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The weekly MBA Mortgage Application Index rose 3.0% with refinancing applications increasing 5.0% and purchase applications rising 2.0%. Other economic data today is limited to the weekly EIA Crude Oil Inventories (prior 1.55 million).
U.S. Treasuries on track for a modestly lower start as the market awaits this afternoon’s FOMC Statement, which is expected to call for a 25-bps rate hike.
2-yr note yield is up five basis points to 4.22%
10-yr note yield is up two basis points to 3.62.
The U.S. Dollar Index is down 0.2% to 103.07.Yields:
2-yr: +4 bps to 4.22%
3-yr: +2 bps to 4.00%
5-yr: +1 bp to 3.76%
10-yr: +1 bp to 3.61%
30-yr: +2 bps to 3.76%Ohhhh the humanity … FOMC = 0.25% increase + promises to use all tools to keep BANKS afloat
Stocks are doing a “dying quail” on WALL STREET as the news is being absorbed (-70 on DOW & bouncing some)
and arrest of #45 from 1 of 4 DIFF trials is imminent – as we live in crazy/interesting times 😉 🙂PPPPLLLLUUNNGGGGEEEEE – equities, bonds, crypto all go SOUTH
Dow 32,030.11 -530.49 -1.63%
S&P 500 3,936.97 -65.90 -1.65%
Nasdaq 11,669.96 -190.15 -1.60%
VIX 21.85 0.47 2.20%
Gold 1,975.30 34.20 1.76%
Oil 70.17 0.50 0.72%
Coinbase Global $COIN 64.90 USD▼ -12.24 (-15.87%)
Receives a “Wells Notice” from the SEC stating recommending enforcement action alleging violations of federal securities laws;
Downgraded to Perform from Outperform at Oppenheimer
Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note.
Japan’s Nikkei: -0.2%,
Hong Kong’s Hang Seng: +2.3%,
China’s Shanghai Composite: +0.6%,
India’s Sensex: -0.5%,
South Korea’s Kospi: +0.3%,
Australia’s ASX All Ordinaries: -0.7%.Japan’s March Reuters Tankan Index -3 (last -5)
Hong Kong’s February CPI 1.7% yr/yr (expected 2.3%; last 2.4%)
Singapore’s February CPI 6.3% yr/yr (expected 6.5%; last 6.6%) Core CPI 5.5% yr/yr (expected 5.8%; last 5.5%)
Evergrande announced a restructuring of its $22.7 bln in offshore debt.
The Bank of Korea noted that the domestic financial sector is sound and that non-banks face stress from a weak property market.
Hong Kong Monetary Authority followed the Fed’s 25 bps rate hike with a 25 bps increase of its own, pushing the rate up to 5.25%.
Bangko Sentral ng Pilipinas also announced a 25-bps hike (to 6.25%) while Taiwan’s central bank raised its rate by 12.5 bps to 1.875%.
Major European indices trade in the red.
STOXX Europe 600: -0.8%,
Germany’s DAX: -0.6%,
U.K.’s FTSE 100: -1.0%,
France’s CAC 40: -0.5%,
Italy’s FTSE MIB: -0.8%,
Spain’s IBEX 35: -0.7%.Swiss National Bank announced a 50-bps rate hike to 1.50%, as expected,
Norges Bank raised its rate by 25 bps to 3.00%.European Central Bank policymaker Nagel cautioned that more rate hikes will be needed if inflation evolves according to projections.
Germany’s government reiterated its plan to issue EUR126 bln of debt in Q2.
Accenture (ACN 264.10, +10.83, +4.3%): beats by $0.19, beats on revs; guides Q3 revs in-line; guides FY23 EPS in-line, revs above consensus
General Mills (GIS 81.23, +1.36, +1.7%): beats by $0.05, beats on revs; raises FY23 EPS above consensus
Darden Restaurants (DRI 151.59, +0.54, +0.4%): beats by $0.10, beats on revs; raises FY23 EPS, revenue, and comp guidance; Q3 comps +11.7%Chewy (CHWY 35.64, -2.12, -5.6%): beats by $0.26, beats on revs; downgraded to Hold from Buy at Deutsche Bank
KB Home (KBH 37.85, +1.05, +2.9%): beats by $0.33, beats on revs, deliveries decreased by 3% to 2,788; narrows FY23 housing revenue guidance to $5.20-$5.90 blnFord Motor (F 11.68, +0.20, +1.7%): announces that results will now be reported by Ford Blue (iconic gas, hybrid vehicles), Ford Model e (breakthrough EVs) and Ford Pro (commercial products, services), not by regional markets; reaffirms FY23 EBIT guidance
Weekly initial jobless claims totaled 191,000 (consensus 204,000) following last week’s count of 192,000. Continuing claims came in at 1.694 million after last week’s revised total of 1.680 million (from 1.684 million).
Q4 current account balance rose to -$206.8 billion from a revised -$219 billion (from -$217.1 billion).
Shares of Block $SQ 58.90 ▼ -13.75 (-18.93%) today plunged after Hindenburg Research said its cautious on SQ and its short shares.
Shares of Block $SQ 58.90 ▼ -13.75 (-18.93%) today plunged after Hindenburg Research said its cautious on SQ and its short shares. 👇 https://t.co/KM3laYGpHI
— Traders Community (@TradersCom) March 23, 2023
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