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Major European indices trade in the red.
STOXX Europe 600 -1.1%;
Germany’s DAX -0.6%;
UK’s FTSE 100 -0.6%;
France’s CAC 40 -1.0%;
Italy’s FTSE MIB -0.7%;
Spain’s IBEX 35 -0.6%.Elon Musk to Participate in Twitter All-Hands Meeting Thursday
Elon Musk is set to participate in an all-hands meeting with Twitter Inc. TWTR -5.00%▼ employees on Thursday, marking the first time the billionaire will have spoken directly with the company’s workforce since he began his courtship of it in April.
Twitter Chief Executive Parag Agrawal announced the meeting in an email to staffers on Monday, saying they could submit questions for Mr. Musk in advance, a spokesman said. The company’s marketing chief, Leslie Berland, will moderate the event, he said.
Twitter shares—which have been trading under Mr. Musk’s offer price, amid investor doubt the deal would happen—climbed close to 3% in after-hours trading Monday following the reports of the all-hands meeting. They ended the regular trading day at around $37, well below the offer price of $54.20.
The S&P 500 futures are 0.3% above fair value; the Nasdaq 100 futures are 0.4% above fair value; and the DJIA futures are 0.4% above fair value
Key factors driving the futures market:
Sense that market is oversold on short-term basis and due for a bounce
Better-than-expected earnings report and outlook from Oracle (ORCL), which is up 12% in pre-market action
Fed funds futures market now pricing in 95.3% probability of 75-bais point rate hike on Wednesday (versus 3.9% a week ago)
Cryptocurrency volatility persists amid liquidity concerns and worries about further selling due to margin calls
Bitcoin down 6.8% to $22,098.10; Ethereum -3.2% to $1176.89
Bank of Japan ramps up bond purchases in bid to maintain yield cap
Beijing Covid cases at three-week high, fueling concerns about extended shutdowns
President Biden reportedly asking USTR to look at some goods for possible exclusion from China tariffsBrokerage research calls of note:
Upgrades: BGS, NTAP, NOK, PBF, TSCO, SLCA
Downgrades: AZN, BBY, CC, COIN, HSIC, HPE, HUN, NFLX, OMCWhile the FED is a “day late & dollar short” on timely interest rate increases
The market traders/investors are pondering 50, 75, or even 100 BPS
Retail sales data tomorrow will be important — as record GAS prices are also slowing hot economy
I can only see 50 BPS — as we may already be in RECESSION — based on next quarters GDP
Markets & “Kryptos” are mostly flat holding yesterday’s levels
The 2020 decade has been s difficult time – but some good things have been mixed in as well 🙂and we’re likely to see the “29” handle on the DOW soon — followed with more SELLING ahead
usually in BEARISH YEARS of past — down drafts are so FAST that market timers get TRAPPED
I was almost 100% KASH before Ukraine war — and simply count luck, blessings, and good insight by this websiteMay GOD bless & heal AMERICA on FLAG DAY 🙂
Equity indices in the Asia-Pacific region ended the midweek session on a mixed note.
Japan’s Nikkei -1.1%;
Hong Kong’s Hang Seng +1.1%;
China’s Shanghai Composite +0.5%;
India’s Sensex -0.3%; South Korea’s Kospi -1.8%;
Australia’s All Ordinaries -1.4%.China’s May Retail Sales -6.7% yr/yr (expected -7.1%; last -11.1%). May Industrial Production 0.7% yr/yr (expected -0.7%; last -2.9%) and May Fixed Asset Investment 6.2% yr/yr (expected 6.0%; last 6.8%). May Unemployment Rate 5.9% (expected 6.1%; last 6.1%)
Japan’s April Core Machinery Orders 10.8% m/m (expected -1.5%; last 7.1%); 19.0% yr/yr (expected 5.3%; last 7.6%). June Reuters Tankan Index 9 (last 5). April Tertiary Industry Activity Index 0.7% m/m (last 1.3%)
South Korea’s May trade deficit $1.71 bln (last deficit of $1.71 bln). May Imports 32.0% yr/yr (last 32.0%) and Exports 21.3% yr/yr (last 21.3%)
Australia’s June Westpac Consumer Sentiment -4.5% (last -5.6%)
New Zealand’s Q1 Current Account -6.5% of GDP (expected -6.3% of GDP; last -5.8% of GDP)South Korean truckers ended their strike after coming to terms with the Transport Ministry.
Press reports from Japan suggest that the country will issue reward points for “energy saving actions.”
Reserve Bank of Australia Governor Lowe said that higher interest rates are needed in order to bring down inflation, which could reach 7.0% by Christmas. Goldman Sachs expects the RBA to raise its cash rate by 50 bps in August and September.Central bank news is dominating the wires.
The ECB is holding an emergency meeting to discuss fragmentation issues and presumably a response to cure them. Some see this as another “whatever it takes” moment, so European bonds and stocks have rallied on the news.
The FOMC completes its two-day meeting today. The market expects a 75-basis point rate hike. The policy directive and summary of economic projections will be released at 2:00 p.m. ET and Fed Chair Powell’s press conference will follow at 2:30 p.m. ET.
The Shadow Committee for the Bank of England reportedly expects a 50-basis point rate hike at Thursday’s meeting against expectations for a more modest 25-basis point increase.
Reserve Bank of Australia Governor Lowe expects CPI to increase further and believes policy should respond to the CPI pressure in a decisive manner.
The Bank of Japan continues to adhere to a yield curve control policy.Major European indices trade in the green.
STOXX Europe +0.9%;
Germany’s DAX +1.2%; UK’s FTSE 100 +1.2%;
France’s CAC 40 +0.9%;
Italy’s FTSE MIB +2.9%;
Spain’s IBEX 35 +1.4%.Eurozone’s April trade deficit EUR32.40 bln (last deficit of EUR16.10 bln). April Industrial Production 0.4% m/m (expected -2.0%; last -1.4%); -2.0% yr/yr (expected -1.1%; last -0.5%)
Germany’s May WPI 1.0% m/m (last 2.1%); 22.9% yr/yr (last 23.8%)
France’s May CPI 0.7% m/m (expected 0.6%; last 0.4%); 5.2% yr/yr, as expected (last 4.8%)
Swiss May PPI 0.9% m/m (last 1.3%); 6.9% yr/yr (last 6.7%)The European Central Bank is holding an emergency meeting today to discuss ways of dealing with fragmentation in the eurozone. Italian debt has recovered its losses from the past two days in response to the news.
The EU launched legal action against the U.K. over alleged violations of Brexit terms.
The shadow committee of the Bank of England expects a 50-bps rate hike tomorrow.The global equity markets are mostly higher. S&P Futures are up about 20 points to trade around the 3760 area. With the FOMC set to release its latest update this afternoon, the S&P has seen a range bound session. As such, the market’s high rests at 3774.25 while the low sits at 3739.50.
S&P Futures vs Fair Value: +25.0
10 yr Note: 3.413%
USD/JPY: 134.47 -1.00
EUR/USD: 1.0487 +0.0069
Europe: FTSE: +1.0% DAX: +1.0% CAC: +0.9%
Asia: Hang Seng: +1.1% Shanghai: +0.5% Nikkei: -1.1%
Gold (1825.50 +12.00) Silver (21.39 +0.44) Crude (117.74 -1.19)
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