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South Korea’s government will look to boost domestic consumption, according to the country’s finance minister.
South Korea’s March Consumer Confidence 92.0 (last 90.2)
Japan’s parliament passed a record JPY114 trln budget for FY23.
China will reportedly try to attract more foreign investment. Alibaba (BABA) confirmed that it will split into six units.
Major European indices trade on a firmly higher note.
—Equity Markets—
STOXX Europe 600: +0.9%
Germany’s DAX: +0.9%
U.K.’s FTSE 100: +0.9%
France’s CAC 40: +1.3%
Italy’s FTSE MIB: +1.2%
Spain’s IBEX 35: +1.2%EU energy ministers have agreed to hold gas demand at a reduced level until March 2024 to secure a sufficient supply for next winter.
European Central Bank Chief Economist Lane said that he expects inflation to decelerate rapidly.
Germany’s April GfK Consumer Climate -29.5 (expected -29.2; last -30.6)
Italy’s February non-EU trade surplus EUR4.02 bln (last deficit of EUR1.36 bln)
U.K.’s February BoE Consumer Credit GBP1.413 bln (expected GBP1.300 bln; last GBP1.686 bln), February Mortgage Lending GBP740 mln (expected GBP2.40 bln; last GBP2.00 bln), and February Net Lending to Individuals GBP2.20 bln (expected GBP3.70 bln; last GBP3.70 bln) o France’s March Consumer Confidence 81, as expected (last 82)
lululemon athletica (LULU 371.00, +50.69, +15.8%): beats by $0.14, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY24 EPS above consensus, revs above consensus
Micron (MU 60.55, +1.27, +2.1%): misses by $1.03, reports revs in-line; guides MayQ EPS below consensus, revs in-line; customer inventories improving\
Foot Locker (FL 39.13, -0.90, -2.3%): downgraded to Sell from Neutral at UBS
Macy’s (M 17.04, -0.23, -1.3%): announces CEO Jeff Gennette plans to retire in Feb. 2024; current Bloomingdale’ chairman Tony Spring named president and CEO-elect
The weekly MBA Mortgage Applications Index rose 2.9% with purchase application jumping 5.0% while refinancing applications rose 2.0%.
Energy complex futures trade up ahead of the open. WTI crude oil futures are up 1.1% to $74.00/bbl and natural gas futures are up 0.1% to $2.15/mmbtu.
Selling interest picked up noticeably in the Treasury market.
The 2-yr note yield is up four basis points to 4.10% and the 10-yr note yield is up two basis points to 3.58%.
The U.S. Dollar Index continues to climb, up 0.2% to 102.63.
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