- This topic has 84 replies, 4 voices, and was last updated 2 weeks, 4 days ago by
.
- Posts
Equity indices in the Asia-Pacific region began the week on a mostly higher note.
-Equity Markets—
Japan’s Nikkei: -0.7%
Hong Kong’s Hang Seng: +1.2%
China’s Shanghai Composite: +1.8%
India’s Sensex: +1.2%
South Korea’s Kospi: +0.5%
Australia’s ASX All Ordinaries: +0.8%China’s Agriculture Ministry is taking steps to stabilize this year’s grain supply.
China’s April FX Reserves $3.205 trln (expected $3.192 trln; last $3.184 trln)
Japan’s Services PMI remained in expansionary territory for the seventh month in a row in the April reading.
Japan’s April Services PMI 55.4 (expected 54.9; last 55.0)Japan’s Prime Minister Kishida met with South Korea’s President Yoon.
Leaders from China, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan will take part in the Central Asia summit at the end of next week.
Australia’s March Building Approvals -0.1% m/m (expected 3.0%; last 3.9%)
April NAB Business Confidence 0, as expected (last -1). April NAB Business Survey 14 (expected 9; last 16)Major European indices trade in the green while the U.K.’s FTSE is closed for a bank holiday.
—Equity Markets—
STOXX Europe 600: +0.4%
Germany’s DAX: +0.2%
U.K.’s FTSE 100: CLOSED
France’s CAC 40: +0.3%
Italy’s FTSE MIB: +0.4%
Spain’s IBEX 35: +0.8%European Central Bank policymaker Knot said that rate hikes have started to have an effect, but more increases will be needed to contain inflation. He added that the 2.0% inflation goal could be reached in 2025.
Fitch lowered the long-term rating of the European Financial Stability Facility to AA- from AA. The Italian Treasury may reduce its stake in BMPS.
Eurozone’s May Sentix Investor Confidence -13.1 (expected -8.0; last -8.7)
Germany’s March Industrial Production -3.4% m/m (expected -1.3%; last 2.1%); 1.6% yr/yr (expected -0.5%; last 0.8%)
Treasury Secretary Janet Yellen warned of “economic chaos” if the debt ceiling is not raised, according to CNBC. This comes ahead of President Biden’s meeting with House Speaker McCarthy and other Congressional leaders on May 9.
The S&P 500 futures are up 7 points and are trading 0.2% above fair value.
The Nasdaq 100 futures are down 6 points and are trading slightly fair value.
The Dow Jones Industrial Average futures are up 78 points and are trading 0.2% above fair value.Market waiting to see if there will be any follow through on Friday’s rally. This week also brings another batch of potentially market-moving events. Senior Loan Officer Opinion Survey will be released today, the Consumer Price Index (CPI) on Wednesday, and the Producer Price Index (PPI) on Thursday.
The 2-yr note yield is up five basis points to 3.96% and the 10-yr note yield is up three basis points to 3.46%.
Oil prices are sharply higher, up 2.8% to $73.32/bbl.
PacWest (PACW 7.95, +2.19, +37.9%) and Western Alliance (WAL 30.27, +3.05, +11.2%): continued rally effort in regional bank stocks after big gains on Friday; separately, PacWest announced a cut in its dividend to $0.01 per share from $0.25
Alcoa (AA 36.95, +0.80, +2.2%): JPMorgan initiated coverage with an Overweight rating
Pentair (PNR 59.00, +1.13, +2.0%): upgraded to Buy from Neutral at UBS
American Airlines (AAL 14.31, +0.44, +3.2%): upgraded to Overweight from Neutral at JPMorganSpectrum Brands (SPB 76.97, +6.60, +9.4%): SPB and the DOJ reach a settlement regarding the HHI Acquisition
Baxter (BAX 46.21, +0.16, +0.4%): Private equity firms are interested in BAX’s biopharma unit, according to Reuters
Estee Lauder (EL 211.06, +7.52, +3.7%): Nelson Peltz mulling shakeup at Estee Lauder, according to NY Post
Occidental Petroleum (OXY 60.35, -0.29, -0.5%): Warren Buffett says he will not take full control of Occidental, according to CNBC
Catalent (CTLT 38.10, -9.65, -20.2%): delays third quarter results and conference call; expects to significantly reduce both its fiscal 2023 net revenue and Adjusted EBITDA guidance by more than $400 million each
- You must be logged in to reply to this topic.