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Equity indices in the Asia-Pacific region began the week on a mixed note.
—Equity Markets—
Japan’s Nikkei: -0.6%
Hong Kong’s Hang Seng: +0.6%
China’s Shanghai Composite: +0.2%
India’s Sensex: +0.1%
South Korea’s Kospi: -0.2%
Australia’s ASX All Ordinaries: -0.5%Treasury Secretary Yellen concluded her visit to China, saying that the U.S. and China have significant disagreements and they must be communicated clearly and directly.
The People’s Bank of China should shift its stimulus focus to consumption, according to a PBoC advisor.
China’s CPI was unchanged yr/yr in the June reading while PPI contracted for the ninth consecutive month.
China’s June CPI -0.2% m/m (expected 0.0%; last -0.2%); 0.0% yr/yr (expected 0.2%; last 0.2%).
June PPI -5.4% yr/yr (expected -5.0%; last -4.6%)Japan’s May Current Account surplus JPY1.70 trln (expected surplus of JPY1.20 trln; last surplus of JPY1.90 trln).
June Economy Watchers Current Index 53.6 (expected 55.0; last 55.0)Australia’s May Building Approvals 20.6% m/m, as expected (last -6.8%)
Private House Approvals 0.9% m/m, as expected (last -3.0%)Major European indices trade in the green.
—Equity Markets—
STOXX Europe 600: +0.3%
Germany’s DAX: +0.6%
U.K.’s FTSE 100: +0.5%
France’s CAC 40: +0.7%
Italy’s FTSE MIB: +0.6%
Spain’s IBEX 35: +0.2%Dutch Prime Minister Rutte’s coalition government collapsed due to a disagreement over immigration policy. A general election will be held later this year.
European Central Bank policymaker Villeroy de Galhau said that the ECB’s peak rate will be reached soon and that the inflationary peak has been passed in France.
Eurozone’s July Sentix Investor Confidence -22.5 (expected -17.9; last -17.0)
NVIDIA (NVDA 427.76, +2.73, +0.6%): Goldman Sachs reiterated Buy rating and raised price target to $495 from $440
Netflix (NFLX 438.90, +0.80, +0.2%): Morgan Stanley raised price target to $450 from $350; reiterates Equal Weight rating
Tesla (TSLA 276.25, +1.82, +0.7%): Jefferies raised price target to $265 from $185; maintains Hold rating
Taiwan Semiconductor Manufacturing (TSM 100.45, +0.22, +0.2%): reports June 2023 revs -11.1% yr/yr to NT 156.4 bln
Helen of Troy (HELE 124.83, +11.96, +10.6%): beats by $0.26, beats on revs; reaffirms FY24 EPS guidance, revs guidance
Fisker (FSR 5.96, -0.04, -0.7%): announces $340 mln convertible notes offering with potential to increase to $680 mln; rolls out first models to US buyers, according to WSJ
S&P 500 futures are down 2 points and are trading slightly below fair value.
Nasdaq 100 futures are down 5 points and are trading fractionally below fair value.
Dow Jones Industrial Average futures are up 13 points and are trading 0.1% above fair value.Treasury yields turned lower again.
The 2-yr note yield is down two basis points to 4.91% and the 10-yr note yield is unchanged at 4.05%.
The U.S. Dollar Index is up 0.2% to 102.43.
Dow +210.31 at 33945.10, Nasdaq +7.92 at 13669.01, S&P +12.06 at 4412.28
Stock market opened on a mixed note. Weak mega cap stocks have weighed on the major indices while the broader market exhibits relative strength.
The Vanguard Mega Cap Growth ETF (MGK) is down 0.5% while the Invesco S&P 500 Equal Weight ETF (RSP) trades up 1.0%.
Most of the S&P 500 sectors trade up led by industrials (+1.3%), financials (+1.0%), and health care (+0.8%). Lagging mega cap components have pinned the information technology (-0.4%) and communication services (-0.5%) sector to last place on the leaderboard.
A drop in market rates has been supportive of equities so far.
The 2-yr note yield is down six basis points to 4.89% and the 10-yr note yield is down two basis points to 4.03%.
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