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The Bank of Japan is expected to increase its inflation forecast for FY23/24 above 2.0%.
There was ongoing speculation that the Bank of Japan could alter its yield curve control policy later this month.
Japan’s May Industrial Production -2.2% m/m (expected -1.6%; last 0.7%) and Capacity Utilization -6.3% m/m (expected -2.5%; last 3.0%)India’s June trade deficit $20.13 bln (expected deficit of $20.10 bln; last deficit of $22.12 bln).
June WPI Inflation -4.12% yr/yr (expected -3.60%; last -3.48%)Major European indices trade near their flat lines.
—Equity Markets—
STOXX Europe 600: +0.1% (+3.2% week-to-date)
Germany’s DAX: -0.2% (+3.2% week-to-date)
U.K.’s FTSE 100: +0.1% (+2.6% week-to-date)
France’s CAC 40: +0.3% (+3.9% week-to-date)
Italy’s FTSE MIB: -0.1% (+3.5% week-to-date)
Spain’s IBEX 35: -0.1% (+2.4% week-to-date)British government is forecast to need about GBP2-5 bln in 2023 and GBP3 bln in 2024 to fund the recently-implemented pay hike for public sector employees.
Ericsson released soft quarterly results and guidance while Nokia lowered its revenue forecast for the year.
Eurozone’s May trade deficit EUR300 mln (expected deficit of EUR7.6 bln; last deficit of EUR12.0 bln)
Germany’s June WPI -0.2% m/m (expected -1.2%; last -1.1%); -2.9% yr/yr (expected -1.2%; last -2.6%)
Italy’s May trade surplus EUR4.711 bln (expected surplus of EUR1.450 bln; last surplus of EUR362 mln)
Swiss June PPI 0.0% m/m (expected 0.2%; last -0.3%); -0.6% yr/yr (expected -1.2%; last -0.3%)
JPMorgan Chase (JPM 152.67, +3.80, +2.6%): beats by $0.40, beats on revs; excluding First Republic, the provision was $1.7 billion, reflecting net charge-offs of $1.4 billion and a net reserve build of $326 million
Wells Fargo (WFC 45.07, +1.36, +3.1%): beats by $0.10, beats on revs; 2023 net interest income is expected to grow 14% yr/yr, up from prior guidance of +10%
BlackRock (BLK 728.08, -11.72, -1.6%): beats by $0.76, reports revs in-line; $831 billion increase in AUM since year-end 2022
UnitedHealth (UNH 462.20, +14.45, +3.2%): beats by $0.13, beats on revs; raises FY23 EPS in-line; the second quarter 2023 medical care ratio at 83.2% compared to 81.5% last year
Microsoft (MSFT 348.70, +6.04, +1.8%): UBS upgrades to Buy from Neutral; UK regulator extends probe of Activision (ATVI) deal by six weeks
AT&T (T 14.93, -0.19, -1.3%): JPMorgan downgrades to Neutral from Overweight
Meta Platforms (META 311.20, -2.21, -0.7%): Threads engagement has dropped since debut, according to CNBC
Scandinavian Telephone Blues..
Sweden’s Ericsson released soft quarterly results and guidance.
Finland’s Nokia lowered its revenue forecast for the year.
$ERIC 5.16 ▼ -0.58 (-10.19%) today
$NOK 3.92 ▼ -0.43 (-10.00%) today
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