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Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note.
Japan’s Nikkei: -1.7%,
Hong Kong’s Hang Seng: -3.0%,
China’s Shanghai Composite: -0.5%,
India’s Sensex: +0.5%,
South Korea’s Kospi: -0.9%,
Australia’s ASX All Ordinaries: -1.2%.Australia’s May trade surplus AUD11.791 bln (expected surplus of AUD10.500 bln; last surplus of AUD10.454 bln).
May Imports 2.5% m/m (last 1.7%) and Exports 4.4% m/m (last -6.4%)Australia Trade Surplus Rises More Than Expected in May to $12.237 Billion
Chinese banks listed in Hong Kong underperformed amid reports that large lenders lowered rates for corporate dollar deposits.
Banks reportedly halted purchases of bonds in the Shanghai free trade zone due to increased regulatory scrutiny.
Taiwan Semiconductor Manufacturing said that it does not expect a negative impact from China’s impending export restrictions on gallium and germanium.
The utilization of the discount window at the Hong Kong Monetary Authority reached a record on Wednesday.
Major European indices trade in the red.
STOXX Europe 600: -1.3%,
Germany’s DAX: -1.2%,
U.K.’s FTSE 100: -1.3%,
France’s CAC 40: -1.8%,
Italy’s FTSE MIB: -1.0%,
Spain’s IBEX 35: -1.0%.Eurozone’s May Retail Sales 0.0% m/m (expected 0.2%; last 0.0%); -2.9% yr/yr (expected -2.7%; last -2.9%)
Germany’s May Factory Orders 6.4% m/m (expected 1.2%; last 0.2%)
U.K.’s June Construction PMI 48.9 (expected 51.0; last 51.6)
A survey conducted by the British Chambers of Commerce showed that fewer than half of polled companies plan to raise prices in the next three months, adding that wage pressures have become the main driver of inflation.
There are some concerns that the water level in Germany’s Rhine river could decrease to a point where cargo ships would not be able to pass.
American Express (AXP 172.65, -2.32, -1.3%): downgraded to Neutral from Outperform at Robert W. Baird
Affirm (AFRM 14.57, -0.85, -5.5%): downgraded to Underweight from Neutral at Piper Sandler
Meta Platforms (META 300.10, +5.73, +2.0%): introduces Threads, a new app, built by the Instagram team, for sharing text updates and joining public conversations; CEO Mark Zuckerberg says Threads had 10 million sign ups in seven hours
JetBlue Airways (JBLU 9.21, -0.12, -1.3%): issues statement regarding its Northeast Alliance, or NEA, with American Airlines (AAL): strongly disagree with court ruling against the NEA, but will not appeal
Exxon Mobil (XOM 105.82, -1.09, -1.0%): details items that will impact Q2 results; changes in gas prices negatively impacting Q2 upstream earnings by $1.8-2.2 bln
Bank of America (BAC 29.10, +0.02, +0.1%): to increase its quarterly dividend 9% to $0.24/share beginning in 3Q23
Fidelity Nat’l Info (FIS 61.56, +1.76, +2.9%): accelerates path to create two highly focused independent companies; announces agreement for GTCR to acquire majority stake in Worldpay at $18.5 bln valuation
According to ADP, private sector hiring increased by 497,000 in June (consensus 245,000) following a downwardly revised 267,000 (from 278,000) in May.
Jobs in the goods-producing sector increased by 124,000 while jobs in the service-providing sector surged by 373,000.
Small and medium businesses led the hiring, registering gains of 299,000 and 183,000, respectively, versus a decline of 8,000 positions at large establishments.
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