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Australia’s April CPI 6.8% yr/yr (expected 6.4%; last 7.0%). April Private Sector Credit 0.6% m/m (expected 0.3%; last 0.2%) and Q1 Construction Work Done 1.8% qtr/qtr (expected 1.5%; last 1.0%)\
New Zealand’s May ANZ Business Confidence -31.1 (expected -43.4; last -43.8)
Japan’s April Retail Sales 5.0% yr/yr (expected 5.8%; last 6.9%) and April Industrial Production -0.4% m/m (expected 0.5%; last 1.1%). April Housing Starts -11.9% yr/yr (expected -4.3%; last -3.2%) and April Construction Orders 16.2% yr/yr (expected 3.7%; last -4.1%). May Household Confidence 36.0 (expected 36.1; last 35.4)
China’s May Manufacturing PMI 48.8 (expected 51.4; last 49.2) and Non-Manufacturing PMI 54.5 (expected 54.9; last 56.4)
South Korea’s April Retail Sales -2.3% m/m (expected 0.8%; last 0.1%) and April Industrial Production -1.2% m/m (expected -0.9%; last 5.3%); -8.9% yr/yr (expected -7.3%; last -7.6%). April Service Sector Output -0.3% m/m (expected -0.2%; last -0.5%)
Japan’s top currency diplomat said that a trilateral meeting between the Ministry of Finance, Bank of Japan, and Financial Services Agency was not intended to serve as a verbal intervention to support the yen.
Goldman Sachs expects the Reserve Bank of Australia’s terminal rate to reach 4.35%, up from the previous forecast of 4.10%.
Major European indices trade in the red despite the release of cooler than expected CPI readings from France and five German states.
STOXX Europe 600: -0.2%,
Germany’s DAX: -0.4%,
U.K.’s FTSE 100: -0.1%,
France’s CAC 40: -0.5%,
Italy’s FTSE MIB: -0.3%,
Spain’s IBEX 35: UNCH.Germany’s April Import Price Index -1.7% m/m (expected -0.9%; last -1.1%); -7.0% yr/yr (expected -5.9%; last -3.8%). May Unemployment Change 9,000 (expected 14,000; last 23,000) and May Unemployment Rate 5.6%, as expected (last 5.6%)
France’s April Consumer Spending -1.0% m/m (expected 0.3%; last -0.8%). May CPI -0.1% m/m (expected 0.4%; last 0.6%); 5.1% yr/yr (expected 5.7%; last 5.9%). April PPI -5.1% m/m (expected 1.2%; last 1.9%). Q1 GDP 0.2% qtr/qtr, as expected (last 0.1%); 0.8% yr/yr, as expected (last 0.5%)
Italy’s Q1 GDP 0.6% qtr/qtr (expected 0.5%; last -0.1%); 1.9% yr/yr (expected 1.8%; last 1.4%)
Spain’s March Current Account surplus EUR5.58 bln (last surplus of EUR2.29 bln)
Swiss April Retail Sales -3.7% yr/yr (expected -1.4%; last -1.9%) and May ZEW Expectations -32.2 (expected -36.8; last -33.3)
The European Central Bank’s latest Financial Stability Review described the financial outlook as fragile and that banks might need to increase their loss provisions.
European Central Bank policymaker Villeroy de Galhau said that the inflationary peak has probably been passed in France while policymaker Muller said that one more rate hike is likely and that expectations for rate cuts in 2024 are too optimistic.
Advance Auto (AAP 83.50, -28.70, -25.6%): misses by $1.84, reports revs in-line; guides FY23 EPS below consensus, revs below consensus
Twilio (TWLO 64.88, +2.21, +3.5%): moving higher on report it will lose supervoting protection next month; also co has been meeting with activist, according to TheInformation
Teck Resources (TECK 39.38, +1.28, +3.4%): Glencore (GLNCY) mulling higher bid for Teck Resources (TECK), according to Bloomberg
Microsoft (MSFT 332.71, +1.50, +0.5%): Piper Sandler maintained Overweight rating and raised price target to $400 from $348
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