Traders Market Weekly: Eyes Up on Retail and Inflation

Viewing 15 posts - 46 through 60 (of 67 total)
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  • #36664
    Truman
    Participant

    The global equity markets are under pressure this morning. S&P Futures are down about 25 points to trade around the 3905 area. Sellers regained control after a brief test of the 3950 resistance area. The market has not looked back since the high print was established at 3954.25. Spoos currently are sitting just off the low of 3891.50.

    St. Louis Fed President Bullard (FOMC voter) says 75 basis point rate increase not his base case and thinks moving in 50 basis point increments is good plan for now; suggests Fed should get target range to 3.25-3.50% by end of the year

    Bitcoin slumps below $27,000 overnight, hitting lowest level since December 2020

    Senate confirms Philip Jefferson to Fed Board of Governors

    #36665
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended Thursday on a lower note. The Bank of Japan’s summary of opinions for April noted that reaching the 2.0% CPI target will be difficult since the current inflation is driven by temporary factors. A People’s Bank of China vice governor said that support for the real economy will be increased. South Korea will reportedly eliminate capital gains taxes for most shareholders. POSCO will invest KRW25 trln in its battery business over the next eight years.

    —Equity Markets—

    Japan’s Nikkei: -1.8%
    Hong Kong’s Hang Seng: -2.2%
    China’s Shanghai Composite: -0.1%
    India’s Sensex: -2.1%
    South Korea’s Kospi: -1.6%
    Australia’s ASX All Ordinaries: -1.9%

    #36666
    Truman
    Participant

    Major European indices trade sharply lower across the board.

    The U.K. is reportedly looking to scrap the Northern Ireland protocol due to a continued post-Brexit disagreement with the EU.
    Bank of England policymaker Ramsden said that he expects more rate hikes due to inflation risk and that the central bank’s forecasts are not trying to guide the economy lower.
    Finland’s leaders are preparing to apply for NATO membership.

    —Equity Markets—

    STOXX Europe 600: -2.1%
    Germany’s DAX: -2.2%
    U.K.’s FTSE 100: -2.0%
    France’s CAC 40: -1.7%
    Italy’s FTSE MIB: -1.7%
    Spain’s IBEX 35: -1.8%

    #36667
    Truman
    Participant

    April core PPI is better than feared

    S&P futures vs fair value: -27.00. Nasdaq futures vs fair value: -163.00.

    The S&P 500 futures trade 27 points, or 0.7%, below fair value.

    Producer Price Index rose 0.5% m/m in April (consensus +0.5%), and core producer prices rose 0.4% m/m (consensus +0.6%). Year-over-year, producer prices were up 11.0% (vs. 11.5% in March) while core producer prices were up 8.8% (vs. +9.2% in March).

    Latest weekly initial jobless claims count totaled 203,000 (consensus 191,000), which was above the prior week’s revised count of 202,000 (from 200,000). As for continuing claims, they decreased to 1.343 million from a revised count of 1.387 million (from 1.384 million).

    #36668
    Truman
    Participant

    Walt Disney (DIS 100.85, -4.36): -4.1% after missing top and bottom-line estimates. The company reaffirmed expectations of reaching 230-260 mln Disney+ subscribers by FY24.
    Bumble (BMBL 19.36, +1.73): +9.8% after beating top and bottom-line estimates, although it did guide Q2 revenue below consensus.
    Beyond Meat (BYND 18.96, -7.21): -27.6% after missing top and bottom-line estimates.
    Dutch Bros (BROS 21.13, -13.24): -38.5% after missing EPS estimates on above-consensus revenue. The company reportedly lowered its adjusted EBITDA forecast, but it reaffirmed its FY22 revenue guidance.

    #36669
    Truman
    Participant

    Japan’s March Current Account surplus JPY2.549 trln (expected surplus of JPY1.752 trln; last surplus of JPY1.648 trln). April Bank Lending 0.9% yr/yr (last 0.5%) April Economy Watchers Current Index 50.4 (last 47.8)
    Australia’s March Building Permits -18.5% m/m, as expected (last 42.0%) and Private House Approvals -3.0% m/m (last 14.6%)
    New Zealand’s April FPI 0.1% m/m (last 0.7%). Q2 Inflation Expectations 3.3% (last 3.3%)
    The Bank of Japan’s summary of opinions for April noted that reaching the 2.0%.
    CPI target will be difficult since the current inflation is driven by temporary factors.
    A People’s Bank of China vice governor said that support for the real economy will be increased.
    South Korea will reportedly eliminate capital gains taxes for most shareholders.
    POSCO will invest KRW25 trln in its battery business over the next eight years.

    #36670
    Truman
    Participant

    U.K.’s Q1 GDP 0.8% qtr/qtr (expected 1.0%; last 1.3%); 8.7% yr/yr (expected 9.0%; last 6.6%). Q1 Business Investment -0.5% qtr/qtr (expected 1.8%; last 1.0%); 8.5% yr/yr (last 1.0%). March Industrial Production -0.2% m/m (expected 0.1%; last -0.3%); 0.7% yr/yr (expected 0.5%; last 2.1%). March Manufacturing Production -0.2% m/m (expected -0.5%; last -0.6%); 1.9% yr/yr (expected 2.3%; last 3.5%). March trade deficit GBP23.90 bln (expected deficit of GBP18.50 bln; last deficit of GBP21.61 bln)
    Swiss April PPI 1.3% m/m (last 0.8%); 6.7% yr/yr (last 6.1%)
    The U.K. is reportedly looking to scrap the Northern Ireland protocol due to a continued post-Brexit disagreement with the EU.
    Bank of England policymaker Ramsden said that he expects more rate hikes due to inflation risk and that the central bank’s forecasts are not trying to guide the economy lower.
    Finland’s leaders are preparing to apply for NATO membership.

    #36671
    Truman
    Participant

    Upgrades: ALB, GO, IGT, ON, VVV, WBD
    Downgrades: APD, AXP, BYND, COF, COUP, DFS, BROS, F, GM, SYF, ZM

    #36676

    Good morning … the great SELL-OFF on WALL STREET continues
    Wholesale inflation data came in too hot & many other issues abound
    and short-term ECON ain’t looking good until inflation gets under control
    Hope we can get some improving news + capitulation later to breakout of the downdraft

    Also, BITCOIN went below $27,000 with major recent losses
    https://www.cnbc.com/quotes/BTC.CM=

    #36677

    Ohhhh the humanity — we’ll soon need to CASH IN our “201K accounts” to FILL UP THE CAR 🙂

    #36695

    Dow 31,730.30 -103.81 -0.33%
    S&P 500 3,930.08 -5.10 -0.13%
    Nasdaq 11,370.96 6.73 0.06%
    GlobalDow 3,679.08 -28.67 -0.77%
    Gold 1,821.80 -31.90 -1.72%
    Oil 106.79 1.08 1.02%

    #36696

    Dow 31,730.30 -103.81 -0.33%
    S&P 500 3,930.08 -5.10 -0.13%
    Nasdaq 11,370.96 6.73 0.06%
    GlobalDow 3,679.08 -28.67 -0.77%
    Gold 1,821.80 -31.90 -1.72%
    Oil 106.79 1.08 1.02%

    #36704
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended the week on a mostly higher note. Shanghai’s vice mayor reportedly said that his city aims to have no community spread of the coronavirus by the middle of this month. Bank of Japan Governor Kuroda said that continued easing is needed to sustainably reach the 2.0% inflation target.

    —Equity Markets—

    Japan’s Nikkei: +2.6% (-2.1% for the week)
    Hong Kong’s Hang Seng: +2.7% (-0.5% for the week)
    China’s Shanghai Composite: +1.0% (+2.8% for the week)
    India’s Sensex: -0.3% (-3.7% for the week)
    South Korea’s Kospi: +2.1% (-1.5% for the week)
    Australia’s ASX All Ordinaries: +2.0% (-2.1% for the week)

    #36705
    Truman
    Participant

    China’s April New Loans CNY645.4 bln (expected CNY1.515 trln; prior CNY3.13 trln), April Outstanding Loan Growth 10.9% yr/yr (expected 11.4%; last 11.4%) and Total Social Financing CNY910.20 bln (expected CNY2.15 trln; last CNY4.65 trln)
    South Korea’s April Import Price Index 35.0% yr/yr (last 35.9%) and Export Price Index 21.4% (last 23.4%)
    India’s April trade deficit $20.11 bln, as expected (last deficit of $20.07 bln)
    New Zealand’s April Business PMI 51.2 (last 53.8)
    Hong Kong’s Q1 GDP -3.0% qtr/qtr (last -2.9%); -4.0% yr/yr (last -4.0%)

    #36706
    Truman
    Participant

    Major European indices are looking for a higher finish to the week. European Central Bank policymaker Centeno said that inflation is expected to remain high this year and that policymakers should not overreact when normalizing policy. Meanwhile, ECB Vice President de Guindos said that second order effects from inflation would be key and have yet to be seen. Turkey is reportedly opposed to admitting Finland or Sweden into NATO.

    STOXX Europe 600: +1.6% (+0.3% week-to-date)
    Germany’s DAX: +1.6% (+2.2% week-to-date)
    U.K.’s FTSE 100: +1.8% (-0.4% week-to-date)
    France’s CAC 40: +1.9% (+1.0% week-to-date)
    Italy’s FTSE MIB: +1.5% (+1.8% week-to-date)
    Spain’s IBEX 35: +1.2% (-0.3% week-to-date)

Viewing 15 posts - 46 through 60 (of 67 total)
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