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India’s May Manufacturing PMI 58.7 (expected 56.5; last 57.2)
Hong Kong’s April Retail Sales 15.0% yr/yr (expected 37.9%; last 40.9%)
U.S. Defense Secretary Austin said that improved communication with China would help avoid the potential for incidents “spiraling out of control.”
IMF Chief Economist Gourinchas said that it is too early to begin tightening policy for the Bank of Japan.
Major European indices trade in the green.
STOXX Europe 600: +0.7%,
Germany’s DAX: +1.1%,
U.K.’s FTSE 100: +0.3%,
France’s CAC 40: +0.6%,
Italy’s FTSE MIB: +1.7%,
Spain’s IBEX 35: +1.2%.Eurozone’s May CPI was a bit below expectations, helping the yr/yr rate slow to a 14-month low of 6.1% from 7.0% in April.
Eurozone’s May CPI 0.0% m/m (expected 0.6%; last 0.6%); 6.1% yr/yr (expected 6.3%; last 7.0%). May Core CPI 0.2% m/m (expected 0.8%; last 1.0%); 5.3% yr/yr (expected 5.5%; last 5.6%). April Unemployment Rate 6.5%, as expected (last 6.6%). May Manufacturing PMI 44.8 (expected 44.6; last 45.8)
Germany’s May Manufacturing PMI 43.2 (expected 42.9; last 44.5) and April Retail Sales 0.8% m/m (expected 1.0%; last -2.4%); -4.3% yr/yr (expected -5.0%; last -8.6%)
France’s May Manufacturing PMI 45.7 (expected 46.1; last 45.6) and April government budget deficit EUR83.70 bln (last deficit of EUR54.70 bln)
Italy’s May Manufacturing PMI 45.9 (expected 45.8; last 46.8). April Unemployment Rate 7.8%, as expected (last 7.9%)
Spain’s May Manufacturing PMI 48.4 (expected 47.8; last 49.0)
Swiss May procure.ch PMI 43.2 (expected 44.5; last 45.3). April trade surplus CHF2.601 bln (expected surplus of CHF3.730 bln; last surplus of CHF4.526 bln)
U.K.’s May Manufacturing PMI 47.1 (expected 46.9; last 47.8). April Retail Sales 15.0% yr/yr (expected 37.9%; last 40.9%). April Mortgage Lending -GBP1.38 bln (expected GBP1.25 bln; last -GBP10 mln). May Nationwide HPI -0.1% m/m (expected -0.5%; last 0.4%); -3.4% yr/yr (last -2.7%)
European Central Bank policymaker de Guindos said that 25-bps rate hikes represent “the new normal.”
Italy will form a EUR1 bln sovereign fund for companies with strategic importance.
Swiss National Bank President Jordan said that rising rates would not threaten Swiss financial stability.
Target (TGT 129.00, -1.93, -1.5%): downgraded to Neutral from Overweight at JPMorgan
Chevron (CVX 151.93, +1.31, +0.9%): upgraded to Outperform from Sector Perform at RBC Capital Markets
Lucid Group (LCID 6.68, -1.09, -14.1%): commences public offering of 173,544,948 shares of its common stock and corresponding investment by an affiliate of PIF for aggregate expected gross proceeds of approximately $3.0 billion
Macy’s (M 12.31, -1.28, -9.4%): beats by $0.11, reports revs in-line; guides FY24 EPS below consensus, revs below consensus
Dollar General (DG 182.88, -18.21, -9.1%): misses by $0.04, misses on revs; guides FY24 EPS below consensus, revs below consensus
The ADP Employment Change reflected an increase of 278,000 in May (consensus 160,000) following a revised increase of 291,000 (from 296,000) in April.
Weekly initial jobless claims totaled 232,000 (consensus 233,000) following a revised total of 230,000 last week (from 229,000). Continuing claims came in at 1.795 million following a revised 1.789 million last week.
Q1 Productivity rose to -2.1% in the revised reading (consensus -2.7%) from -2.7% in the prior reading. Q1 Unit Labor Costs fell to 4.2% (Briefing.com consensus +6.3%) from 6.3% in the prior reading.
Equity futures pulled back in response to this morning’s data.
The S&P 500 futures are up 1 point and are trading roughly in line with fair value.
The Nasdaq 100 futures are up 4 points and are trading slightly above fair value.
The Dow Jones Industrial Average futures are down 96 points and are trading 0.3% below fair value.Treasury yields turned lower in response to the data.
The 2-yr note yield, at 4.45% shortly before 8:30 ET, is down three basis points to 4.36%. The 10-yr note yield, at 3.65% before the data, is down three basis points to 3.60%.
The U.S. Dollar Index also turned lower, down 0.3% to 104.01.
Dow 33,061.57 153.30 0.47%
S&P 500 4,221.02 41.19 0.99%
Nasdaq 13,100.98 165.70 1.28%
VIX 15.65 -2.29 -12.76%
Gold 1,995.10 13.00 0.66%
Oil 70.15 2.06 3.03%A few GOAT songs from FAV blues/progressive group/album in 1975
Last song is rated by some to be among best guitar by Peter Haycock 🙂Data today:
May ADP Employment Change 278K (consensus 160K); Prior was revised to 291K from 296K
The key takeaway from this report is that job growth is still strong, but that pay growth is slowing. For job stayers, the pain gain in May was 6.5% versus 6.7% in April.Weekly Initial Claims 232K (consensus 233K); Prior was revised to 230K from 229K; Weekly Continuing Claims 1.795 mln; Prior was revised to 1.789 mln from 1.794 mln
The key takeaway from the report is that businesses overall remain reluctant to cut staff size in large numbers, leaving the level of initial jobless claims well below what is typically seen in a recession environment.Q1 Productivity – Rev. -2.1% (consensus -2.7%); Prior -2.7%; Q1 Unit Labor Costs – Rev. 4.2% (Briefing.com consensus 6.3%); Prior 6.3%
The key takeaway from this report is that productivity was weak in the first quarter as the level of output (+0.5%) fell well shy of hours worked (+2.6%).May IHS Markit Manufacturing PMI – Final 48.4; Prior 48.5
May ISM Manufacturing Index 46.9 (consensus 47.1); Prior 47.1
The key takeaway from the report is that it reflected an ongoing contraction in activity with New Orders and Supplier Deliveries falling, though the Production Index climbed back into expansionary territory, which gives some hope for an improvement in the coming months.April Construction Spending 1.2% (consensus 0.2%); Prior 0.3%
The key takeaway from the report is that continued weakness in new single family construction was overshadowed by strength in private and public nonresidential spending.
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