Traders Market Weekly: The Consumer Matters

Viewing 15 posts - 31 through 45 (of 55 total)
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  • #67508
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note.

    Japan’s Nikkei: -0.3%,
    Hong Kong’s Hang Seng: -0.6%,
    China’s Shanghai Composite: -0.2%,
    India’s Sensex: +0.1%,
    South Korea’s Kospi: -0.9%,
    Australia’s ASX All Ordinaries: +0.3%.

    #67509
    Truman
    Participant

    Japan’s November Reuters Tankan Index 6 (last 4).
    September Leading Index -0.5% m/m (last 1.0%)
    Coincident Indicator 0.1% m/m (last 0.4%)

    Japan’s 10-yr yield extended its pullback from its October high, reaching its lowest level in nearly three weeks.
    Japan’s Finance Minister Suzuki said that real wages in Japan could turn positive in June.
    Moody’s affirmed Japan’s A1 rating with a Stable outlook.

    #67510
    Truman
    Participant

    South Korea’s September Current Account surplus $5.42 bln (last surplus of $4.98 bln)

    #67511
    Truman
    Participant

    Australia’s September Building Approvals -4.6% m/m, as expected (last 8.1%)
    Private House Approvals -4.6% m/m, as expected (last 7.2%)

    New Zealand’s Q4 Inflation Expectations 2.8% (last 2.8%)

    #67512
    Truman
    Participant

    People’s Bank of China Governor Pan said that China is still expected to reach 5.0% growth in 2023.
    There was ongoing speculation about more cuts to loan rates in China before the end of the year.

    #67513
    Truman
    Participant

    Major European indices trade near their flat lines.

    STOXX Europe 600: +0.1%,
    Germany’s DAX: +0.1%,
    U.K.’s FTSE 100: +0.1%,
    France’s CAC 40: +0.3%,
    Italy’s FTSE MIB: +0.1%,
    Spain’s IBEX 35: +0.2%.

    Adidas missed operating profit expectations and issued a cautious outlook.

    #67514
    Truman
    Participant

    Eurozone’s September Retail Sales -0.3% m/m (expected -0.2%; last -0.7%); -2.9% yr/yr (expected -3.1%; last -1.8%)
    European Central Bank policymaker Nagel said that “lively” wage growth and falling supply of labor will underpin inflation while policymaker Stournaras said that the ECB could cut rates in the second half of 2024 if inflation decelerates below 3.0%.
    Meanwhile, the International Monetary Fund believes that the ECB needs to keep its policy rate at or close to 4.0% through next year to slow inflation.

    Germany’s October CPI 0.0% m/m, as expected (last 0.3%); 3.8% yr/yr, as expected (last 4.5%)

    France’s September trade deficit EUR8.9 bln (expected deficit of EUR8.1 bln; last deficit of EUR8.3 bln). September Current Account deficit EUR2.50 bln (last deficit of EUR1.10 bln)

    Italy’s September Retail Sales -0.3% m/m (expected -0.2%; last -0.4%); 1.3% yr/yr (last 2.4%)

    #67515
    Truman
    Participant

    Occidental Petro (OXY 60.49, +0.29, +0.5%): beats by $0.30, beats on revs; announces that BlackRock (BLK) will invest $550 mln on behalf of clients in the development of STRATOS, the world’s largest Direct Air Capture facility, in Ector County, Texas

    #67516
    Truman
    Participant

    Gilead Sciences (GILD 79.02, -1.59, -2.0%): beats by $0.37, beats on revs; raises FY23 EPS and product sales guidance

    eBay (EBAY 38.02, -2.75, -6.8%): beats by $0.03, reports revs in-line; guides Q4 EPS in-line, revs below consensus; observing signs of a more muted seasonal uptick over the holidays

    Akamai Tech (AKAM 114.60, +5.74, +5.3%): beats by $0.13, beats on revs; guides Q4 EPS above consensus, revs in-line

    Robinhood Markets (HOOD 8.85, -0.91, -9.3%): beats by $0.01, misses on revs

    DaVita (DVA 85.60, +5.51, +6.9%): beats by $0.84, beats on revs; guides Q4 EPS below consensus

    Dutch Bros (BROS 27.90, +1.26, +4.7%): beats by $0.08, beats on revs; guides FY23 revs in-line

    CAVA Group (CAVA 34.15, +0.45, +1.3%): beats by $0.07, beats on revs, comps of +14.1%; raises FY23 comp guidance

    Clear Secure (YOU 20.87, +3.11, +17.5%): beats by $0.09, beats on revs; guides Q4 revs above consensus; raises dividend; announces special dividend and $100 mln increase to buyback authorization

    Biogen (BIIB 246.26, +0.68, +0.3%): beats by $0.39, beats on revs; guides FY23 EPS below consensus, but raises FY23 revenue outlook

    Upwork (UPWK 14.90, +2.88, +23.9%): beats by $0.11, beats on revs; guides Q4 EPS in-line, revs above consensus

    #67517
    Truman
    Participant

    Rivian Automotive (RIVN 18.95, +1.53, +8.8%):

    Reports Q3 (Sep) results, beats on revs;
    increases FY23 production guidance;
    will enable other companies to purchase its Commercial Vans, currently exclusively used by Amazon (AMZN)

    #67518
    Truman
    Participant

    Market
    Dow 34177.85 +25.25 (0.07%)
    Nasdaq 13620.36 -19.50 (-0.14%)
    SP 500 4379.03 +0.65 (0.01%)
    10-yr Note +1/32 4.556
    NYSE Adv 1227 Dec 1427 Vol 137 mln
    Nasdaq Adv 1589 Dec 2362 Vol 1.2 bln

    Industry Watch
    Strong: Real Estate, Information Technology, Industrials, Materials, Consumer Staples
    Weak: Utilities, Energy, Consumer Discretionary, Communication Services

    Moving the Market
    — Not a lot of conviction as investors wait to see if the rally will continue

    — Ongoing relative strength in mega cap stocks

    — Monitoring price action in Treasuries; results for today’s $40 billion 10-yr note auction will be released at 1:00 p.m. ET

    — Sharp decline in oil related to growth concerns

    #67519
    Truman
    Participant

    Oil prices continue to sink.

    WTI crude oil futures are down 1.5% to $76.23/bbl.
    The energy sector (-0.6%) is among the worst performing sectors so far.

    #67533
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended Thursday on a mixed note.

    Japan’s Nikkei: +1.5%,
    Hong Kong’s Hang Seng: -0.3%,
    China’s Shanghai Composite: UNCH,
    India’s Sensex: -0.2%,
    South Korea’s Kospi: +0.2%,
    Australia’s ASX All Ordinaries: +0.2%

    #67534
    Truman
    Participant

    China’s

    October CPI -0.1% m/m (expected 0.0%; last 0.2%); -0.2% yr/yr (expected -0.1%; last 0.0%).
    October PPI -2.6% yr/yr (expected -2.7%; last -2.5%)

    China’s Vice Premier He will meet with Treasury Secretary Yellen in San Francisco today.
    The Biden administration is reportedly being urged by some Congressmen to raise tariffs on Chinese-made vehicles.
    China’s Commerce Ministry will aim to stabilize the confidence of foreign firms in China.

    #67535
    Truman
    Participant

    Japan’s

    September Current Account surplus JPY2.01 trln (expected surplus of JPY2.30 trln; last surplus of JPY1.50 trln).
    October Bank Lending 2.8% yr/yr, as expected (last 2.9%). October Economy Watchers Current Index 49.5 (expected 50.1; last 49.9)

    The Bank of Japan’s summary of opinions for October noted that the decision to widen the yield curve control band will reduce the chance of speculative moves in the market.
    Former BoJ official Maeda said that the central bank may end its negative interest rate policy in January.

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