The S&P 500 futures trade roughly in-line with fair value as the market continues to digest expectations for the Fed to be more aggressive in tightening policy. The benchmark enters the session up 0.1% for the week.
After St. Louis Fed President Bullard (FOMC voter) said yesterday that he supported the Fed hike rates by 100 basis points by July 1with one hike being 50 basis points, two other Fed members didn't sound as convinced. According to Bloomberg, San Francisco Fed President Daly (non-voter) said the half-point hike wasn't her preference while Richmond Fed President Barkin (non-voter) said he was simply "open to it conceptually."
Ms. Daly and Mr. Barkin are non-voting members in the FOMC this year, though, and the fed funds futures market is still expecting the Fed to hike rates by 50 basis points at the next meeting in March. According to the CME FedWatch Tool, there is a 77.3% probability of that happening, down from 93.8% yesterday.
The 2-yr yield, which spiked 22 basis points yesterday, is currently up one basis point to 1.57%. The 10-yr yield is down three basis points to 2.01%. The U.S. Dollar Index is up 0.2% to 95.72. WTI crude futures are up 1.5%, or $1.36, to $91.24/bbl.
On the data front, investors will receive the preliminary University of Michigan Index of Consumer Sentiment for February (Briefing.comconsensus 67.5) at 10:00 a.m. ET. The report will include consumers' expectations for inflation.
In U.S. Corporate news:
Illumina (ILMN 354.64, -3.44): -1.0% despite beating top and bottom-line estimates.
Affirm (AFRM 52.70, -5.98): -10.2% on top of yesterday's 21% earnings-driven decline. AFRM was downgraded to Underperform from Hold at Jefferies.
Zillow (ZG 54.19, +6.33): +13.2% after beating top and bottom-line estimates and saying the home segment wind-down process is running smoothly.
Expedia (EXPE 206.00, +8.48): +4.3% after beating EPS estimates.
Cleveland-Cliffs (CLF 19.45, -1.50): -7.2% after missing top and bottom-line estimates.
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended the week on a lower note while Japan's Nikkei was closed for National Day. Japan's Nikkei: CLOSED (+0.9% for the week) Hong Kong's Hang Seng: -0.1% (+1.4% for the week) China's Shanghai Composite: -0.7% (+3.0% for the week) India's Sensex: -1.3% (-0.8% for the week) South Korea's Kospi: -0.9% (-0.1% for the week) Australia's ASX All Ordinaries: -1.1% (+1.3% for the week).
In economic data:
New Zealand's January Business NZ PMI 52.1 (last 53.7) and January Electronic Card Retail Sales 3.0% m/m (last 0.3%); 5.7% yr/yr (last 4.2%). Q1 Inflation expectations 3.27% (expected 3.11%; last 2.96%)
In news:
The Bank of Japan will purchase 10-yr JGBs on Monday in response to the recent rise in yields.
South Korea's exports decreased 12.6% yr/yr during the first ten days of February, though Lunar New Year celebrations took place during that time, a week earlier when compared to 2021. Per-day exports were up 14.2%. Chip exports were up 7.4%.
There was speculation that the People's Bank of China will ease policy next week.
Major European indices trade in the red. STOXX Europe 600: -0.9% (+1.3% week-to-date) Germany's DAX: -0.3% (+2.3% week-to-date) U.K.'s FTSE 100: -0.6% (+1.4% week-to-date) France's CAC 40: -1.1% (+1.1% week-to-date) Italy's FTSE MIB: -1.1% (+1.1% week-to-date) Spain's IBEX 35: -0.9% (+2.6% week-to-date).
In economic data:
Germany's January CPI 0.4% m/m, as expected (last 0.4%); 4.9% yr/yr, as expected (last 4.9%)
U.K.'s Q4 GDP 1.0% qtr/qtr (expected 1.1%; last 1.0%); 6.5% yr/yr (expected 6.4%; last 7.0%). December Construction Output 2.0% m/m (expected -0.9%; last 1.9%); 7.4% yr/yr (expected 7.7%; last 3.6%). Q4 Business Investment 0.9% qtr/qtr (expected 2.6%; last -0.8%); -0.8% yr/yr (last 3.2%). December Industrial Production 0.3% m/m (expected 0.1%; last 0.7%); 0.4% yr/yr (expected 0.6%; last -0.2%). December trade deficit GBP12.53 bln (expected deficit of GBP12.50 bln; last deficit of GBP12.70 bln)
Swiss January CPI 0.2% m/m (expected 0.1%; last -0.1%); 1.6% yr/yr (expected 1.5%; last 1.5%)
In news:
European Central Bank President Lagarde repeated that ending asset purchases is a condition for raising rates, adding that a rate hike "would not solve any of our current problems." She repeated her belief that inflation will decelerate during the course of the year.
Germany's Chambers of Industry and Commerce raised the domestic inflation forecast for the year to 3.5% from 2.5% and lowered the domestic GDP growth forecast to 3.0% from 3.6%.
U.S. equity futures:
S&P 500 Futures: -10 @ 4,494
DJIA Futures: -73 @ 35,160
Nasdaq 100 Futures: -33 @ 14,672
Overseas:
Europe: DAX -0.3%, FTSE -0.6%, CAC -1.1%
Asia: Nikkei CLOSED, Hang Seng -0.1%, Shanghai Composite -0.7%
Commodities:
Crude Oil +1.24 @ 91.12
Nat Gas -0.012 @ 3.947
Gold -5.85 @ 1831.55
Silver -0.554 @ 22.968
Copper -0.1107 @ 4.5488
U.S. Summary:
Earnings/Guidance (Full Earnings Calendar):
23andMe (ME) reports Q3 (Dec) results, beats on revs; guides FY22revs above two analyst estimate
AllianceBernstein (AB) beats by $0.29; AUM decreased to $751 bln during January 2022 from $779 bln at the end of December
AssetMark (AMK) reports January metrics
Aurora Cannabis (ACB) reports Q2 revs -10% yr/yr to $60.6 mln vs. $59.4 mln Capital IQ consensus; Adjusted EBITDA Improved by 22% to a loss of $9.0 Million versus Q1 2022
Avalara (AVLR) beats by $0.01, beats on revs; guides Q1 revs above consensus; guides FY22revs above consensus
Bio-Rad Labs (BIO) beats by $0.34, reports revs in-line; guides FY22revs above consensus
BlackLine (BL) misses by $0.02, beats on revs; guides Q1 EPS above consensus, revs in-line; guides FY22EPS below consensus, revs above consensus
Blade Air Mobility (BLDE) beats on DecQ revs; does not expect COVID to materially impact revs in MarQ
Bloom Energy (BE) misses by $0.01, beats on revs
British American Tobacco (BTI) beats on top and bottom lines; announces share buyback
Bruker (BRKR) beats by $0.01, beats on revs; guides FY22EPS in-line, revs above consensus
Callaway Golf (ELY) beats by $0.09, beats on revs; guides Q1 revs above consensus; guides FY22revs above consensus
Canada Goose (GOOS) announces grant of regulatory relief regarding share repurchase program of up to 10% of its public float of subordinate voting shares
Carlisle Cos (CSL) beats by $0.25, beats on revs
Chemours (CC) misses by $0.05, reports revs in-line; guides FY22EPS in-line
Cleveland-Cliffs (CLF) misses by $0.25, misses on revs
Cloudflare (NET) reports EPS in-line, beats on revs; guides Q1 EPS, revs above consensus; guides FY22EPS, revs above consensus
Cohu (COHU) beats by $0.18, beats on revs; guides Q1 revs below consensus
Confluent (CFLT) beats by $0.02, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY22EPS in-line, revs above consensus
Corp Office Props (OFC) beats by $0.01, beats on revs; guides Q1 FFO in-line; guides FY22FFO in-line
Coursera (COUR) misses by $0.02, beats on revs; guides Q1 revs in-line; guides FY22revs above consensus
DaVita (DaVita beats by $0.22, beats on revs; guides FY22EPS in-line) beats by $0.22, beats on revs; guides FY22EPS in-line
Dexcom (DXCM) misses by $0.17, reports revs in-line; guides FY22revs below consensus
Dominion Energy (D) misses by $0.01, misses on revs; guides Q1 EPS in-line; guides FY21EPS above consensus
Enbridge (ENB) misses by $0.08; reaffirms FY22financial guidance
Equitable Holdings (EQH) beats by $0.03; authorized new $1.2 billion repurchase program for 2022
Essent Group (ESNT) beats by $0.24, beats on revs
Expedia Group (EXPE) beats by $0.41, reports revs in-line
Federal Realty (FRT) beats by $0.06, beats on revs; raises FY22FFO guide
FirstEnergy (FE) misses by $0.01, total distribution deliveries increased 1.1%
Flowers Foods (FLO) misses by $0.02, reports revs in-line; guides FY22EPS in-line, revs above consensus
Fortis (FTS) beats by $0.07
Freshworks (FRSH) reports EPS in-line, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY22EPS in-line, revs above consensus
Genpact (G) beats by $0.02, beats on revs; guides FY22EPS in-line, revs in-line; declares dividend
GoDaddy (GDDY) beats by $0.11, beats on revs; guides Q1 revs below consensus; guides FY22revs below consensus; announces a multi-year $3 billion share repurchase plan
Green Plains (GPRE) reports Q4 (Dec) results, beats on revs
HubSpot (HUBS) beats by $0.05, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY22EPS in-line, revs above consensus
IAA (IAA) misses by $0.01, beats on revs; guides FY22revs above consensus
Illumina (ILMN) beats by $0.26, beats on revs; guides FY22EPS in-line
Insperity (NSP) misses by $0.40, beats on revs; guides Q1 EPS in-line; guides FY22EPS in-line
JFrog (FROG) misses by $0.01, beats on revs; guides Q1 EPS midpoint above consensus, revs in-line; guides FY22EPS below consensus, revs above consensus
Magna (MGA) beats by $0.43, beats on revs; guides FY22revs in-line; raised quarterly cash dividend by 5% to $0.45 per share
Mettler-Toledo (MTD) beats by $0.42, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY22EPS above consensus, revs above consensus
Mohawk (MHK) beats by $0.09, beats on revs; guides Q1 EPS below consensus
Momentive Global (MNTV) misses by $0.05, misses on revs; still to be acquired by Zendesk (ZEN)
Monolithic Power (MPWR) beats by $0.24, beats on revs; guides Q1 revs above consensus; announces a 25% increase in dividend
Neurocrine Biosciences (NBIX) misses by $0.84, misses on revs
Newell Brands (NWL) beats by $0.10, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY22EPS in-line, revs below consensus
NorthWestern (NWE) beats by $0.06, reports revs in-line
Original BARK Co. (BARK) reports Q3 (Dec) results; announced partnership with Walmart (WMT)
PROS Holdings (PRO) beats by $0.06, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY22revs below consensus
Proto Labs (PRLB) beats by $0.14, beats on revs
Qualys (QLYS) beats by $0.04, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY22EPS below consensus, revs above consensus
Regency Centers (REG) beats by $0.05, beats on revs
Republic Services (RSG) beats by $0.01, beats on revs; guides FY22EPS in-line
SS&C Techs (SSNC) beats by $0.05, beats on revs; guides Q1 EPS mostly below consensus, revs in-line; guides FY22EPS in-line, revs in-line
Terex (TEX) beats by $0.27, beats on revs; guides FY22EPS below consensus, revs below consensus
Ultragenyx Pharma (RARE) misses by $0.60, reports revs in-line
Under Armour (UAA) beats by $0.07, beats on revs; raises revenue outlook for next quarter
Upwork (UPWK) reports EPS in-line, beats on revs; guides Q1 revs in-line; guides FY22revs above consensus
Urban Outfitters (URBN) guides Q4 revs in-line; retail comps +14%; Q4 gross margin could deleverage more than planned due to higher than anticipated inbound transportation costs
Vale S.A. (VALE) reported 2021 production and sales performance
VeriSign (VRSN) beats by $0.10, reports revs in-line
Vocera (VCRA) beats by $0.11, beats on revs
Western Union (WU) beats by $0.12, reports revs in-line; guides FY22EPS below consensus, expects adjusted revenue growth of flat to low-single digits percentage; authorizes $1.0 bln for share repruchases
W.P. Carey (WPC) beats by $0.07, beats on revs; guides FY22FFO above consensus
Yelp (YELP) beats by $0.16, reports revs in-line; guides FY22revs above consensus
Zendesk (ZEN) misses by $0.01, beats on revs; guides Q1 revs in-line; guides FY22revs in-line
Zillow (ZG) beats by $0.72, beats on revs; guides Q1 revs in-line; Homes segment wind-down process running smoothly
General News:
President Biden warns American citizens to leave Ukraine, according to NBC News
Russia begins conducting military drills which some fear is a preparation for Ukraine invasion, according to the Washington Post
Fed officials do not yet support larger rate hike or emergency rate increase, according to Bloomberg
Alberta removes vaccination passport program and other restrictions, according to the Edmonton Journal
Apollo Global Management (APO) misses by $0.05, beats on revs
ArcelorMittal (MT) announces US$1 billion share buyback program; expected to be completed during the first half of 2022
Senate will vote on continuing resolution to fund government through March 11next week, according to the NY Daily News
President Biden wants Senate to pass legislation to lower drug prices, according to The Hill
AbCellera (ABCL) Biologics and Eli Lilly (LLY) to supply up to 600K doses of Bebtelovimab to the US Government
Alphabet (GOOG): UK CMA to keep 'close eye' on Google as it secures final Privacy Sandbox commitments
Ares Management (ARES) announces record U.S. direct lending origination activity for fourth quarter
Eli Lilly (LLY) announces agreement to supply up to 600,000 doses of bebtelovimab to the US government for at least $720 mln
Federal Reserve Board releases hypothetical scenarios for its 2022 bank stress tests
Archaea Energy (LFG) announces that effective March 1, 2022, Eric Javidi and Lindsay Ellis will step down from their respective positions as Chief Financial Officer and General Counsel
Caesars Entertainment (CZR) announces the expansion of Caesars Sportsbook to Washington state following its receipt of a sports wagering license from the Washington State Gambling Commission
Carlisle Cos (CSL) announces leadership changes
Cassava Sciences (SAVA) announces FDA denial of Citizen Petition filed on behalf of short selling clients
Cellectis (CLLS) announced the appointment of Bing C. Wang as Chief Financial Officer and member of Cellectis' executive committee
Comcast (CMCSA): NBC Universal close to deal to change content partnership with Hulu (DIS), according to the Wall Street Journal
Curtiss-Wright (CW) signs agreement with Teledyne FLIR Defense to provide unmanned systems and integrated solutions to the US nuclear power market and DOE
DiDi Global (DIDI): Tencent (TCEHY) says it hasn't bought more share of DIDI since the IPO, according to Bloomberg
DXC Technology (DXC) has signed a multi-year Managed Services agreement with the University of Newcastle to manage Oracle's PeopleSoft Campus Solutions application and infrastructure
Endo Intl (ENDP) to explore appellate options after ruling in Dunaway v. Purdue Pharma case related to prescription opioid medications
Exelon (EXC) announces upcoming retirement of Chairman Mayo A. Shattuck III
First Advantage Corp. (FA) has announced the signing of a strategic technology integration partnership with Yoti
Google (GOOG) advertising technology could be subject of EU complaint, according to Reuters
Hillenbrand (HI) names Helen Cornell as Vice Chairperson; to succeed Joe Loughrey as Chairperson upon his retirement in 2023
Huntsman (HUN) shareholder Starboard sends letter; files definitive proxy materials for the election of its slate of four director nominees
MRC Global (MRC) Chairman Rhys J. Best will retire upon completion of his term
Mr. Cooper Group (COOP) reports Q4 (Dec) results, beats on revs
NeoGenomics (NEO) subsidiary Inivata and collaborators publish positive results from prospective clinical study of RaDaR
Novavax (NVAX) announces that NVX-CoV2373 achieved its primary effectiveness endpoint in the pediatric expansion of its PREVENT-19 pivotal Phase 3 trial and demonstrated 80% efficacy overall at a time when the Delta variant was the predominant circulating strain in the U.S.
ObsEva (OBSV) and Theramex enter into licensing agreement for the commercialization of linzagolix
ProQR Therapeutics (PRQR) announced its pivotal Phase 2/3 Illuminate trial of sepofarsen for the treatment of CEP290-mediated Leber congenital amaurosis 10 (LCA10) did not meet its primary endpoint
Robert Half (RHI) increases quarterly cash dividend to $0.43/share from $0.38/share
Roche Hldg (RHHBY) reported new two-year data for Roche's Vabysmo and Susvimo reinforce potential to maintain vision with fewer treatments for people with two leading causes of vision loss
Senseonics (SENS): FDA approves Eversense E3 CGM System
Sensient (SXT) beats by $0.02, reports revs in-line; guides FY22 EPS below consensus
SoftBank (SFTBY) plans for Arm IPO ran into legal issues, according to Financial Times
Tesla (TSLA) recalls 578,607 vehicles to fix pedestrian warning sound system, according to Reuters
Tesla (TSLA) aiming to open design center in Beijing, according to Reuters
Twilio (TWLO): Syniverse to pursue an alternative transaction with TWLO after terminating merger agreement with M3-Brigade Acquisition II Corp. (MBAC)
M&A:
Brigham Minerals (MNRL) announces highly accretive Midland Basin acquisition
Cloudflare (NET) has acquired Vectrix; financial terms were not disclosed
DZS Inc. (DZSI) files for $150 mln common stock offering; also files for 10,093,015 share common stock offering by selling shareholder
Mr. Cooper Group (COOP) and Sagent M&C, LLC wherein Sagent will buy certain IP rights from COOP, and COOP will receive an equity stake in Sagent
Stanley Black & Decker (SWK) was weighing a deal for Access Technologies, according to Bloomberg
Zendesk (ZEN) board rejects unsolicited all-cash acquisition proposal from consortium of private equity firms
Syndicate:
Kimberly-Clark (KMB) files mixed securities shelf offering
OraSure (OSUR) files for $300 mln mixed securities shelf offering
Phillips Edison & Company (PECO) files mixed securities shelf offering
Phunware (PHUN) files for 4.2 mln share common stock offering by selling shareholder
Twist Bioscience (TWST) prices offering of 4,545,454 shares of its common stock at $55.00 per share
IPOs:
Expected to Price:
No IPOs expected to price.
Gapping Up/Down
Gapping up:
ZG +13.9%, DZSI +8.8%, RDFN +8.8%, XPEL +8.8%, MNTV +7.6%, HUBS +6.6%, SAVA +6.3%, FLO +5.9%, GDDY +5.4%, ABCL +5.2%, EXPE +4.8%, BHF +4.3%, YELP +4.3%, NGL +4.2%, OPEN +4.1%, MPWR+3.9%, OFC +3.7%, NET +2.8%, COHU +2.6%, BE+2.3%, FRT +2%, NVAX +1.8%, LADR +1.8%, VRSN+1.5%, OBSV +1.4%, FE +1.4%, RARE +1.4%, MTD+1.2%, WU +1.2%, FROG +1.2%, AVLR +1.2%, MHK+0.9%, ZEN +0.8%
Gapping down:
BL -12.2%, CFLT -11.2%, AFRM -10%, UPWK -6.9%, CC -6.7%, BARK -5.9%, DXCM -4.9%, PRO -4.9%, NSP -4.7%, FRSH -4.6%, TWST -2.8%, BIO -2.3%, PHUN -2%, ACB -2%, PDCE -1.9%, TEX -1.9%, CLLS-1.6%, ELY -1.3%, COUR -1.3%, LFG -1.2%, NDSN-1.1%, CZR -1.1%, EQH -1.1%, VALE -0.9%, URBN-0.9%, PRLB -0.9%, ME -0.8%, ILMN -0.7%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
AstraZeneca (AZN) upgraded to Hold from Sell at DZ Bank
Block (SQ) upgraded to Buy from Neutral at BofA Securities; tgt lowered to $185
Bunge (BG) upgraded to Buy from Neutral at BofA Securities; tgt raised to $120
Carpenter Tech (CRS) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $53
Datadog (DDOG) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $210
HubSpot (HUBS) upgraded to Outperform from Market Perform at Cowen; tgt raised to $750
Imperial Oil (IMO) upgraded to Buy from Neutral at Goldman
Moelis (MC) upgraded to Overweight from Neutral at Piper Sandler; tgt lowered to $70
Murphy Oil (MUR) upgraded to Buy from Neutral at Mizuho; tgt raised to $42
Ultragenyx Pharma (RARE) upgraded to Overweight from Neutral at JP Morgan; tgt $132
Walmart (WMT) upgraded to Neutral from Underperform at Exane BNP Paribas; tgt $136
Downgrades:
Affirm (AFRM) downgraded to Underperform from Hold at Jefferies; tgt lowered to $45
Ceridian HCM (CDAY) downgraded to Underperform from Peer Perform at Wolfe Research
Enova International (ENVA) downgraded to Neutral from Buy at Janney; tgt raised to $48
GlaxoSmithKline (GSK) downgraded to Hold from Buy at DZ Bank
Kellogg (K) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $57
Texas Instruments (TXN) downgraded to Hold from Buy at Edward Jones
Others:
Accolade (ACCD) initiated with a Buy at Goldman; tgt $32
Aerovate Therapeutics (AVTE) initiated with a Buy at BTIG Research; tgt $24
Amwell (AMWL) initiated with a Neutral at Goldman; tgt $6
Arvinas (ARVN) assumed with an Outperform at BMO Capital Markets; tgt $125
Baxter (BAX) initiated with a Neutral at Goldman; tgt $91
Block (SQ) resumed with a Buy at Citigroup; tgt lowered to $220
C4 Therapeutics (CCCC) assumed with an Outperform at BMO Capital Markets; tgt $57
Cellebrite DI (CLBT) initiated with a Buy at Deutsche Bank; tgt $10.50
Centessa Pharmaceuticals (CNTA) initiated with a Neutral at Goldman; tgt $12
Chesapeake Energy (CHK) initiated with an Overweight at JP Morgan; tgt $85
Codiak BioSciences (CDAK) initiated with a Buy at Goldman; tgt $19
Columbia Banking (COLB) resumed with a Mkt Perform at Keefe Bruyette; tgt $39
Convey Health (CNVY) initiated with a Neutral at Goldman; tgt $10
Core Scientific (CORZ) initiated with a Buy at B. Riley Securities; tgt $15
Doximity (DOCS) initiated with a Buy at Goldman; tgt $74
Eneti (NETI) initiated with a Buy at Citigroup; tgt $10
Fate Therapeutics (FATE) assumed with a Market Perform at BMO Capital Markets; tgt $50
First Interstate Bancsystem (FIBK) resumed with a Mkt Perform at Keefe Bruyette; tgt $43
Health Catalyst (HCAT) initiated with a Buy at Goldman; tgt $48
Ideanomics (IDEX) initiated with an Overweight at Cantor Fitzgerald; tgt $3
Immunogen (IMGN) initiated with an Outperform at BMO Capital Markets; tgt $18
Kodiak Sciences (KOD) initiated with a Buy at Goldman; tgt $70
MacroGenics (MGNX) initiated with an Outperform at BMO Capital Markets; tgt $31
Merus (MRUS) initiated with an Outperform at BMO Capital Markets; tgt $45
Prometheus Biosciences (RXDX) initiated with a Buy at BTIG Research; tgt $62
Protagonist Therapeutics (PTGX) initiated with a Buy at BTIG Research; tgt $55
Sharecare (SHCR) initiated with a Neutral at Goldman; tgt $4.50
Signify Health (SGFY) initiated with a Buy at Goldman; tgt $20
SoFi Technologies (SOFI) initiated with a Buy at BofA Securities; tgt $17
Teladoc (TDOC) initiated with a Buy at Goldman; tgt $121
Umpqua Holdings (UMPQ) resumed with a Mkt Perform at Keefe Bruyette; tgt $23.25
United Therapeutics (UTHR) initiated with a Neutral at BTIG Research
Xencor (XNCR) initiated with an Outperform at BMO Capital Markets; tgt $54
Upcoming Events:
Econ Data:
10:00 ET: Univ. of Michigan Consumer Sentiment - Prelim for Feb (Briefing.comConsensus 67.5; Prior 67.2)
Earnings:
Monday (Feb 7)
Morning: AMG CRNC CNA ENR GTES HAS ON TSN ZBH
Afternoon: ACM AOSL AMGN ACLS BRX CHGG DHT KMT KFRC LEG NUAN PDM PFG RMBS SLQT SPG SSD SNCY TTWO THC TDC VRNS
Tuesday (Feb 8)
Morning: AGCO ARMK AVNT BP CARR CVE CNC CNHI COTY CTS DD EPC FISV IT HAE HOG INCY KKR LEA MBUU MAS NRZ NVT PFE POLY SPGI SYY TMHC TRI TDG VIRT VSH WMG
Afternoon: ATGE AIZ ATO AZTA CMG CNO CMP CRSR CCK DCPH APPS DEI DOCS EGP ENPH ESE FLT FMC GFS PEAK HIW HUBG ICHR INSP JKHY LBRT LYFT MNDT MODN NCR NEWR OMC ONTO PAYC PTON QGEN QNST SCSC SAVE STEP STE TRMB TSE UDR VVV VREX VOYA XPO YUMC
Wednesday (Feb 9)
Morning: ARCC AVYA BDC BXMT BG CCJ CGC CDW CHEF CME CRTO CVS FOXA HMC IIVI LAD MSGE NNN PAG PFGC RDWR REYN SITC TEVA TGI YUM
Afternoon: TWOU AEIS AFG NLY ACGL ASGN BKH CDAY CHX CPA CXW DCP DIOD ENS NVST EQT EFX EQC EEFT RE FR FLNC FWRD ULCC GFL PI IFF IRBT ITT KN RAMP LUMN MFC MAT MDU MESA MGM MC MOH MSI ORLY PEP PPC PAA RPD REXR SGEN SONO SPSC SLF TTMI TWLO TWO UBER UDMY VMEO DIS WTS ZNGA
Thursday (Feb 10)
Morning: ALNY MT AZN CAMT GOOS ECOM KO CIGI CYBR DDOG DBD DTE DUK FAF GPN GPI HRI HII INMD NSIT IPG K KIM LH LCII LECO LIN MAC MLM MCO PATK PTEN PBF BTU PCG PM PIPR PDS ROLL SSTK SON TPR TTGT TU TUFN TWTR WSO WEX ZBRA
Afternoon: ME AFRM AVLR BIO BL BE BHF ELY CSL CC NET COHU CFLT OFC COUR DVA DXCM EQH EXPE FRT FE FLO FRSH GDDY HUBS ILMN NSP FROG MTD MHK MNTV MPWR NWE PRO QLYS REG RSG SSNC TEX RARE UPWK VRSN VCRA WU YELP ZEN ZG
Friday (Feb 11)
Morning: AB AXL APO ARES BRKR CAE CLF D ENB ESNT FTS G GT GPRE IAA MGA COOP NBIX NWL NMRK PRLB SXT UAA WPC
Asia & Europe detail:
Asia: Nikkei CLOSED, Hang Seng -0.1%, Shanghai Composite -0.7%
Equity indices in the Asia-Pacific region ended the week on a lower note while Japan's Nikkei was closed for National Day. The Bank of Japan will purchase 10-yr JGBs on Monday in response to the recent rise in yields. South Korea's exports decreased 12.6% yr/yr during the first ten days of February, though Lunar New Year celebrations took place during that time, a week earlier when compared to 2021. Per-day exports were up 14.2%. Chip exports were up 7.4%. There was speculation that the People's Bank of China will ease policy next week.
In economic data:
New Zealand's January Business NZ PMI 52.1 (last 53.7) and January Electronic Card Retail Sales 3.0% m/m (last 0.3%); 5.7% yr/yr (last 4.2%). Q1 Inflation expectations 3.27% (expected 3.11%; last 2.96%)
---Equity Markets---
Japan's Nikkei: CLOSED (+0.9% for the week)
Hong Kong's Hang Seng: -0.1% (+1.4% for the week)
China's Shanghai Composite: -0.7% (+3.0% for the week)
India's Sensex: -1.3% (-0.8% for the week)
South Korea's Kospi: -0.9% (-0.1% for the week)
Australia's ASX All Ordinaries: -1.1% (+1.3% for the week)
---FX---
USD/JPY: UNCH at 115.98
USD/CNH: UNCH at 6.3599
USD/INR: +0.1% to 75.38
Europe: DAX -0.3%, FTSE -0.6%, CAC -1.1%
Major European indices trade in the red. European Central Bank President Lagarde repeated that ending asset purchases is a condition for raising rates, adding that a rate hike "would not solve any of our current problems." She repeated her belief that inflation will decelerate during the course of the year. Germany's Chambers of Industry and Commerce raised the domestic inflation forecast for the year to 3.5% from 2.5% and lowered the domestic GDP growth forecast to 3.0% from 3.6%.
In economic data:
Germany's January CPI 0.4% m/m, as expected (last 0.4%); 4.9% yr/yr, as expected (last 4.9%)
U.K.'s Q4 GDP 1.0% qtr/qtr (expected 1.1%; last 1.0%); 6.5% yr/yr (expected 6.4%; last 7.0%). December Construction Output 2.0% m/m (expected -0.9%; last 1.9%); 7.4% yr/yr (expected 7.7%; last 3.6%). Q4 Business Investment 0.9% qtr/qtr (expected 2.6%; last -0.8%); -0.8% yr/yr (last 3.2%). December Industrial Production 0.3% m/m (expected 0.1%; last 0.7%); 0.4% yr/yr (expected 0.6%; last -0.2%). December trade deficit GBP12.53 bln (expected deficit of GBP12.50 bln; last deficit of GBP12.70 bln)
Swiss January CPI 0.2% m/m (expected 0.1%; last -0.1%); 1.6% yr/yr (expected 1.5%; last 1.5%)
---Equity Markets---
STOXX Europe 600: -0.9% (+1.3% week-to-date)
Germany's DAX: -0.3% (+2.3% week-to-date)
U.K.'s FTSE 100: -0.6% (+1.4% week-to-date)
France's CAC 40: -1.1% (+1.1% week-to-date)
Italy's FTSE MIB: -1.1% (+1.1% week-to-date)
Spain's IBEX 35: -0.9% (+2.6% week-to-date)
---FX---
EUR/USD: -0.1% to 1.1411
GBP/USD: +0.2% to 1.3584
USD/CHF: +0.1% to 0.9258