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Kenvue (KVUE 23.80, +0.45, +1.9%): Set to Join S&P 500, effective prior to the open on a date to be announced conditioned upon the successful completion of a voluntary exchange offer being conducted by Johnson & Johnson (JNJ)
Wolverine (WWW 9.28, -2.52, -21.4%): reports EPS in-line, beats on revs; guides FY23 EPS below consensus, revs below consensus
Bristol-Myers (BMY 61.48, +0.86, +1.4%): enters into $4 bln aggregate accelerated share repurchase agreements
Equity indices in the Asia-Pacific region ended Thursday on a mixed note.
Japan’s Nikkei: +0.8%,
Hong Kong’s Hang Seng: UNCH,
China’s Shanghai Composite: +0.3%,
India’s Sensex: -0.4%,
South Korea’s Kospi: -0.1%,
Australia’s ASX All Ordinaries: +0.3%.Japan’s July PPI 0.1% m/m (expected 0.2%; last -0.1%); 3.6% yr/yr (expected 3.5%; last 4.3%)
Japan’s PPI increased at its slowest pace since early 2021 in the July reading
Australia’s August Inflation Expectations 4.9% (last 5.2%)Australia’s August Inflation Expectations 4.9% (last 5.2%)
Australia’s Prime Minister Albanese will visit the U.S. between October 23 and 26.The Biden administration confirmed reports that new restrictions will be imposed on investment in Chinese semiconductors and microelectronics, quantum information technologies, and some artificial intelligence systems.
China’s Commerce Ministry said in response that it is severely concerned about the impending changes.The Reserve Bank of India did not announce any headline policy changes at the conclusion of its latest meeting but did announce that some liquidity will be drained from the banking system.
Major European indices trade on a mostly higher note while the U.K.’s FTSE (unch) underperforms.
STOXX Europe 600: +0.5%,
Germany’s DAX: +0.5%,
U.K.’s FTSE 100: UNCH,
France’s CAC 40: +0.9%,
Italy’s FTSE MIB: +0.8%,
Spain’s IBEX 35: +1.0%.The European Central Bank’s latest economic bulletin noted that inflation is declining, but it is still too high, and that rates should be set at a level that is restrictive enough.
Italy’s July CPI 0.0% m/m (expected 0.1%; last 0.0%); 5.9% yr/yr (expected 6.0%; last 6.4%)
Steelmaker Thyssenkrupp raised its outlook for the year
British homebuilder Persimmon raised its home completion guidance for the year.
The Consumer Price Index rose 0.2% in July consensus 0.2%) following a 0.2% increase in June. The core CPI, which excludes food and energy, rose 0.2% in July (consensus 0.2%) following a 0.2% increase in June.
Weekly initial jobless claims totaled 248,000 (consensus 230,000) following a count of 227,000 jobless claims. Continuing claims came in at 1.684 million after last week’s revised total of 1.692 million (from 1.700 million).
^^^^ +1s for excellent early morning reportings 🙂
While CPI was in line with predictions, JULY marked an increase over JUNE
While “K” & “WALL STREET” don’t factor in FOOD/GAS — prices at pump are up about 30-40 cents in SW VA
OPEC cutbacks + heavy use of our USA strategic OIL reserves + lack of drilling, etc.
could keep OIL prices high & FOMC has no choice but to keep on raising rates?
Still, equities are starting off SUPER GREEN & it’s RALLY TIME on WALL STREETThe Consumer Price Index (CPI) rose 0.2% over last month and 3.2% over the prior year in July, in line with June’s 0.2% month-over-month increase but higher than June’s 3% annual increase. Economists surveyed by Bloomberg had expected a 3.3% yearly increase in July.
Mathematically, 0.2% month-to-month inflation times 12 months = 2.4% annualized
That is “if” every month of year held at 0.2% — but given volatility of OIL prices
and new AUG-22 “BRICKS” alternate currency to $$$ & many other factors
More small FED increases could be on the way & still have stagflation/recession risks
Employment still remains super-strong as an offsetting “Bidenomics” factor (lol)
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