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Bonds weaker for most part…
10-Yr: -3/32..3.564%.. USD/JPY: 132.82.. EUR/USD: 1.0914
Longer-dated Treasuries continue hovering near their flat lines while shorter tenors underperform, sitting near their lows.
Equities are off to a solid start, looking to build on their big gains from yesterday. The S&P 500 (+0.5%) has extended this week’s advance to 1.9% while the Nasdaq (+0.7%) is now up 1.6% for the week.
Yields:
2-yr: +7 bps to 4.14%
3-yr: +3 bps to 3.92%
5-yr: +2 bps to 3.69%
10-yr: UNCH at 3.57%
30-yr: -2 bps to 3.76%Equity indices in the Asia-Pacific region ended the week on a higher note.
Japan’s Nikkei: +0.9% (+2.4% for the week)
Hong Kong’s Hang Seng: +0.5% (+2.4% for the week)
China’s Shanghai Composite: +0.4% (+0.2% for the week)
India’s Sensex: +1.8% (+2.6% for the week)
South Korea’s Kospi: +1.0% (+2.6% for the week)
Australia’s ASX All Ordinaries: +0.8% (+3.3% for the week)China’s Manufacturing and Non-Manufacturing PMIs remained in expansionary territory for the third consecutive month with Non-Manufacturing PMI reaching its highest level since mid-2011.
China’s March Manufacturing PMI 51.9 (expected 51.5; last 52.6) and Non-Manufacturing PMI 58.2 (expected 54.3; last 56.3)
Hong Kong’s February Retail Sales 31.3% yr/yr (last 7.0%)China’s vice finance minister said that fiscal policy adjustments need to be stepped up.
Japan will impose export restrictions on 23 types of chipmaking equipment starting in July.
Japan’s February Retail Sales 6.6% yr/yr (expected 5.8%; last 5.0%), February Industrial Production 4.5% m/m (expected 2.7%; last -5.3%), February jobs/applications ratio 1.34 (expected 1.36; last 1.35), and February Unemployment Rate 2.6% (expected 2.4%; last 2.4%). February Construction Orders 22.3% yr/yr (expected 5.1%; last -14.0%) and Housing Starts -0.3% yr/yr (expected -0.5%; last 6.6%). March Tokyo CPI 3.3% yr/yr (last 3.4%) and Tokyo Core CPI 3.2% yr/yr (expected 3.1%; last 3.3%)
South Korea’s February Retail Sales 5.3% m/m (last -1.1%). February Industrial Production -3.2% m/m (expected -0.5%; last 2.4%); -8.1% yr/yr (expected -8.3%; last -13.0%)
Hong Kong’s February Retail Sales 31.3% yr/yr (last 7.0%)
Australia’s February Private Sector Credit 0.3% m/m (expected 0.4%; last 0.4%) and Housing Credit 0.3% m/m (expected 0.2%; last 0.3%)
Major European indices are looking for a higher finish to the quarter after the release of a big batch of data.
-Equity Markets—
STOXX Europe 600: +0.5% (+3.9% week-to-date)
Germany’s DAX: +0.5% (+4.3% week-to-date)
U.K.’s FTSE 100: +0.3% (+3.3% week-to-date)
France’s CAC 40: +0.6% (+4.2% week-to-date)
Italy’s FTSE MIB: +0.2% (+4.6% week-to-date)
Spain’s IBEX 35: +0.4% (+5.2% week-to-date)U.K.’s Q4 GDP was revised to reflect a slight expansion.
U.K.’s Q4 GDP 0.1% qtr/qtr (expected 0.0%; last -0.3%); 0.6% yr/yr (expected 0.4%; last 0.2%). Q4 Business Investment -0.2% qtr/qtr (expected 4.8%; last 0.1%); 10.8% yr/yr (expected 13.2%; last 8.0%). March Nationwide HPI -0.8% m/m (expected -0.3%; last -0.5%); -3.1% yr/yr (expected -2.2%; last -1.1%)
U.K. agreed to join the trans-Pacific partnership.
European Central Bank policymaker Kazaks said that rate hikes will need to continue to combat inflation.
Eurozone’s February Unemployment Rate 6.6% (expected 6.7%; last 6.6%). March CPI 0.9% m/m (expected 0.8%; last 0.8%); 6.9% yr/yr (expected 7.1%; last 8.5%). March Core CPI 1.2% m/m (expected 0.6%; last 0.8%); 5.7% yr/yr, as expected (last 5.6%)
Germany’s February Retail Sales -1.3% m/m (expected 0.5%; last 0.1%); -7.1% yr/yr (expected -6.1%; last -6.9%). February Import Price Index -2.4% m/m (expected -1.0%; last -1.2%); 2.8% yr/yr (expected 4.2%; last 6.6%). March Unemployment change 16,000 (expected 3,000; last 2,000) and March Unemployment Rate 5.6% (expected 5.5%; last 5.5%).
France’s February Consumer Spending -0.8% m/m (expected 0.2%; last 1.7%). February PPI -0.9% m/m (last 2.5%). March CPI 0.8% m/m, as expected (last 1.0%); 5.6% yr/yr (expected 5.5%; last 6.3%)
Italy’s January Industrial Sales -1.1% m/m (last 0.7%); 8.6% yr/yr (last 14.9%). March CPI -0.3% m/m (expected 0.0%; last 0.2%); 7.7% yr/yr (expected 8.2%; last 9.1%)
Spain’s January Current Account surplus EUR3.27 bln (last surplus of EUR1.70 bln)
Tesla (TSLA 196.05, +0.77, +0.4%): CEO Elon Musk plans to visit China, according to Reuters
First Republic Bank (FRC 13.86, +0.17, +1.2%): moving higher on MA regulator probing insiders’ stock sales, according to Reuters
Ford Motor (F 12.34, +0.05, +0.4%): ups F-150 Lightning prices, according to Automotive News
Nikola Corporation (NLKA 1.3400, -0.06, -4.3%): prices offering of 29,910,715 shares of common stock at $1.12 per share
Treasury yields pulled back noticeably after the 8:30 a.m. ET data release.
The 2-yr note yield, at 4.18% a short time ago, pulled back to 4.12%.
The 10-yr note yield, at 3.56% a short time ago, sits at 3.53% now.Dow 33,274.15 415.12 1.26%
S&P 500 4,109.31 58.48 1.44%
Nasdaq 12,221.91 208.44 1.74%
VIX 18.70 -0.32 -1.68%
Gold 1,986.90 -10.80 -0.54%
Oil 75.55 1.18 1.59%TGIF with 1 of best jams all-time to kick off the weekend 🙂
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