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European Central Bank Chief Economist Lane said that it will be appropriate to raise rates again in May if the baseline projection persists.
Eurozone’s March CPI 0.9% m/m, as expected (last 0.8%); 6.9% yr/yr, as expected (last 8.5%).
March Core CPI 1.3% m/m (expected 1.2%; last 0.8%); 5.7% yr/yr, as expected (last 5.6%).
February Construction Output 2.37% (expected 0.00%; last 3.73%).
February Current Account surplus EUR24.30 bln (expected EUR6.70 bln; last EUR17.00 bln)Netflix (NLFX 329.38, -4.32, -1.3%): 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
United Airlines (UAL 43.45, +0.41, +1.0%): beats by $0.10, reports revs in-line; guides Q2 EPS in-line; reaffirms FY23 EPS target
Western Alliance Bancorp (WAL 39.89, +7.38, +22.7%): beats by $0.27, net interest income increased 35.7% yr/yr
Intuitive Surgical (ISRG 291.00, +21.72, +8.1%): beats by $0.03, beats on revs; worldwide da Vinci procedures grew by approximately 26%
CDW (CDW 169.75, -20.54, -10.8%): 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; downgraded to Neutral from Buy at BofA Securities
ASML (ASML 627.28, -16.05, -2.5%): beats by €0.80, beats on revs; guides Q2 revs above consensus
Travelers (TRV 180.39, +8.39, +4.9%): beats by $0.52, beats on revs; raises dividend; authorizes additional $5 bln of share repurchases
U.S. Bancorp (USB 35.56, +0.37, +1.1%): misses by $0.08, reports revs in-line; guides Q2 revs in-line; guides FY23 revs in-line
Morgan Stanley (MS 88.75, -1.10, -1.2%): beats by $0.04, beats on revs
Abbott Labs (ABT 106.00, +1.85, +1.8%): beats by $0.05, beats on revs; reaffirms FY23 EPS guidance
Tesla (TSLA 180.75, -3.56, -1.9%): lowers Model 3 & Y prices again, according to Bloomberg; reporting earnings results after the close today
Disney (DIS 100.30, -0.63, -0.6%): will likely eliminate thousands of jobs next week, according to Bloomberg
Meta Platforms (META 214.80, -3.09, -1.4%): is preparing for additional layoffs across its platforms, according to Bloomberg
S&P futures vs fair value: -24.00.
Nasdaq futures vs fair value: -110.00.The S&P 500 futures are down 24 points and are trading 0.6% below fair value.
The Nasdaq 100 futures are down 110 points and are trading 0.7% below fair value.
The Dow Jones Industrial Average futures are down 95 points and are trading 0.2% below fair value.Treasury yields had a modest pullback from overnight highs, but remain elevated compared to yesterday’s settlement.
The 2-yr note yield, after reaching 4.29% earlier, is up three basis points to 4.24%.
The 10-yr note yield, at 3.64% earlier, is up four basis points to 3.61%.Netflix (NLFX 324.12, -9.58, -2.9%) has deteriorated ahead of the open, revisiting earlier levels after its earnings report.
Equity indices in the Asia-Pacific region ended Thursday on a mixed note.
Japan’s Nikkei: +0.1%,
Hong Kong’s Hang Seng: +0.1%,
China’s Shanghai Composite: -0.1%,
India’s Sensex: +0.1%,
South Korea’s Kospi: -0.5%,
Australia’s ASX All Ordinaries: -0.1%.China’s March FDI 4.9% yr/yr (expected 7.8%; last 6.1%)
The People’s Bank of China made no changes to its one-year and five-year loan prime rates.
Japan’s March trade deficit JPY1.21 trln (expected deficit of JPY1.78 trln; last deficit of JPY1.25 trln). March Imports 7.3% yr/yr (expected 11.4%; last 8.3%) and Exports 4.3% yr/yr (expected 2.6%; last 6.5%).
March Tertiary Industry Activity Index 0.7% m/m (expected 0.4%; last 0.7%)Australia’s Q1 NAB Quarterly Business Confidence -4 (expected 2; last -1)
An independent review of the Reserve Bank of Australia concluded that the RBA should aim for price stability and full employment while retaining a flexible inflation target between 2% and 3%.
Rio Tinto reported record iron ore shipments for Q1.
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