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in with the old …
UBS AG (UBS 19.76, +0.49, +2.5%): names Sergio P. Ermotti as CEO, effective April 5
Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while India’s Sensex was closed for Ram Navami.
Japan’s Nikkei: -0.4%,
Hong Kong’s Hang Seng: +0.6%,
China’s Shanghai Composite: +0.7%,
India’s Sensex: CLOSED,
South Korea’s Kospi: +0.4%,
Australia’s ASX All Ordinaries: +1.1%.South Korea’s April Manufacturing BSI Index 67 (last 65)
New Zealand’s February Building Consents -9.0% m/m (last -5.2%). March ANZ Business Confidence -43.4 (expected -40.0; last -43.3)
China’s Premier Li Qiang delivered his first major speech, lauding improved economic performance in March relative to the first two months of the year.
China and Brazil agreed to trade in their own currencies instead of the U.S. dollar.Thailand’s central bank announced a 25-bps rate hike to 1.75%, as expected.
Major European indices trade on a firmly higher note, thanks in part to a cooler than expected March CPI reading from Spain.
STOXX Europe 600: +1.2%,
Germany’s DAX: +1.3%,
U.K.’s FTSE 100: +0.9%,
France’s CAC 40: +1.4%,
Italy’s FTSE MIB: +1.3%,
Spain’s IBEX 35: +1.6%.Eurozone’s March Business and Consumer Survey 99.3 (expected 99.8; last 99.6)
Italy’s February Unemployment Rate 8.0%, as expected (last 8.0%). February PPI -1.0% m/m (last -7.5%); 9.6% yr/yr (last 31.7%)
Spain’s February Retail Sales 4.0% yr/yr (last 5.5%). March CPI 0.4% m/m (expected 0.7%; last 0.9%); 3.3% yr/yr (expected 3.8%; last 6.0%). March Business Confidence -2.9 (expected -4.5; last -5.8)
European Central Bank policymaker Schnabel said that rising unit labor costs suggest the presence of second round inflationary effects, adding that she has not seen a general outflow of deposits from eurozone banks.
The latest economic bulletin from the ECB noted that inflation is projected to remain “too high for too long.”Bank of England policymaker Mann said that the central bank is facing a tough task during the second half of 2023 since core inflation has not slowed as much as headline inflation.
Roku (ROKU 66.30, +2.39, +3.7%): approved a restructuring plan – expected to impact approximately 200 employees, approximately 6% of the Company’s workforce
Charles Schwab (SCHW 54.55, -0.66, -1.2%): downgraded to Equal Weight from Overweight at Morgan Stanley
Philip Morris International (PM 96.36, +1.64, +1.7%): upgraded to Overweight from Neutral at JPMorgan
RH (RH 230.02, -15.69, -6.4%): misses by $0.48, reports revs in-line; guides Q1 revs below consensus; guides FY24 revs below consensus; expects business conditions to remain challenging for next several quarters and possibly longer
Weekly initial jobless claims came in at 198,000 (consensus 196,000) following last week’s total of 191,000. Continuing claims totaled 1.689 million after last week’s revised count of 1.685 million (from 1.694 million).
Q4 GDP fell to 2.6% in the third estimate (from 2.7%) and the Q4 GDP Deflator was unchanged at 3.9% in the third estimate.
Dow +85.95 at 32803.46, Nasdaq +99.54 at 12025.77, S&P +22.92 at 4052.00
The Nasdaq and S&P 500 trade near session highs while the Dow lags somewhat.
S&P 500 financial sector (flat) briefly slipped into negative territory recently. Charles Schwab (SCHW 53.15, -2.05, -3.7%) is a top laggard there after it was downgraded to Equal Weight from Overweight at Morgan Stanley.
First Republic Bank (FRC 13.92, -0.33, -2.3%) is another top laggard with no specific news catalyst to account for the weakness.
Mega cap stocks leadership role recently as evidenced by the slight outperformance of the Vanguard Mega Cap Growth ETF (MGK), up 0.9% versus a 0.7% gain in the S&P 500.
CBOE Volatility Index took a sharp turn higher around the time that the stock market opened, up 1.7% or 0.32 to 19.45.
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