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Australia’s Q1 CPI 1.4% qtr/qtr (expected 1.3%; last 1.9%); 7.0% yr/yr (expected 6.9%; last 7.8%)
There is a growing sense that the Reserve Bank of Australia will refrain from raising its cash rate for the second consecutive meeting on May 2.
Singapore’s March Industrial Production 9.3% m/m (expected 6.2%; last -12.5%); -4.2% yr/yr (expected -6.1%; last -9.7%)
New Zealand’s March trade deficit NZD1.273 bln (expected deficit of NZD920 mln; last deficit of NZD796 mln).
March Credit Card Spending 20.3% yr/yr (expected 28.0; last 25.5%)Major European indices trade in the red.
STOXX Europe 600: -0.8%,
Germany’s DAX: -0.8%,
U.K.’s FTSE 100: -0.4%,
France’s CAC 40: -1.0%,
Italy’s FTSE MIB: -0.9%,
Spain’s IBEX 35: -0.5%.U.K.’s Q4 Labor Productivity 0.4% qtr/qtr (expected 0.3%: last -0.2%).
April CBI Distributive Trades Survey 5 (expected 0; last 1)Germany’s May GfK Consumer Climate -25.7 (expected -27.9; last -29.3)
France’s April Consumer Confidence 83 (expected 81; last 82). March jobseeker total 2.789 mln (expected 2.790 mln; last 2.800 mln)
Swiss April ZEW Expectations -33.3 (expected -36.0; last -41.3)
Danone raised its revenue guidance for the year, but also warned that positive trends were unwound in Q2.
The European Central Bank is expected to announce a 25-bps rate hike at the next meeting, but there is still a possibility for a 50-bps increase if April CPI comes in hotter than expected.
Riksbank raised its repurchase rate by 50 bps to 3.50%, as expected.
Microsoft (MSFT 295.35, +19.93, +7.2%): beats by $0.22, beats on revs; Azure +31% constant currency growth
Alphabet (GOOG 103.59, -1.02, -1.0%): beats by $0.10, beats on revs, Google Advertising revenue essentially flat yr/yr; On April 19, Board of Directors authorized repurchase up to additional $70 bln of Class A and Class C shares
Visa (V 231.52, +1.93, +0.8%): beats by $0.10, beats on revs
Chipotle Mexican Grill (CMG 1907.00, +127.00, +7.1%): beats by $1.55, beats on revs, comparable restaurant sales increased 10.9%, guides for Q2 and FY23 comp sales growth in mid to high-single digit range
Texas Instruments (TXN 171.17, +1.78, +1.1%): beats by $0.04, reports revs in-line; guides Q2 EPS in-line, revs in-line
PacWest Bancorp (PACW 11.68, +1.37, +13.3%): beats by $0.09, beats on revs; deposits stabilized in the latter part of March and rebounded in April
Enphase Energy (ENPH 185.36, -35.24, -16.0%): beats by $0.15, reports revs in-line; guides Q2 revs below consensusActivision Blizzard (ATVI 78.04, -8.70, -10.0%): UK CMA says Microsoft (MSFT) acquisition of ATVI would “substantially weaken competition in this important growing market”; UK CMA blocks deal; ATVI will appeal decision; says company will reassess growth plans in the UK; says the UK is “clearly closed for business,” according to CNBC
Humana (HUM 512.50, +10.81, +2.2%): beats by $0.18, beats on revs; raises FY23 EPS guidance
Boston Scientific (BSX 53.00, +1.89, +3.7%): beats by $0.04, beats on revs; guides Q2 EPS in-line; guides FY23 EPS in-line, raises revs above consensus
Boeing (BA 209.69, +7.50, +3.7%): prelim Q1 ($1.27) vs ($1.05) S&P Capital IQ Consensus Estimate; revs $17.92 bln vs $17.56 bln S&P Capital IQ Consensus Estimate; reaffirms guidance: $4.5-$6.5 billion of operating cash flow and $3.0-$5.0 billion of free cash flow; still expects to deliver 400-450 737 airplanes in 2023; plans to increase production to 38 per month later this year
The weekly MBA Mortgage Application Index rose 3.7% with purchase applications rising 5.0% and refinancing applications up 2.0%.
Energy complex futures are losing ground this morning.
WTI crude oil futures are down 0.6% to $76.63/bbl and natural gas futures are down 5.6% to $2.18/mmbtu.
The 2-yr note yield is down two basis points to 3.94% while the 10-yr note yield is up three basis points to 3.42%.
The U.S. Dollar Index is down 0.5% to 101.40.
Durable goods rose 3.2% in March (consensus 0.7%) following a revised 1.2% decline in February (from -1.0%). Durable goods, excluding transportation, rose 0.3% in March (consensus -0.1%) following a revised 0.3% decline in February (from 0.0%).
The advance report for international trade in goods showed a deficit of $84.6 billion in March, narrowed from a revised $92.0 billion deficit in February (from $91.6 billion).
The advance report for retail inventories in March rose by 0.7% after a revised 0.3% increase in February (from 0.8%).
The advance report for wholesale inventories rose 0.1% in March from a revised 0.1% increase in February (from 0.2%).
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