Search

02/05/22 Briefing


The S&P 500 futures trade roughly in-line with fair value in a meek start to the month following the beatdown in April.

Growth concerns continue to linger after China's April Manufacturing PMI (47.4) contracted more than expected and Beijing tightened COVID restrictions, but the market might be drawing support from new inflows on the first trading day of the month. The 3% markdown in oil prices ($101.63, -3.09, -3.0%) is reflecting reduced demand expectations.

There might also be some hesitation for the FOMC's policy decision on Wednesday, the vast amount of earnings news throughout the week, and key economic data starting with the April ISM Manufacturing Index (Briefing.comconsensus 57.9%) at 10:00 a.m. ETand culminating with the April employment report on Friday.

The Construction Spending report for March (Briefing.comconsensus 0.8%) will be released concurrently with the ISM report, which will be preceded by the final IHS Markit Manufacturing PMI for April at 9:45 a.m. ET.

The Treasury market has softened up this morning, pushing yields slightly higher. The 2-yr yield is up three basis points to 2.72%, and the 10-yr yield is up three basis points to 2.92%. The U.S. Dollar Index is up 0.4% to 103.38.

In U.S. Corporate news:

  • Apple (AAPL 157.07, -0.58): -0.4% after the European Commission informed Apple of its preliminary view that it abused its dominant position in markets for mobile wallets on iOS devices.

  • Spirit Airlines (SAVE 23.01, -0.60): -2.5% after reiterating support for its merger with Frontier Airlines (ULCC 10.75, +0.14, +1.3%). JetBlue (JBLU 10.99, -0.02, -0.2%) submitted an "enhanced superior proposal" to acquire Spirit for $33 cash per share, but Spirit did not agree it was a superior offer.

  • Enterprise Products (EPD 26.12, +0.21): +0.8% after beating top and bottom-line estimates.

  • Global Payments (GPN 138.00, +1.02): +0.7% after beating top and bottom-line estimates.

  • Timken (TKR 57.64, -0.03): -0.1% after lowering its FY22 revenue guidance below consensus, mitigating the positive effect from its EPS beat.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region began the week on a lower note while markets in China, Hong Kong, and Singapore were closed for Labor Day. Japan's Nikkei: -0.1% Hong Kong's Hang Seng: CLOSED China's Shanghai Composite: CLOSED India's Sensex: -0.2% South Korea's Kospi: -0.3% Australia's ASX All Ordinaries: -1.3%.

  • In economic data:

  • Japan's April Manufacturing PMI 53.5 (last 54.1) and April Household Confidence 33.0 (last 32.8)

  • China's April Manufacturing PMI 47.4 (expected 48.0; last 49.5) and Non-Manufacturing PMI 41.9 (last 48.4). April Caixin Manufacturing PMI 46.0 (expected 47.0; last 48.1)

  • South Korea's April trade deficit $2.66 bln (last deficit of $120 mln). April Imports 18.6% yr/yr (expected 22.3%; last 27.9%) and Exports 12.6% yr/yr (expected 14.5%; last 18.2%). April Nikkei Manufacturing PMI 52.1 (last 51.2)

  • Australia's April AIG Manufacturing Index 58.5 (last 55.7)

  • India's April Nikkei Markit Manufacturing PMI 54.7 (expected 53.8; last 54.0)


  • In news:

  • Chinese regulators reportedly held an emergency meeting with bank representatives on April 22 to discuss ways of shielding China's assets from being targeted by sanctions like the ones imposed on Russia.

  • China's Manufacturing PMI contracted for the second consecutive month while Japan's Manufacturing PMI expanded for the 15th consecutive month and South Korea's Manufacturing PMI grew for the 19th month in a row.



  • Major European indices trade in the red while the U.K.'s FTSE is closed for a Bank Holiday. STOXX Europe 600: -0.9% Germany's DAX: -0.7% U.K.'s FTSE 100: CLOSED France's CAC 40: -1.4% Italy's FTSE MIB: -0.9% Spain's IBEX 35: -0.6%.

  • In economic data:

  • Eurozone's April Manufacturing PMI 55.5 (expected 55.3; last 56.5). April Business and Consumer Survey 105.0 (expected 108.0; last 106.7)

  • Germany's March Retail Sales -0.1% m/m (expected 0.3%; last 0.3%); -2.7% yr/yr (expected 6.1%; last 7.0%)

  • France's April Manufacturing PMI 55.7 (expected 55.4; last 54.7)

  • Italy's April Manufacturing PMI 54.5 (expected 55.0; last 55.8) and March Unemployment Rate 8.3% (expected 8.4%; last 8.5%)

  • Spain's April Manufacturing PMI 53.3 (expected 54.0; last 54.2)

  • Swiss Q2 SECO Consumer Climate -18 (last 3) and April procure.chPMI 62.5 (expected 61.5; last 64.0)


  • In news:

  • German officials are calling for a gradual ban on imports of Russian oil into the EU.

  • European Central Bank policymaker de Guindos spoke in favor of ending asset purchases in July, adding that a rate hike would depend on data and macroeconomic projections, while policymaker Holzmann said that he favors quick action on rates.

  • Fitch affirmed Germany's AAA rating with a Stable outlook.



U.S. equity futures:

  • S&P 500 Futures: -6 @ 4,126

  • DJIA Futures: +13 @ 32,990

  • Nasdaq 100 Futures: -26 @ 12,892

Overseas:

  • Europe: DAX -0.7%, FTSE CLOSED, CAC -1.4%

  • Asia: Nikkei -0.1%, Hang Seng CLOSED, Shanghai Composite CLOSED

Commodities:

  • Crude Oil -4.22 @ 100.47

  • Nat Gas +0.047 @ 7.291

  • Gold -34.85 @ 1876.85

  • Silver -0.404 @ 22.681

  • Copper -0.1182 @ 4.2903

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • Affiliated Managers (AMG) beats by $0.31, misses on revs

  • Akoustis Technologies (AKTS) beats by $0.02, reports revs in-line

  • Audiocodes (AUDC) misses by $0.03; revs in-line

  • Berkshire Hathaway (BRK.B) reports Q1 results

  • Bilibili (BILI) lowers Q1 revs guidance

  • CNA Financial (CNA) misses by $0.06

  • Eargo (EAR) provides Q1 shipment data; reaches settlement agreement with DOJ

  • Enpro Industries (NPO) beats by $0.53, beats on revs

  • Enterprise Products (EPD) beats by $0.07, beats on revs

  • Global Payments (GPN) beats by $0.03, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • Green Plains (GPRE) misses by $0.85, beats on revs

  • InMode (INMD) beats by $0.02, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • JELD-WEN (JELD) misses by $0.17, misses on revs

  • Loews Corp (L) reports Q1 results

  • Moody's (MCO) reports EPS in-line, beats on revs; lowers FY22 EPS and revenue guidance

  • Park Hotels & Resorts (PK) beats by $0.09, beats on revs; guides Q2 FFO in-line

  • Saia (SAIA) beats by $0.26, beats on revs

  • Timken (TKR) beats by $0.45, reports revs in-line; reaffirms FY22 EPS guidance, lowers FY22 revs below consensus

  • WEC Energy Group (WEC) beats by $0.11, beats on revs; raises FY22 EPS above consensus


  • General News:

  • Ukraine evacuates civilians from steel plant in Mariupol as they are now seeing fuel shortages due to Russian attacks. House Speaker Nancy Pelosi visits Kyiv and pledged to support Ukraine until "victory is won", according to the New York Times

  • Beijing tightened coronavirus restrictions as experts warned about damaging effects of zero coronavirus policy, according to Financial Times

  • Warren Buffett and Charlie Munger were critical of stock market speculation "mania." They say inflation impacts everyone, CNBC

  • President Biden considering cancelling at least $10,000 in student loan debt for people with incomes below $150K. This would cost the government $245 bln, according to the Washington Post

  • President Biden's potential student loan forgiveness executive order will likely face legal challenges, according to the New York Times

  • Texas Governor Greg Abbott is considering declaring "invasion" at southern border which will allow Texas to take most border security control from federal government and deport illegal immigrants, according to the New York Times

  • Largest overseas Treasury holder sold $60 bln in US Treasury debt over the last 3 months, according to Bloomberg

  • Germany wants phased in Russian oil embargo, but wants a few months to prepare, according toFinancial Times

  • Macau Gaming Inspection and Coordination Bureau earlier reported April 2022 gross revs -68.1% yr/yr to HKD2.672 bln versus -55.8% in March of 2022

  • US investigation into Asian solar farms could slow development, according to the Wall Street Journal

  • Airbus (EADSY): Qantas confirms future Airbus fleet

  • Align Tech (ALGN) announces $200 mln accelerated stock repurchase program; CEO to personally purchase $2.0 mln

  • Amazon (AMZN): Hearing could overturn Amazon union vote in New York, according to Reuters

  • Aon (AON) and PayPal (PYPL) to expand access to insurance for small businesses

  • Apple (APPL): EU Commission sends Statement of Objections to Apple over practices regarding Apple Pay

  • Axsome Therapeutics (AXSM): FDA issues CRL regarding company's NDA for AXS-07 for acute treatment of migraine

  • Berkshire (BRK.B) shareholders voted for Warren Buffett to remain as Chairman and rejected climate change disclosure requirements, according to Reuters

  • BioNTech (BNTX) announced that the first tranche of their share buyback program will commence on May 2, 2022; will be conducted within a six-month period with a value of up to $1.0 bln

  • Bioventus (BVS) has agreed to a nationwide contract with Cigna (CI) commercial plans

  • Bitfarms (BITF) Provides April 2022 Production and Mining Operations Update

  • CalAmp (CAMP) discloses receipt of director nominations from 272 Capital Master Fund Ltd

  • Coherus BioSciences (CHRS) and Junshi Biosciences receive Complete Response Letter from U.S. FDA for toripalimab BLA

  • Disney (DIS) dispute with Florida has CEOs evaluating risks and benefits of speaking out on politically sensitive topics, according to the Wall Street Journal

  • Hilltop Holdings (HTH) has commenced a modified 'Dutch auction' tender offer to purchase for cash up to $400 mln of its common stock at a price per share not less than $28.00 and not greater than $32.00, less any applicable withholding taxes and without interest, using available cash on hand

  • Horizon Pharma (HZNP) receives EC approval of UPLIZNA

  • Huntsman (HUN) announced that a New Orleans jury awarded it $93,878,108 in the Company's long-running court battle against Praxair/Linde (LIN)

  • HUTCHMED (HCM) receives Complete Response Letter from the U.S. FDA for surufatinib for the treatment of advanced neuroendocrine tumors

  • IDEAYA Biosciences (IDYA) receives Orphan Drug Designation for darovasertib, a PKC inhibitor, for the treatment of uveal melanoma

  • Innoviz Technologies (INVZ) selected by "large automotive group manufacturer" to become its direct LiDAR supplier across multiple brands

  • Intellia Therapeutics (NTLA) Presents Preclinical Data Demonstrating Advancements in its CRISPR-Engineered Allogeneic Platform at the 2022 Keystone Symposia's Precision Genome Engineering Conference

  • Johnson & Johnson (JNJ): Shareholders did not approve proposal to discontinue global sales of baby powder containing talc at annual meeting

  • Li Auto (LI) reports April deliveries of 4,167 Li ONEs

  • Lockheed Martin (LMT) awarded a $305 mln Missile Defense Agency contract modification

  • Lyft (LYFT) says an error was identified in financial results, plans to restate

  • McCormick (MKC) appoints Brendan Foley to the role of Chief Operating Officer and President, effective June 1, 2022

  • Milestone Pharmaceuticals (MIST) Announces Presentation of Data from Phase 3 NODE-302 Study of Etripamil for the Treatment of PSVT

  • MoneyGram (MGI) COO Hilary Jackson will be leaving the company on May 2; her responsibilities have been reassigned to other executive officers

  • Myovant Sciences (MYOV) receives EC approval for ORGOVYX

  • NextDecade (NEXT) announces the execution of a 15-year sale and purchase agreement with ENGIE S.A. for the supply of liquefied natural gas from NextDecade's Rio Grande LNG export project in Brownsville, Texas

  • NIO (NIO) reports April deliveries of 5,074 vehicles

  • NortonLifeLock (NLOK) receives letter from SEC stating that its investigation of the company, which was originally announced on May 10, 2018, has concluded; SEC does not intend to recommend an enforcement action against NortonLifeLock

  • ObsEva (OBSV) appoints Dr. Brandi Howard as Chief Clinical Officer effective May 9, 2022

  • Qualcomm (QCOM): Volkswagen (VWAGY) will use Qualcomm chips for self driving, according to Handelsblatt

  • SAGE Therapeutics (SAGE) and Biogen (BIIB) initiated a rolling submission of a NDA for zuranolone in the treatment of major depressive disorder

  • SpartanNash (SPTN): Macellum and Ancora question SpartanNash's "apparent reluctance to explore reported acquirer interest "

  • Standard Lithium (SLI) advances project pipeline as it commences preliminary feasibility study at its south west Arkansas lithium project

  • Supernus Pharma (SUPN) receives FDA approval for Qelbree

  • Tarsus (TARS) Announces Positive Topline Data from Saturn-2 Phase 3, the Second Pivotal Trial of TP-03 for the Treatment of Demodex Blepharitis, and Expects to File a New Drug Application This Year

  • Tesla's (TSLA) Elon Musk will save on state taxes on share sales because he moved to Texas, however he will owe $2 bln on federal capital gains, according to Bloomberg

  • Twitter (TWTR) employees are angry about Elon Musk attacks, according to Reuters

  • Vitru (VTRU) receives antitrust clearance for its business combination with Unicesumar

  • W&T Offshore (WTI) signs MOU for strategic collaboration with Korea National Oil Corporation

  • Wendy's (WEN) launches breakfast nationwide in Canada today

  • XPeng (XPEV) reports April deliveries increased 75% yr/yr


  • M&A:

  • Brown & Brown (BRO) to acquire the general insurance operations of Quinlan Insurance

  • Eaton (ETN) signed an agreement to acquire a 50% stake in the circuit breaker business of Jiangsu Huineng Electric Co

  • GFL Environmental (GFL) announced the acquisition of Sprint Waste Services

  • G-III Apparel (GIII) to purchase Karl Lagerfeld brand

  • Healthcare Realty (HR) and Healthcare Trust of America (HTA) provide update on strategic combination

  • MGM Resorts (MGM) offers to acquire LeoVegas for $607 mln

  • Sandstorm Gold (SAND) announces us$1.1 billion portfolio transformation through acquisitions of Nomad Royalty and basecore portfolio

  • Spirit Airlines (SAVE): JetBlue (JBLU) submits enhanced superior proposal to acquire Spirit for $33 cash per share

  • Spirit Airlines (SAVE) reiterates support for merger with Frontier Airlines (ULCC)

  • VICI Properties (VICI) closes transaction to acquire MGM Growth Properties (MGP)


  • Syndicate:

  • Babylon (BBLN) files for 3,420,489 share common stock offering by selling shareholders

  • Burning Rock Biotech (BNR) files mixed securities shelf offering

  • OUTFRONT Media (OUT) secured term loan facility in the amount of up to $50 million; files $250 mln mixed securities shelf offering

  • PureCycle Technologies (PCT) files for 33,132,056 share common stock offering by selling shareholders

  • Tarsus Pharmaceuticals (TARS) announces $50 mln underwritten public offering of common stock


  • IPOs:

  • Expected to Price:

  • Bausch + Lomb (NYSE: BLCO): The global eye health company with a portfolio of over 400 products is expected to price its 35.0 M share IPO between $21-$24.



Gapping Up/Down

  • Gapping up:

  • EAR +9.3%, SUPN +9.2%, OUST +5.7%, JELD +5%, ADVM +4.7%, IDYA +3.6%, LAD +2.8%, NLOK +1.8%, BRO +1.6%, ALGN +1%, XPEV +0.6%, EPD +0.6%, BRK.B +0.5%


  • Gapping down:

  • HCM -24.9%, NAVI -4.7%, BILI -3.7%, MIST -3.3%, PCT -2.2%, AUDC -2.2%, L -1.3%, MYOV -1.2%, MGM-0.7%, LI -0.5%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Accolade (ACCD) upgraded to Equal Weight from Underweight at Wells Fargo; tgt $6

  • Comerica (CMA) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $94

  • Empire State Realty Trust (ESRT) upgraded to Outperform from In-line at Evercore ISI; tgt $11

  • EPAM Systems (EPAM) upgraded to Overweight from Neutral at Piper Sandler; tgt lowered to $348

  • First Interstate Bancsystem (FIBK) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt $45

  • Griffon (GFF) upgraded to Strong Buy from Outperform at Raymond James; tgt raised to $40

  • Mohawk (MHK) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $150

  • New Oriental Education & Technology (EDU) upgraded to Neutral from Underweight at JP Morgan; tgt lowered to $14

  • SJW (SJW) upgraded to Overweight from Neutral at JP Morgan; tgt $67

  • TAL Education (TAL) upgraded to Neutral from Underweight at JP Morgan; tgt lowered to $3.90


  • Downgrades:

  • Community Bank (CBU) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $66

  • KeyCorp (KEY) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $20.50

  • Shenandoah Telecom (SHEN) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $21

  • Territorial Bancorp (TBNK) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $24

  • U.S. Silica (SLCA) downgraded to In-line from Outperform at Evercore ISI; tgt $20

  • Weyerhaeuser (WY) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt $42


  • Others:

  • 2seventy bio (TSVT) initiated with a Buy at Goldman; tgt $26

  • CarMax (KMX) initiated with a Hold at Needham

  • Cazoo (CZOO) initiated with a Neutral at JP Morgan

  • Design Therapeutics (DSGN) initiated with an Outperform at RBC Capital Mkts; tgt $30

  • Johnson Controls (JCI) initiated with a Buy at BofA Securities; tgt $85

  • Shattuck Labs (STTK) initiated with a Buy at H.C. Wainwright; tgt $28

  • Vera Therapeutics (VERA) initiated with a Buy at H.C. Wainwright; tgt $35


Upcoming Events:

  • Econ Data:

  • 09:45 ET: IHS Markit Manufacturing - Final for Apr (Briefing.comConsensus NA; Prior 59.7)

  • 10:00 ET: ISM Manufacturing Index for Apr (Briefing.comConsensus 57.9%; Prior57.1%)

  • 10:00 ET: Construction Spending for Apr (Briefing.comConsensus 0.8%; Prior 0.5%)


  • Earnings:

  • Monday (May 2)

  • Morning: AMG AKTS CNA NPO EPD FSS GPN GPRE INMD ITRI JELD MCO ON PK SAIA TKR WEC

  • Afternoon: ADUS AGNC AMKR ANET CAR NTB BIGC BXP BRX CBT CDLX CHGG CC CLX CNO CTRA CACC DVN FANG PLOW EVER EXPE FN FLS FMC FRPT HLIT JJSF KMPR KMT KFRC LEG LOGI MED MGM MPWR MOS MWA NE NTR NXPI OHI OGS ORA OTTR OUT QTWO RMBS RHP SANM SEDG RIG VRNS VNOM VNO WMB WWD ZI


  • Tuesday (May 3)

  • Morning: AGCO AME ARNC ATKR BIIB BPMC BP BR CTLT CNP CMS CNHI CIGI CVLT CMI DK DD DEA ETN ETRN ESPR EL AQUA EXPD FIS BEN IT GEO HSC HSIC HLT HWM ITW INCY IPGP ITT KKR KYMR LEA LDOS LGIH LPX MPC MLM MTOR TAP MPLX NNN NRZ PARA PFE PINC PEG RDWR QSR ROK SPGI SABR SAGE SPNS SMG SEE SMP TEVA TRI TRTN VSH WAT WLK XHR ZBRA ZBH

  • Afternoon: ACHC AMD ABNB AKAM AYX AMCR AIG AIZ ATRC BTG BNFT BLKB BFAM CZR CWH CRUS CRK CNDT DENN DEI EIX EHTH ENVA EXR FRSH FLGT THG PEAK HLF HURN IAG INFN IOSP INSP NVTA JKHY KAI KAR LSCC LFUS LTHM LYFT MTW MASI DOOR MTCH MATX MRCY MSTR MUSA OSH OKE OSPN ONTO OMI PAYC PEN PKI PUMP PRO PRU PTCT PSA LUNG RDN RRR REG RNR REZI RVLV SPNE SCI TSLX SWKS SRC SPT STAG SBUX SMCI VREX VRSK VIAV VVNT VOYA WTI WCN WTS WERN WK YUMC


  • Wednesday (May 4)

  • Morning: ATI AMRN ABC AMRX APG ASTE AVNS AVA GOLD BDC TECH BCOR BWA BHG EAT BIP BRKR CSII CDW FUN CRL LNG CQP CLH CRTO CVS DIN EDIT EMR EVOP EXPI RACE FTS FDP GTES GNRC GEL THRM ROCK HZNP IDXX IONS JHG JCI LIVN LL LITE MAR MFA MRNA MUR NBIX NYT NI NWN OTLY ODP PCRX PSN DOC PNW REGN SBGI SITE SPR STWD SUN TT TUP UTHR VCEL VMC WING XYL YUM


  • Wednesday (May 4)

  • Afternoon: TXG ONEM ACAD ADPT ADTN AEIS ALB ALGT ALL AEL AFG AMPL ANSS APA ATO ACLS BAND BKH BKNG WHD CPE CDAY CF CHK CCMP CDE CTSH CNMD CLR CXW CTVA CCRN CW CYTK DCP DGII DOCN DIOD EBAY LOCO ECPG ET NVST EPR EQC ETSY FSLY FATE FSR FLEX FTNT FNV GFL GIL GKOS GBT GDDY LOPE GXO HST TWNK ICFI NARI IR NGVT IIPR INSG IRBT JAZZ KW KLIC LPI LHCG LSI LGND LNC LUMN MGNI MANT MRO MMS MDU MET MTG MRTX MNTV NSA NVRO NMIH NUS NUVA OTEX ONL OCDX ORCC PACB PLMR PAY PDCE PETQ PING PXD PAA PCOR QRVO QLYS QDEL QNST RPD RYN O RGNX RCII RLJ RPT RSI SRPT SEER SIGI SGFY SIMO SILK SITM SKLZ SAVE SFM SPXC STAA SRI STOR RGR SUM RUN SHO TNDM TTEK THRY TMST TRIP TTEC TTMI TPC TWLO TWO UBER UDMY UGI UPLD VAPO VICI VMEO WOLF


  • Thursday (May 5)

  • Morning: ACIW GOLF ADNT ADT AGIO APD ALE AMCX BUD APO APTV MT ARW AAWW BLL BALY BCE BDX BERY BV CRC CCJ CAH CARS CBRE CIM IMOS COMM COP CROX DDOG DLX XRAY DBRG D DFIN ESMT EPAM EVRG ES FRT FOCS GOGO HAIN HBI HR HII IDA INGR NSIT INSM IBP NTLA ICE IDCC IRWD K KTB LAMR LANC TREE LXP MMP MODV NTCT NFE NKLA NJR DNOW OGE OGN PZZA PH PENN PTLO PWR RCL SBH SEAS SLQT SRE FOUR SHOP SWI SHC TMX BLD TRMB USPH UNIT VSTO VNT WD W WCC WRK ZTS


  • Thursday (May 5)

  • Afternoon: AAON ATGE AES AL ATSG ALRM ALKT Y MDRX AOSL ALTR AEE AMH COLD AMN APPN AVLR AVDX AXNX BGS BILL BL SQ BE BCC CABO CMBM CDNA CERT CHUY CLNE NET CDXS CGNX CODI CMP ED CFLT CRSR CYRX CWK DVA DRH BOOM DLB DASH DBX ENDP ENV EOG FLT FND FOXF FRG FTDR FUBO FNKO G GPRO GDOT GDYN GH HTGC HMN HUBS ILMN INGN PODD IOVA IRTC KTOS LESL LYV LCID MRVI VAC MTZ MCK MAX MELI MTD MNST MP NFG NWSA LASR NLOK LPRO OPEN OEC PYCR PCTY PBA PFSI PRDO PLYA POST PBH PRI PGNY PBYI KWR RDFN RGA RSG SAIL SGMO SEM SHAK SPWR SG SYNA TRHC SKT TDC TXRH TVTY TPIC TVTX TWST RARE OLED UNM VLDR VTR VRTX VRAY VIR SPCE HCC WPM WISH WWE WW XNCR YELP ZG ZIMV


  • Friday (May 6)

  • Morning: ACMR AXL ABR BKI BEP ECOM CI CNK ROAD ENB ESNT FLR FYBR GT GTN IEP IMGN TILE KOP NRG PRLB QRTEA SSP SPB FLOW TU UAA

  • Afternoon: BLDP WPRT



Asia & Europe detail:

Asia: Nikkei -0.1%, Hang Seng CLOSED, Shanghai Composite CLOSED

Equity indices in the Asia-Pacific region began the week on a lower note while markets in China, Hong Kong, and Singapore were closed for Labor Day. Chinese regulators reportedly held an emergency meeting with bank representatives on April 22 to discuss ways of shielding China's assets from being targeted by sanctions like the ones imposed on Russia. China's Manufacturing PMI contracted for the second consecutive month while Japan's Manufacturing PMI expanded for the 15th consecutive month and South Korea's Manufacturing PMI grew for the 19th month in a row.

  • In economic data:

  • Japan's April Manufacturing PMI 53.5 (last 54.1) and April Household Confidence 33.0 (last 32.8)

  • China's April Manufacturing PMI 47.4 (expected 48.0; last 49.5) and Non-Manufacturing PMI 41.9 (last 48.4). April Caixin Manufacturing PMI 46.0 (expected 47.0; last 48.1)

  • South Korea's April trade deficit $2.66 bln (last deficit of $120 mln). April Imports 18.6% yr/yr (expected 22.3%; last 27.9%) and Exports 12.6% yr/yr (expected 14.5%; last 18.2%). April Nikkei Manufacturing PMI 52.1 (last 51.2)

  • Australia's April AIG Manufacturing Index 58.5 (last 55.7)

  • India's April Nikkei Markit Manufacturing PMI 54.7 (expected 53.8; last 54.0)


---Equity Markets---

  • Japan's Nikkei: -0.1%

  • Hong Kong's Hang Seng: CLOSED

  • China's Shanghai Composite: CLOSED

  • India's Sensex: -0.2%

  • South Korea's Kospi: -0.3%

  • Australia's ASX All Ordinaries: -1.3%

---FX---

  • USD/JPY: +0.1% to 129.91

  • USD/CNH: +0.9% to 6.6702

  • USD/INR: UNCH at 76.47

Europe: DAX -0.7%, FTSE CLOSED, CAC -1.4%

Major European indices trade in the red while the U.K.'s FTSE is closed for a Bank Holiday. German officials are calling for a gradual ban on imports of Russian oil into the EU. European Central Bank policymaker de Guindos spoke in favor of ending asset purchases in July, adding that a rate hike would depend on data and macroeconomic projections, while policymaker Holzmann said that he favors quick action on rates. Fitch affirmed Germany's AAA rating with a Stable outlook.

  • In economic data:

  • Eurozone's April Manufacturing PMI 55.5 (expected 55.3; last 56.5). April Business and Consumer Survey 105.0 (expected 108.0; last 106.7)

  • Germany's March Retail Sales -0.1% m/m (expected 0.3%; last 0.3%); -2.7% yr/yr (expected 6.1%; last 7.0%)

  • France's April Manufacturing PMI 55.7 (expected 55.4; last 54.7)

  • Italy's April Manufacturing PMI 54.5 (expected 55.0; last 55.8) and March Unemployment Rate 8.3% (expected 8.4%; last 8.5%)

  • Spain's April Manufacturing PMI 53.3 (expected 54.0; last 54.2)

  • Swiss Q2 SECO Consumer Climate -18 (last 3) and April procure.chPMI 62.5 (expected 61.5; last 64.0)


---Equity Markets---

  • STOXX Europe 600: -0.9%

  • Germany's DAX: -0.7%

  • U.K.'s FTSE 100: CLOSED

  • France's CAC 40: -1.4%

  • Italy's FTSE MIB: -0.9%

  • Spain's IBEX 35: -0.6%

---FX---

  • EUR/USD: -0.2% to 1.0521

  • GBP/USD: UNCH at 1.2566

  • USD/CHF: UNCH at 0.9731

1 view0 comments

Recent Posts

See All

The S&P 500 futures are up 3 points and are trading % above fair value. The Nasdaq 100 futures are up 9 points and are trading roughly in-line with fair value. The Dow Jones Industrial Average futures