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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
Lucid Group (LCID 6.18, +0.70, +12.8%): entered into a definitive agreement to establish a long-term strategic technology partnership with Aston Martin
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Entered into a definitive agreement to establish a long-term strategic technology partnership with #AstonMartin #ElectricVehicles https://t.co/k6MMc0XFsn pic.twitter.com/kezsliICCN— Traders Community (@TradersCom) June 26, 2023
The stock market opened on a more upbeat note.
S&P 500 and Nasdaq trade near their best levels so far while the Dow Jones Industrial Average trades near its flat line.
The Vanguard Mega Cap Growth ETF (MGK) is up 0.4% and the Invesco S&P 500 Equal Weight ETF (RSP) is up 0.5%.
Most of the S&P 500 sectors trade up led by energy (+1.5%) by a wide margin.
Other top performers include the consumer discretionary (+0.8%), information technology (+0.8%), and materials (+0.8%) sectors. The defensive-oriented consumer staples (-0.6%) and health care (-1.4%) sectors are alone in negative territory.
Market breadth reflects a relatively strong positive bias driving the price action so far. Advancers lead decliners by a 3-to-1 margin at the NYSE and a 3-to-2 margin at the Nasdaq.
U.S. Treasuries higher start looking for a continuation of their rally from Friday.
Treasury futures rally accelerated once the focus shifted to action in Europe. European Central Bank policymakers are increasingly concerned about second-round effects of inflation and a wage-price spiral taking hold. Bank for International Settlements called for more rate hikes, warning that the fight against inflation is at a critical juncture.
the U.S. Treasury will sell $42 bln in 2-yr notes this afternoon. Crude oil is looking to recover some of last week’s loss while the U.S. Dollar Index is down 0.2% at 102.70.
Yield:
2-yr: -3 bps to 4.72%
3-yr: -4 bps to 4.29%
5-yr: -6 bps to 3.94%
10-yr: -5 bps to 3.69%
30-yr: -4 bps to 3.78%Dow 33,714.71 -12.72 -0.04%
S&P 500 4,328.82 -19.51 -0.45%
Nasdaq 13,335.78 -156.74 -1.16%
VIX 14.14 0.70 5.21%
Gold 1,932.70 3.10 0.16%
Oil 69.58 0.42 0.61%Equity indices in the Asia-Pacific region ended Tuesday on a mixed note.
Japan’s Nikkei: -0.5%,
Hong Kong’s Hang Seng: +1.9%,
China’s Shanghai Composite: +1.2%,
India’s Sensex: +0.7%,
South Korea’s Kospi: UNCH,
Australia’s ASX All Ordinaries: +0.5%.Japan’s May BoJ Core CPI 3.1% yr/yr (expected 3.0%; last 2.9%)
Japan’s Finance Minister Suzuki said that recent moves in the currency markets have been sharp and one-sided.
Hong Kong’s May trade deficit $26.4 bln (expected deficit of $32.6 bln; last deficit of $36.6 bln).
May Imports -16.7% m/m (expected -13.5%; last -11.9%) and Exports -15.6% m/m (expected -17.3%; last -13.0%)Chinese banks reportedly intervened in the currency market to support the yuan after the currency reached its lowest level against the dollar since late November.
Chinese banks have reportedly been asked to lend more to manufacturers.
The chairman of China’s State-owned Assets Supervision and Administration Commission of the State Council said that global trade is now growing as fast as it had been expected.Major European indices trade near their flat lines while Spain’s IBEX (+0.5%) outperforms thanks to leadership from bank stocks.
STOXX Europe 600: -0.2%,
Germany’s DAX: -0.1%,
U.K.’s FTSE 100: -0.1%,
France’s CAC 40: UNCH,
Italy’s FTSE MIB: +0.1%,
Spain’s IBEX 35: +0.5%.Italy’s June Consumer Confidence 108.6 (expected 105.5; last 105.1) and Business Confidence 100.3 (expected 101.0; last 101.2)
European Central Bank President Lagarde maintained a hawkish tone in remarks made at the two-day Sintra conference. Fed Chairman Powell is scheduled to speak at the conference tomorrow.
There is a growing sense that the ECB will follow its July rate hike with another increase in September.Germany is reducing its planned debt issuance for Q3 by EUR14 bln.
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