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Wishing BLESSED Memorial Day as we reflect upon those who sacrificed for our great nation
WALL STREET is closed … Late SAT it appears ‘lite” version of DEBT limit agreement was reached
but it has to be lite to pass as both parties in Congress continue to spend beyond what comes in each year
Still, let us commemorate + enjoy cookouts later in the day, even though t-storms abound in SW VA 🙂ASX rose most in 7 weeks, buoyed by tentative US debt deal
S&P/#ASX 200 rose 0.9%, or 62.6 pts to 7217.4 9 out of 11 sectors rose
#Banks Rose
Commonwealth Bank +1.4 %
Westpac +1.2 %
ANZ +1.2%
National Australia Bank 1.3%
#BHP +1.4% #RioTinto+1.2%
#Megaport fell-3.8%Have a great Memorial Day Weekend All…
Enjoy the time with your friends and Family. A time to remember and honor the men and women who died while serving in the U.S. military.
#LestWeForget
Equity indices in the Asia-Pacific region ended Tuesday on a modestly higher note.
—Equity Markets—
Japan’s Nikkei: +0.3%
Hong Kong’s Hang Seng: +0.2%
China’s Shanghai Composite: +0.1%
India’s Sensex: +0.2%
South Korea’s Kospi: +1.0%
Australia’s ASX All Ordinaries: -0.1%
Major European indices trade in mixed fashion.Bank of Japan Governor Ueda said that the Japan has not yet reached sustainable 2.0% inflation.
Softbank will build AI data centers in Japan with equipment from NVIDIA. China rejected an invitation from the U.S. for a meeting of defense chiefs in Singapore.
Mitsubishi will reportedly keep its plant in China closed past May due to weak demand.Japan’s April jobs/applications ratio 1.32, as expected (last 1.32). April Unemployment Rate 2.6% (expected 2.7%; last 2.8%)
Australia’s April Building Approvals -8.1% m/m (expected 2.0%; last -1.0%) and Private House Approvals -3.8% m/m (last -3.7%)
New Zealand’s April Building Consents -2.6% m/m (expected 1.6%; last 6.6%)
Major European indices trade in mixed fashion.
—Equity Markets—
STOXX Europe 600: UNCH
Germany’s DAX: +0.4%
U.K.’s FTSE 100: -0.6%
France’s CAC 40: -0.5%
Italy’s FTSE MIB: +0.5%
Spain’s IBEX 35: +0.4%European Central Bank policymaker Wunsch said that more rate hikes may be needed since real rates are still low while policymaker de Cos said that while there is more tightening to do, the ECB is getting close to the end of the hiking cycle.
Eurozone’s May Business and Consumer Survey 96.5 (expected 99.9; last 99.0). April Private Sector Loans 2.5% yr/yr (expected 2.7%; last 2.9%) and loans to nonfinancial corporations 4.6% yr/yr (expected 4.7%; last 5.2%)
Italy’s April PPI -4.8% m/m (expected 0.5%; last -1.5%); -1.5% yr/yr (expected -4.0%; last 3.7%). March Industrial Sales -0.3% m/m (expected 0.1%; last 1.3%); 4.3% yr/yr (expected 13.0%; last 7.2%)
Spain’s April Retail Sales 5.5% m/m (expected 0.7%; last 9.9%). May CPI -0.1% m/m (expected 0.9%; last 0.6%); 3.2% yr/yr (expected 4.4%; last 4.1%)
Swiss Q1 GDP 0.3% qtr/qtr (expected 0.1%; last 0.0%); 0.6% yr/yr, as expected (last 0.7%). May KOF Leading Indicators 90.2 (expected 95.0; last 96.1)
Disney (DIS 88.58, +0.29, +0.3%): “The Little Mermaid” brought in $117.5 million at US box office over Memorial Day weekend, according to CNN
Ford (F 12.46, +0.37, +3.1%): upgraded to Buy from Hold at Jefferies
Boston Beer (SAM 322.35, +4.50, +1.4%): upgraded to Buy from Neutral at Roth
Kenvue (KVUE 26.59, +0.29, +1.1%): JPMorgan initiated coverage with an Overweight rating
Coinbase Global (COIN 59.30, +2.42, +4.3%): upgraded to Overweight from Neutral at Atlantic EquitiesNVIDIA (NVDA 404.20, +14.74, +3.8%): announces DGX GH200 AI Supercomputer and several other product updates
Many of the mega cap stocks are up more than 1.0%. Aside from NVIDIA (NVDA 407.27, +17.81, +4.6%),
Microsoft (MSFT 336.90, +4.01, +1.2%),
Meta Platforms (META 268.40, +6.36, +2.4%),
Amazon.com (AMZN 121.83, +1.72, +1.4%),
Apple (AAPL 177.75, +2.32, +1.3%),
Tesla (TSLA 201.28, +8.11, +4.2%) are all standouts in that regard.
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