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The S&P 500 futures are down 4 points and are trading 0.2% below fair value.
The Nasdaq 100 futures are up 18 points and are trading 0.1% above fair value.
The Dow Jones Industrial Average futures are down 61 points and are trading 0.1% below fair value.Equity indices in the Asia-Pacific region ended the week on a higher note.
—Equity Markets—
Japan’s Nikkei: +1.2% (-2.9% for the week)
Hong Kong’s Hang Seng: +1.6% (+1.0% for the week)
China’s Shanghai Composite: +0.7% (+0.6% for the week)
India’s Sensex: +0.6% (-1.9% for the week)
South Korea’s Kospi: +0.8% (+0.1% for the week)
Australia’s ASX All Ordinaries: +0.5% (-2.2% for the week)The People’s Bank of China announced a 25-bps cut to the reserve requirement ratio, which will be effective March 27. China Securities Journal speculated that the Chinese economy needs more fiscal and monetary policy support.
Outgoing Bank of Japan Governor Kuroda said that he believes the central bank still has room to lower rates below -0.10%.
Japan’s trade minister said that South Korea has not been granted “white nation status” and that export controls remain in place.China’s February FDI 6.1% YTD (last 14.5%)
Japan’s February Tertiary Industry Activity Index 0.9% m/m (expected 0.5%; last -0.4%)
Singapore’s February trade surplus SGD6.71 bln (last surplus of SGD6.28 bln). February non-oil exports -8.0% m/m (expected -0.5%; last 0.9%); -15.6% yr/yr (expected -16.0%; last -25.0%)
Major European indices trade in negative territory.
—Equity Markets—
STOXX Europe 600: -0.7% (-3.1% week-to-date)
Germany’s DAX: -1.1% (-4.1% week-to-date)
U.K.’s FTSE 100: -0.8% (-5.0% week-to-date)
France’s CAC 40: -1.2% (-4.1% week-to-date)
Italy’s FTSE MIB: -1.3% (-6.3% week-to-date)
Spain’s IBEX 35: -1.3% (-5.8% week-to-date)European Central Bank policymaker Kazimir said that the ECB is not at the finish line yet and that rate hikes should continue despite recent events while policymaker Villeroy de Galhau said that fighting inflation remains the priority.
Credit Suisse and UBS reportedly opposed a forced merger.
Eurozone’s February CPI 0.8% m/m, as expected (last -0.2%); 8.5% yr/yr, as expected (last 8.6%). February Core CPI 0.8% m/m, as expected (last -0.8%); 5.6% yr/yr, as expected (last 5.3%). Q4 Labor Cost Index 5.7% yr/yr (last 3.7%)
Italy’s January trade deficit EUR2.81 bln (last deficit of EUR2.64 bln)
FedEx (FDX 227.92, +23.87, +11.7%): beats by $0.67, misses on revs; raises FY23 EPS guidance
U.S. Steel (X 25.35, +0.83, +3.4%): guides Q1 EPS above consensus; expects trends to continue into Q2
Sarepta Therapeutics (SRPT 123.98, -25.69, -17.2%): moving lower after FDA determines that an advisory committee meeting will be held for SRP-9001
NVIDIA (NVDA 259.96, +4.55, +1.8%): upgraded to Overweight from Equal Weight at Morgan Stanley
Bumble (BMBL 19.55, +0.18, +0.9%): Citi initiated coverage with a Buy
Bidu (BIDU 144.50, +6.35, +4.6%): wins China Capital City’s first-ever permit to provide fully driverless ride-hailing service
First Republic Bank (FRC 29.60, -4.67, -13.6%): confirms it will receive $30 bln; provides cash position update; will suspend dividend
Total industrial production was unchanged month-over-month in February (consensus +0.5%) following an upwardly revised revised 0.3% increase (from 0.0%) in January.
The capacity utilization rate held steady at 78.0% (Briefing.com consensus 78.5%) following a downward revision to 78.0% (from 78.3%) for January.
The key takeaway from the report is that industrial production activity is softening, evidenced both by the year-over-year decline in total production and a capacity utilization rate that is near its lowest level since September 2021.
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