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Germany’s GFK Consumer Climate index remained in negative territory for the 14th consecutive month due to persistent concerns about recession and the rising cost of living.
Ambulance workers in England and Wales went on strike today after nurses did the same yesterday.
The European Commission cleared a EUR34.50 bln plan to recapitalize German energy giant Uniper.
Germany’s January GfK Consumer Climate -37.8 (expected -38.0; last -40.1)
U.K.’s December CBI Distributive Trades Survey 11 (expected -23; last -19).
November Public Sector Net Borrowing GBP21.20 bln (last GBP13.37 bln)FedEx (FDX 171.21, +6.86, +4.2%): beats by $0.36, misses on revs; guides FY23 EPS below consensus, reduces capital spending outlook by $400 mln; expects to generate FY23 cost savings of approx. $3.7 bln
NIKE (NKE 114.83, +11.62, +11.3%): beats by $0.20, beats on revs, gross margin down 300 bps, which is better than its prior guidance of down 350-400 bps; North America up 30%, Greater China down 3%; guides FY23 revs to grow low teens in cc, up from low double-digits
Starbucks (SBUX 96.79, -1.21, -1.2%): downgraded to Hold from Buy at Jefferies
Workday (WDAY 169.73, -2.36, -1.4%): announces appointment of Carl Eschenbach to co-CEO, effective immediately; Chano Fernandez has stepped down as co-CEO and as a member of the board of directors
Tesla (TSLA 139.55, +1.75, +1.3%): CEO Elon Musk says “I will resign as CEO (of Twitter) as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams”; aiming to implement a hiring freeze and announce layoffs, according to Electrek
Pebblebrook Hotel Trust (PEB 14.10, -0.33, -2.3%): lowers Q4 guidance due to the impact from Hurricane Nicole and due to weaker business and leisure demand during second half of November
Six Flags (SIX 22.41, +1.49, +7.1%): 3% shareholder Land & Buildings issues presentation highlighting opportunity to unlock substantial real estate valueThe Senate passed a procedural measure on the $1.7 trillion government funding bill. A final Senate vote could happen later today, according to Politico.
Ukraine’s President Zelenskyy is visiting Washington DC today to meet with President Biden and speak in front of Congress.
Energy complex futures up.
WTI crude oil futures are up 2.3% to $77.97/bbl and natural gas futures are up 2.8% to $5.47/mmbtu.
The weekly MBA Mortgage Applications Index rose 0.9% with refinancing applications jumping 6.0% while purchase applications fell 0.1%.
Current Account Balance fell to -$217.1 billion in Q3 (consensus -$224.0 billion) from a revised -$238.7 billion in Q2 (from -$251.1 billion).
The S&P 500 futures are up 31 points and are trading 0.8% above fair value.
The Nasdaq 100 futures are up 66 points and are trading 0.6% above fair value.
The Dow Jones Industrial Average futures are up 370 points and are trading 1.1% above fair value.U.S. Treasuries are on track for a higher start with shorter tenors set to continue their recent display of relative strength while the long bond is on track to begin just above its flat line.
Yield:
2-yr: -6 bps to 4.21%
3-yr: -5 bps to 3.97%
5-yr: -4 bps to 3.74%
10-yr: -2 bps to 3.66%
30-yr: -2 bps to 3.72%Dow 33,376.48 526.74 1.60%
S&P 500 3,878.44 56.82 1.49%
Nasdaq 10,709.37 162.26 1.54%
VIX 20.18 -1.30 -6.05%
Gold 1,824.30 -1.10 -0.06%
Oil 78.46 2.37 3.11%Summer Solstice for the Southern Hemisphere.
Longest day of the year and the beginning of summer
– For Australians occurs at 8:48am AEDT on Thursday, December 22, marking the moment Earth’s south pole reaches its furthest tilt away from the sun.WinterSolstice arrives @ 4:47 EDT today for the Northern Hemisphere.
– Shortest day of the year and longest night official first day of winter
– The sun appears at its most southerly position, directly overhead at the Tropic of Capricorn.Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note
—Equity Markets—
Japan’s Nikkei: +0.5%
Hong Kong’s Hang Seng: +2.7%
China’s Shanghai Composite: -0.5%
India’s Sensex: -0.4%
South Korea’s Kospi: +1.2%
Australia’s ASX All Ordinaries: +0.6%Japan Prime Minister Kishida is reportedly looking to invest JPY100 trln as soon as possible and wants to host a special session of the Council on Economic and Fiscal Policy early next year.
Japan’s Ministry of Industry expects that steel production in Q1 will be down 4.0% yr/yr, but up 0.3% qtr/qtr.
The Japanese government maintained its forecast for FY23 CPI at 1.7% while the growth forecast was increased to 1.5% from 1.1%.
Bank Indonesia raised its reverse repurchase rate by 25 bps to 5.50%, as expected.
Japan’s October Leading Index 98.6 (last 98.2)
South Korea’s November PPI -0.2% m/m (last 0.5%); 6.3% yr/yr (last 7.3%)Major European indices trade in the red while the U.K.’s FTSE (+0.2%) outperforms even though Q3 GDP was revised down to reflect a contraction.
—Equity Markets—STOXX Europe 600: -0.1%
Germany’s DAX: -0.6%
U.K.’s FTSE 100: +0.2%
France’s CAC 40: -0.5%
Italy’s FTSE MIB: -0.2%
Spain’s IBEX 35: -0.3%Household incomes fell for the fourth consecutive quarter in Q3. European Central Bank policymaker Centeno said that inflation should reach its peak in the current quarter while policymaker de Guindos said that 50 bps rate hikes could become the new normal.
Germany’s Finance Ministry expects subdued growth during the winter months and an easing CPI in 2023.
U.K.’s Q3 GDP -0.3% qtr/qtr (expected -0.2%; last 0.2%); 1.9% yr/yr (expected 2.4%; last 4.4%). Q3 Current Account deficit GBP19.40 bln (expected deficit of GBP20.80 bln; last deficit of GBP35.10 bln). Q3 Business Investment -2.5% qtr/qtr (last 6.2%); 1.3% yr/yr (last 5.5%)
Italy’s October Industrial Sales -0.8% m/m (last -1.2%); 12.5% yr/yr (last 18.0%). November non-EU trade surplus EUR2.01 bln (last deficit of EUR2.04 bln). November PPI 2.6% m/m (last -3.5%); 29.4% yr/yr (last 27.7%)
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