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Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note.
Japan’s Nikkei: +0.9%,
Hong Kong’s Hang Seng: +2.1%,
China’s Shanghai Composite: +0.1%,
India’s Sensex: -0.3%,
South Korea’s Kospi: +1.3%,
Australia’s ASX All Ordinaries: +0.5%.South Korea’s July PPI 0.3% m/m (expected 0.0%; last -0.2%); -0.2% yr/yr (expected -0.4%; last -0.3%)
The Bank of Korea left its repurchase rate at 3.50%, as expected, and Governor Rhee indicated that six out of seven policymakers are open to another 25-bps rate hike.
Hong Kong’s July trade deficit $30.0 bln (expected deficit of $32.7 bln; last deficit of $56.6 bln).
July Imports -7.9% m/m (expected -8.2%; last -12.3%) and Exports -9.1% m/m (expected -13.6%; last -11.4%)China is reportedly speeding up the launch of special funds to support state-owned enterprises.
China’s infrastructure spending for 2023 is expected between CNY2.6 trln and CNY3.0 trln.
Fitch lowered the rating of Country Garden to junk.Major European indices trade on a higher note.
STOXX Europe 600: +0.3%,
Germany’s DAX: +0.4%,
U.K.’s FTSE 100: +0.4%,
France’s CAC 40: +0.5%,
Italy’s FTSE MIB: +0.5%,
Spain’s IBEX 35: +0.5%.U.K.’s August CBI Distributive Trades Survey -44 (expected -14; last -25)
A Reuters poll of economists showed expectations for another 25-bps rate hike to 5.50% from the Bank of England, though the likelihood of another increase to 5.75% is also seen as high.
France’s August Business Survey 96 (expected 99; last 101)
Big tech companies will face new legal requirements in the EU starting Friday as the Digital Services Act takes effect.
US labor market remains tight.
– Initial jobless claims decreased by 10,000 to 230,000 (consensus 240,000) for the week ending August 19
– Continuing jobless claims decreased by 9,000 to 1.702 million for the week ending August 12.Petco Health and Wellness $WOOF 5.66, -0.88, -13.5%
Reports EPS in-line, revs in-line;
Guides FY24 EPS below consensus, revs below consensus https://t.co/jihiUK9OG9 pic.twitter.com/sL1ghm1fIM— Traders Community (@TradersCom) August 24, 2023
Durable goods orders decreased 5.2% in July (consensus -4.0%) following a revised increase of 4.4% in June (from 4.7%).
Excluding transportation, durable goods orders increased 0.5% in July (consensus 0.2%) following a revised 0.2% increase in June (from 0.6%).Boeing $BA 224.04, -4.54, -2.0% and Spirit AeroSystems $SPR 21.55, -1.42, -6.2% are looking into new 737 Max issue, according to Air Current
Weak mega caps, aside from NVIDIA (NVDA 482.20, +10.95, +2.3%), are having an outsized influence on index losses, but many stocks rolled over as the market declined. The Vanguard Mega Cap Growth ETF (MGK), which had been up as much as 0.9% at its high, is down 0.7%. The Invesco S&P 500 Equal Weight ETF (RSP), which had been up as much as 0.6% earlier, is up 0.1% now.
Philadelphia Fed President Patrick Harker (FOMC voter) said in a CNBC interview that he wants to see two more weeks of data, but right now, he thinks Fed has “done enough.”
NVIDIA reminding P&D the rules of trading:
– Understand overcrowding
– Buy the rumor sell the fact
– Never fall in love with a stock
– The market is always right
– Understand option pricing
– Ignore FibTwit dribblers
– Gaps fill$NVDA 481.62 ▲ +10.46 (+2.22%) today after $515 AH https://t.co/IW9gcwM2l0 pic.twitter.com/4qoKTio4nq— Traders Community (@TradersCom) August 24, 2023
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