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The second estimate for fourth quarter GDP showed a downward revision to 2.7% growth (consensus 2.9%) from the advance estimate of 2.9%. That was driven by a downward revision in personal spending growth to 1.4% from 2.1%. The GDP Price Deflator was revised up to 3.9% (Briefing.com consensus 3.5%) from 3.5%. The personal consumption expenditures index, meanwhile, was revised up to 3.7% from 3.2%.
The key takeaway from the report is that it is an off-putting mix for the Fed. Growth is still running above potential and inflation is still running above target.
Treasury yields moved modestly higher after the data releases.
The 2-yr note yield is up one basis point to 4.71% and the 10-yr note yield is up three basis points to 3.95%.
Equity indices in the Asia-Pacific region ended the week on a mostly lower note.
Equity Markets—
Japan’s Nikkei: +1.3% (-0.2% for the week)
Hong Kong’s Hang Seng: -1.7% (-3.4% for the week)
China’s Shanghai Composite: -0.6% (+1.3% for the week)
India’s Sensex: -0.2% (-2.5% for the week)
South Korea’s Kospi: -0.6% (-1.1% for the week)
Australia’s ASX All Ordinaries: +0.3% (-0.5% for the week)Citic Group Chairman Zhu Hexin is reportedly being considered to replace Yi Gang as governor of the People’s Bank of China.
Bank of Japan Governor nominee Ueda said that the joint statement does not need to be changed at this time and that current monetary easing is appropriate.
China released a statement on the conflict in Ukraine, calling for a stop to hostilities and a resumption of peace talks.
Japan’s January National CPI 0.5% m/m (last 0.2%); 4.3% yr/yr (last 4.0%). National Core CPI 4.2%, as expected (last 4.0%)Singapore’s January Industrial Production -1.1% m/m (expected -0.1%; last 2.9%); -2.7% yr/yr (expected 2.9%; last -2.6%)
Major European indices trade lower. Germany’s Q4 GDP was revised down to show a deeper contraction than previously estimated.
—Equity Markets—
STOXX Europe 600: -0.2% (-0.5% week-to-date)
Germany’s DAX: -1.0% (-1.1% week-to-date)
U.K.’s FTSE 100: -0.2% (-1.5% week-to-date)
France’s CAC 40: -1.0% (-1.4% week-to-date)
Italy’s FTSE MIB: -0.7% (-2.4% week-to-date)
Spain’s IBEX 35: -0.1% (-1.3% week-to-date)BASF reported weaker than expected results for Q4, announced cost cuts, job cuts, and terminated its buyback.
European Central Bank policymaker Nagel said that a “robust” rate hike is needed in March and that more hikes are likely to follow.
Germany’s Q4 GDP -0.4% qtr/qtr (expected -0.2%; last -0.2%); 0.3% yr/yr (expected 0.5%; last 0.5%). March GfK Consumer Climate -30.5 (expected -30.4; last -33.8)
France’s February Consumer Confidence 82 (expected 80; last 83) o Spain’s January PPI 8.2% yr/yr (last 14.9%)
Swiss Q4 employment 5.398 mln (last 5.362 mln)
Warner Bros. Discovery (WBD 15.24, -0.49, -3.1%): reports Q4 (Dec) results, misses on revs
Block (SQ 78.61, +4.46, +6.0%): misses by $0.08, beats on revs, GPV up 15% yr/yr; expects FY23 adjusted EBITDA of $1.3 bln
Booking Holdings (BKNG 2416.79, -9.70, -0.4%): beats by $2.66, beats on revs; CFO David Goulden to retire in early 2024, will remain with company until successor is named around March 2024
EOG Resources (EOG 114.90, -4.63, -3.9%): misses by $0.10, beats on revs; announces special dividend
Beyond Meat (BYND 19.30, +2.16, +12.6%): beats by $0.15, beats on revs; guides FY23 revs in-line
Autodesk (ADSK 211.20, -9.96, -4.5%): beats by $0.05, reports revs in-line; guides Q1 EPS below consensus, revs in-line; guides FY24 EPS mostly below consensus, revs midpoint below consensus
Live Nation (LYV 77.27, +0.78, +1.0%): reports Q4 results, beats on revs
Carvana (CVNA 9.47, -0.61, -6.1%): reports Q4 (Dec) results, misses on revs
Intuit (INTU 411.87, -0.01, -0.0%): beats by $0.76, beats on revs; guides Q3 EPS below consensus, revs above consensus; reaffirms FY23 EPS guidance, revs guidance; named Sandeep Singh Aujla as Chief Financial Officer, effective August 1, 2023Adobe (ADBE 337.00, -10.02, -2.9%): Department of Justice preparing lawsuit to block ADBE acquisition of Figma, according to Bloomberg
PPPPPPLLLLLUUUUUNNNNNNNEEEEEEEEE …. ohhh the humanity — Inflation is still too hot
-500 on DOW & -220 on NASDAQ after PCE report … Markets are RED, and I’m feeling BLUE
As Helen Rodgers sings — with the voice of an angel on another FAV album 🙂I see Putin’s 3 day steamroller war had it’s one year anniversary yet his fan boys still extoll his virtues – says a lot about such people IMO
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