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Major European indices trade in the red.
—Equity Markets—
STOXX Europe 600: -0.4%
Germany’s DAX: -0.1%
U.K.’s FTSE 100: -0.2%
France’s CAC 40: -0.7%
Italy’s FTSE MIB: -0.9%
Spain’s IBEX 35: -1.3%European Central Bank Chief Economist Lane said that a rate hike in May will be warranted and that additional rate hikes will be data dependent.
Policymaker Villeroy de Galhau said that “a few more” rate hikes might be needed.
Spain’s March PPI -1.0% yr/yr (expected 2.8%; last 8.0%)
The Bank of England said in a statement that it is in discussions with the Bank of Japan, European Central Bank, Swiss National Bank, and the Fed to revert the frequency of daily operations to once per week.
U.K.’s March Public Sector Net Borrowing GBP20.71 bln (expected GBP22.94 bln; last GBP12.50 bln)
Public Sector Net Cash Requirements GBP18.886 bln (expected GBP3.956 bln; last -GBP1.693 bln).
April CBI Industrial Trends Orders -20, as expected (last -20)First Republic Bank (FRC 12.75, -3.25, -20.3%): beats by $0.72, beats on revs; announces ~20-25% workforce reduction; pursuing strategic options to expedite its progress; deposits fell 40.8%, but have stabilized
McDonald’s (MCD 295.50, +2.30, +0.8%): beats by $0.29, beats on revs US comps +12.6%
3M (MMM 106.37, +1.31, +1.3%): beats by $0.37, beats on revs; guides FY23 EPS in-line, revs above consensus; announces restructuring
Dow (DOW 54.90, -0.49, -0.9%): beats by $0.21, beats on revs
Verizon (VZ 36.84, -0.26, -0.7%): beats by $0.01, misses on revs; guides FY23 EPS in-line
UPS (UPS 186.40, -9.45, -4.8%): misses by $0.01, reports revs in-line; guides FY23 revs below consensus
PepsiCo (PEP 188.94, +3.44, +1.9%): beats by $0.11, beats on revs; guides FY23 EPS above consensus
Whirlpool (WHR 145.80, +5.10, +3.6%): beats by $0.49, beats on revs; reaffirms FY23 EPS guidance, revs guidance
General Motors (GM 35.40, +1.11, +3.2%): beats by $0.48, beats on revs; raises FY23 EPS and EBIT guidance
General Electric (GE 101.57, +1.42, +1.4%): beats by $0.13, beats on revs; raises FY23 EPS in-line
Sherwin-Williams (SHW 244.40, +7.84, +3.3%): beats by $0.25, beats on revs; reaffirms FY23 EPS outlook
Honeywell (HON 199.28, +2.50, +1.3%): authorizes up to $10 bln for share repurchases, including $2.1 bln of remaining availability under previous authorization
Johnson & Johnson (JNJ 163.20, -0.48, -0.3%): confirms launch of Kenvue IPO Roadshow; IPO expected to consist of 151.2 mln shares of common stock with an expected price range of $20-$23 per share
The S&P 500 futures are down 20 points and are trading 0.5% below fair value.
The Nasdaq 100 futures are down 56 points and are trading 0.4% below fair value.
The Dow Jones Industrial Average futures are down 99 points and are trading 0.3% below fair value.Oil prices are trending lower, reflecting economic slowdown concerns. WTI crude oil futures are down 1.0% to $77.96/bbl.
Treasury yields continue to pullback.
The 2-yr note yield is down 11 basis points to 4.03% and the 10-yr note yield is down nine basis points to 3.43%.
First Republic Bank (FRC 12.56, -3.44, -21.5%) and UPS (UPS 187.00, -8.85, -4.5%) are among the most influence laggards following their quarterly results
Dow components McDonald’s (MCD 296.10, +2.90, +1.0%), 3M (MMM 106.27, +1.21, +1.2%), and Verizon (VZ 37.00, -0.10, -0.3%) all beat earnings estimates.
The FHFA Housing Price Index rose 0.5% in February from a revised 0.1% in January (from 0.2%).
The S&P Case-Shiller Home Price Index fell to 0.4% in February (Briefing.com consensus 0.0%) from a revised 2.6% in January (from 2.5%).Dow -23.05 at 33852.26, Nasdaq -75.52 at 11961.67, S&P -21.19 at 4117.12
The stock market opened to losses with concerns about the bank industry back in play after First Republic Bank (FRC 11.60, -4.46, -27.5%) reported earnings, reflecting a 40% drop in deposits.
Other bank stocks are down in solidarity as evidenced by a 1.7% decline in both the SPDR Regional Bank ETF (KRE) and the SPDR Bank ETF (KBE).
Price action in commodity futures are another manifestation of growth concerns.
WTI crude oil futures are down 1.9% to $77.31/bbl. Copper futures are down 2.7% to $3.85/lb.
Consumer confidence fell to 101.3 in April (consensus 104.1) from a revised reading of 104.0 in March (from 104.2).
New home sales totaled 683,000 in March (consensus 630,000) following a revised total of 623,000 in February (from 640,000).
Commodity futures are manifesting growth concerns.
WTI crude #oil $76.86 -1.90 -2.41%
Copper $3.8365 -0.1175 -2.97%
Brent Crude $80.52 -2.02 -2.45%
Natural Gas $2.211 -0.062 -2.73%
Unleaded #Gasoline $2.5452 -0.0648 -2.48%Dow 33,530.83 -344.57 -1.02%
S&P 500 4,071.63 -65.41 -1.58%
Nasdaq 11,799.16 -238.05 -1.98%
VIX 19.55 2.66 15.75%
Gold 2,009.10 9.30 0.47%
Oil 77.12 -1.64 -2.0Equity indices in the Asia-Pacific region ended Wednesday on a mixed note.
Japan’s Nikkei: -0.7%,
Hong Kong’s Hang Seng: +0.7%,
China’s Shanghai Composite: UNCH,
India’s Sensex: +0.3%,
South Korea’s Kospi: -0.2%,
Australia’s ASX All Ordinaries: -0.1%.
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