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The People’s Bank of China lowered its medium-term lending facility rate by 10 bps to 2.65%, marking the first cut in ten months.
China’s National Bureau of Statistics cautioned that the economic recovery is not yet solid. Japan’s Prime Minister Kishida said that he will not dissolve the lower house of parliament during the current session.
China’s May Industrial Production 3.5% yr/yr (expected 3.8%; last 5.6%), May Retail Sales 12.7% yr/yr (expected 13.7%; last 18.4%), May Fixed Asset Investment 4.0% yr/yr (expected 4.4%; last 4.7%), and May House Prices 0.1% yr/yr (last -0.2%). May FDI 0.1% YTD (last 2.2%)
Japan’s Prime Minister Kishida said that he will not dissolve the lower house of parliament during the current session.
Japan’s April Core Machinery Orders 5.5% m/m (expected 3.0%; last -3.9%); -5.9% yr/yr (expected -8.0%; last -3.5%).
April Tertiary Industry Activity Index 1.2% m/m (expected 0.5%; last -1.5%).
May trade deficit JPY780 bln (expected deficit of JPY1.12 trln; last deficit of JPY1.04 trln).
May Imports -9.9% yr/yr (expected -10.3%; last -2.3%) and Exports 0.6% yr/yr (expected -0.8%; last 2.6%)Australia’s yield curve has inverted for the first time since 2008 after the release of a better than expected employment report for May.
Australia’s May Employment Change 75,900 (expected 15,000; last -4,000) and full employment change 61,700 (last -28,600). May Participation Rate 66.9% (expected 66.7%; last 66.7%) and May Unemployment Rate 3.6% (expected 3.7%; last 3.7%)
New Zealand’s economy contracted for the second consecutive quarter in Q1, marking the start of a technical recession.
New Zealand’s Q1 GDP -0.1% qtr/qtr, as expected (last -0.7%); 2.2% yr/yr (expected 2.6%; last 2.3%).
Q1 GDP Expenditure -0.2% qtr/qtr (expected 2.1%; last -0.9%)Major European indices pulled back after the European Central Bank decided to raise the three key ECB interest rates by 25 basis points.
—Equity Markets—
STOXX Europe 600: -0.8%
Germany’s DAX: -0.7%
U.K.’s FTSE 100: +0.1%
France’s CAC 40: -0.8%
Italy’s FTSE MIB: -0.7%
Spain’s IBEX 35: UNCHSwitzerland’s KOF Institute raised its domestic growth forecast for 2023 to 1.2% from 1.1% while the 2024 forecast remained at 1.7%. The CPI forecast for 2023 was lowered to 2.2% from 2.6% while the 2024 forecast remained at 1.5%.
Swiss May PPI -0.3% m/m (expected 0.1%; last 0.2%); -0.3% yr/yr (expected -0.2%; last 1.0%)
British Prime Minister Sunak has reportedly abandoned a plan to encourage supermarkets to impose a price cap on basic goods.
Eurozone’s April trade deficit EUR11.7 bln (expected surplus of EUR21.5 bln; last surplus of EUR23.6 bln)
Italy’s April trade surplus EUR318 mln (last surplus of EUR7.623 bln)
Spain’s April trade deficit EUR4.38 bln (expected surplus of EUR2.01 bln; last deficit of EUR160 mln)France’s May CPI -0.1% m/m, as expected (last 0.6%); 5.1% yr/yr, as expected (last 5.9%)
Lennar (LEN 117.29, +2.54, +2.2%): beats by $0.62, beats on revs, deliveries of 17,074 above its guidance; sharply raises FY23 deliveries guidance
Patterson-UTI (PTEN 11.13) and NexTier Oilfield Solutions (NEX 8.92): to combine in merger of equals
T-Mobile (TMUS 129.55, +1.50, +1.2%): Morgan Stanley reinstated the stock as a top pick
Domino’s Pizza (DPZ 312.45, +6.73, +2.2%): upgraded to Buy from Hold at Stifel
Diageo plc (DEO 172.48, -0.31, -0.2%) downgraded to Neutral from Buy at Goldman Sachs
SoFi Technologies (SOFI 9.27, -0.47, -4.8%): downgraded to Perform from Outperform at Oppenheimer
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