q1 EPS above consensus, revs in-line

Mondelez Int’l (MDLZ 74.33, +1.97, +2.7%): beats by $0.07, beats on revs; guides FY23 EPS above consensus

Roku (ROKU 74.47, +6.28, +9.2%): beats by $0.50, beats on revs; guides Q3 revs above consensus

T-Mobile US (TMUS 138.66, -1.22, -0.9%): beats by $0.17, reports revs in-line; raises FY23 guidance

Sleep Number (SNBR 28.80, -9.66, -25.1%): beats by $0.04, misses on revs; guides FY23 EPS in-line; appoints new CFO; expects Q3 EPS slightly below $0.22 (may not compare to $0.65 FactSet consensus); expecting demand to be up mid to high single digits compared to last year with net sales down low to mid-single digits due to the impact of year-over-year backlog changes

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