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Major European indices trade in the green.
—Equity Markets—
STOXX Europe 600: +0.6%
Germany’s DAX: +0.1%
U.K.’s FTSE 100: +0.2%
France’s CAC 40: +0.2%
Italy’s FTSE MIB: +0.3%
Spain’s IBEX 35: +0.5%Wage growth in the U.K. remained strong in December, which could be used as an argument in favor of more rate hikes from the Bank of England.
Steelmaker Thyssenkrupp reported weaker than expected results for Q1 and noted that its turnaround is taking longer than expected.
Germany’s Finance Minister Lindner pushed back on an EU Commission proposal that would allow individual debt reduction conditions for EU member states.
Eurozone’s Q4 GDP 0.1% qtr/qtr, as expected (last 0.3%); 1.9% yr/yr, as expected (last 2.3%). Q4 Employment Change 0.4% qtr/qtr (expected 0.2%; last 0.3%); 1.5% yr/yr (last 1.8%)
Germany’s January WPI 0.2% m/m (expected 1.2%; last -1.6%); 10.6% yr/yr (last 12.8%)
U.K.’s December average earnings index + bonus 5.9% yr/yr (expected 6.2%; last 6.5%). December Unemployment Rate 3.7%, as expected (last 3.7%). January Claimant Count -12,900 (expected 17,900; last -3,200)
France’s Q4 Unemployment Rate 7.2% (expected 7.3%; last 7.3%)
Swiss January PPI 0.7% m/m (last -0.7%); 3.3% yr/yr (last 3.2%)Earnings
Palantir Technologies (PLTR 9.01, +1.40, +18.4%): beats by $0.01, reports revs in-line; guides Q1 revs below consensus; guides FY23 revs below consensus
Coca-Cola (KO 61.03, +0.43, +0.7%): reports EPS in-line, beats on revs; guides FY23 EPS above consensus, expects to deliver organic revenue growth of 7-8%
Avis Budget (CAR 222.38, +1.88, +0.9%): beats by $3.47, beats on revs
SolarEdge Technologies (SEDG 295.00, -15.71, -5.1%): beats by $1.27, beats on revs; guides Q1 revs above consensus
Cadence Design (CDNS 193.06, +7.36, +4.0%): beats by $0.04, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
Blackbaud (BLKB 64.42, +3.06, +5.0%): beats by $0.08, misses on revs; guides FY23 EPS above consensus, revs slightly below consensus
Marriott (MAR 176.92, +2.55, +1.5%): beats by $0.14, beats on revs; guides Q1 EPS above consensus; guides FY23 EPS in-line
Zoetis (ZTS 167.10, +3.96, +2.4%): reports EPS in-line, beats on revs; guides FY23 EPS mostly above consensus, revs above consensusFirst Solar (FSLR 162.70, -4.56, -2.7%): downgraded to In-line from Outperform at Evercore ISI
Occidental Petro (OXY 65.52, +0.76, +1.2%): upgraded to Buy from Neutral at Goldman
Total CPI increased 0.5% month-over-month (consensus 0.5%) following last month’s upwardly revised 0.1% increase (from -0.1%) and core-CPI, which excludes food and energy, increased 0.4% month-over-month (consensus 0.4%) on top of last month’s upwardly revised 0.4% increase (from 0.3%).
The index for shelter accounted for nearly half of the monthly all items increase.On a year-over-year basis, total CPI was up 6.4% — the smallest 12-month increase since the period ending October 2021 — and core-CPI was up 5.6% — the smallest 12-month increase since December 2021. Still, the year-over-year levels were not as low as expected.
The key takeaway from the report is that there has been a clear deceleration from peak inflation; however, the inflation rates are not nearly low enough to suggest the Fed would even be thinking about cutting rates this year.
The Treasury market experienced some volatility immediately after the CPI release.
Currently, the 2-yr note yield is up three basis points to 4.57%. The 10-yr note yield is up one basis point to 3.72%.
Dow 34,089.27 -156.66 -0.46%
S&P 500 4,136.13 -1.16 -0.03%
Nasdaq 11,960.15 68.36 0.57%
VIX 18.91 -1.43 -7.03%
Gold 1,865.90 2.40 0.13%
Oil 79.11 -1.03 -1.29%
BITCOIN 22,222Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note.
Japan’s Nikkei: -0.4%,
Hong Kong’s Hang Seng: -1.4%,
China’s Shanghai Composite: -0.4%,
India’s Sensex: +0.4%,
South Korea’s Kospi: -1.5%,
Australia’s ASX All Ordinaries: -0.9%.Japan’s December Tertiary Industry Activity Index -0.4% m/m (expected 0.1%; last 0.1%)
South Korea’s January trade deficit $12.65 bln (last deficit of $12.69 bln). January Imports -2.8% yr/yr (last -2.6%) and Exports -16.6% yr/yr (last -16.6%). January Import Price Index 1.7% yr/yr (last 9.1%) and Export Price Index -1.3% yr/yr (last 3.1%)
India’s January trade deficit $17.75 bln (expected deficit of $24.20 bln; last deficit of $23.76 bln)
Japan’s former top currency diplomat Sakakibara said that new Bank of Japan Governor Ueda may raise rates by the fourth quarter.
Reserve Bank of Australia Governor Lowe said that there is some early evidence that demand is moderating, adding that policymakers are unsure how high rates will have to go.
Major European indices trade on a mostly higher note.
STOXX Europe 600: +0.2%,
Germany’s DAX: +0.6%,
U.K.’s FTSE 100: +0.1%,
France’s CAC 40: +1.3%,
Italy’s FTSE MIB: +0.1%,
Spain’s IBEX 35: +0.2%.Eurozone’s December Industrial Production -1.1% m/m (expected -0.8%; last 1.4%); -1.7% yr/yr (expected -0.7%; last 2.8%). December trade deficit EUR8.80 bln (expected deficit of EUR12.50 bln; last deficit of EUR11.60 bln)
U.K.’s January CPI -0.6% m/m (expected -0.4%; last 0.4%); 10.1% yr/yr (expected 10.3%; last 10.5%). January Core CPI -0.9% m/m (expected -0.5%; last 0.5%); 5.8% yr/yr (expected 6.2%; last 6.3%). January Input PPI -0.1% m/m (expected 0.2%; last -1.1%) and Output PPI 0.5% m/m (expected 0.1%; last -0.8%)
Spain’s January CPI -0.2% m/m (expected -0.3%; last 0.2%); 5.9% yr/yr (expected 5.8%; last 5.7%)
Analog Devices (ADI 192.38, +9.84, +5.4%): beats by $0.15, beats on revs; guides Q2 EPS above consensus, revs above consensus; declares dividend
Kraft Heinz (KHC 39.51, -0.37, -0.9%): beats by $0.07, beats on revs; guides FY23 EPS below consensus
Biogen (BIIB 294.99, +5.91, +2.0%): beats by $0.57, beats on revs; guides FY23 EPS in-line, guides FY23 revs below consensus
TripAdvisor (TRIP 27.55, +2.42, +9.6%): beats by $0.12, beats on revs
The Trade Desk (TTD 56.35, +6.43, +12.9%): beats by $0.02, reports revs in-line; guides Q1 revs above consensus
Devon Energy (DVN 59.48, -4.46, -7.0%): misses by $0.09, reports revs in-line; raises fixed dividend 11%
Airbnb (ABNB 132.25, +11.38, +9.4%): beats by $0.21, beats on revs, GBV grew 20% yr/yr; guides Q1 revs above consensus, anticipates slightly lower ADR yr/yr, Nights and Experiences Booked yr/yr growth to be nearly as strong as in Q4
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