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Initial claims for the week ending May 20 increased by 4,000 to 229,000 (consensus 247,000). The prior week saw a downward revision to 225,000 from 242,000.
Continuing jobless claims for the week ending May 13 decreased by 5,000 to 1.794 million.
The key takeaway from the report is that initial jobless claims are nowhere near recession levels. They continue to register in a manner that connotes tight labor market conditions.
Selling picked up in the Treasury market following the data release.
The 2-yr note yield, at 4.41% just before 8:30 a.m. ET, is up 14 basis points to 4.48%.
The 10-yr note yield, at 3.73% just before the data, is up six basis points to 3.77%.US April pending home sales 0.0% vs +1.0% expected
Prior was -5.2%
Index 78.9 vs 78.9 priorUS pending sales have slumped after a couple strong months at the start of the year.
From Fed’s Barkin but applies to everything- especially those comparing to the past in markets, economics. That is easily overlooked especially by dribblers:
“Data on productivity is moving in the wrong way but much is unknown about covid impacts on hiring and the labor force”
Dow 32,764.65 -35.27 -0.11%
S&P 500 4,151.28 36.04 0.88%
Nasdaq 12,698.09 213.93 1.71%
VIX 19.14 -0.89 -4.44%
Gold 1,942.20 -1.50 -0.08%
Oil 71.94 0.11 0.15Equity indices in the Asia-Pacific region ended the week on a higher note while markets in Hong Kong were closed for Buddha’s Birthday.
Japan’s Nikkei: +0.4% (+0.4% for the week)
Hong Kong’s Hang Seng: CLOSED (-3.6% for the week)
China’s Shanghai Composite: +0.4% (-2.2% for the week)
India’s Sensex: +1.0% (+1.3% for the week)
South Korea’s Kospi: +0.2% (+0.8% for the week)
Australia’s ASX All Ordinaries: +0.2% (-1.8% for the week)Japan’s cabinet office raised its overall economic assessment for the first time since July.
Japan and the U.S. will formalize a commitment to increase cooperation and research and development of chips.Japan’s May Tokyo CPI 3.2% yr/yr (expected 3.9%; last 3.5%) and Tokyo Core CPI 3.2% yr/yr (expected 3.3%; last 3.5%). April Corporate Services Price Index 1.6% yr/yr (expected 1.4%; last 1.7%). April Leading Index -0.5% m/m (last -0.7%) and Coincident Indicator 0.1% m/m (last 0.0%)
China’s Commerce Ministry agreed to open communication channels with the office of the U.S. Commerce Secretary.
Reserve Bank of New Zealand Assistant Governor Silk said that she is watching to see if markets begin pricing in rate cuts too soon, adding that rates need to remain on hold for an extended period.
Meanwhile, ANZ expects another 25-bps rate hike in November.
Australia’s April Retail Sales 0.0% m/m (expected 0.3%; last 0.4%)
Singapore’s April Industrial Production -1.9% m/m (expected 0.9%; last 9.7%); -6.9% yr/yr (expected -3.9%; last -3.8%)
Major European indices trade near their flat lines.
—Equity Markets—
STOXX Europe 600: +0.5% (-2.2% week-to-date)
Germany’s DAX: +0.3% (-2.5% week-to-date)
U.K.’s FTSE 100: +0.4% (-2.0% week-to-date)
France’s CAC 40: +0.6% (-2.9% week-to-date)
Italy’s FTSE MIB: +0.3%(-3.8% week-to-date)
Spain’s IBEX 35: +0.2% (-1.2% week-to-date)European Central Bank policymaker Knot said that he is not seeing signs that underlying inflation is abating and that at least two more rate hikes are needed before a lengthy pause.
Meanwhile, ECB Chief Economist Lane said that inflation will return to target in a timely manner, though growth in 2023 will be subdued.
France’s May Consumer Confidence 83 (expected 84; last 83)
Italy’s May Business Confidence 101.4 (expected 102.5; last 102.8) and Consumer Confidence 105.1 (expected 105.5; last 105.5)
Swiss Q1 Employment Level 5.389 mln (expected 5.433 mln; last 5.398 mln)U.K.’s April Retail Sales 0.5% m/m (expected 0.4%; last -1.2%); -3.0% yr/yr (expected -2.8%; last -3.9%).
April Core Retail Sales 0.8% m/m (expected 0.3%; last -1.4%); -2.6% yr/yr (expected -2.8%; last -4.0%)Costco (COST 484.11, -2.44, -0.5%): beats by $0.12, misses on revs
Workday (WDAY 213.79, +17.38, +8.9%): beats by $0.19, reports revs in-line
Marvell (MRVL 59.21, +9.74, +19.7%): beats by $0.02, beats on revs; guides Q2 EPS in-line, revs in-line
Gap (GPS 8.30, +0.88, +11.9%): beats by $0.17, reports revs in-line
Ulta Beauty (ULTA 442.00, -43.12, -8.9%): beats by $0.05, reports revs in-line, comps of +9.3%; reaffirms FY24 EPS guidance, slightly raises revenue guidance
RH (RH 248.00, -6.63, -2.6%): beats by $0.14, beats on revs; guides Q2 revs below consensus; raises FY24 revs in-line
Autodesk (ADSK 200.00, +2.44, +1.2%): misses by $0.01, reports revs in-line; guides JulQ EPS below consensus, revs below consensus; guides FY24 EPS in-line, reaffirms revenue guidance
Deckers Outdoor (DECK 437.76, -12.25, -2.7%): beats by $0.77, beats on revs; guides FY24 EPS below consensus, revs in-line
Pinduoduo (PDD 68.14, +8.11, +13.6%): beats by RMB 2.48, beats on revs
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