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The U.S. added 28 Chinese entities to the Commerce Department’s Entity List due to alleged ties to Iranian military.
People’s Bank of China Governor Yi Gang said that real interest rates in China are at an appropriate level at this time.
China’s National People’s Congress will begin on Sunday.
Reserve Bank of New Zealand Governor Orr said that early signs of easing price pressures have been spotted.
Major European indices trade mostly in the green
—Equity Markets—
STOXX Europe 600: +0.5% (+1.0% week-to-date)
Germany’s DAX: +1.2% (+2.1% week-to-date)
U.K.’s FTSE 100: -0.2% (+0.5% week-to-date)
France’s CAC 40: +0.6% (+2.0% week-to-date)
Italy’s FTSE MIB: +1.3% (+2.9% week-to-date)
Spain’s IBEX 35: +1.0% (+2.9% week-to-date)The market has priced in another 150-bps worth of rate hikes from the European Central Bank.
To that end, policymakers Mueller and Vasle said that rate hikes will likely continue after the March meeting, which is expected to result in a 50-bps increase.
The U.K. will extend its energy price guarantee for three months.
Lufthansa reported strong results and said that it expects significant improvement in profit for the year.
Eurozone’s January PPI -2.8% m/m (expected -0.3%; last 1.1%); 15.0% yr/yr (expected 17.7%; last 24.6%). February Services PMI 52.7 (expected 53.0; last 50.8)
Germany’s January trade surplus EUR16.70 bln (expected EUR11.00 bln; last EUR10.00 bln). January Imports -3.4% m/m (expected 2.0%; last -5.6%) and Exports 2.1% m/m (expected 1.5%; last -6.3%). February Services PMI 50.9 (expected 51.3; last 50.7)
U.K.’s February Services PMI 53.5 (expected 53.3; last 48.7)
France’s January Industrial Production -1.9% m/m (expected 0.1%; last 1.5%). February Services PMI 53.1 (expected 52.8; last 49.4)
Italy’s Q3 GDP -0.1% qtr/qtr (expected 0.5%; last 0.5%); 1.4% yr/yr (expected 2.6%; last 2.6%). February Services PMI 51.6 (expected 53.1; last 51.2)
Hewlett Packard Enterprise (HPE 15.82, +0.32, +2.1%): beats by $0.10, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY23 EPS mostly above consensus; reiterates long-term ARR guidance of +35-45% annualized; acquires Axis Security, a cloud security provider; financial terms were not disclosed
ChargePoint (CHPT 9.90, -1.36, -12.1%): beats by $0.03, misses on revs; guides Q1 revs below consensus
Zscaler (ZS 118.89, -15.24, -11.4%): beats by $0.08, beats on revs; guides AprQ EPS above consensus, revs above consensus; guides FY23 (Jul) EPS above consensus, revs above consensus; sees FY23 calculated billings of 1.935-1.945 billion
Dell (DELL 39.00, -1.17, -2.9%): beats by $0.16, beats on revs; increase dividend by 12%; also names new CFO; projects Q1 (Apr) and FY24 (Jan) earnings and revs below consensus; remains committed to a long-term revenue CAGR of +3-4% and EPS CAGR of +6% plus
Marvell (MRVL 42.44, -3.79, -8.2%): misses by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs below consensus
C3.ai (AI 24.77, +3.46, +16.2%): beats by $0.16, beats on revs; guides Q4 revs above consensus; guides FY23 revs above consensus; on track to become non-GAAP profitable by end of FY24 (Apr)
Broadcom (AVGO 608.56, +9.91, +1.7%): beats by $0.17, reports revs in-line; guides Q2 revs above consensus
Costco (COST 475.53, -10.16, -2.1%): beats by $0.10, reports revs in-line, adj. comparable sales growth of +6.8%
The S&P 500 futures are up 11 points and are trading 0.3% above fair value.
The Nasdaq 100 futures are up 27 points and are trading 0.2% above fair value.
The Dow Jones Industrial Average futures are up 76 points and are trading 0.2% above fair value.There’s a positive disposition in the equity futures market this morning, supported in large part by falling Treasury yields.
S&P 500 found support at its 200-day moving average (3,940) yesterday.
Early strength in mega cap space helping to boost the futures trade.2-yr note yield is down five basis points to 4.87%
10-yr note yield is down six basis points to 4.02%.Market participants received some supportive economic data overnight, including China’s stronger than expected February Caixin Services PMI and cooler than expected January PPI for the Eurozone.
Dow 33,390.97 387.40 1.17%
S&P 500 4,045.64 64.29 1.61%
Nasdaq 11,689.01 226.02 1.97%
VIX 18.48 -1.11 -5.67%
Gold 1,860.40 19.90 1.08%
Oil 79.79 1.63 2.09%
BITCOIN 22,200YAY – SUPER GREEN close on DISCO FRIDAY 🙂
March 5-11, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… A Wonderful L
[See the full post at: Traders Market Weekly: A Wonderful Life for Central Bankers]
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