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Equity indices in the Asia-Pacific region ended the week on a mostly lower note while Hong Kong’s Hang Seng was closed due to severe weather.
Japan’s Nikkei: -1.2% (-0.3% for the week),
Hong Kong’s Hang Seng: CLOSED (-1.0% for the week),
China’s Shanghai Composite: -0.2% (-0.5% for the week),
India’s Sensex: +0.5% (+1.9% for the week),
South Korea’s Kospi: UNCH (-0.6% for the week),
Australia’s ASX All Ordinaries: -0.2% (-1.8% for the week).Japan’s July Overall Wage Income 1.3% yr/yr (last 2.3%)
July Current Account surplus JPY2.772 trln (expected surplus of JPY2.295 trln; last surplus of JPY1.509 trln).
Q2 GDP 1.2% qtr/qtr (expected 1.5%; last 0.8%); 4.8% yr/yr (expected 6.0%; last 3.2%).
Q2 GDP Capital Expenditure -1.0% qtr/qtr (expected 0.0%; last 1.4%)
Q2 Private Consumption -0.6% qtr/qtr (expected -0.5%; last 0.5%).
August Economy Watchers Current Index 53.6 (expected 54.4; last 54.4)Home buyers in China’s Nanjing will receive subsidies for new purchases.
Chevron’s LNG workers in Australia began a strike after failing to reach a contract agreement.
Standard & Poor’s affirmed New Zealand’s AA+ rating with a Stable outlook.
Major European indices trade in the red.
STOXX Europe 600: -0.1% (-1.1% week-to-date),
Germany’s DAX: -0.6% (-1.1% week-to-date),
U.K.’s FTSE 100: -0.2% (-0.5% week-to-date),
France’s CAC 40: -0.2% (-1.4% week-to-date),
Italy’s FTSE MIB: -0.6% (-2.3% week-to-date),
Spain’s IBEX 35: -0.3% (-1.6% week-to-date).Germany’s August CPI 0.3% m/m, as expected (last 0.3%); 6.1% yr/yr, as expected (last 6.2%)
Germany’s Institute for Economic Research lowered its 2023 GDP forecast for Germany to -0.4% from -0.2% while Citigroup lowered its 2023 growth forecast for the eurozone to 0.4% from 0.8%.France’s July Industrial Production 0.8% m/m (expected 0.1%; last -0.9%)
Spain’s July Industrial Production -1.8% yr/yr (expected -2.0%; last -3.2%)
There is still some uncertainty about next week’s rate decision from the European Central Bank, though overall expectations are leaning toward a pause.
Kroger Down 1% after earnings
Adj EPS of $0.96 beats by $0.05,
Rev of $33.85B misses by $270M
Identical Sales without fuel +1.0% with underlying growth of 2.6%
Kroger, Albertsons $ACI to sell over 400 stores to C&S Wholesalers for $1.9B
$KR Pre-Market: $45.00 -0.53 (-1.16%)Fed’s Barr:
Fed is ‘a long way’ from any decision on #CBDC
– Would only proceed with clear support of executive branch & legislation from Congress
– Says he remains ‘deeply concerned’ about stablecoin issuance without strong federal oversightFYI: No comments on monetary policy
Hudson Pacific Properties (HPP 6.56, -0.84, -11.4%): suspends common stock dividend, citing Hollywood strikes
Taiwan Semiconductor Manufacturing (TSM 89.69, -0.36, -0.4%): reports August revs decreased 13.5% yr/yr to NT$188.69 bln
Dow +107.48 at 34608.21, Nasdaq +80.71 at 13829.55, S&P +19.99 at 4471.13
The three major indices climbed to their best levels so far over the last half hour. Volume is below-average at the NYSE to this point in the session.
Ten of the 11 of the S&P 500 sectors trade in positive territory.
The energy sector (+1.4%) leads the lineup by a decent margin followed by the information technology sector (+0.9%). Meanwhile, the industrial (-0.2%) sector sits alone in the red.
The A-D line turned positive recently. Advancers have a better than 3-to-2 lead over decliners at the NYSE and a fractional lead at the Nasdaq.
September 10 – 16, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… You ca
[See the full post at: Traders Market Weekly: Impact of Global Risk Off Deleveraging]
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