Traders Market Weekly: It’s a Mad World of Bond Auctions and Central Bankers

Viewing 15 posts - 16 through 30 (of 81 total)
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  • #67193
    TradersCom
    Keymaster

    V.F. Corp (VFC 16.00, -1.12, -6.5%): misses by $0.02, reports revs in-line, withdraws FY24 earnings and revenue guidance, lowers free cash flow guidance

    Pinterest (PINS 29.27, +4.17, +16.6%): beats by $0.07, beats on revs; guides Q4 revs in-line

    JetBlue Airways (JBLU 3.93, -0.27, -6.4%): misses by $0.14, misses on revs; guides Q4 EPS below consensus, revs below consensus

    Arista Networks (ANET 193.25, +17.53, +10.0%): beats by $0.25, beats on revs; guides Q4 revs above consensus; upgraded to Overweight from Equal-Weight at Morgan Stanley

    Lattice Semi (LSCC 57.04, -10.25, -15.2%): beats by $0.01, reports revs in-line; guides Q4 revs below consensus

    Forward Air (FWRD 62.90, -8.08, -11.4%): misses by $0.13, misses on revs; guides Q4 EPS below consensus, revs in-line; cites continued weak demand for intermodal and truckload brokerage services

    Eaton (ETN 205.54, +7.76, +3.9%): beats by $0.13, reports revs in-line; guides Q4 EPS above consensus

    Zebra Tech (ZBRA 220.00, +10.23, +4.9%): beats by $0.06, beats on revs; guides Q4 EPS in-line, revs in-line; increases cost saving forecast

    Amgen (AMGN 261.87, -1.32, -0.5%): beats by $0.28, reports revs in-line; guides FY23 EPS in-line, revs above consensus

    #67194
    TradersCom
    Keymaster

    Apple (AAPL 169.56, -0.73, -0.4%): unveils the new MacBook Pro; unveils M3, M3 Pro, and M3 Max, the most advanced chips for a personal compute

    #67195
    TradersCom
    Keymaster

    Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note.

    Japan’s Nikkei: +0.5%,
    Hong Kong’s Hang Seng: -1.7%,
    China’s Shanghai Composite: -0.1%,
    India’s Sensex: -0.4%,
    South Korea’s Kospi: -1.4%,
    Australia’s ASX All Ordinaries: +0.1%.

    #67196
    TradersCom
    Keymaster

    Japan’s
    September Industrial Production 0.2% m/m (expected 2.5%; last -0.7%).
    September Retail Sales 5.8% yr/yr (expected 5.9%; last 7.0%).
    September jobs/applications ratio 1.29 (expected 1.30; last 1.29),
    September Unemployment Rate 2.6%, as expected (last 2.7%).
    September Housing Starts -6.8% yr/yr (expected -4.7%; last -9.4%)
    September Construction Orders -3.0% yr/yr (last -4.3%).

    The Bank of Japan made no headline changes to its policy stance, but the flexibility of its yield curve control policy will be increased. The central bank will now use the 1.00% level in the 10-yr JGB as a refence point rather than a limit. The central bank is not changing its November bond purchase plans. Samsung reported strong results for the quarter.

    #67197
    TradersCom
    Keymaster

    China’s

    October Manufacturing PMI 49.5 (expected 50.2; last 50.2)
    October Non-Manufacturing PMI 50.6 (expected 51.8; last 51.7)

    China’s official Manufacturing PMI returned into contraction in the October reading while non-Manufacturing PMI showed the slowest pace of expansion in ten months.

    Chinese officials wrapped up a two-day National Financial Work Conference.

    • This reply was modified 4 months ago by TradersCom.
    #67198
    TradersCom
    Keymaster

    South Korea’s

    September Industrial Production 1.8% m/m (expected -0.9%; last 5.2%); 3.0% yr/yr (expected 0.0%; last -0.7%.
    September Retail Sales 0.2% m/m (last -0.3%)

    #67199
    TradersCom
    Keymaster

    Hong Kong’s Q3 GDP 0.1% qtr/qtr (expected 1.4%; last -1.3%); 4.1% yr/yr (expected 5.2%; last 1.5%)

    Singapore’s Q3 Business Expectations 7.00 (last 6.00)

    Australia’s September Housing Credit 0.4% m/m (last 0.3%) and Private Sector Credit 0.5% m/m (expected 0.3%; last 0.4%)

    New Zealand’s September Building Consents -4.7% m/m (last -7.0%). October ANZ Business Confidence 23.4 (last 1.5)

    #67201
    TradersCom
    Keymaster

    Major European indices trade in positive territory.

    STOXX Europe 600: +0.7%,
    Germany’s DAX: +0.7%,
    U.K.’s FTSE 100: +0.6%,
    France’s CAC 40: +1.1%,
    Italy’s FTSE MIB: +1.6%,
    Spain’s IBEX 35: +0.8%.

    #67202
    TradersCom
    Keymaster

    Eurozone’s

    Eurozone’s flash GDP for Q3 showed a slight contraction against expectations for no change while flash October CPI showed a deceleration in the yr/yr rate to 2.9% from 4.3%.

    October CPI 0.1% m/m (expected 0.3%; last 0.3%); 2.9% yr/yr (expected 3.1%; last 4.3%).
    Core CPI 0.2% m/m (last 0.2%); 4.2% yr/yr, as expected (last 4.5%).
    Flash Q3 GDP -0.1% qtr/qtr (expected 0.0%; last 0.1%); 0.1% yr/yr (expected 0.2%; last 0.5%)

    Germany’s
    September Retail Sales -0.8% m/m (expected 0.5%; last -1.2%); -4.3% yr/yr (expected -4.0%; last -2.3%).
    September Import Price Index 1.6% m/m (expected 0.7%; last 0.4%); -14.3% yr/yr (expected -15.3%; last -16.4%)
    Chemical company BASF announced additional cost saving plans.

    France’s
    October CPI 0.1% m/m (expected 0.2%; last -0.5%); 4.0% yr/yr, as expected (last 4.9%).
    September PPI 0.7% m/m (last 0.7%); -1.7% yr/yr (last -1.4%).
    Flash Q3 GDP 0.1% qtr/qtr, as expected (last 0.6%); 0.7% yr/yr (last 1.1%).
    September Consumer Spending 0.2% m/m (expected 0.4%; last -0.6%)

    Italy’s
    flash Q3 GDP 0.0% qtr/qtr (expected 0.1%; last -0.4%); 0.0% yr/yr (expected 0.1%; last 0.3%).
    October CPI -0.1% m/m (expected 0.2%; last 0.2%); 1.8% yr/yr (expected 0.3%; last 5.3%)

    Spain’s
    Spain’s August Current Account surplus EUR4.19 bln (last surplus of EUR4.27 bln)

    #67203
    TradersCom
    Keymaster

    Swiss September Retail Sales -0.6% yr/yr (expected -1.9%; last -2.2%)

    BP missed earnings and revenue expectations for Q3
    Stellantis beat revenue expectations and accelerated its buyback forecast timeline.

    #67204
    TradersCom
    Keymaster

    Caterpillar (CAT 229.99, -12.17, -5.0%): beats by $0.72, beats on revs; sees Q4 sales slightly higher than yr-ago period

    BP (BP 37.00, -1.35, -3.5%): misses by $0.25, misses on revs

    Pfizer (PFE 30.50, -0.05, -0.2%): misses by $0.09, reports revs in-line; guides FY23 EPS below consensus, revs in-line

    Zebra Tech (ZBRA 220.00, +10.23, +4.9%): beats by $0.06, beats on revs; guides Q4 EPS in-line, revs in-line; increases cost saving forecast

    #67205
    TradersCom
    Keymaster

    Sarepta Therapeutics (SPRT 58.38, -49.27, -45.8%):

    Falling sharply on report that ELEVIDYS-treated patients improved 2.6 points on their North Star Ambulatory Assessment (NSAA) total score 52 weeks after treatment compared to 1.9 points in placebo-treated patients. The difference of 0.65-points between treated and placebo groups did not reach statistical significance (n=125; p=0.24)

    #67206
    TradersCom
    Keymaster

    The Q3 Employment Cost Index showed compensation costs for civilian workers increasing 1.1% (consensus 1.0%), seasonally adjusted, versus a 1.0% increase for the three-month period ending in June. Wages and salaries were up 1.2% and benefit costs increased 0.9% from June 2023.

    The key takeaway from the report is that compensation costs decelerated to 4.3% for the 12-month period ending in September versus 5.0% in September 2022. Still, that’s not enough of a change to convince the Fed that it can think about cutting rates anytime soon.

    Treasury yields are climbing in response to the data.

    The 2-yr note yield, which was at 5.02% just before 8:30 a.m. ET, is unchanged from yesterday at 5.05%. The 10-yr note yield, which was at 4.80% just before the data, is down two basis points to 4.86%.

    #67207
    TradersCom
    Keymaster

    The S&P Case-Shiller Home Price Index rose 2.2% in August (consensus 0.3%) following a revised 0.2% increase in July (from 0.1%).

    The FHFA Housing Price Index rose 0.6% in August following a 0.8% increase in July.

    #67208
    TradersCom
    Keymaster

    The Chicago PMI fell to 44.0 in October (consensus 45.0) from 44.1.

    The Consumer Confidence Index fell to 102.6 in October (consensus 100.0) from a revised 104.3 in September (from 103.0).

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