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[See the full post at: Traders Market Weekly: NVidia, AI and The Debt Ceiling]Equity indices in the Asia-Pacific region began the week on a mostly higher note.
—Equity Markets—
Japan’s Nikkei: +0.9%
Hong Kong’s Hang Seng: +1.2%
China’s Shanghai Composite: +0.4%
India’s Sensex: +0.4%
South Korea’s Kospi: +0.8%
Australia’s ASX All Ordinaries: -0.3%Chipmakers in China rallied after the country’s government banned Micron’s (MU) products from being used in key infrastructure projects. T
he G7 released a joint statement calling on China to “play by international rules” and criticizing the country for its activities in the South China Sea.
Japan’s March Core Machinery Orders -3.9% m/m (expected 0.7%; last -4.5%); -3.5% yr/yr (expected 1.4%; last 9.8%)
Hong Kong’s April CPI 2.1% yr/yr (expected 1.8%; last 1.7%)
Major European indices trade in the red while Spain’s IBEX (+0.6%) outperforms, holding a solid gain.
—Equity Markets—
STOXX Europe 600: -0.1%
Germany’s DAX: -0.4%
U.K.’s FTSE 100: -0.1%
France’s CAC 40: -0.3%
Italy’s FTSE MIB: -0.9%
Spain’s IBEX 35: +0.6%Greek Prime Minster Mitsotakis’ party won a general election by a wide margin and there is an expectation that the party will win outright majority in a second round.
European Central Bank President Lagarde repeated that the governing council has not finished raising rates yet.
Eurozone’s March Construction Output -2.4% m/m (expected 0.0%; last 1.8%)
Micron (MU 65.03, -3.14, -4.6%): confirmed Cyberspace Administration of China concluded Micron products present a cybersecurity risk and notified critical information infrastructure operators in China to stop using Micron products
Meta Platforms (META 242.42, -3.22, -1.3%):
European Data Protection Board fines Facebook EUR 1.2 billion as a result of EDPB binding decision
Apple (AAPL 173.40, -1.76, -1.0%): downgraded to Hold from Buy at Loop Capital
DraftKings (DKING 24.83, +0.72, +3.0%): upgraded to Buy from Neutral at UBS
Norfolk Southern (NSC 222.78, +5.04, +2.3%): upgraded to Buy from Neutral at Citigroup; upgraded to Overweight from Equal Weight at Wells Fargo
PacWest Bancorp (PACW 5.96, +0.23, +4.0%): discloses it entered into a loan purchase and sale agreement with unit of Kennedy-Wilson Holdings (KW) to sell a portfolio of 74 real estate construction loans with an approximate $2.6 bln aggregate principal balance currently outstanding
VectivBio (VECT 16.65, +4.95, +42.4%):
Ironwood (IRWD) enters into definitive agreement to acquire VECT for $17.00/share
Minneapolis Fed President Neel Kashkari (FOMC voter) said in a CNBC interview that it’s a close call between raising rates in June or skipping a meeting, adding that if the Fed skips in June, it does not mean the tightening cycle is over.
Treasury yields are little changed from Friday’s settlement levels.
The 2-yr note yield is down two basis points to 4.26% and the 10-yr note yield is down two basis points to 3.67%.
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