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07/09/23 Briefing


The S&P 500 futures are down 21 points and are trading 0.4% below fair value. The Nasdaq 100 futures are down 125 points and are trading 0.7% below fair value. The Dow Jones Industrial Average futures are down 45 points and are trading 0.1% below fair value.

The stock market is poised for a lower open after yesterday's retreat. Apple (AAPL) is down another 3.0% in pre-open action, hanging over the broader market, amid reports that China is aiming to broaden its iPhone ban.

Treasury yields are pulling back from yesterday's settlement levels, but the recent runup in yields remains top of mind for market participants. The 2-yr note yield is down four basis points to 5.00% and the 10-yr note yield is down three basis points to 4.27%.

Oil prices are inching lower this morning. WTI crude oil futures are down 0.6% to $87.01/bbl.

Separately, China reported an 8.8% year-over-year decline in exports and a 7.3% year-over-year decline in imports for August, both of which were better than expected.

Today's economic calendar features:

  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 233,000; prior 228,000), Continuing Claims (prior 1.725 mln), revised Q2 Productivity (Briefing.com consensus 3.7%; prior 3.7%), and revised Q2 Unit Labor Costs (Briefing.com consensus 1.6%; prior 1.6%)

  • 10:30 ET: Weekly natural gas inventories (prior +32 bcf)

  • 11:00 ET: Weekly crude oil inventories (prior -10.58 mln)

In corporate news:

  • Apple (AAPL 178.06, -4.875, -2.7%): China aiming to broaden Apple (AAPL) iPhone ban to state and federal agencies, according to Bloomberg; expected to increase prices on premium iPhones next week by $100, according to the WSJ

  • McDonald's (MCD 278.20, +2.76, +1.0%): upgraded to Overweight from Equal Weight at Wells Fargo

  • Goldman Sachs (GS 322.00, +0.87, +0.3%): HSBC initiated coverage with a Buy rating

  • C3.ai (AI 28.29, -3.17, -10.1%): beats by $0.08, beats on revs; guides Q2 revs in-line; reaffirms FY24 revs guidance

  • Roku (ROKU 85.23, -0.96, -1.1%): downgraded to Hold from Buy at Loop Capital

  • American Eagle (AEO 17.04, -0.16, -0.9%): beats by $0.09, reports revs in-line; guides Q3 revenue above consensus, raises FY24 revenue above consensus

  • Yext (YEXT 7.94, -1.14, -12.6%): reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs in-line; guides FY24 EPS above consensus, revs in-line

  • Verint Systems (VRNT 25.77, -5.10, -16.5%): misses by $0.09, misses on revs; guides FY24 EPS in-line, revs below consensus

  • UiPath (PATH 16.98, +0.76, +4.7%): beats by $0.05, beats on revs; guides Q3 revs below consensus; guides FY24 revs above consensus; authorizes $500 mln for repurchases

  • ChargePoint (CHPT 6.27, -0.79, -11.2%): reports Q2 (Jul) results, misses on revs; guides Q3 revs below consensus; guides FY24 revs below consensus

  • Dutch Bros (BROS 26.30, -1.78, -6.3%): files mixed shelf securities offering; announces proposed public offering of $300 million Class A common stock

  • BlackBerry (BB 4.92, -0.62, -11.2%): guides Q2 revs below consensus; reiterates FY24 sales outlook for Cybersecurity and Licensing segments

  • Dave & Buster's (PLAY 36.50, -0.90, -2.4%): misses by $0.01, misses on revs, comps fell -6.3%; increases repurchase program by $100 mln

  • WestRock (WRK 34.00, +2.12, +6.7%): and Smurfit Kappa (SMFKY) in discussions regarding key terms of potential combination

  • Calavo Growers (CVGW 34.65, +3.39, +10.8%): beats by $0.10, misses on revs

  • G-III Apparel (GIII 22.14, +2.84, +14.7%): beats by $0.38, beats on revs; guides Q3 EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs above consensus

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. Japan's Nikkei: -0.8%, Hong Kong's Hang Seng: -1.3%, China's Shanghai Composite: -1.1%, India's Sensex: +0.6%, South Korea's Kospi: -0.6%, Australia's ASX All Ordinaries: -1.2%.

  • In economic data:

  • China's August trade surplus $68.36 bln (expected surplus of $73.90 bln; last surplus of $80.60 bln). August Imports -7.3% yr/yr (expected -9.0%; last -12.4%) and Exports -8.8% yr/yr (expected -9.2%; last -14.5%)

  • Japan's July Leading Index -1.2% m/m (last -0.2%) and Coincident Indicator -1.1% m/m (last 0.9%)

  • Australia's July trade surplus AUD8.04 bln (expected surplus of AUD10.0 bln; last surplus of AUD10.3 bln). July Imports 3.0% m/m (last -3.3%) and Exports -2.0% m/m (last -3.1%). July Building Approvals -8.1% m/m, as expected (last -7.9%)

  • New Zealand's Q2 Manufacturing Sales Volume 2.9% qtr/qtr (last -1.8%)


  • In news:

  • Property stocks in Hong Kong rallied at the start of the session, but eventually retreated, ending in the red.

  • South Korea issued its first yen-denominated bond, raising about $500 mln.

  • Australia's Prime Minister Albanese will visit China later in the year.

  • China's largest banks have reportedly confirmed that rates for first-time mortgages will be lowered on September 25.



  • Major European indices trade just above their flat lines. STOXX Europe 600: -0.1%, Germany's DAX: +0.1%, U.K.'s FTSE 100: +0.3%, France's CAC 40: +0.3%, Italy's FTSE MIB: UNCH, Spain's IBEX 35: +0.3%.

  • In economic data:

  • Eurozone's Q2 Employment Change 0.2% qtr/qtr, as expected (last 0.6%); 1.3% yr/yr (expected 1.5%; last 1.6%). Q2 GDP 0.1% qtr/qtr (expected 0.3%; last 0.1%); 0.5% yr/yr (expected 0.6%; last 1.1%)

  • Germany's July Industrial Production -0.8% m/m (expected -0.5%; last -1.4%)

  • U.K.'s August Halifax House Price Index -1.9% m/m (expected -0.3%; last -0.4%); -4.6% yr/yr (expected -3.5%; last -2.5%)

  • France's Q2 nonfarm payrolls 0.1% qtr/qtr (last 0.1%). July trade deficit -EUR8.1 bln (expected deficit of EUR6.8 bln; last deficit of EUR6.8 bln)

  • Italy's July Retail Sales 0.4% m/m (expected 0.2%; last -0.2%); 2.7% yr/yr (last 3.9%)

  • Spain's July Consumer Confidence 94.4 (expected 85.7; last 92.4)

  • Swiss August Unemployment Rate 2.1%, as expected (last 2.1%)


  • In news:

  • The U.K.'s Halifax House Price Index fell 4.6% yr/yr in August, representing the sharpest rate fall since late 2009.

  • Meanwhile, Bank of England Governor Bailey said that many indicators are pointing toward a marked slowdown in inflation.

  • The BoE Decision Maker Panel survey showed a decrease in three-month inflation expectations to 4.9% from 5.2% while the year-ahead outlook was lowered to 4.9% from 5.4%. French Finance Minister Le Maire said that inflation is decelerating, but at a slow pace.



U.S. equity futures:

  • S&P 500 Futures -19 @ 4,447

  • DJIA Futures: -33 @ 34,410

  • Nasdaq 100 Futures: -111 @ 15,261

Overseas:

  • Europe: DAX +0.1%, FTSE +0.3%, CAC +0.3%

  • Asia: Nikkei -0.8%, Hang Seng -1.3%, Shanghai Composite -1.1%

Commodities:

  • Crude Oil -0.54 @ 87.00

  • Nat Gas +0.027 @ 2.537

  • Gold +1.70 @ 1945.90

  • Silver -0.18 @ 23.32

  • Copper -0.0342 @ 3.8143


Earnings/Guidance:

  • ABM Industries ( ABM 13.64% ) misses by $0.10, reports revs in-line; lowers top end of FY23 EPS below consensus

  • American Eagle ( AEO 2.50% ) beats by $0.09, reports revs in-line; guides Q3 revenue above consensus, raises FY24 revenue above consensus

  • Argan ( AGX 9.18% ) reports Q2 results, beats on revs

  • AvalonBay (AVB) issues Q3 operating update; same store residential rental revenue for two months ended August 31 increased by 5.3%

  • BlackBerry ( BB 15.52% ) guides Q2 revs below consensus; reiterates FY24 sales outlook for Cybersecurity and Licensing segments

  • BRP Inc. ( DOOO 0.00% ) beats by CAD0.19, beats on revs; guides FY24 EPS in-line, revs below consensus

  • C3.ai ( AI 12.24% ) beats by $0.08, beats on revs; guides Q2 revs in-line; reaffirms FY24 revs guidance

  • Calavo Growers ( CVGW 0.00% ) beats by $0.10, misses on revs

  • Cantaloupe ( CTLP 0.00% ) reports JunQ results; beats on revs; mid-point of FY24 revenue guidance above consensus

  • ChargePoint ( CHPT 10.91% ) reports Q2 (Jul) results, misses on revs; guides Q3 revs below consensus; guides FY24 revs below consensus

  • Couchbase ( BASE 0.00% ) beats by $0.05, beats on revs; guides Q3 revs below consensus; reaffirms FY24 revs guidance

  • Dave & Buster's ( PLAY 0.00% ) misses by $0.01, misses on revs, comps fell -6.3%; increases repurchase program by $100 mln

  • Descartes ( DSGX 0.00% ) misses by $0.01, beats on revs

  • Designer Brands ( DBI 21.97% ) beats by $0.15, beats on revs; reaffirms FY24 EPS guidance; Q2 comps +8.9%

  • Equity Residential ( EQR 0.02% ) provides operating update; same-store sales growth on track with previous guidance; physical occupancy at 96% Q3-to-date through August 31

  • GameStop ( GME 0.75% ) beats by $0.11, beats on revs

  • G-III Apparel ( GIII 0.00% ) beats by $0.38, beats on revs; guides Q3 EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs above consensus

  • Intapp ( INTA 0.00% ) beats by $0.03, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY24 EPS above consensus, revs above consensus

  • Korn/Ferry ( KFY 2.23% ) beats by $0.08, beats on revs; guides Q2 EPS in-line, revs in-line

  • Old Dominion ( ODFL 0.00% ) reports LTL operating metrics for August; revenue per day fell 1.4% yr/yr; LTL shipments per day fell 1.2%

  • LGI Homes ( LGIH 0.00% ) reports August home closing increased 23.8% yr/yr

  • Magna ( MGA 3.06% ) raises FY25 outlook ahead of investor presentation

  • Phreesia ( PHR 22.11% ) beats by $0.03, reports revs in-line; reaffirms FY24 revs in-line, raises adj. EBITDA outlook; maintains FY25 revenue target

  • Science Applications ( SAIC 4.86% ) beats by $0.43, beats on revs; raises FY24 EPS above consensus, revs above consensus

  • Sportsman's Warehouse ( SPWH 0.00% ) misses by $0.11, misses on revs; guides Q3 EPS below consensus, revs below consensus; continuing CEO search process

  • Sprinklr ( CXM 0.25% ) beats by $0.05, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY24 EPS above consensus, revs above consensus

  • Torrid ( CURV 24.09% ) misses by $0.05, reports revs in-line, comps of -18%; guides Q3 revs below consensus; lowers FY24 revenue guidance

  • UiPath ( PATH 11.47% ) beats by $0.05, beats on revs; guides Q3 revs below consensus; guides FY24 revs above consensus; authorizes $500 mln for repurchases

  • Verint Systems ( VRNT 0.00% ) misses by $0.09, misses on revs; guides FY24 EPS in-line, revs below consensus

  • Yext ( YEXT 27.86% ) reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs in-line; guides FY24 EPS above consensus, revs in-line

News:

  • Senate confirms Federal Reserve Governor Lisa Cook to full 14 year term, according to Bloomberg

  • US and EU planning to introduce new steel production tariffs against China, according to Bloomberg

  • White House confirms it is cancelling all remaining oil and gas leases issued under the previous administration in the Arctic Refuge

  • Hurricane Lee to likely intensify into an "extremely dangerous major hurricane" by Saturday, according to the Hurricane Center on WQCS

  • Texas power grid back to normal conditions after supply issue last night. Outages did not occur, according to ABC News

  • Align Tech ( ALGN 0.00% ) introduces new vivera retainer doctor enabled direct ship to patient feature in Its Doctor Subscription Program

  • Alnylam Pharma ( ALNY 0.00% ) reports positive topline results from KARDIA-1 Phase 2 dose-ranging study of zilebesiran, an investigational RNAi therapeutic in development to treat hypertension in patients at high cardiovascular risk

  • Amneal ( AMRX 0.00% ) Receives U.S. FDA Approval for Calcium Gluconate Injection

  • Apple ( AAPL 0.00% ) expected to increase prices on premium iPhones next week by $100, according to the Wall Street Journal

  • Apple ( AAPL 0.00% ): Huawei aiming to introduce high speed smartphone to compete with Apple, according to the Wall Street Journal

  • Apple ( AAPL 0.00% ): China aiming to broaden Apple iPhone ban to state and federal agencies, according to Bloomberg

  • Beyond Air ( XAIR 0.00% ) has entered into an agreement with Getz Healthcare to commercialize the LungFit PH device in certain countries across the Asia-Pacific region, pending regulatory approvals

  • Boston Scientific ( BSX 0.06% ) announces FDA approval for the latest-generation WATCHMAN FLX pro left atrial appendage closure device

  • British American Tobacco ( BTI 0.00% ) provides update on Russia business

  • Cboe Global Markets ( CBOE 2.35% ) reports August monthly trading volume and statistics; total volume across four options exchanges set a monthly record

  • Century Casinos, Inc. ( CNTY 0.00% ) Completes Sale-Leaseback of Four Properties in Alberta, Canada

  • Corvus Pharmaceuticals ( CRVS 0.00% ) confirms planned initiation of Soquelitinib (CPI-818) phase 3 registrational clinical trial in peripheral T cell lymphoma following meeting with FDA

  • DuPont ( DD 0.53% ) completes $3.25 billion accelerated share repurchase transaction; launches new $2 billion accelerated share repurchase transaction

  • Fisker ( FSR 1.47% ) is ramping up production capacity of the Fisker Ocean all-electric SUV in September, as well as expanding retail, delivery, and service operations across multiple markets in North America and Europe

  • Fortuna ( FSM 1.77% ) announces successful completion of process plant performance test at the Sgula Gold Mine, Cte dIvoire

  • GameStop ( GME 0.75% ) in 10-Q filing: continue to evaluate portfolio of assets to validate their strategic and financial fit and to eliminate redundancies

  • Gatos Silver ( GATO 3.33% ) provides updated Cerro Los Gatos mineral reserve, mineral resource, and life of mine plan

  • Grupo Aeroportuario ( OMAB 0.00% ) reports that terminal passenger traffic at its 13 airports increased 22.0% in August 2023, as compared to August 2022

  • Hanesbrands ( HBI 0.61% ) and G-III Apparel Group have entered into a strategic multi-year license agreement for the design, production and distribution of outerwear for the Champion and C9 Champion brands in North America

  • HCI Group ( HCI 4.03% ) provides update on impact from Hurricane Idalia; expects pre-tax gross loss to be within the reinsurance retention limits for each of Homeowners Choice Property & Casualty Insurance Company and TypTap Insurance Company

  • HIVE Digital Technologies ( HIVE 0.00% ) provides August 2023 production and reports over 2.5x growth in AI Compute Infrastructure

  • Host Hotels ( HST 0.00% ) provides update on the impact of the Maui Wildfires; estimates net income and hotel EBITDA adversely impacted by approximately $5 mln in August; too early to provide comprehensive full-year estimate

  • Int'l Paper ( IP 0.89% ) announces that Chairman and CEO Mark Sutton moves forward with the next phase of the company's CEO succession plan

  • Kodiak Sciences ( KOD 0.00% ) reports new one-year results for Kodiak's tarcocimab tedromer in the pivotal BEACON trial reinforce durability signal and demonstrate matched efficacy and comparable safety and tolerability in retinal vein occlusion

  • Liquidia Technologies ( LQDA 0.00% ): United Therapeutics Corporation files lawsuit alleging infringement of Tyvaso patent already found to be invalid by U.S. Patent Office

  • Lucid ( LCID 0.00% ) considering entry in China market, according to CNBC

  • Merck ( MRK 1.36% ) announces EC approval of expanded indication for ERVEBO for active immunization of individuals 1 year of age or older to protect against Ebola Virus Disease caused by Zaire ebolavirus

  • Mid-America Aptmt ( MAA 0.69% ) announces that CFO Albert Campbell will retire effective March 31, 2024; Clay Holder will assume responsibilities as CFO

  • NAC Re Corp ( NRC 0.00% ) declares a special dividend of $1.00/share to shareholders of record as of the close of business on Monday, September 18, and payable on Friday, September 22

  • NanoString Technologies ( NSTG 0.00% ) discloses patent court update in 10x Genomics (TXG) case

  • Nurix Therapeutics ( NRIX 0.00% ) enters multi-target strategic collaboration agreement with Seagen (SGEN); NRIX to receive $60 mln upfront payment with milestone potential

  • NVIDIA ( NVDA 0.00% ): Asensus Surgical (ASXC) Announces Collaboration with NVIDIA to Enhance Augmented Intelligence Capabilities of the ISU

  • PepGen Inc. ( PEPG 0.00% ) announces clearance of CTA by Health Canada to begin the FREEDOM-DM1 Phase 1 study of PGN-EDODM1 in patients with myotonic dystrophy Type 1

  • Pfizer ( PFE 0.26% ) and Valneva (VALN) report pediatric and adolescent Phase 2 booster results for lyme disease vaccine candidate

  • Shell plc ( SHEL 0.57% ) signs 15-year agreement with largest solar project in Germany

  • Semtech ( SMTC 0.00% ) files Form 12b-25 and will reschedule its Q2 earnings release and conference call

  • Stellantis ( STLA 0.39% ) planning to make UAW counter offer this week, according to Reuters

  • Toyota Motor ( TM 0.02% ) announces changes to organizational structure, executive structure, and senior professional/senior management employees

  • Trinity Capital names Kyle Brown as CEO, effective January 1, 2024; at the same time, Trinity's current CEO, Steve Brown, will become Executive Chairman

  • Warner Bros. Discovery ( WBD 0.00% ) CEO David Zaslav says content companies are considering new bundles, according to Hollywood Reporter

  • ZIM Integrated Shipping ( ZIM 2.99% ) announces new operational cooperation agreement with MSC, encompassing several trades; to significantly enhance efficiencies and elevate service levels

M&A:

  • Align Tech ( ALGN 0.00% ) to acquire privately held direct 3d printing pioneer Cubicure for ~79 mln to Support and Scale Company's Strategic Innovation Roadmap

  • BlackRock Capital ( BKCC 0.00% ) and BlackRock TCP Capital Corp (TCPC) agree to merge into a wholly owned, indirect subsidiary of TCPC

  • Crescent Energy Company ( CRGY 1.41% ) to acquire incremental working interest in its operated Western Eagle Ford assets for total consideration of $250 million in cash

  • Fluor ( FLR 2.18% ) divests Stork European business

  • Nestle ( NSRGY ) to acquire a majority stake in premium chocolate company in Brazil

  • Precision Drilling ( PDS 2.36% ) to acquire CWC Energy Services (TSXV:CWC) for total consideration of approximately $141 mln

  • Summit Materials ( SUM 7.19% ) has entered into a definitive agreement with Cementos Argos S.A., under which Summit will combine with Argos North America Corp.

  • WestRock ( WRK 4.23% ) nearing deal to merge with Smurfit Kappa to create company with combined value of roughly $20 bln, according to the Wall Street Journal

Syndicate:

  • Advanced Energy ( AEIS 0.00% ) announces proposed offering of $500 million convertible senior notes

  • Amkor ( AMKR 0.00% ) prices secondary offering of 10 mln shares of common stock at $24.00 per share by the Kim Family

  • Crescent Energy Company ( CRGY 1.41% ) prices offering of 11 mln shares of common stock at $12.25 per share

  • Dutch Bros ( BROS 4.63% ) files mixed shelf securities offering; announces proposed public offering of $300 million Class A common stock

  • Green Brick Partners ( GRBK 3.26% ) files mixed shelf securities offering; also files for stock offering by selling shareholders

  • LegalZoom.com ( LZ 0.00% ) prices secondary offering of 14 mln shares of common stock at $10.00 per share

  • Liberty Media ( LSXMA 0.00% ) has priced and agreed to sell to initial purchasers in a private offering $1.0 billion aggregate original principal amount of its 2.375% exchangeable senior debentures due 2053

  • Natera ( NTRA 0.00% ) prices follow-on offering of 4.55 mln shares of common stock at $55.00 per share

  • Perella Weinberg Partners ( PWP 0.00% ) issued 898,898 shares of its Class A common stock in exchange for 898,000 Class A partnership units of PWP Holdings and 898,000 shares of Class B common stock of the Company that were held by certain limited partners of PWP OpCo

  • Profound Medical ( PROF 0.00% ) to issue and sell from time to time up to $30,000,000 of common shares in the capital of the Company

  • Redwire Corporation ( RDW 0.31% ) files $400 mln mixed shelf securities offering

  • Rollins ( ROL 6.20% ) prices secondary offering of 38,724,100 shares of its common stock at $35.00 per share

  • Vishay ( VSH 4.67% ) files for $600 mln aggregate principal amount of convertible senior notes due 2030

IPOs:

  • Expected to Price:

  • No IPOs expected.


Gapping Up/Down

  • Gapping up:

  • KOD +14.9%, WRK +11.6%, CVGW +10.4%, GME +5.8%, AMRX +5.7%, PATH +5.5%, BASE +4.4%, BKCC +4%, HCI +3.9%, AGX +1.9%, IP +1.7%, TRIN +1.4%, EQR +1.3%


  • Gapping down:

  • SPWH -24.4%, VRNT -16.8%, YEXT -15.2%, CURV -12.7%, BB -11.6%, AMKR -11.2%, CHPT -9.9%, AI -9.9%, LZ -9.6%, CRGY -8.3%, PHR -8.1%, PLAY -7.7%, ROL -5.5%, BROS -5.3%, SMTC -4.7%, NTRA -4.6%, AEIS -4.5%, GRBK -2.7%, AAOI -2.4%, RDW -2.2%, PROF -2.1%, PDS -2%, CXM -1.3%, ALGN -0.9%, ALHC -0.7%, TCPC -0.7%, INTA -0.6%, DOOO -0.6%


Analyst Research (see Upgrades/Downgrades calendar for full list):

  • Upgrades

  • McDonald's (MCD) upgraded to Overweight from Equal Weight at Wells Fargo; tgt $310

  • Vail Resorts (MTN) upgraded to Buy from Hold at Truist; tgt raised to $290


  • Downgrades:

  • ChargePoint (CHPT) downgraded to Equal Weight from Overweight at Fox Advisors

  • NCR Corp (NCR) downgraded to Neutral from Buy at Northcoast

  • Tronox (TROX) downgraded to Neutral from Buy at UBS; tgt lowered to $15


  • Others:

  • American Fincl (AFG) initiated with a Hold at Jefferies; tgt $120

  • Markel Group (MKL) initiated with a Buy at Jefferies; tgt $1750

  • Monro Muffler (MNRO) initiated with an Equal Weight at Wells Fargo; tgt $35

  • PlayAGS (AGS) initiated with a Mkt Outperform at JMP Securities; tgt $11

  • RLI Corp (RLI) initiated with a Buy at Jefferies; tgt $155

  • Sportradar Group AG (SRAD) initiated with a Mkt Perform at JMP Securities

  • TeraWulf (WULF) initiated with a Buy at Compass Point; tgt $3

  • Valvoline (VVV) initiated with an Overweight at Wells Fargo; tgt $42


Econ Data:

  • 08:30 ET: Initial Claims for September 2 (Briefing.com Consensus 233K; Prior 228K)

  • 08:30 ET: Continuing Claims for August 26 (Briefing.com Consensus NA; Prior 1725K)

  • 08:30 ET: Productivity-Rev. for Q2 (Briefing.com Consensus 3.7%; Prior 3.7%)

  • 08:30 ET: Unit Labor Costs-Rev. for Q2 (Briefing.com Consensus 1.6%; Prior 1.6%)

  • 10:30 ET: EIA Natural Gas Inventories for September 2 (Briefing.com Consensus NA; Prior +32 bcf)

  • 11:00 ET: EIA Crude Oil Inventories for September 2 (Briefing.com Consensus NA; Prior -10.58M)

Earnings:

  • Tuesday (Sep 5)

  • Morning: BRC, CRMT

  • Afternoon: ASAN, ZS, GTLB, AVAV


  • Wednesday (Sep 6)

  • Morning: PLAB, CNM

  • Afternoon: INTA, AEO, PATH, SPWH, AI, DSGX, PHR, CHPT, CXM, BASE, CVGW, PLAY, YEXT, CURV, GME, VRNT


  • Thursday (Sep 7)

  • Morning: SAIC, ABM, GIII, TTC, DOOO

  • Afternoon: GWRE, ZUMZ, SMAR, SMTC, BRZE, DOCU, SWBI


  • Friday (Sep 8)

  • Morning: KR


Asia & Europe detail:

Asia: Nikkei -0.8%, Hang Seng -1.3%, Shanghai Composite -1.1%

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. Property stocks in Hong Kong rallied at the start of the session, but eventually retreated, ending in the red. South Korea issued its first yen-denominated bond, raising about $500 mln. Australia's Prime Minister Albanese will visit China later in the year. China's largest banks have reportedly confirmed that rates for first-time mortgages will be lowered on September 25.

  • In economic data:

  • China's August trade surplus $68.36 bln (expected surplus of $73.90 bln; last surplus of $80.60 bln). August Imports -7.3% yr/yr (expected -9.0%; last -12.4%) and Exports -8.8% yr/yr (expected -9.2%; last -14.5%)

  • Japan's July Leading Index -1.2% m/m (last -0.2%) and Coincident Indicator -1.1% m/m (last 0.9%)

  • Australia's July trade surplus AUD8.04 bln (expected surplus of AUD10.0 bln; last surplus of AUD10.3 bln). July Imports 3.0% m/m (last -3.3%) and Exports -2.0% m/m (last -3.1%). July Building Approvals -8.1% m/m, as expected (last -7.9%)

  • New Zealand's Q2 Manufacturing Sales Volume 2.9% qtr/qtr (last -1.8%)


---Equity Markets---

  • Japan's Nikkei: -0.8%

  • Hong Kong's Hang Seng: -1.3%

  • China's Shanghai Composite: -1.1%

  • India's Sensex: +0.6%

  • South Korea's Kospi: -0.6%

  • Australia's ASX All Ordinaries: -1.2%

---FX---

  • USD/JPY: -0.2% to 147.41

  • USD/CNH: +0.3% to 7.3381

  • USD/INR: UNCH at 83.19

Europe: DAX +0.1%, FTSE +0.3%, CAC +0.3%

Major European indices trade just above their flat lines. The U.K.'s Halifax House Price Index fell 4.6% yr/yr in August, representing the sharpest rate fall since late 2009. Meanwhile, Bank of England Governor Bailey said that many indicators are pointing toward a marked slowdown in inflation. The BoE Decision Maker Panel survey showed a decrease in three-month inflation expectations to 4.9% from 5.2% while the year-ahead outlook was lowered to 4.9% from 5.4%. French Finance Minister Le Maire said that inflation is decelerating, but at a slow pace.

  • In economic data:

  • Eurozone's Q2 Employment Change 0.2% qtr/qtr, as expected (last 0.6%); 1.3% yr/yr (expected 1.5%; last 1.6%). Q2 GDP 0.1% qtr/qtr (expected 0.3%; last 0.1%); 0.5% yr/yr (expected 0.6%; last 1.1%)

  • Germany's July Industrial Production -0.8% m/m (expected -0.5%; last -1.4%)

  • U.K.'s August Halifax House Price Index -1.9% m/m (expected -0.3%; last -0.4%); -4.6% yr/yr (expected -3.5%; last -2.5%)

  • France's Q2 nonfarm payrolls 0.1% qtr/qtr (last 0.1%). July trade deficit -EUR8.1 bln (expected deficit of EUR6.8 bln; last deficit of EUR6.8 bln)

  • Italy's July Retail Sales 0.4% m/m (expected 0.2%; last -0.2%); 2.7% yr/yr (last 3.9%)

  • Spain's July Consumer Confidence 94.4 (expected 85.7; last 92.4)

  • Swiss August Unemployment Rate 2.1%, as expected (last 2.1%)


---Equity Markets---

  • STOXX Europe 600: -0.1%

  • Germany's DAX: +0.1%

  • U.K.'s FTSE 100: +0.3%

  • France's CAC 40: +0.3%

  • Italy's FTSE MIB: UNCH

  • Spain's IBEX 35: +0.3%

---FX---

  • EUR/USD: -0.1% to 1.0711

  • GBP/USD: -0.3% to 1.2466

  • USD/CHF: +0.1% to 0.8921

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