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Equity indices in the Asia-Pacific region began the week on a mixed note.
Japan’s Nikkei: -0.4%,
Hong Kong’s Hang Seng: -0.6%,
China’s Shanghai Composite: +0.8%,
India’s Sensex: +0.8%,
South Korea’s Kospi: +0.4%,
Australia’s ASX All Ordinaries: +0.4%.Banks in Japan outperformed after Bank of Japan Governor Ueda said that there is a chance that negative rates could end this year, though it was unclear if he was referencing the end of the calendar year or the end of the fiscal year in March.
China’s August CPI 0.3% m/m, as expected (last 0.2%); 0.1% yr/yr, as expected (last -0.3%).
August PPI -3.0% yr/yr, as expected (last -4.4%).
August New Loans CNY1.36 trln (expected CNY1.20 trln; last CNY345.9 bln)
August total social financing CNY3.12 trln (expected CNY2.46 trln; last CNY528.2 bln)China Securities Journal speculated that the People’s Bank of China will continue lowering the reserve requirement ratio.
Japan’s August Machine Tool Orders -17.6% yr/yr (last -19.7%)
Banks in Japan outperformed after Bank of Japan Governor Ueda said that there is a chance that negative rates could end this year, though it was unclear if he was referencing the end of the calendar year or the end of the fiscal year in March.
Major European indices trade on a higher note.
STOXX Europe 600: +0.3%,
Germany’s DAX: +0.4%,
U.K.’s FTSE 100: +0.1%,
France’s CAC 40: +0.5%,
Italy’s FTSE MIB: +0.8%,
Spain’s IBEX 35: +0.3%.Italy’s July Industrial Production -0.7% m/m (expected -0.3%; last 0.5%); -2.1% yr/yr (expected -1.7%; last -0.7%)
The European Central Bank will meet later this week and expectations for a hawkish pause are being solidified.
The European Commission’s summer economic forecast lowered the 2023 growth outlook for the eurozone to 0.8% from 1.1% while Germany’s forecast was lowered to -0.4% from +0.2%.
Standard & Poor’s affirmed Portugal’s BBB+ rating and raised the outlook to Positive from Stable.
Qualcomm (QCOM 114.22, +8.08, +7.6%): enters agreement with Apple (AAPL) for Snapdragon 5G Modem-RF Systems supply
Meta Platforms (META 302.00, +4.11, +1.4%): looks to improve AI system, according to WSJ
J.M. Smucker (SJM 138.00, -3.58, -2.5%): looking to buy Hostess Brands, according to WSJ
Boeing (BA 213.14, +1.87, +0.9%): Vietnam to buy $7.8 bln worth of jets from Boeing, according to Bloomberg
RTX (RTX 80.92, -2.56, -3.1%):
provides update on Pratt & Whitney GTF fleet; updates FY23 and FY25 outlooks; pre-tax operating profit impact is estimated to be between $3 billion and $3.5 billion over the next several years, inclusive of an approximately $3 billion pre-tax charge in Q3, after partners’ share of charges
S&P futures vs fair value: +16.00. Nasdaq futures vs fair value: +100.00.
Equity futures indicate a higher open after the market logged sizable declines last week.
Treasury yields are moving higher.
The 2-yr note yield is up two basis points to 4.99% and the 10-yr note yield is up 4.30%.
WTI crude oil futures are down 0.5% to $87.04/bbl.
Dow 34,663.72 87.13 0.25%
S&P 500 4,487.46 29.97 0.67%
Nasdaq 13,917.89 156.37 1.14%
VIX 13.80 -0.04 -0.29%
Gold 1,945.50 -1.70 -0.09%
Oil 87.27 -0.02 -0.02%Casey’s General (CASY) beats by $1.16, reports revs in-line, inside comps of +5.4%, fuel comps of +0.4%; reaffirms FY24 financial targets
CASY up 2.6%Mission Produce (AVO) misses by $0.07, beats on revs; expects OctQ industry volumes to be flat or slightly lower yr/yr; authorizes $20 mln for repurchases
AVO up 0.8%CVS Health (CVS) reiterates its FY23 EPS and cash flow from operations guidance ahead of its upcoming presentation on September 12…
CVS down 0.8%
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