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16/11/23 Briefing


The S&P 500 futures are down 8 points and are trading 0.2% below fair value. The Nasdaq 100 futures are down 51 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are down 78 points and are trading 0.2% below fair value.

Equity futures indicate a lower open after the big run of late. Negative reactions to earnings news from Walmart (WMT), Cisco (CSCO), and Palo Alto Networks (PANW) have contributed to the selling activity.

The 2-yr note yield is down three basis points to 4.88% and the 10-yr note yield is down five basis points to 4.49%.

There is a big batch of economic data today, including:

  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 220,000; prior 217,000), Continuing Claims (prior 1.834 mln), October Import Price Index (prior 0.1%), Import Prices ex-oil (prior -0.2%), Export Price Index (prior 0.7%), Export Prices ex-agriculture (prior 1.0%), and Philadelphia Fed Survey (Briefing.com consensus -7.5; prior -9.0)

  • 9:15 ET: October Industrial Production (Briefing.com consensus -0.4%; prior 0.3%) and Capacity Utilization (Briefing.com consensus 79.4%; prior 79.7%)

  • 10:00 ET: November NAHB Housing Market Index (Briefing.com consensus 40; prior 40)

  • 10:30 ET: Weekly natural gas inventories

  • 16:00 ET: September Net Long-Term TIC Flows (prior $63.5 bln)

In other news, the Senate passed the continuing resolution to keep the government through January 19 and February 2. President Biden is expected to sign it, averting a government shutdown during the holidays.

President Biden and President Xi agreed to resume high-level, direct military talks, and bilateral cooperation in combating global illicit drug manufacturing and trafficking.

In corporate news:

  • Cisco (CSCO 47.74, -5.54, -10.4%): beats by $0.08, reports revs in-line; guides Q2 EPS and revs below consensus; guides FY24 EPS and revs below consensus; slowdown of new product orders in Q1

  • Walmart (WMT 156.14, -13.64, -8.0%): beats by $0.01, reports revs in-line; guides FY24 EPS below consensus, raises FY24 revenue guidance; WMT US comps +4.9%

  • Aibaba (BABA 80.19, -6.88, -7.9%): beats by $0.35, reports revs in-line

  • Bath & Body Works (BBWI 31.50, -0.80, -2.5%): beats by $0.13, reports revs in-line; guides Q4 EPS below consensus, revs below consensus

  • Macy's (M 13.94, +1.33, +10.6%): beats by $0.21, beats on revs; guides FY24 EPS above consensus, revs in-line

  • Palo Alto Networks (PANW 241.69, -14.49, -5.7%): beats by $0.22, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY24 EPS above consensus, reaffirms FY24 revs guidance; lowers FY24 billings guidance

  • Advance Auto Parts (AAP 53.45, -2.22, -4.0%): downgraded to Underperform from Neutral at BofA Securities

  • Intel (INTC 40.91, +0.30, +0.7%): upgraded to Buy from Neutral at Mizuho

  • Starbucks (SBUX 105.98, -0.05, -0.1%): Thousands of Starbucks workers will go on one day strike today, according to the NY Post

  • Copa Holdings (CPA 98.00, +5.09, +5.5%): beats by $0.63, reports revs in-line

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mixed note. Japan's Nikkei: -0.3%, Hong Kong's Hang Seng: -1.4%, China's Shanghai Composite: -0.7%, India's Sensex: +0.5%, South Korea's Kospi: +0.1%, Australia's ASX All Ordinaries: -0.7%

  • In economic data:

  • China's October House Prices -0.1% yr/yr (last -0.1%)

  • Japan's September Core Machinery Orders 1.4% m/m (expected 0.9%; last -0.5%); -2.2% yr/yr (expected -3.6%; last -7.7%). October trade deficit JPY460 bln (expected deficit of JPY710 bln; last deficit of JPY420 bln). October Imports -12.5% yr/yr (expected -12.2%; last -16.6%) and Exports 1.6% yr/yr (expected 1.2%; last 4.3%). September Tertiary Industry Activity Index 2.1 (last -0.9)

  • Hong Kong's October Unemployment Rate 2.9% (last 2.8%)

  • Australia's October Employment Change 55,000 (expected 20,000; last 7,800) and full Employment Change 17,000 (last -36,000). October Unemployment Rate 3.7%, as expected (last 3.6%) and Participation Rate 67.0% (expected 66.7%; last 66.8%). November Inflation Expectations 4.9% (last 4.8%)


  • In news:

  • Australia reported better than expected employment figures for October, but the report showed slowing growth in the number of hours worked.

  • President Biden expressed concerns about China's trade policies after meeting his Chinese counterpart in San Francisco.

  • China's House Prices were down 0.4% m/m in October, representing the fastest decrease in eight years.

  • South Korea could extend its ban on short selling.

  • Hong Kong's stamp duty on stock trades will be lowered tomorrow.



  • Major European indices trade on a mixed note. STOXX Europe 600: -0.5%, Germany's DAX: +0.4%, U.K.'s FTSE 100: -0.5%, France's CAC 40: -0.4%, Italy's FTSE MIB: +0.1%, Spain's IBEX 35: +0.3%.

  • There was no noteworthy data

  • In news:

  • Luxury retailer Burberry reported disappointing results for the quarter and warned that operating profit for the year will be on the low side of estimates.

  • Meanwhile, Siemens beat expectations but noted that sales growth will slow in 2024. Siemens Energy received a EUR15 bln loan from the German government.

  • European Central Bank policymaker Centeno said that rates will come down eventually, but they are unlikely to return to zero.



U.S. equity futures:

  • S&P 500 Futures -6 @ 4,497

  • DJIA Futures: -91 @ 34,901

  • Nasdaq 100 Futures: -39 @ 15,778

Overseas:

  • Europe: DAX -0.5%, FTSE -0.5%, CAC -0.4%

  • Asia: Nikkei -0.3%, Hang Seng -1.4%, Shanghai Composite -0.7%

Commodities:

  • Crude Oil -0.63 @ 76.03

  • Nat Gas +0.049 @ 3.239

  • Gold +2.40 @ 1966.70

  • Silver +0.145 @ 23.683

  • Copper -0.0032 @ 3.7153

Earnings/Guidance:

  • Aegon N.V. ( AEG 4.47% ) provides Q3 trading update

  • Alibaba ( BABA 8.20% ) beats by $0.35, reports revs in-line

  • Arcos Dorados ( ARCO 8.63% ) beats by $0.06, beats on revs

  • Bath & Body Works ( BBWI 1.46% ) beats by $0.13, reports revs in-line; guides Q4 EPS below consensus, revs below consensus

  • Berry Global ( BERY 1.32% ) beats by $0.14, misses on revs; guides FY24 EPS below consensus

  • Borr Drilling ( BORR 2.97% ) reports Q3 results; beats on revs

  • Brady ( BRC 0.66% ) beats by $0.05, misses on revs; reaffirms FY24 EPS guidance

  • BrightView ( BV 7.31% ) misses by $0.16, reports revs in-line; guides FY24 revs in-line

  • Cisco ( CSCO 11.80% ) beats by $0.08, reports revs in-line; guides Q2 EPS and revs below consensus; guides FY24 EPS and revs below consensus; slowdown of new product orders in Q1

  • Copa Holdings ( CPA 5.59% ) beats by $0.63, reports revs in-line

  • Corporacin Amrica Airports ( CAAP 8.38% ) reports Q3 (Sep) results, beats on revs (two ests)

  • Dole plc ( DOLE 1.84% ) beats by $0.13, misses on revs

  • FMC Corp ( FMC 0.05% ) issues in-line FY24 revenue guidance ahead of Investor Day

  • Gambling.com Group Ltd. ( GAMB 12.13% ) beats by $0.03, beats on revs; reaffirms FY23 revs guidance

  • Gold Fields ( GFI 2.17% ) in slide presentation reports H1 gold production of 158,657 ounces; EBITDA A$123 million EBITDA Margin 54%; net profit $56 million

  • Hillenbrand ( HI 2.37% ) beats by $0.09, beats on revs; guides Q1 EPS below two analyst estimate; guides FY24 EPS in-line, revs above consensus

  • J&J Snack Foods ( JJSF 4.49% ) beats by $0.01, beats on revs

  • Kulicke & Soffa ( KLIC 7.21% ) beats by $0.08, beats on revs; guides Q1 EPS below consensus, revs below consensus

  • Macy's ( M 7.81% ) beats by $0.21, beats on revs; guides FY24 EPS above consensus, revs in-line

  • Maxeon Solar ( MAXN 12.30% ) reports Q3 (Sep) results, revs in-line; guides Q4 revs below consensus

  • MAXIMUS ( MMS 0.48% ) beats by $0.16, reports revs in-line; guides FY24 EPS above consensus, revs in-line

  • NetEase ( NTES 3.00% ) beats by RMB2.43, reports revs in-line; CFO resigns for personal reasons

  • NICE ( NICE 8.10% ) beats by $0.12, beats on revs; guides FY23 EPS above consensus, revs in-line

  • Palo Alto Networks ( PANW 6.25% ) beats by $0.22, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY24 EPS above consensus, reaffirms FY24 revs guidance; lowers FY24 billings guidance

  • Robinhood Markets ( HOOD 1.80% ) reports October 2023 operating data; Assets Under Custody at end of October down 2% from September

  • Shoe Carnival ( SCVL 6.04% ) misses by $0.17, reports revs in-line; guides Q4 EPS below consensus, revs below consensus

  • Sociedad Quimica y Minera ( SQM 5.53% ) misses by $0.35, misses on revs

  • Sonos ( SONO 12.33% ) beats by $0.11, beats on revs; guides FY24 revs below consensus; authorizes common stock repurchase program of up to $200 mln

  • Spire ( SR 0.42% ) reports Q4 (Sep) results, misses on revs

  • Stratasys ( SSYS 1.44% ) beats by $0.01, beats on revs; guides FY23 EPS below consensus, revs below consensus

  • Tetra Tech ( TTEK 6.00% ) beats by $0.34, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY24 EPS in-line, revs in-line

  • The Children's Place ( PLCE 20.34% ) misses by $0.27, beats on revs; guides Q4 EPS below consensus, revs above consensus

  • VNET Group ( VNET 1.69% ) reports Q3 results, misses on revs, lowers FY23 revenue guidance

  • Walmart ( WMT 6.73% ) beats by $0.01, reports revs in-line; guides FY24 EPS below consensus, raises FY24 revenue guidance; WMT US comps +4.9%

  • Warner Music Group ( WMG 3.87% ) beats by $0.04, reports revs in-line

News:

  • Senator Joe Manchin says he is "absolutely" considering a third party run for president, according to NBC News

  • Senate passes bill 87-11 to fund government through January 19 and February 2, President Biden is expected to sign it

  • White House issues readout of President Joe Biden's meeting with President Xi Jinping of the People's Republic of China; two leaders welcomed the resumption of high-level military-to-military communication

  • 3D Systems ( DDD 1.32% ) provides update on restructuring initiative

  • AbbVie ( ABBV 0.07% ): Results Published in The Lancet Show UBRELVY (ubrogepant) Reduces the Headache Phase of a Migraine Attack When Dosed During the Prodrome of Migraine

  • ADMA BioCenters ( ADMA 0.13% ) Receives FDA Approval for its Tenth Plasma Collection Center, Located in Laurel, MD

  • Airbus ( EADSY ) and Emirates near compromise deal for fewer jets, according to Reuters

  • Amgen ( AMGN 0.89% ): Q32 Bio will regain full development and commercial rights to bempikibart (previously known as ADX-914) from Amgen

  • Ardelyx ( ARDX 1.55% ): XPHOZAH (tenapanor) Granted Orphan Drug Designation by U.S. FDA for the Treatment of Pediatric Hyperphosphatemia

  • argenx ( ARGX 0.29% ) announces that the European Commission approved SC injectable VYVGART as an add-on to standard therapy for the treatment of generalized myasthenia gravis in adult patients who are anti-acetylcholine receptor antibody positive

  • Astellas ( ALPMY ) Announces Data from ASPIRO Study in X-linked Myotubular Myopathy Published in The Lancet Neurology

  • ATN International ( ATNI 1.29% ) COO Brad Martin to succeed Michael Prior as CEO, who will be transitioning to Executive Chairman, effective January 1; CFO Justin Benincasa to retire, succeeded by Carlos Doglioli

  • Berry Global ( BERY 1.32% ) declared a quarterly cash dividend of $0.275 per share, a 10% increase from the previous dividend amount, bringing the new annualized dividend to $1.10/share

  • Blackstone ( BX 0.13% ) aiming to borrow millions to increase lending power of $52 bln credit fund, according to Financial Times

  • Bristol-Myers ( BMY 0.59% ) receives FDA approval for Augtyro

  • CRISPR Therapeutics ( CRSP 1.70% ) and Vertex Pharma (VRTX) announce authorization of the first CRISPR/Cas9 Gene-Edited Therapy, CASGEVY (exagamglogene autotemcel) by the UK MHRA

  • Fusion Pharmaceuticals ( FUSN 0.00% ) and BWXT Medical (BWXT unit) entered into a new agreement for the supply of generators to produce actinium-225, a medical isotope used to treat cancer in clinical trials

  • General Motors ( GM 0.23% ): UAW deal facing opposition from longstanding employees, according to the New York Times

  • Global Blue ( GB 5.26% ) entered into a share purchase and investment agreement; announces $100 mln strategic equity investment from Tencent

  • Heartland Financial ( HTLF 0.84% ) announced strategic sale of investment securities

  • Intercontinental Exchange ( ICE 0.97% ): The New York Stock Exchange and the Abu Dhabi Securities Exchange have signed a memorandum of understanding to collaborate on a number of key business activities, including the dual listing of companies on both exchanges

  • Kulicke & Soffa ( KLIC 7.21% ) announces that it received multiple orders for its Thermocompression Bonding solutions, supporting long-term AI opportunities

  • Kulicke & Soffa ( KLIC 7.21% ) increases quarterly cash dividend to $0.20/share from $0.19/share

  • Maxeon Solar ( MAXN 12.30% ) and SunPower (SPWR) amend supply agreement and resolution of disputes

  • M/I Homes ( MHO 1.83% ) approves an increase in its share repurchase authorization by additional $100 mln

  • Noah Holdings ( NOAH 2.85% ) outlines growth strategy and global expansion plans at 2023 investor day

  • Parsons ( PSN 1.05% ) and InfiniteTactics launch the Mobile Tactical Edge HPC

  • Primo Water ( PRMW 0.27% ) appoints Robbert Rietbroek as CEO, effective Jan 1

  • PulteGroup ( PHM 0.90% ) increases quarterly cash dividend by 25% to $0.20/share

  • ReNew ( RNW 0.00% ) has commissioned its first interstate transmission project, the "Koppal Transmission Scheme"

  • SmartRent ( SMRT 4.26% ) appoints Daryl Stemm as CFO

  • SoundHound AI ( SOUN 4.48% ) discloses material weakness in 10-Q filing

  • SpringWorks Therapeutics ( SWTX 2.67% ) announces positive topline results from the phase 2b reneu trial of mirdametinib in NF1-PN

  • Starbucks ( SBUX 1.32% ): Thousands of Starbucks workers will go on one day strike today, according to the New York Post

  • Stratasys ( SSYS 1.44% ) Announces Changes to Board of Directors

  • Surmodics ( SRDX 0.37% ) Announces 24-Month Data from the SWING Trial Presented at VEITHsymposium; also announces TRANSCEND Trial 36-Month Data

  • Tutor Perini ( TPC 0.00% ) appointed CFO Gary Smalley to the position of President, effective November 15, 2023

  • Universal Insurance ( UVE 1.11% ) declares a special dividend of $0.13/share

  • VNET Group ( VNET 1.69% ) announces that Success Flow International Investment Limited and Choice Faith Group Holdings Limited entered into investment agreement with company for $299 mln equity investment

  • Yum China ( YUMC 1.24% ) announces 2024 share repurchase programs in the U.S. and Hong Kong for $750 million

M&A:

  • Astellas Pharma ( ALPMY ) acquires Propella Therapeutics

  • CF Industries ( CF 1.08% ): waiting period expired related to previously announced acquisition of Incitec Pivot Limited's ammonia production complex; to complete transaction on December 1, 2023

  • Elastic ( ESTC 0.07% ) announces agreement to acquire Opster; financial terms were not disclosed

  • GigaCloud Technology Inc. ( GCT 2.21% ) has completed the acquisition of a 100% equity interest of Apexis for a total cash consideration of $10.0 mln

  • Gilat Satellite ( GILT 0.00% ) has completed the acquisition of DataPath, Inc., a market leader in trusted communications for the US DoD Military and Government sectors

  • QuidelOrtho ( QDEL 0.11% ) weighing sale of Transfusion Medicine business, which could be valued at $1.5-2.0 bln, according to Bloomberg Law

  • Tradeweb Markets ( TW 1.02% ) to acquire r8fin; acquisition expected to modestly enhance revenue growth, operating margins and be accretive to 2024 EPS

  • Wheaton Precious Metals ( WPM 2.79% ) acquires existing streams from Orion Mine Finance including the Platreef and Kudz Ze Kayah Projects, and enters into a new stream on the Curraghinalt Project

Syndicate:

  • Arch Capital ( ACGL 1.35% ) files mixed shelf securities offering

  • Augmedix ( AUGX 23.76% ) prices offering of 6.25 shares of common stock at $4.00 per share

  • Leonardo DRS ( DRS 6.45% ) files for 16,500,000 shares of common stock by selling shareholder

  • Skyward Specialty Insurance Group ( SKWD 3.32% ) prices follow-on offering of 5.0 mln shares of common stock at $30.50 per share

  • Squarespace ( SQSP 4.71% ) prices secondary offering of 6.0 mln shares of common stock by selling shareholder General Atlantic

  • Westrock Coffee Company ( WEST 2.68% ) files $500 mln mixed shelf securities offering

IPOs:

  • No IPOs expected to price.

Gapping Up/Down

  • Gapping up:

  • NICE +5.7%, CRSP +5.3%, MMS +5.3%, CPA +5%, HI +4.5%, BORR +4.2%, WEST +3.7%, QDEL +3.2%, PI +2.5%, ARDX +2.1%, TTEK +1.8%, PRMW +1.5%, JJSF +1.1%, VRTX +1%, SMRT +0.9%, SNEX +0.8%, BBWI +0.6%


  • Gapping down:

  • AUGX -24.3%, VLD -16.3%, CSCO -11.3%, GAMB -6.2%, MAXN -5.7%, PANW -5.4%, NTES -4.8%, JNPR -3.2%, CYBR -3.2%, EXTR -3%, SQSP -2.8%, CIEN -2.5%, CRWD -2.5%, ZS -2.4%, VNET -2.3%, SQM -2.3%, ANET -2%, KLIC -1.8%, DRS -1.7%, FTNT -1.6%, AVGO -1.3%, LITE -1.3%, NET -1.3%, A -1.3%, SOUN -0.9%, SKWD -0.9%


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

  • Upgrades

  • BorgWarner (BWA) upgraded to Buy from Neutral at Guggenheim; tgt $41

  • Catalent (CTLT) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $53

  • Commscope (COMM) upgraded to Mkt Perform from Underperform at Raymond James

  • easyJet (ESYJY) upgraded to Overweight from Equal-Weight at Morgan Stanley

  • Goodyear Tire (GT) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $21

  • Intel (INTC) upgraded to Buy from Neutral at Mizuho; tgt raised to $50

  • Installed Building Products (IBP) upgraded to Buy from Neutral at Goldman; tgt raised to $178


  • Downgrades:

  • Advance Auto (AAP) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $43

  • Altice USA (ATUS) downgraded to Reduce from Buy at HSBC Securities

  • Asensus Surgical (ASXC) downgraded to Neutral from Overweight at Cantor Fitzgerald

  • BASF AG (BASFY) downgraded to Underperform from Hold at Jefferies

  • Deckers Outdoor (DECK) downgraded to Neutral from Overweight at Piper Sandler; tgt raised to $650

  • Deliveroo plc (DROOF) downgraded to Mkt Perform from Outperform at Bernstein

  • Entain Plc (GMVHY) downgraded to Neutral from Outperform at Exane BNP Paribas

  • Enviva (EVA) downgraded to Mkt Perform from Strong Buy at Raymond James

  • HelloFresh SE (HLFFF) downgraded to Hold from Buy at Deutsche Bank

  • Orsted A/S (DNNGY) downgraded to Hold from Buy at Jefferies


  • Others:

  • Accenture (ACN) initiated with a Buy at Redburn Atlantic; tgt $410

  • Amkor (AMKR) initiated with a Buy at B. Riley Securities; tgt $35

  • Carrefour SA (CRRFY) initiated with a Neutral at Goldman

  • Cincinnati Fincl (CINF) initiated with a Perform at Oppenheimer

  • Cognizant Tech (CTSH) initiated with a Neutral at Redburn Atlantic; tgt $68

  • DoorDash (DASH) initiated with a Buy at Deutsche Bank; tgt $125

  • Gen Digital (GEN) initiated with a Buy at BofA Securities; tgt $25

  • Hartford Financial (HIG) initiated with a Perform at Oppenheimer

  • HCI Group (HCI) initiated with an Outperform at Oppenheimer; tgt $100

  • TopBuild (BLD) initiated with a Buy at Goldman; tgt $355


Econ Data:

  • 08:30 ET: Initial Claims for Nov 11 (Briefing.com Consensus 220K; Prior 217K)

  • 08:30 ET: Continuing Claims for Nov 4 (Briefing.com Consensus NA; Prior 1834K)

  • 08:30 ET: Export Price Index for Oct (Briefing.com Consensus NA; Prior 0.7%)

  • 08:30 ET: Philadelphia Fed Index for Nov (Briefing.com Consensus -7.5; Prior -9.0)

  • 08:30 ET: Export Prices ex-ag for Oct (Briefing.com Consensus NA; Prior 1.0%)

  • 08:30 ET: Import Price Index for Oct (Briefing.com Consensus NA; Prior 0.1%)

  • 08:30 ET: Import Prices ex-oil for Oct (Briefing.com Consensus NA; Prior -0.2%)

  • 09:15 ET: Industrial Production for Oct (Briefing.com Consensus -0.4%; Prior 0.3%)

  • 09:15 ET: Capacity Utilization for Oct (Briefing.com Consensus 79.4%; Prior 79.7%)

  • 10:00 ET: NAHB Housing Market Index for Nov (Briefing.com Consensus 40; Prior 40)

  • 10:30 ET: EIA Natural Gas Inventories for Nov 11 (Briefing.com Consensus NA; Prior NA)

  • 16:00 ET: Net Long-Term TIC Flows for Sep (Briefing.com Consensus NA; Prior $63.5 B)

Earnings:

  • Monday (Nov 13)

  • Morning: FTRE GENI HSIC MNDY NABL ROIV SKIN TSEM TSN

  • Afternoon: ACM AZTA FSR HROW SLF


  • Tuesday (Nov 14)

  • Morning: ARMK CAE CAMT CSIQ CLBT ENR HD HUYA IHS OCSL ONON PSFE SBH SE TME VIPS WKME

  • Afternoon: HRTX VERX


  • Wednesday (Nov 15)

  • Morning: AAP CTLT DAVA GLBE GFF JD NTES RSKD TGT

  • During Market Hours: TJX

  • Afternoon: CSCO CPA HI JJSF KLIC MAXN MMS PANW SQM SONO TTEK


  • Thursday (Nov 16)

  • Morning: BABA BBWI BERY BRC BV DOLE M NICE SCVL SR SSYS WMT WMG WSM

  • Afternoon: AMAT BZH DLB ESE GPS GLOB POST ROST UGI WWD ZTO


  • Friday (Nov 17)

  • Morning: BJ BKE SPB TWST

  • Afternoon: ATKR



Asia & Europe detail:

Asia: Nikkei -0.3%, Hang Seng -1.4%, Shanghai Composite -0.7%

Equity indices in the Asia-Pacific region ended Thursday on a mixed note. Australia reported better than expected employment figures for October, but the report showed slowing growth in the number of hours worked. President Biden expressed concerns about China's trade policies after meeting his Chinese counterpart in San Francisco. China's House Prices were down 0.4% m/m in October, representing the fastest decrease in eight years. South Korea could extend its ban on short selling. Hong Kong's stamp duty on stock trades will be lowered tomorrow.

  • In economic data:

  • China's October House Prices -0.1% yr/yr (last -0.1%)

  • Japan's September Core Machinery Orders 1.4% m/m (expected 0.9%; last -0.5%); -2.2% yr/yr (expected -3.6%; last -7.7%). October trade deficit JPY460 bln (expected deficit of JPY710 bln; last deficit of JPY420 bln). October Imports -12.5% yr/yr (expected -12.2%; last -16.6%) and Exports 1.6% yr/yr (expected 1.2%; last 4.3%). September Tertiary Industry Activity Index 2.1 (last -0.9)

  • Hong Kong's October Unemployment Rate 2.9% (last 2.8%)

  • Australia's October Employment Change 55,000 (expected 20,000; last 7,800) and full Employment Change 17,000 (last -36,000). October Unemployment Rate 3.7%, as expected (last 3.6%) and Participation Rate 67.0% (expected 66.7%; last 66.8%). November Inflation Expectations 4.9% (last 4.8%)


---Equity Markets---

  • Japan's Nikkei: -0.3%

  • Hong Kong's Hang Seng: -1.4%

  • China's Shanghai Composite: -0.7%

  • India's Sensex: +0.5%

  • South Korea's Kospi: +0.1%

  • Australia's ASX All Ordinaries: -0.7%

---FX---

  • USD/JPY: -0.1% to 151.21

  • USD/CNH: UNCH at 7.2543

  • USD/INR: UNCH at 83.19

Europe: DAX -0.5%, FTSE -0.5%, CAC -0.4%

Major European indices trade on a mixed note. Luxury retailer Burberry reported disappointing results for the quarter and warned that operating profit for the year will be on the low side of estimates. Meanwhile, Siemens beat expectations but noted that sales growth will slow in 2024. Siemens Energy received a EUR15 bln loan from the German government. European Central Bank policymaker Centeno said that rates will come down eventually, but they are unlikely to return to zero.

  • There was no noteworthy data

---Equity Markets---

  • STOXX Europe 600: -0.5%

  • Germany's DAX: +0.4%

  • U.K.'s FTSE 100: -0.5%

  • France's CAC 40: -0.4%

  • Italy's FTSE MIB: +0.1%

  • Spain's IBEX 35: +0.3%

---FX---

  • EUR/USD: UNCH at 1.0842

  • GBP/USD: -0.2% to 1.2388

  • USD/CHF: +0.2% to 0.8895

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