Traders Market Weekly: Valuation Matters in Earnings Season

Viewing 15 posts - 46 through 60 (of 69 total)
  • Author
    Posts
  • #40193
    TradersCom
    Keymaster

    Dow Jones Industrial Average: -15.3% YTD
    S&P 400: -19.6% YTD
    S&P 500: -20.2% YTD
    Russell 2000: -23.1% YTD
    Nasdaq Composite: -28.1% YTD

    #40212
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note.

    Japan’s chief cabinet secretary expressed concern about the rapid weakening of the yen, which fell to its lowest level against the dollar since 1998.
    Tokyo is expected to raise its coronavirus alert level.
    China’s National Development and Reform Commission said that the 2022 CPI target of about 3.0% remains within reach. Australia’s unemployment rate fell to its lowest level since 1974, boosting expectations for a 75-bps rate hike from the Reserve Bank of Australia.

    —Equity Markets—

    Japan’s Nikkei: +0.6%
    Hong Kong’s Hang Seng: -0.2%
    China’s Shanghai Composite: -0.1%
    India’s Sensex: -0.2%
    South Korea’s Kospi: -0.3%
    Australia’s ASX All Ordinaries: +0.6%

    #40213
    Truman
    Participant

    Japan’s May Industrial Production -7.5% m/m (last -4.9%) and Capacity Utilization -9.2% m/m (last 0.0%)
    India’s June WPI Inflation 15.18% yr/yr (expected 15.50%; last 15.88%)
    Australia’s June employment change 88,400 (expected 30,000; last 60,600) and full employment change 52,900 (last 69,400). June Unemployment Rate 3.5% (expected 3.8%; last 3.9%) and Participation Rate 66.8% (expected 66.7%; last 66.7%). MI Inflation Expectations 6.3% (last 6.7%)
    Singapore’s Q2 GDP 0.1% qtr/qtr (last 1.4%); 4.8% yr/yr (expected 5.2%; last 4.0%)

    #40214
    Truman
    Participant

    Major European indices trade in the red with Italy’s MIB (-3.2%) showing relative weakness.

    Italy’s Prime Minister Draghi will face a confidence vote and there is speculation that M5S will boycott the vote, which could lead to a collapse of the current government.
    Shell’s CEO warned that Europe may be headed for energy rationing in the winter.
    The European Commission will reportedly lower the EU’s 2022 growth forecast to 2.6% from 2.8% and cut the outlook for 2023 to 1.4% from 2.3%. The inflation forecast for this year was raised to 7.6% from 6.1% while the outlook for 2023 was increased to 4.0% from 2.7%.

    —Equity Markets—

    STOXX Europe 600: -1.3%
    Germany’s DAX: -1.5%
    U.K.’s FTSE 100: -1.3%
    France’s CAC 40: -1.5%
    Italy’s FTSE MIB: -3.2%
    Spain’s IBEX 35: -2.0%

    #40215
    Truman
    Participant

    Germany’s June WPI 0.1% m/m (last 1.0%); 21.2% yr/yr (last 22.9%)
    Swiss June PPI 0.3% m/m (expected 0.9%; last 0.9%)

    #40216
    Truman
    Participant

    S&P 500 futures are down 54 points and are trading 1.4% below fair value.
    Nasdaq 100 futures are down 99 points and are trading 0.8% below fair value.

    #40217
    Truman
    Participant

    June PPI increased 1.1% (consensus 0.9%) versus a prior revised increase of 0.9% (from 0.8%). Core PPI, which excludes food and energy, rose 0.4% (Briefing.com consensus 0.5%) versus the prior revised increase of 0.6% (from 0.5%).

    Weekly initial jobless claims totaled 244,000 (consensus 239,000) versus the prior total 235,000.
    Continuing claims totaled 1.331 million versus the prior revised total of 1.372 million (from 1.375 million).

    #40218
    Truman
    Participant

    JPMorgan (JPM 108.56, -3.35, -3.0%): JPMorgan Chase misses by $0.15, misses on revs; suspends stock buybacks
    Morgan Stanley (MS 75.00, +0.02, +0.1%): Morgan Stanley misses by $0.17, misses on revs
    Taiwan Semi (TSM 82.69, +1.40, +1.7%): Taiwan Semi beats by NT$0.62, beats on revs; guides Q3 revs above consensus
    Conagra (CAG 35.50, -0.24, -0.7%): Conagra beats by $0.02, reports revs in-line; guides FY23 EPS below consensus
    Intel (INTC 37.06, -0.15, -0.4%): Intel has informed customers that it plans to raise prices on a majority of microprocessors and chip products later this year, according to Nikkei

    #40219
    Truman
    Participant
    #40220
    Truman
    Participant
    #40221
    Truman
    Participant

    U.S. Treasuries are on track for a lower start with shorter tenors expected to show relative weakness in the early going.
    The U.S. Dollar Index is up 0.7% at 108.71, reaching its highest level since September 2002.

    2-yr: +6 bps to 3.19%
    3-yr: +5 bps to 3.18%
    5-yr: +3 bps to 3.05%
    10-yr: +2 bps to 2.92%
    30-yr: +2 bps to 3.09%

    #40260
    TradersCom
    Keymaster

    Relations Thawing.

    China’s Foreign Minister Wang Yi says relations between China & #Australia face challenges &opportunities currently.
    Says China is willing to recalibrate relations in a spirit of mutual respect via Reuters
    #Coal #Ironore #Natgas

    #40266
    Truman
    Participant

    BlackRock (BLK 578.11, -10.52, -1.8%): BlackRock misses by $0.66, reports revs in-line
    Wells Fargo (WFC 38.36, -0.38, -1.0%): Wells Fargo reports Q2 (Jun) results, misses on revs
    Pinterest (PINS 19.84, +2.28, +13.0%): Activist Elliott Mgmt has built a 9+% stake, according to WSJ
    UnitedHealth (UNH 510.06, +7.66, +1.5%): UnitedHealth beats by $0.36, reports revs in-line; raises FY22 EPS outlook

    #40267
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended the week on a mixed note.

    Japan’s Nikkei: +0.5% (+1.0% for the week),
    Hong Kong’s Hang Seng: -2.2% (-6.6% for the week),
    China’s Shanghai Composite: -1.6% (-3.8% for the week),
    India’s Sensex: +0.7% (-1.3% for the week),
    South Korea’s Kospi: +0.4% (-0.8% for the week),
    Australia’s ASX All Ordinaries: -0.7% (-1.2% for the week).

    #40268
    Truman
    Participant

    China’s Q2 GDP -2.6% qtr/qtr (expected -1.5%; last 1.4%); 0.4% yr/yr (expected 1.0%; last 4.8%). June Industrial Production 3.9% yr/yr (expected 4.1%; last 0.7%), June Fixed Asset Investment 6.1% yr/yr (expected 6.0%; last 6.2%), June Retail Sales 3.1% yr/yr (expected -0.3%; last -6.7%), and June House Prices -0.5% yr/yr (last -0.1%)
    Japan’s May Tertiary Industry Activity Index 0.8% m/m (last 0.7%)
    South Korea’s June trade deficit $2.58 bln (last deficit of $2.47 bln). June Imports 19.4% yr/yr (last 19.4%) and Exports 5.2% yr/yr (last 5.4%). June Import Price Index 33.6% yr/yr (last 36.5%) and Export Price Index 23.7% yr/yr (last 23.4%)
    New Zealand’s June Business PMI 49.7 (last 52.6)

    China’s GDP contracted more than expected in Q2, reflecting the impact of coronavirus lockdowns. There were continued worries about the country’s property market amid reports of a mortgage payment boycott.
    Toyota reportedly delayed the launch of a new vehicle model due to an insufficient supply of parts.
    SK Hynix may reportedly reduce its 2023 capital spending plan by as much as 25%.
    The approval rating of South Korea’s President Yoon fell to 32.0% from 37.0%, according to Gallup.

Viewing 15 posts - 46 through 60 (of 69 total)
  • You must be logged in to reply to this topic.