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US will allow South Korea and Taiwan chipmakers to keep operations in China, according to the Wall Street Journal
Not looking good:
Port of Seattle shut its cargo operations, according to Bloomberg
San Francisco hotel market is struggling amid crime and quality of life issues, according to the Wall Street Journal
Oracle (ORCL) beats by $0.09, reports revs in-line; guides on call; guides Q1 EPS in-line, guides Q1 revs above consensus… ORCL up 3.6%
Mega cap stocks
Vanguard Mega Cap Growth ETF (MGK) rose 1.5%
Invesco S&P 500 Equal Weight ETF (RSP) rose 0.7%.
S&P 500 closed with a 0.9% gain.Most of the S&P 500 sectors closed with a gain.
Information technology (+2.1%) was the top performer by a decent margin followed by consumer discretionary (+1.7%) and communication services (+1.2%), all of which benefitted from strong mega cap constituents.Energy sector was the worst performer, down 1.0%, as oil prices fell ($67.09/bbl, -3.21, -4.6%).
This was in response to Goldman Sachs cutting its Brent crude forecast to $86.00/bbl from $95.00/bbl and its WTI crude forecast to $81.00/bbl from $89.00/bbl, citing higher oil supplies.
Nasdaq Composite: +28.6% YTD
S&P 500: +13.0% YTD
Russell 2000: +6.4% YTD
S&P Midcap 400: +5.1% YTD
Dow Jones Industrial Average: +2.8% YTDMay Treasury Budget showed a deficit of $240.3 billion compared to a deficit of $66.2 billion in the same period a year ago.
The deficit in May was the result of outlays ($547.8 billion) exceeding receipts ($307.5 billion).
The Treasury Budget data is not seasonally adjusted so the May 2023 deficit cannot be compared to the April 2023 surplus.
The key takeaway from the report is that the level of outlays was the second highest in fiscal 2023.
Equity indices in the Asia-Pacific region ended Tuesday on a higher note.
—Equity Markets—
Japan’s Nikkei: +1.8%
Hong Kong’s Hang Seng: +0.6%
China’s Shanghai Composite: +0.2%
India’s Sensex: +0.7%
South Korea’s Kospi: +0.3%
Australia’s ASX All Ordinaries: +0.2%The People’s Bank of China lowered its seven-day reverse repurchase rate by ten basis points to 1.90% and there was continued speculation about a potential medium-term lending facility rate cut.
China’s May New Loans CNY1.36 trln (expected CNY1.60 trln; last CNY718.8 bln), May outstanding loan growth 11.4% yr/yr (expected 11.6%; last 11.8%), and May total social financing CNY1.56 trln (expected CNY2.00 trln; last CNY1.22 trln)
The Japanese government will reportedly delay its plan to hike taxes to fund higher defense spending until 2025.
Japan’s Q2 BSI Large Manufacturing Conditions -0.4 (expected -4.2; last -10.5)
National Australia Bank increased its Reserve Bank of Australia terminal rate forecast to 4.60% from 4.35%.
Australia’s June Westpac Consumer Sentiment 0.2% (expected 0.0%; last -7.9%).
May NAB Business Confidence -4 (expected 0; last 0) and NAB Business Survey 8 (expected 10; last 15)Property names in Hong Kong continued displaying relative strength.
New Zealand’s April Visitor Arrivals -16.9% m/m (expected 84.9%; last -1.0%)
Major European indices trade mostly higher with Spain’s IBEX (-0.4%) showing relative weakness amid pressure on banks.
—Equity Markets—
STOXX Europe 600: +0.2%
Germany’s DAX: +0.5%
U.K.’s FTSE 100: +0.4%
France’s CAC 40: +0.5%
Italy’s FTSE MIB: +0.6%
Spain’s IBEX 35: -0.4%Economists from Germany’s ZEW Institute noted that the current recession is “not particularly alarming.”
Eurozone’s June ZEW Economic Sentiment -10.0 (expected -11.9; last -9.4)
Germany’s May CPI -0.1% m/m, as expected (last 0.4%); 6.1% yr/yr (expected 6.1%; last 7.2%). June ZEW Economic Sentiment -8.5 (expected -13.1; last -10.7) and ZEW Current Conditions -56.5 (expected -40.0; last -34.8)
Italy’s Q1 Unemployment Rate 8.0% (expected 7.8%; last 7.9%)
Spain’s May CPI 0.0% m/m (expected -0.1%; last 0.6%); 3.2% yr/yr, as expected (last 4.1%). May Core CPI 6.1% yr/yr (last 6.6%)
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