- This topic has 85 replies, 4 voices, and was last updated 5 months ago by
.
- Posts
South Korea’s March PPI 0.1% m/m (expected -0.1%; last 0.2%); 3.3% yr/yr (expected 4.5%; last 4.8%)
Australia’s flash April Manufacturing PMI 48.1 (expected 48.0; last 49.1) and flash Services PMI 52.6 (expected 47.0; last 48.6)
Hong Kong’s March CPI 1.7% yr/yr (expected 1.8%; last 1.7%)
Major European indices trade near their flat lines while Spain’s IBEX (-0.6%) underperforms with bank stocks contributing to the weakness.
—Equity Markets—
STOXX Europe 600: UNCH (+0.1% week-to-date)
Germany’s DAX: UNCH (UNCH week-to-date)
U.K.’s FTSE 100: +0.1% (+0.5% week-to-date)
France’s CAC 40: +0.1% (+0.5% week-to-date)
Italy’s FTSE MIB: +0.2% (-0.6% week-to-date)
Spain’s IBEX 35: -0.6% (+0.4% week-to-date)Flash Services PMI readings from Germany, France, and the U.K. improved, coming in above expectations, but Manufacturing PMI readings from all three countries slipped deeper into contraction.
Eurozone’s flash April Manufacturing PMI 45.5 (expected 48.0; last 47.3) and flash Services PMI 56.6 (expected 54.5; last 55.0)
Germany’s flash April Manufacturing PMI 44.0 (expected 45.7; last 44.7) and flash Services PMI 55.7 (expected 53.3; last 53.7)
U.K.’s Flash April Manufacturing PMI 46.6 (expected 48.5; last 47.9) and flash Services PMI 54.9 (expected 53.0; last 52.9)
France’s flash April Manufacturing PMI 45.5 (expected 47.8; last 47.3) and flash Services PMI 56.3 (expected 53.4; last 53.9)European Central Bank policymaker Visco said that the full effect of rate hikes has yet to be seen while policymaker de Guindos spoke in favor of maintaining a data-dependent approach to monetary policy.
U.K.’s March Retail Sales -0.9% m/m (expected -0.5%; last 1.1%); -3.1% yr/yr, as expected (last -3.3%).
March Core Retail Sales -1.0% m/m (expected -0.7%; last 1.4%); -3.2% yr/yr (expected -3.1%; last -3.0%).AT&T (T 17.84, +0.19, +1.1%), Tesla (TSLA 164.15, +1.16, +0.7%), and Procter & Gamble (PG 154.13, +3.28, +2.2%) are among the top performers this morning.
PG reporting pleasing quarterly results.
TSLA raised prices on Model S and X after earlier price cuts, according to Reuters, and Cathie Wood said Tesla could hit $2000 by 2027, according to CNBC.
T was upgraded to Buy from Hold at HSBC Securities.The IHS Markit Manufacturing PMI rose to 50.4 in the preliminary April reading from 49.2. The Services PMI rose to 53.7 in the preliminary April reading from 52.6.
Treasury yields rose sharply after the data release.
The 10-yr note yield, at 3.51% just before the release, sits at 3.56% now.
The 2-yr note yield, at 4.08% a short time ago, sits at 4.17% now.Bank stocks are a pocket of weakness again today.
The SPDR Regional Bank ETF (KRE) is down 1.0% and the SPDR Bank ETF (KBE) is down 0.9%.
The S&P 500 financial sector (-0.3%) is among the worst performers so far this session.Weakness in regional bank stocks has weighed on the Russell 2000, which lags its peers with a 0.4% loss.
Treasury yields rose sharply after the data release of flash Manufacturing and Services PMI readings for April.
IHS Markit Manufacturing PMI rose to 50.4 in the preliminary April reading from 49.2.
The Services PMI rose to 53.7 in the preliminary April reading from 52.6.The 10-yr note yield, at 3.51% just before the release, sits at 3.56% now.
The 2-yr note yield, at 4.08% a short time ago, sits at 4.17% now.Early reversal has returned yields on the 5-yr note and longer tenors to their opening levels from yesterday. Equities trade on a modestly lower note with the S&P 500 (-0.2%) showing a slimmer loss than the Nasdaq (-0.4%).
Yields:
2-yr: -1 bp to 4.16%
3-yr: +2 bps to 3.89%
5-yr: +2 bps to 3.66%
10-yr: +2 bps to 3.56%
30-yr: +2 bps to 3.77%April 13-29, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Volatility a
[See the full post at: Traders Market Weekly: The Meaning of Market Volatility (or Lack of) Risk]
- You must be logged in to reply to this topic.