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Energy complex futures are inching higher.
WTI crude oil futures are up 1.4% to $76.15/bbl and natural gas futures are up 1.8% to $3.37/mmbtu.
The S&P 500 futures are up 16 points and are trading 0.3% above fair value.
The Nasdaq 100 futures are up 39 points and are trading 0.3% above fair value.
The Dow Jones Industrial Average futures are up 110 points and are trading 0.5% above fair value.Premarket gains in some mega cap stocks help to boost the broader market. Tesla (TSLA 121.68, +2.83, +2.4%) leads the pack, but Amazon.com (AMZN 90.71, +0.84, +0.9%), Apple (AAPL 131.45, +0.72, +0.6%), and Microsoft (MSFT 230.41, +1.56, +0.7%) also exhibit sizable gains.
Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note.
—Equity Markets—
Japan’s Nikkei: UNCH
Hong Kong’s Hang Seng: +0.4%
China’s Shanghai Composite: +0.1%
India’s Sensex: -0.3%
South Korea’s Kospi: +0.2%
Australia’s ASX All Ordinaries: +1.1%Japanese banks and the yen rallied after it was reported that the Bank of Japan will review the side effects of its monetary easing at next week’s policy meeting.
Officials from the U.S. and Taiwan will be negotiating a trade agreement in the coming days.
Customs officials in China have reportedly been told to resume clearing shipments of coal from Australia.
China’s December CPI 0.0% m/m (expected -0.1%; last -0.2%); 1.8% yr/yr, as expected (last 1.6%). December PPI -0.7% yr/yr (expected -0.1%; last -1.3%)
Japan’s November Current Account surplus JPY1.92 trln (expected JPY650 bln; last deficit of JPY610 bln). December Economy Watchers Current Index 47.9 (expected 47.8; last 48.1)
Australia’s November trade surplus AUD13.20 bln (expected surplus of AUD10.50 bln; last surplus of AUD12.22 bln). November Imports -1.5% m/m (last -2.0%) and Exports -0.4% m/m (last -1.2%)Major European indices trade in positive territory.
—Equity Markets—
STOXX Europe 600: +0.6%
Germany’s DAX: +0.8%
U.K.’s FTSE 100: +0.9%
France’s CAC 40: +1.1%
Italy’s FTSE MIB: +0.8%
Spain’s IBEX 35: +1.2%The European Central Bank’s latest economic bulletin noted that ECB staff expects that a short and shallow recession took place at the turn of the year.
Consumer inflation expectations decreased to 5.0% from 5.4% while expectations for the next three years dipped to 2.9% from 3.0%, according to an ECB survey.
ECB policymaker de Cos said that the governing council plans to continue boosting rates “significantly” during the next few meetings.
Italy and Spain sold nearly EUR14 bln of debt to good demand.Taiwan Semiconductor Manufacturing Co. (TSM 83.94, +2.16, +2.6%): beats by NT$0.29, misses on revs; guides Q1 revs below consensus
Walt Disney (DIS 98.01, +1.68, +1.7%): Trian nominates Nelson Peltz for election to Disney Board
T Mobile (TMUS 148.40, -0.40, -0.3%): mulling acquisition of Mint Mobile, according to Bloomberg
Anheuser-Busch InBev (BUD 60.37, -1.51, -2.4%): downgraded to Sell from Neutral at UBS
Netflix (NLFX 331.50, +4.24, +1.3%): upgraded to Buy from Hold at Jefferies
American Airlines (AAL 16.00, +0.66, +4.3%): raises Q4 outlook above expectations
KB Home (KBH 34.96, -0.98, -2.7%): misses by $0.38, misses on revs, net orders decreased 80% yr/yr to 692; guides FY23 revenue inline
Tesla (TSLA 123.70, +0.48, +0.4%): expansion of Shanghai factory has been delayed, according to Bloomberg
Logitech Int’l SA (LOGI 57.53, -10.62, -15.6%): sees Q3 revs below expectations; lowers FY23 outlookConsumer Price Index (CPI) fell 0.1% in December (consensus 0.0%) following a 0.1% month/month incline in November. Core-CPI rose 0.3% in December (consensus +0.3%) following a 0.2% increase in November.
Weekly initial jobless claims totaled 205,000 consensus 210,000) after a revised 206,000 total last week (from 204,000). Continuing claims came in at 1.634 million after last week’s revised count of 1.697 million (from 1.694 million).
The S&P 500 futures are up 26 points and are trading 0.6% above fair value.
The Nasdaq 100 futures are up 86 points and are trading 0.8% above fair value.
The Dow Jones Industrial Average futures are up 186 points and are trading 0.6% above fair value.The key takeaway from the CPI report, however, is that services inflation, which the Fed is keeping a close watch on, did not improve. On a year-over-year basis, services inflation was up 7.5% versus 7.2% in November. Excluding rent of shelter, services inflation increased 7.4% year-over-year versus 7.3% in November. Excluding medical care services, services inflation was up 8.0% year-over-year versus 7.6% in November.
#RIPJeffBeck Another Great Gone To Heaven – He certainly had a ‘Heart Full Of Soul’ https://t.co/Bt2dhD1Ttd via @YouTubee
— Traders Community (@TradersCom) January 11, 2023
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