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Treasury yields are little changed from Friday’s settlement levels.
The 2-yr note yield is down three basis points to 4.69% and the 10-yr note yield is down one basis point to 3.75%.The S&P 500 futures are down 13 points and are trading 0.3% below fair value.
The Nasdaq 100 futures are down 41 points and are trading 0.2% below fair value.
The Dow Jones Industrial Average futures are down 108 points and are trading 0.3% below fair value.Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note.
Japan’s Nikkei: +0.6%,
Hong Kong’s Hang Seng: -2.0%,
China’s Shanghai Composite: -1.3%,
India’s Sensex: +0.3%,
South Korea’s Kospi: -0.9%,
Australia’s ASX All Ordinaries: -0.6%.South Korea’s May PPI -0.3% m/m (expected -0.2%; last -0.1%); 0.6% yr/yr (expected 0.5%; last 1.6%)
South Korea’s exports were up 5.3% yr/yr through the first 20 days of June, though chip exports were down 23.5% yr/yr.
Japan’s June Reuters Tankan Index 8 (last 6)
Japan’s Prime Minister Kishida may reshuffle his cabinet this summer.
Major European indices trade near their flat lines.
STOXX Europe 600: -0.2%,
Germany’s DAX: -0.2%,
U.K.’s FTSE 100: -0.2%,
France’s CAC 40: -0.3%,
Italy’s FTSE MIB: +0.3%,
Spain’s IBEX 35: +0.1%.Hotter than expected CPI and Core CPI figures from the U.K. have boosted expectations for a 50-bps rate hike tomorrow.
U.K.’s May CPI 0.7% m/m (expected 0.5%; last 1.2%); 8.7% yr/yr (expected 8.4%; last 8.7%).
May Core CPI 0.8% m/m (expected 0.6%; last 1.3%); 7.1% yr/yr (expected 6.8%; last 6.8%).
May Input PPI -1.5% m/m (expected -0.5%; last 0.1%); 0.5% yr/yr (expected 1.2%; last 4.2%)
May Output PPI -0.5% m/m (expected -0.1%; last -0.2%); 2.9% yr/yr (expected 3.6%; last 5.2%).June CBI Industrial Trends Orders -15 (expected -17; last -17)
FedEx (FDX 225.99, -5.66, -2.4%): beats by $0.09, misses on revs; guides FY24 EPS in-line, revs in-line; says demand backdrop likely to pressure sales growth in FY24
FedEx Still Hampered by Weak Global Demand Outlook and High Input Costs
Visa (V 226.60, +0.13, +0.1%): appoints Chris Suh as CFO; succeeds Vasant Prabhu, who will serve as CFO Designate from July 10 until August 1, departing on September 30
American Intl (AIG 56.00, -0.08, -0.1%): announces that that Sabra Purtill, who has served as Interim CFO January 2023, has been named to the role on a permanent basis, effective immediately.
Spotify (SPOT 159.65, +2.83, +1.8%): upgraded to Outperform from Peer Perform at Wolfe Research
Tesla (TSLA 278.27, +3.82, +1.4%): downgraded to Equal Weight from Overweight at Barclays
Adobe (ADBE 493.95, +8.09, +1.7%): upgraded to Outperform from Market Perform at BMO Capital Markets
3M (MMM 102.16, -0.14, -0.1%): could face dividend cut & higher debt amid potential lawsuits, according to the WSJ
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