- This topic has 85 replies, 4 voices, and was last updated 5 months ago by
.
- Posts
Total housing starts might have declined 0.8% month to a seasonally adjusted annual rate of 1.420 million (consensus 1.407 million), but that was due to a decline in multi-unit starts. Single-unit starts were up 2.7% month-over-month to 861,000.
Building permits, meanwhile, declined 8.8% month-over-month, driven by a 24.3% decline in permits for 5 units or more, whereas single-family permits increased 4.1% month-over-month to 818,000.
The key takeaway from the report is the growth seen in single-family starts and single-family permits — a leading indicator — which is needed given the limited supply of existing homes for sale.
Treasury yields moved higher after the data release.
The 2-yr note yield, at 4.18% shortly before 8:30 a.m. ET, is up three basis points to 4.21%.
The 10-yr note yield, at 3.57% before 8:30 a.m. ET, is up one basis point to 3.60%.The S&P 500 futures are up 17 points and are trading 0.5% above fair value.
The Nasdaq 100 futures are up 97 points and are trading 0.8% above fair value.
The Dow Jones Industrial Average futures are up 16 points and are trading slightly above fair value.Yields after Housing starts:
2-yr: +2 bps to 4.20%
3-yr: +2 bps to 3.93%
5-yr: +1 bp to 3.70%
10-yr: UNCH at 3.59%
30-yr: UNCH at 3.81%Dow 33,976.63 -10.55 -0.03%
S&P 500 4,154.87 3.55 0.09%
Nasdaq 12,153.41 -4.31 -0.04%
VIX 16.83 -0.12 -0.71%
Gold 2,017.40 10.40 0.52%
Oil 80.90 0.07 0.09%CDW (CDW) guides Q1 net sales below consensus due to more cautious buying; expects US IT market to decline at a high single-digit rate in 2023… CDW down 9.1%
Fulton Fincl (FULT) misses by $0.09, misses on revs… FULT down 1.7%
Interactive Brokers (IBKR) misses by $0.06, reports revs in-line… IBKR down 3.4%
Intuitive Surgical (ISRG) beats by $0.03, beats on revs; worldwide da Vinci procedures grew by approximately 26%; increases FY23 procedure growth to +18-21% yr/yr from +12-16%… ISRG up 9.0%
Marten Transport (MRTN) beats by $0.01, misses on revs… MRTN down 6.2%
Netflix (NFLX) beats by $0.01, reports revs in-line; guides Q2 EPS below consensus, revs below consensus as co shifts timing for paid sharing broad launch from late Q1 to Q2… NFLX down 0.5%
Omnicom (OMC) beats by $0.16, beats on revs… OMC up 1.4%
Regions Fincl (RF) in annual shareholder meeting slides: liquidity position is stable; Q1 deposit flows largely in-line with expectations for balance normalization; March ending balances approximately flat with levels in early March… RF up 1.4%
United Airlines (UAL) beats by $0.10, reports revs in-line; guides Q2 EPS in-line; reaffirms FY23 EPS target… UAL up 2.1%
United Comm Banks (UCBI) misses by $0.11, misses on revs… UCBI down 5.1%
Western Alliance Bancorp (WAL) beats by $0.27, net interest income increased 35.7% yr/yr… WAL up 16.0%
Fox Corporation (FOX) confirms that a settlement was reached in the Dominion Voting Systems lawsuit…
FOX down 0.1%
Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note.
—Equity Markets—
Japan’s Nikkei: -0.2%
Hong Kong’s Hang Seng: -1.4%
China’s Shanghai Composite: -0.7%
India’s Sensex: -0.3%
South Korea’s Kospi: +0.2%
Australia’s ASX All Ordinaries: +0.1%The Bank of Japan is expected to hold off on changes to its yield curve control policy past next week’s meeting. The central bank is expected to issue a forecast calling for 2.0% inflation in FY25.
Japan’s February Industrial Production 4.6% m/m (expected 4.5%; last -5.3%) and Capacity Utilization 3.9% m/m (expected 4.0%; last -5.5%). April Reuters Tankan Index -3 (expected -1; last -1)
Treasury Secretary Yellen is expected to comment on the relationship with China during a speech on Thursday.
Major European indices trade near their flat lines.
—Equity Markets—
STOXX Europe 600: -0.3%
Germany’s DAX: -0.1%
U.K.’s FTSE 100: -0.2%
France’s CAC 40: UNCH
Italy’s FTSE MIB: +0.2%
Spain’s IBEX 35: +0.3%Expectations are solidifying for a 25-bps rate hike from the Bank of England on May 11.
Ambulance workers in the U.K. are planning another strike for next month while rail workers in Germany will hold a nationwide strike on Friday.
U.K.’s March CPI 0.8% m/m (expected 0.5%; last 1.1%); 10.1% yr/yr (expected 9.8%; last 10.4%).
March Core CPI 0.9% m/m (expected 0.6%; last 1.2%); 6.2% yr/yr (expected 6.0%; last 6.2%).
March Input PPI 0.2% m/m (expected -0.3%; last 0.0%)
Output PPI 0.1% m/m (expected -0.1%; last -0.4%)
- You must be logged in to reply to this topic.