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Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note.
—Equity Markets—
Japan’s Nikkei: -0.8%
Hong Kong’s Hang Seng: -1.7%
China’s Shanghai Composite: -1.1%
India’s Sensex: +0.1%
South Korea’s Kospi: -0.1%
Australia’s ASX All Ordinaries: -1.7%China’s securities regulator is reportedly pausing approvals for new global depositary receipt sales due to worries about the domestic market being pressured.
China’s power usage was up 11% yr/yr in February.
Australia’s employment saw its strongest growth since June in the February reading.
Reserve Bank of Australia is now expected to announce a rate cut at the August meeting.
Australia’s February Employment Change 64,600 (expected 48,500; last -11,000) and full employment change 74,900 (last -42,400). February Unemployment Rate 3.5% (expected 3.6%; last 3.7%)
New Zealand’s Q4 GDP -0.6% qtr/qtr (expected -0.2%; last 1.7%); 2.2% yr/yr (expected 3.3%; last 6.4%). Q4 GDP Expenditure -0.8% qtr/qtr (expected -0.2%; last 1.9%)
Japan’s January Core Machinery Orders 9.5% m/m (expected 1.8%; last 0.3%); 4.5% yr/yr (expected -3.5%; last -6.6%). February trade deficit JPY897.7 bln (expected deficit of JPY1.069 trln; last deficit of JPY3.499 trln).
February Imports 8.3% yr/yr (expected 12.2%; last 17.5%) and Exports 6.5% yr/yr (expected 7.1%; last 3.5%).
January Industrial Production -5.3% m/m (expected -4.6%; last 0.3%) and Capacity Utilization -5.5% m/m (last -1.1%)
Major European indices trade in the green.
—Equity Markets—
STOXX Europe 600: +0.1%
Germany’s DAX: +0.3%
U.K.’s FTSE 100: +0.4%
France’s CAC 40: +0.7%
Italy’s FTSE MIB: -0.1%
Spain’s IBEX 35: +0.5%Credit Suisse will borrow up to CHF50 bln from the Swiss National Bank to improve its liquidity.
Swiss February Unemployment Rate 3.3% (last 3.4%)
Germany’s Chancellor Scholz said that the EU will implement reforms to improve competitiveness.
The European Central Bank is still expected to announce a 50-bps rate hike later this morning.
Italy’s February CPI 0.2% m/m (expected 0.3%; last 0.1%); 9.1% yr/yr (expected 9.2%; last 10.0%)
Spain’s January trade deficit EUR3.96 bln (last deficit of EUR4.51 bln)
Adobe (ADBE 352.00, +18.4, +5.5%): beats by $0.12, reports revs in-line; guides MayQ EPS in-line, revs in-line; guides FY23 EPS above consensus
Dollar General (DG 214.00, -4.56, -2.1%): reports EPS in-line, revs in-line; reaffirms FY24 EPS guidance, guides FY24 revs in-line; raises dividend
Signet Jewelers (SIG 69.45, +1.57, +2.3%): beats by $0.09, reports revs in-line; guides Q1 revs below consensus; guides FY24 EPS above consensus, revs below consensus; Q4 comps -9.1%; increased its share buyback program by $263 million
Five Below, Inc. (FIVE 191.00, -7.17, -3.6%): reports EPS in-line, beats on revs, comps of +1.9%; guides AprQ EPS below consensus, revs in-line, comps of +2.5-4.0%; guides FY24 EPS in-line, revs in-line, comps of +1-4%
PagerDuty, Inc. (PD 29.61, +1.77, +6.4%): beats by $0.06, beats on revs; guides Q1 EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs in-line
UiPath Inc. (PATH 16.88, +2.24, +15.3%): beats by $0.08, beats on revs; guides Q1 revs above consensus; guides FY24 revs above consensus
Credit Suisse (CS 2.2700, +0.11, +5.1%): takes decisive action to pre-emptively strengthen liquidity and announces public tender offers for debt securities
First Republic Bank (FRC 22.76, -8.40, -27.0%): considers sale, according to Bloomberg
Western Alliance Bancorp. (WAL 28.82, -3.53, -10.9%): Fitch Places Western Alliance Bancorporation on rating watch negative
Meta Platforms (META 201.20, +3.45, +1.7%) and Snap (SNAP 11.03, +0.69, +6.7%):
US demanding TikTok’s Chinese owners to sell stakes or face a possible US ban, according to WSJ
Weekly initial jobless claims totaled 192,000 (consensus 215,000) following a prior revised count of 212,000 (from 211,000). Continuing claims came in at 1.684 million after a prior revised total of 1.713 million (from 1.718 million).
Housing starts totaled 1.45 million in February (consensus 1.313 million) following a revised total of 1.321 million in January (from 1.309 million).
Building permits totaled 1.542 million in February (consensus 1.345 million) after a total of 1.339 million in January.
Philadelphia Fed Index rose to -23.2 in March (consensus -13.0) from -24.3 in February.
Import prices fell 0.1% in February following a revised 0.4% decline in January (from -0.2%). Import prices, excluding oil, rose 0.4% following a revised 0.2% increase in January (from 0.3%).
Export prices rose 0.2% in February following a revised 0.5% increase in January (from 0.8%). Export prices, excluding agriculture, rose 0.1% following a revised 0.6% incline in January (from 0.8%).
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