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NASDAQ (NDAQ) reports November monthly volume data, Nov US equity options volume 271 mln, down slightly from 273 mln in Oct
Asia-Pacific stocks lower after China reported smaller than expected trade surplus
#Japan Nikkei: -0.7%
#HongKong Hang Seng: -3.2%
#China Shanghai Composite: -0.4%
#India Sensex: -0.3%
#SouthKorea Kospi: -0.4%
#Australia ASX All Ordinaries: -0.9%China’s November trade surplus $69.84 bln (expected surplus of $79.05 bln; last surplus of $85.15 bln). November Imports -10.6% yr/yr (expected -5.0%; last -0.7%) and Exports -8.7% yr/yr (expected -3.6%; last -0.3%). November FX Reserves $3.117 trln (expected $3.100 trln; last $3.052 trln)
Japan’s December Reuters Tankan Index 8 (last 2). October Leading Index 99.0 (expected 98.4; last 98.2) and Coincident Indicator -0.9% m/m (last -0.5%)
Australia’s Q3 GDP 0.6% qtr/qtr (expected 0.7%; last 0.9%); 5.9% yr/yr (expected 6.2%; last 3.2%). November AIG Services Index 45.6 (last 47.7). October Building Approvals -6.0% m/m, as expected (last -8.1%)
China reported a smaller than expected trade surplus for November due to bigger than expected decreases in imports and exports.
Reports from China indicate that most coronavirus testing and quarantine requirements have been lifted.
Japan’s government indicated that it is not ruling out any measures to fund higher defense spending. This follows reports that defense spending will be increased by 50% over the next five years.
The Reserve Bank of India raised its repurchase rate by 35 bps to 6.25%, as expected.Major European indices trade in the red
—Equity Markets—
STOXX Europe 600: -0.5%
Germany’s DAX: -0.3%
U.K.’s FTSE 100: UNCH
France’s CAC 40: -0.2%
Italy’s FTSE MIB: +0.1%
Spain’s IBEX 35: -0.4%Eurozone’s Q3 GDP 0.3% qtr/qtr (expected 0.2%; last 0.2%); 2.3% yr/yr (expected 2.1%; last 4.2%). Q3 Employment Change 0.3% qtr/qtr (expected 0.2%; last 0.4%); 1.8% yr/yr (expected 1.7%; last 2.7%)
Germany’s October Industrial Production -0.1% m/m (expected -0.6%; last 1.1%)
U.K.’s November Halifax House Price Index -2.3% m/m (expected -0.2%; last -0.4%); 4.7% yr/yr (last 8.2%)
France’s October trade deficit EUR12.20 bln (expected deficit of EUR16.00 bln; last deficit of EUR17.20 bln). October Current Account deficit EUR3.80 bln (last deficit of EUR7.30 bln)
Italy’s October Retail Sales -0.4% m/m (expected -0.6%; last 0.5%); 1.3% yr/yr (last 4.0%)
Swiss November Unemployment Rate 2.0% (expected 2.1%; last 2.1%)
There is growing focus on labor strikes in the U.K. with the British press noting that a million workers are expected to go on strike in December and January.
Credit Suisse is offering higher deposit rates to win back clients.
Airbus withdrew its commercial aircraft delivery target for 2022.
Eurozone inflation expectations for the next 12 months increased to 5.4% from 5.1%, according to an ECB survey.MongoDB (MDB 182.00, +37.31, +25.8%): beats by $0.40, beats on revs; guides Q4 EPS above consensus, revs above consensus
Airbnb (ABNB 89.10, -4.02, -4.3%) : downgraded to Underweight from Equal-Weight at Morgan Stanley
Tesla (TSLA 174.77, -5.05, -2.8%): offers China buyers more subsidies, according to Bloomberg; Analyst Toni Sacconaghi reiterated his underperform rating
Mastercard (MA 347.00, -0.53, -0.2%): announces 16% increase in quarterly dividend to $0.57/share; also announces $9.0 bln share repurchase program
Toll Brothers (TOL 45.70, -0.24, -0.5%): beats by $1.69, beats on revs, guides for FY23 deliveries of 8,000-9,000
Lowe’s (LOW 201.01, -0.90, -0.5%): reaffirms FY outlook; announces new $15 bln share repurchase program
Campbell Soup (CPB 54.49, +1.50, +2.8%): beats by $0.15, beats on revs; raises FY23 guidance
Thor Industries (THO 88.00, +4.00, +4.8%): beats by $0.71, beats on revs; guides FY23 EPS in-line, revs in-line
Guidewire Software (GWRE 59.00, +2.48, +4.4%): beats by $0.27, beats on revs; guides Q2 revs in-line; guides FY23 revs in-lineThe S&P 500 futures are down 24 points and are trading 0.6% below fair value.
The Nasdaq 100 futures are down 120 points and are trading 1.0% below fair value.
The Dow Jones Industrial Average futures are down 116 points and are trading 0.3% below fair value.The 10-yr Treasury note yield is up two basis points to 3.54% and the 2-yr note yield is down one basis point to 4.34%.
Nonfarm business sector labor productivity increased 0.8% in the third quarter (consensus +0.3%) versus the preliminary estimate of 0.3%. Unit labor costs, meanwhile, were up 2.4% versus the preliminary estimate of 3.5%.
The key takeaway from the report was the softer unit labor cost reading, which was deemed to be a supportive development for the peak inflation view. However, it bears pointing out that productivity is still weak in general, evidenced by the understanding that nonfarm business sector labor productivity decreased 1.3% from the same quarter a year ago.
Treasury yields took a noticeable turn lower following the release.
The 2-yr note yield is down six basis points to 4.29% and the 10-yr note yield is down four basis points to 3.47%.It reflects a 3.2% increase in hourly compensation and a 0.8% increase in productivity.
Year-on-year, labor costs were up 5.3%.
Considering the manufacturing sector, unit labor costs were up 5.8%, reflecting a 2.7% increase in hourly compensation and a 2.9% decrease in productivity.Democrat Raphael Warnock won the runoff Senate election in Georgia, giving Democrats a 51-49 advantage in the Senate.
China removed most coronavirus testing and quarantine requirements and reduced authority for local officials to shutdown city blocks, according to The Wall Street Journal.
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