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Wholesale Inventories were flat in May (consensus -0.1%) following a revised 0.3% decline in April (from 0.1%).
Market participants remain in wait-and-see mode ahead of the June Consumer Price Index tomorrow at 8:30 a.m. ET
Equity indices in the Asia-Pacific region ended Tuesday on a higher note.
—Equity Markets—
Japan’s Nikkei: UNCH
Hong Kong’s Hang Seng: +1.0%
China’s Shanghai Composite: +0.6%
India’s Sensex: +0.4%
South Korea’s Kospi: +1.7%
Australia’s ASX All Ordinaries: +1.5%The People’s Bank of China announced a continuation of policies aimed at maintaining a stable and healthy development of the real estate market until the end of 2024.
FT reported that China will announce rules for controlling content provided by artificial intelligence services.
China’s June New Loans CNY3.05 trln (expected CNY2.337 trln; last CNY1.36 trln) and total social financing CNY4.22 trln (expected CNY3.00 trln; last CNY1.56 trln)
Major European indices trade in positive territory while the U.K.’s FTSE (-0.1%) underperforms amid weakness in financials and select consumer names.
—Equity Markets—
STOXX Europe 600: +0.8%
Germany’s DAX: +0.8%
U.K.’s FTSE 100: -0.1%
France’s CAC 40: +1.4%
Italy’s FTSE MIB: +0.8%
Spain’s IBEX 35: +0.8%ZEW Economic Sentiment surveys for Germany and the eurozone weakened in their respective July readings with Germany’s survey falling to a level not seen since December.
ZEW economists expect additional deterioration by the end of the year due to high short-term interest rates.Eurozone’s July ZEW Economic Sentiment -12.2 (expected -10.2; last -10.0)
Germany’s July ZEW Economic Sentiment -14.7 (expected -10.5; last -8.5) and July ZEW Current Conditions -59.5 (expected -60.0; last -56.5). June CPI 0.3% m/m, as expected (last -0.1%); 6.4% yr/yr, as expected (last 6.1%)Italy’s May Industrial Production 1.6% m/m (expected 0.7%; last -2.0%); -3.7% yr/yr (expected -4.5%; last -7.4%)
U.K.’s May Average Earnings Index + Bonus 6.9% yr/yr (expected 6.8%; last 6.7%),
May three-month employment change 102,000 (expected 125,000; last 250,000),
May Unemployment Rate 4.0% (expected 3.8%; last 3.8%).
June claimant count change 25,700 (expected -8,600; last -22,500)A couple of ECB policymakers spoke about persistently high inflation.
The NATO summit began in Lithuania today.Microsoft (MSFT 332.01, +0.18, +0.1%): to eliminate more jobs, according to CNBC
Uber (UBER 42.71, -0.07, -0.2%): CFO Nelson Chai plans to leave the company, according to Bloomberg
Iovance Biotherapeutics (IOVA 7.75, -1.04, -11.8%): prices offering of 20.0 mln shares of common stock at $7.50 per share
T-Mobile (TMUS 139.38, +1.04, +0.8%): Goldman Sachs named the stock a top pick and reiterated its Buy rating
Zillow (ZG 48.70, +2.10, +4.5%): upgraded to Overweight from Neutral at Piper Sandler
JPMorgan (JPM 146.80, +1.65, +1.1%): Jefferies upgraded to Buy from Hold
NVIDIA (NVDA 424.90, +3.10, +0.7%): KeyBanc upped price target to $550 from $500 and maintained Overweight rating
3M (MMM 99.10, +1.91, +2.0%): upgraded to Neutral from Underperform at BofA Securities
Amazon (AMZN 128.05, +0.92, +0.7%): Prime Day has begun;
Amazon to challenge EU digital rules, according to FTNFIB Small Business Optimism Survey for June rose to 91.0 from 89.4 in May.
US small business confidence hits a 7-month high in June as sentiment is starting to turn more optimistic (more like less pessimistic perhaps) on the economy.
Sales expectations improved further n the month but the tight labor market continues to drive concerns about inflation. That said, the percentage of business owners seen raising their average prices fell to just 29% – the lowest since March 2021.
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