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Conagra (CAG 38.10, +0.52, +1.4%): beats by $0.12, reports revs in-line; raises FY23 EPS above consensus
The ADP Employment Change Report for March showed private sector employment increasing by 145,000 (consensus 205,000) following an upwardly revised 261,000 (from 242,000) in February. Weak pockets included manufacturing (-30,000), financial activities (-51,000), professional/business services (-46,000), and information (-7,000).
ADP Jobs Report Adds Just 145K Jobs in March with Financial Industry and Technology Layoffs
February Trade Balance Report showed a widening in the trade deficit to $70.5 billion (consensus -$69.0 billion) from a downwardly revised $68.7 billion (from -$68.3 billion) in January. Exports were $6.9 billion less than January exports and imports were $5.0 billion less than January imports.
The key takeaway from the report is that the decline in both exports and imports is reflective of a slowdown in global trade activity.
Treasury yields took a turn lower in response to the data. The 10-yr note yield, at 3.34% shortly before the release, is down three basis points to 3.30% and the 2-yr note yield, at 3.77% shortly before the release, is down nine basis points to 3.74%.
The S&P 500 futures are down 8 point and are trading slightly below fair value.
The Nasdaq 100 futures are down 24 points and are trading 0.1% below fair value.
The Dow Jones Industrial Average futures are down 20 points and are trading 0.1% below fair value.Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note.
Japan’s Nikkei: -1.2% (-2.0% week-to-date),
Hong Kong’s Hang Seng: +0.3% (-0.3% for the week),
China’s Shanghai Composite: +0.4% (+1.2% week-to-date),
India’s Sensex: +0.2% (+1.4% for the week),
South Korea’s Kospi: -1.4% (-0.7% week-to-date),
Australia’s ASX All Ordinaries: -0.3% (+0.5% for the week).Markets in Australia, Singapore, Hong Kong, India, and New Zealand will be closed for Good Friday tomorrow.
Australia’s February trade surplus AUD13.87 bln (expected surplus of AUD11.10 bln; last surplus of AUD11.266 bln).
China’s Caixin Services PMI reached its highest level in three years in the March reading. The New Orders component reached its highest level since December 2020.
China’s government aims to cut taxes and fees on businesses by CNY1.8 trln this year.
China’s March Caixin Services PMI 57.8 (expected 54.8; last 55.0)Hong Kong’s March Manufacturing PMI 53.5 (last 53.9)
Bank of Japan Governor Kuroda said that the Japanese economy is no longer deflating.
The Reserve Bank of India held its repurchase rate at 6.50% against expectations for a 25-bps rate hike. However, the central bank acknowledged that more rate hikes could be on the horizon.
Major European indices trade in positive territory amid light volume leading up to Good Friday.
STOXX Europe 600: +0.5% (+0.3% week-to-date),
Germany’s DAX: +0.4% (-0.4% week-to-date),
U.K.’s FTSE 100: +0.7% (+1.1% week-to-date),
France’s CAC 40: +0.3% (+0.2% week-to-date),
Italy’s FTSE MIB: +0.6% (-0.3% week-to-date),
Spain’s IBEX 35: +0.6% (+0.9% week-to-date).Markets in Germany, France, U.K., Italy, Spain, and Switzerland will be closed for Good Friday tomorrow.
Eurozone’s March Construction PMI 45.0 (expected 49.1; last 47.6)
Germany’s February Industrial Production 2.0% m/m (expected 0.1%; last 3.7%). March Construction PMI 42.9 (expected 47.9; last 48.6)
France’s March Construction PMI 45.3 (expected 46.3; last 45.2)
Italy’s March Construction PMI 47.4 (expected 49.6; last 48.9)U.K.’s March Construction PMI 50.7 (expected 53.5; last 54.6). March Halifax House Price Index 0.8% m/m (expected -0.3%; last 1.2%); 1.6% yr/yr (expected 0.3%; last 2.1%)
The Bank of England’s decision maker panel survey showed that year-ahead CPI expectations dipped to 5.8% from 5.9% while the three-year outlook dipped to 3.4% from 3.5%.
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