Traders Market Weekly: Summer, Manufacturing, Jobs and Debt Ceiling

Viewing 15 posts - 1 through 15 (of 99 total)
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  • #58950
    Truman
    Participant

    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%

    #58951
    Truman
    Participant

    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.

    #58952
    Truman
    Participant

    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%)

    #58953
    Truman
    Participant

    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%

    #58954
    Truman
    Participant

    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.

    #58955
    Truman
    Participant

    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%)

    #58956
    Truman
    Participant

    Standard & Poor’s raised Ireland’s rating to AA from AA- with a Stable outlook.

    #58957
    Truman
    Participant

    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

    #58958
    Truman
    Participant

    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

    #58959
    Truman
    Participant

    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

    #58960
    Truman
    Participant

    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

    #58961
    Truman
    Participant

    VectivBio (VECT 16.65, +4.95, +42.4%):

    Ironwood (IRWD) enters into definitive agreement to acquire VECT for $17.00/share

    #58962
    Truman
    Participant

    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%.

    #58963
    Truman
    Participant

    Energy complex futures trade in mixed fashion.

    WTI crude oil futures are up 0.3% to $71.87/bbl and natural gas futures are down 1.6% to $2.66/mmbtu.

    #58973
    TradersCom
    Keymaster

    Some semiconductor stocks are notably weak today after the Cyberspace Administration of China concluded Micron (MU 65.41, -2.75, -4.0%) products present a cybersecurity risk and notified critical information infrastructure operators in China to stop using Micron products.

    MU peers Qualcomm (QCOM 104.21, -1.68, -1.6%) and Broadcom (AVGO 674.77, -7.48, -1.1%) trade down in sympathy.

    The PHLX Semiconductor Index is down 0.2%.

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