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May GOD bless the memory of 1 of the greatest that we celebrate on MLK day
May the “I HAVE A DREAM” come to reality one day
As our creator loves EVERY human (red, yellow, black, and white) — we are precious in his sight 🙂Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note.
—Equity Markets—
Japan’s Nikkei: +1.2%
Hong Kong’s Hang Seng: -0.8%
China’s Shanghai Composite: -0.1%
India’s Sensex: +0.9%
South Korea’s Kospi: -0.9%
Australia’s ASX All Ordinaries: -0.1%Chinese equities underperformed even though most of the country’s growth figures for December came in well ahead of expectations.
China’s National Bureau of Statistics said that the Chinese economy has been stabilized in 2022 and an improvement is expected to take place in 2023.
Chinese press speculated that interest rates and the reserve requirement ratio could be cut in Q1.
Evergrande is reportedly considering two offshore restructuring options.
Toyota aims to increase its annual production volume by 15.2% to 10.6 mln units but will allow itself to miss the target by up to 10.0%.
China’s Q4 GDP 0.0% qtr/qtr (expected -0.8%; last 3.9%); 2.9% yr/yr (expected 1.8%; last 3.9%). December Retail Sales -1.8% yr/yr (expected -8.6%; last -5.9%), December Industrial Production 1.3% yr/yr (expected 0.2%; last 2.2%), December Fixed Asset Investment 5.1% yr/yr (expected 5.0%; last 5.3%). December Unemployment Rate 5.5% (expected 6.0%; last 5.7%)
Japan’s November Tertiary Industry Activity Index -0.2% m/m (expected 0.2%; last 0.5%)
Singapore’s December trade surplus SGD5.367 bln (last SGD3.344 bln). December non-oil exports -3.3% m/m (expected 1.0%; last -9.2%); -20.6% yr/yr (expected -16.8%; last -14.7%)
Australia’s January Westpac Consumer Sentiment 5.0% (last 3.0%)
New Zealand’s Q4 NZIER Business Confidence -70% (last -42%)Major European indices trade on a modestly lower note.
—Equity Markets—
STOXX Europe 600: -0.1%
Germany’s DAX: -0.1%
U.K.’s FTSE 100: -0.2%
France’s CAC 40: UNCH
Italy’s FTSE MIB: -0.2%
Spain’s IBEX 35: -0.1%Germany’s ZEW Economic Sentiment survey turned positive for the first time in nearly a year, reflecting a significant improvement in growth expectations.
European Central Bank Chief Economist Lane repeated that rates need to reach a restrictive level and that the current 2.00% rate is close to neutral.
Germany’s Economy Minister Habeck said that his government aims to get inflation below 5.0% by the end of the year.
The Federation of German Industries expects that the German economy will contract 0.3% this year.
Eurozone’s January ZEW Economic Sentiment 16.7 (expected -14.3; last -23.6)
Germany’s January ZEW Economic Sentiment 16.9 (expected -15.0; last -23.3) and January ZEW Current Conditions -58.6 (expected -58.3; last -61.4). December CPI -0.8% m/m, as expected (last -0.5%); 8.6% yr/yr, as expected (last 10.0%)
U.K.’s November Average Earnings Index + Bonus 6.4% yr/yr (expected 6.2%; last 6.2%). November three-month employment change 27,000 (expected 5,000; last 27,000), November Unemployment Rate 3.7%, as expected (last 3.7%). December claimant count change 19,700 (expected 19,800; last 16,100)
Italy’s December CPI 0.3% m/m, as expected (last 0.5%); 11.6% yr/yr, as expected (last 11.8%)Citizens Financial Group (CFG 41.47, -0.25, -0.6%): reports EPS in-line, misses on revs
Morgan Stanley (MS 92.65, +0.99, +1.1%): misses by $0.05, beats on revs
Goldman Sachs (GS 365.30, -8.70, -2.3%): misses by $2.45, misses on revs
Silvergate Capital (SI 13.66, +0.46, +3.5%): misses by $0.21; to substantively reduce its workforce – to cut workforce by ~40%; also expects $196 mln impairment charge
Mohawk (MHK 112.25, -6.40, -5.4%): provides litigation updates; sees Q4 EPS below consensus
Natl Instruments (NATI 54.05, +7.08, +15.1%): Emerson (EMR) submitted a proposal to acquire NI for $53 per share in cash at an implied enterprise value of $7.6 bln
Tesla (TSLA 125.07, +2.67, +2.2%): Indonesia nearing EV deal with Tesla, according to Reuters
Pfizer (PFE 47.19, -0.66, -1.4%): downgraded to Equal Weight from Overweight
Church & Dwight (CHD 82.99, +1.08, +1.3%): upgraded to Overweight from Equal Weight at Morgan StanleyS&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -46.00.
The S&P 500 futures are down 7 points and are trading 0.2% below fair value.
The Nasdaq 100 futures are down 40 points and are trading 0.4% below fair value.
The Dow Jones Industrial Average futures are down 102 points and are trading 0.3% below fair value.U.S. Treasuries are on track for a lower start with longer tenors expected to show relative weakness in the early going. Treasury futures climbed for a couple hours at the outset of the overnight session, but reversed around the start of the Asian session, seeing more selling as the night went on.
Worth noting that Goldman Sachs (GS) reported weaker than expected EPS and revenue for Q4 while Morgan Stanley (MS) missed EPS expectations on above-consensus revenue. The U.S. Dollar Index is down 0.3% at 102.09.
Yields:
2-yr: +3 bps to 4.25%
3-yr: +4 bps to 3.93%
5-yr: +5 bps to 3.66%
10-yr: +6 bps to 3.57%
30-yr: +7 bps to 3.69%Dow 33,910.85 -391.76 -1.14%
S&P 500 3,990.97 -8.12 -0.20%
Nasdaq 11,095.11 15.96 0.14%
VIX 19.36 1.01 5.50%
Gold 1,911.10 -10.60 -0.55%
Oil 81.03 1.17 1.47%BITCOIN “KRYTPO” is soaring and could harm SUPERMAN @ 21,326
ig 5 Sports (BGFV) guides Q4 earnings and revs below consensus (one estimate); comps fell -13.2%… BGFV down 7.7%
Interactive Brokers (IBKR) beats by $0.13, beats on revs… IBKR up 2.8%
Olo Inc. (OLO) COO Nithya B Das to resign, effective March 31… OLO down 3.7%
Progress Software (PRGS) beats by $0.03, misses on revs; guides Q1 EPS mostly above consensus, revs above consensus; guides FY22 EPS mostly above consensus, revs above consensus… PRGS down 1.9%
United Airlines (UAL) guides 1Q23 EPS and revenue above consensus, guides FY23 EPS and revenue above consensus… UAL up 1.4%
Universal Display (OLED) announces an OLED evaluation agreement with Seiko Epson Corp whereby Universal Display will supply its phosphorescent OLED materials and tech to Epson for AR/VR display application; financial details not disclosed… OLED up 6.3%Equity indices in the Asia-Pacific region ended Wednesday mostly higher.
Japan’s Nikkei: +2.5%,
Hong Kong’s Hang Seng: +0.5%,
China’s Shanghai Composite: UNCH,
India’s Sensex: +0.6%,
South Korea’s Kospi: -0.5%,
Australia’s ASX All Ordinaries: +0.2%.China’s December FDI 6.3% (last 9.9%) o Japan’s November Core Machinery Orders -8.3% m/m (expected -0.9%; last 5.4%); -3.7% yr/yr (expected 2.4%; last 0.4%). November Industrial Production 0.2% m/m (expected -0.1%; last -0.1%) and Capacity Utilization -1.4% m/m (last 2.2%)
New Zealand’s December Electronic Card Retail Sales -2.5% m/m (last 0.3%); 4.8% yr/yr (last 7.1%)
The Japanese yen fell sharply against the dollar after the Bank of Japan maintained its ultra-loose policy against some expectations that the yield targets could be changed.
Next Bank of Japan governor is expected to be named in early February.
Taiwan’s GDP contracted by 0.9% in Q4 as exports fell 8.6% yr/yr.
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