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Eurozone’s July Manufacturing PMI fell to 42.7 from 43.4, as expected, and June Unemployment Rate remained at 6.4% (expected 6.5%).
Germany’s July Manufacturing PMI fell to 38.8 from 40.6, as expected. July Unemployment decreased by 4,000 (expected 20,000; last 30,000) and July Unemployment Rate dipped to 5.6% from 5.7% (expected 5.7%).
France’s July Manufacturing PMI fell to 45.1 from 46.0 (expected 44.5).
Italy’s July Manufacturing PMI rose to 44.5 from 43.8 (expected 44.2) and July Unemployment Rate fell to 7.4% from 7.5% (expected 7.7%).
Spain’s July Manufacturing PMI fell to 47.8 from 48.0 (expected 48.3).U.K.’s July Manufacturing PMI fell to 45.3 from 46.5 (expected 45.0). July Nationwide HPI was down 0.2% m/m, as expected (last 0.1%) and down 3.8% yr/yr, as expected (last -3.5%).
Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note.
Japan’s Nikkei: +0.8%,
Hong Kong’s Hang Seng: -0.3%,
China’s Shanghai Composite: UNCH,
India’s Sensex: -0.1%,
South Korea’s Kospi: +1.3%,
Australia’s ASX All Ordinaries: +0.5%.Japan’s July Manufacturing PMI 49.6 (expected 49.4; last 49.8). June jobs/applications ratio 1.30 (expected 1.32; last 1.31) and June Unemployment Rate 2.5%, as expected (last 2.6%)
Japan’s Ministry of Labor is reportedly seeking a record increase to the minimum hourly pay.
China’s Caixin Manufacturing PMI returned into contractionary territory after expanding slightly for the past two months.
China’s July Caixin Manufacturing PMI 49.2 (expected 50.3; last 50.5)Property names in Hong Kong gave back some of their stimulus-driven gains from last week.
China’s National Development and Reform Commission noted that the recovery in some consumption categories has been tentative and consumer confidence has been lacking.South Korea’s July Manufacturing PMI 49.4 (expected 48.1; last 47.8).
July trade surplus $1.63 bln (expected surplus of $3.03 bln; last surplus of $1.13 bln).
July Imports -25.4% yr/yr (expected -24.6%; last -11.7%)
Exports -16.5% yr/yr (expected -14.5%; last -6.0%)Hong Kong’s June Retail Sales 19.6% yr/yr (expected 26.7%; last 18.4%)
Property names in Hong Kong gave back some of their stimulus-driven gains from last week..
Australia’s June Building Approvals -7.7% m/m (expected -7.0%; last 20.5%).
June Home Loans -2.8% m/m (expected 1.7%; last 5.1%)
Private House Approvals -1.3% m/m (last 0.9%).
July Commodity Prices -23.5% yr/yr (expected -19.0%; last -21.5%)
July Manufacturing PMI 49.6 (expected 49.4; last 49.8)
The Reserve Bank of Australia left its cash rate at 4.10% against expectations for a 25-bps increase.New Zealand’s June Building Consents 3.5% m/m (expected 0.3%; last -2.3%)
Major European indices trade in the red.
STOXX Europe 600: -0.6%,
Germany’s DAX: -0.9%,
U.K.’s FTSE 100: -0.2%,
France’s CAC 40: -0.9%,
Italy’s FTSE MIB: -0.9%,
Spain’s IBEX 35: -0.8%.
IHouse prices in the U.K. fell at their fastest yr/yr pace in nearly 14 years in July.
BMW missed margin expectations for Q2 but raised its outlook for the year.
BP saw a sharp drop in Q2 profit, but still raised its dividend by 10%.
Final July Manufacturing PMI readings from Germany, France, U.K., Spain, and Italy remained in contractionary territory.
Merck (MRK 108.45, +1.80, +1.7%): beats by $0.12, beats on revs; guides FY23 EPS above consensus, raises revs in-line
Caterpillar (CAT 269.20, +4.03, +1.5%): beats by $0.98, beats on revs
BP (BP 37.70, +0.40, +1.1%): misses by $0.26; misses on revs; raises dividend; increases share repurchase program
Uber (UBER 51.37, +1.91, +3.9%): beats by $0.19, misses on revs
CVS (CVS 74.50, -0.19, -0.3%): aiming to eliminate 5000 jobs, according to WSJ
Pfizer (PFE 35.73, -0.33, -0.9%): beats by $0.10, misses on revs; reaffirms FY23 EPS guidance; slightly lowered top end of FY23 rev guidance
ZoomInfo (ZI 20.46, -5.11, -20.0%): beats by $0.03, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY23 EPS in-line, revs below consensus, also announces $500 mln share repurchase authorization; downgraded to Hold from Buy at Deutsche Bank
Western Digital (WDC 41.50, -1.06, -2.5%): beats by $0.04, beats on revs; guides SepQ EPS below consensus, revs below consensus; Flash market dynamics are improving as inventories normalize and price declines moderate
Stanley Black & Decker (SWK 100.50, +1.23, +1.2%): beats by $0.25, beats on revs; guides FY23 EPS in-line
SBA Comm (SBAC 223.61, +4.66, +2.1%): beats by $0.09, reports revs in-line; raises FY23 FFO above consensus, raises revs in-line; declares dividend
JetBlue Airways (JBLU 7.30, -0.47, -6.1%): beats by $0.01, reports revs in-line; guides Q3 EPS below consensus; guides FY23 EPS below consensus
Eaton (ETN 210.29, +4.97, +2.4%): beats by $0.10, beats on revs; guides Q3 EPS above consensus; raises FY23 EPS above consensus
Norwegian Cruise Line (NCLH 20.48, -1.58, -7.5%): beats by $0.04, beats on revs; guides Q3 EPS below consensus; guides FY23 EPS in-line^^^ +1s for excellent analysis … the BULLS keep running up the score
as 2023 1st HALF has been great for equities … However many issues loom large1. Will OIL continue to go higher & increase INFLATION (avg GAS = $3.75)
2. FOMC still has PUNCHBOWL in hand (so no decrease in rates ahead)
3. will MAIN STREET still stay strong in consumer spending
4. Will ICARUS fly too high & those golden wings of wax melt – lolEarly Morning:
Dow +3.43 at 35562.87, Nasdaq -61.24 at 14285.18, S&P -13.67 at 4576.56
10yr +9bps to 4.04% 2yr +5bps to 4.90%
USD higher across board
10 of 11 S&P 500 sectors down. Losses range -0.1% (utilities) to -1.4% (energy). Information technology flat
DJIA green with Caterpillar $CAT 284.30, +19.30, +7.2% & Merck $MRK 107.53, +0.88, +0.8%
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