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All quiet after the Russian infighting over the weekend which probably disappoints many bears out there:
There appears to be some kind of ceasefire without a full conclusion. A coordinated release today in Russian media saying that criminal proceedings against Prigozhin were still ongoing suggests we haven’t seen the final chapter yet. At the same time, full-on civil war looks far less likely with Putin appearing to be in control.
Oil up 40-cents to start the week. Note that the crude market late on Friday erased a $2 decline to finish the day flat.
Equity indices in the Asia-Pacific region began the week on a mostly lower note.
—Equity Markets—
Japan’s Nikkei: -0.3%
Hong Kong’s Hang Seng: -0.5%
China’s Shanghai Composite: -1.5%
India’s Sensex: UNCH
South Korea’s Kospi: +0.5%
Australia’s ASX All Ordinaries: -0.3%The Bank of Japan’s Summary of Opinions from the June meeting showed that at least one policymaker is open to reviewing yield curve control policy.
Japan’s top currency diplomat said that recent yen weakness has been rapid and excessive, which has to be dealt with appropriately.
Japan’s April Leading Index 0.0% m/m (expected 0.7%; last -0.5%) and Coincident Indicator 0.1% m/m (expected 0.2%; last 0.1%). May Corporate Services Price Index 1.6% yr/yr (expected 1.8%; last 1.6%)China Securities Journal speculated that fiscal support will be increased during the second half of the year, in the form of interest rate and reserve requirement ratio cuts.
Singapore’s May Industrial Production -3.9% m/m (expected 1.7%; last -1.6%); -10.8% yr/yr (expected -7.4%; last -6.5%
Major European indices trade on a mostly lower note.
—Equity Markets—
STOXX Europe 600: -0.1%
Germany’s DAX: -0.2%
U.K.’s FTSE 100: -0.1%
France’s CAC 40: +0.2%
Italy’s FTSE MIB: -0.3%
Spain’s IBEX 35: +0.1%Germany’s latest Business Climate Index from the ifo fell to its lowest level of the year.
Germany’s Wage Commission proposed a 6% increase to the minimum wage for 2024/25Germany’s June ifo Business Climate Index 88.5 (expected 90.7; last 91.5). June Current Assessment 93.7 (expected 93.5; last 94.8) and Business Expectations 83.6 (expected 88.0; last 88.3)
British Prime Minister Sunak warned against large pay increases for public sector workers.
U.K.’s June CBI Distributive Trades Survey -9 (expected -6; last -10)
Spain’s May PPI -6.9% yr/yr (expected -4.5%; last -4.5%)
European Central Bank policymakers are increasingly concerned about second-round effects of inflation and a wage-price spiral taking hold.
Greek Prime Minister Mitsotakis’ gained clear majority in a weekend election, vowing to speed up the implementation of reforms.
Mercury (MRCY 30.76, -4.11, -11.8%): CEO Mark Aslett to resign, effective June 24, following review of strategic alternatives; appoints Bill Ballhaus Interim CEO; will announce new CFO in coming weeks
Pfizer (PFE 37.45, -0.90, -2.4%): is continuing to advance the first full agonist oral GLP-1-RA candidate danuglipron toward late-state development, Second GLP-1-RA candidate lotiglipron to be discontinued
FibroGen (FGEN 3.70, -12.35, -77.0%): announces topline results from Phase 3 ZEPHYRUS-1 study of pamrevlumab for the treatment of idiopathic pulmonary fibrosis; Study did not meet the primary endpoint
TSLA and GOOG weigh on market
Tesla (TSLA 251.50, -5.11, -2.0%): downgraded to Neutral from Buy at Goldman Sachs
Alphabet (GOOG 121.32, -1.70, -1.4%): downgraded to Neutral from Buy at UBS
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