[TradersCom]

Teck Resources to sell Quintette steelmaking coal mine assets to a subsidiary of Conuma Resources for $120 mln in cash; expected to close in 1Q23.

$TECK down 2.3%

[TradersCom]

Lucid Group completes previously announced at-the-market equity offering; sold over 56.2 mln shares for gross proceeds of approximately $600 mln

$LCID up 6.0%

[TradersCom]

Bonds Wrap: Under selling pressure throughout the day despite weaker-than-expected NAHB Housing Market Index report & risk off selling

Yields:
2-yr +5 bps to 4.25%
3-yr +9 bps to 3.99%
5-yr +9 bps to 3.71%
10-yr +10 bps to 3.58%
30-yr +9 bps to 3.62%

[TradersCom]

[Truman]

Equity indices in the Asia-Pacific region ended Tuesday on a lower note.

Japan’s Nikkei: -2.5%,
Hong Kong’s Hang Seng: -1.3%,
China’s Shanghai Composite: -1.1%,
India’s Sensex: -0.2%,
South Korea’s Kospi: -0.8%,
Australia’s ASX All Ordinaries: -1.7%.

[Truman]

Hong Kong’s November CPI 1.8% yr/yr (expected 1.9%; last 1.8%)
New Zealand’s December ANZ Business Confidence -70.2 (last -57.1)
Equities in Japan underperformed and the yen surged after the Bank of Japan modified its yield curve control policy, announcing that the 10-yr yield will be allowed to rise to 0.50%, up from the old cap of 0.25%. On a related note, Japan’s Finance Minister Suzuki said that a decision has not been made to revise the joint mission statement with the Bank of Japan.
The People’s Bank of China made no changed to its one- and five-year loan prime rates, but China Securities Journal still speculated that the rates could be cut, along with the reserve requirement ratio.
The latest policy Minutes from the Reserve Bank of Australia showed a desire to be consistent and an acknowledgement that there has been no clear impetus for a 50-bps rate hike or a pause in tightening.

[Truman]

Major European indices trade near their flat lines while Spain’s IBEX (+0.6%) outperforms.

STOXX Europe 600: -0.3%,
Germany’s DAX: -0.2%,
U.K.’s FTSE 100: UNCH,
France’s CAC 40: -0.2%,
Italy’s FTSE MIB: +0.2%,
Spain’s IBEX 35: +0.6%.

[Truman]

Eurozone’s October Current Account deficit EUR400 mln (last deficit of EUR8.10 bln)
Germany’s November PPI -3.9% m/m (expected -2.5%; last -4.2%); 28.2% yr/yr (expected 30.6%; last 34.5%)
Swiss November trade surplus CHF2.31 bln (last surplus of CHF4.27 bln)
Germany’s PPI decreased for the second consecutive month in November, which slowed the yr/yr growth rate to 28.2% from 34.5%.
European Central Bank policymaker Nagel repeated that additional robust steps on rates need to be taken while policymaker Kazimir said that policy should tighten at a stable pace.

[Truman]

Home Depot (HD 316.59, -0.74, -0.2%): downgraded to Neutral from Outperform at Credit Suisse
Lucid Group (LCID 7.60, +0.37, +5.1%): completes previously announced at-the-market equity offering; sold over 56.2 mln shares for gross proceeds of approximately $600 mln
Steel Dynamics (STLD 102.02, +0.48, +0.5%): to be added to S&P 500 prior to the opening bell on December 22.
3M (MMM 122.59, +0.46, +0.4%): will exit per- and polyfluoroalkyl substance (PFAS) manufacturing and work to discontinue the use of PFAS across its product portfolio by the end of 2025
General Mills (GIS 85.88, -1.24, -1.4%): beats by $0.04, reports revs in-line; raises FY23 organic net sales and adjusted EPS guidance in constant currency
Entrada Therapeutics (TRDA 13.50, -6.39, -32.1%): FDA places clinical hold on IND for ENTR-601-44
Verona Pharma (VRNA 17.91, +4.42, +32.8%): announces ensifentrine meets primary and key secondary endpoints in Phase 3 ENHANCE-1 trial for COPD

[Truman]

3M will exit per- and polyfluoroalkyl substance (PFAS) manufacturing and work to discontinue the use of #PFAS across its product portfolio by the end of 2025
#MMM 122.59, +0.46, +0.4%

Dubbed as “forever chemicals” environmental hazard

[CautiousInvestor]

Dow 32,849.74 92.20 0.28%
S&P 500 3,821.62 3.96 0.10%
Nasdaq 10,547.11 1.08 0.01%
VIX 21.51 -0.91 -4.06%
Gold 1,828.20 30.50 1.70%
Oil 76.02 0.83 1.10%

[CautiousInvestor]

WINTER storm “ELLIOT” – could be Grinch that stole Christmas in some areas
has Bombogenesis potential to become a windy artic cold superblast in EAST
Winds & blizzard conditions will become a CAT 1 winter HURRICANE over land
https://weather.com/storms/winter/news/2022-12-19-bomb-cyclone-blizzard-winter-storm-elliott-forecast

• This reply was modified 3 months ago by CautiousInvestor.

[Truman]

Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note.

—Equity Markets—

Japan’s Nikkei: -0.7%
Hong Kong’s Hang Seng: +0.3%
China’s Shanghai Composite: -0.2%
India’s Sensex: -1.0%
South Korea’s Kospi: -0.2%
Australia’s ASX All Ordinaries: +1.3%

[Truman]

Japan’s Cabinet maintained the overall economic assessment in the December report, noting that the economy is recovering moderately. South Korea’s Finance Ministry expects 2023 growth of 1.6%, coupled with CPI growth of 3.5%.
India imposed a five-year anti-dumping duty on stainless steel tubes and pipes from China.
China will conduct strict reviews of M&A action that could impact national security.
New Zealand’s November trade deficit NZD1.86 bln (last deficit of NZD2.30 bln). November Credit Card Spending 16.0% yr/yr (last 24.6%)

[Truman]

Major European indices trade in the green.

—Equity Markets—

STOXX Europe 600: +1.1%
Germany’s DAX: +1.0%
U.K.’s FTSE 100: +0.9%
France’s CAC 40: +1.3%
Italy’s FTSE MIB: +1.2%
Spain’s IBEX 35: +1.1%

[Author]

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