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17/02/23 Briefing

The S&P 500 futures are down 24 points and are trading 0.6% below fair value. The Nasdaq 100 futures are down 98 points and are trading 0.8% below fair value. The Dow Jones Industrial Average futures are down points and are trading 0.4% below fair value.

The stock market is poised for a lower open, following through with yesterday's sell off. Worries about the Fed raising rates more than expected are still driving price action, along with normal consolidation efforts following a big run in a short amount of time.

The 10-yr Treasury note yield hit 3.92% overnight, but it pulled back to 3.88%. The 2-yr note yield is up seven basis points to 4.70%. The U.S. Dollar Index is up 0.7% to 104.58.

WTI crude oil futures are down 3.0% to $76.13/bbl and natural gas futures are down 2.3% to $2.33/mmbtu.

In corporate news:

  • Applied Materials (AMAT 117.07, +1.68, +1.5%): beats by $0.11, beats on revs; guides AprQ EPS in-line, revs in-line; says a major supplier encountered a disruption that will impact Q2 shipments

  • Deere (DE 411.75, +8.80, +2.2%): beats by $1.08, beats on revs; raises FY23 net income guidance

  • Dropbox (DBX 24.47, +0.51, +2.1%): beats by $0.01, reports revs in-line; guides on call; forecasts Q1 and FY23 revs ahead of consensus

  • DoorDash (DASH 70.69, +3.80, +5.7%): reports adjusted EBITDA at high end of prior guidance; beats on revs, Marketplace GOV increased 29%, beating prior guidance; Guides for FY23 adj. EBITDA of $500-$800 mln; authorized share repurchase program of up to $750 mln of common stock; 2023 investments going towards building out categories beyond restaurants in the U.S. and globally

  • Texas Roadhouse (TXRH 99.70, -5.45, -5.2%): misses by $0.14, misses on revs

  • Cognex (CGNX 50.91, -4.40, -8.0%): beats by $0.01, misses on revs; guides Q1 revs below consensus; few large customers paused investments, noticed slower trends carry into 2023

  • DraftKings (DKNG19.44, +1.63, +9.2% ): beats by $0.05, beats on revs; raises FY23 guidance; upgraded to Buy from Neutral at BTIG Research

  • Moderna (MRNA 162.98, -9.33, -5.4%): announces interim phase 3 safety and immunogenicity results for MRNA-1010, a seasonal influenza vaccine candidate; Non-inferiority was not met for seroconversion rates and geometric mean titer ratios for the influenza B/Victoria- and B/Yamagata-lineage strains

  • AutoNation (AN 147.81, +6.55, +4.6%): beats by $0.53, beats on revs

  • Roku (ROKU 72.57, +2.00, +2.8%): upgrade to Buy from Underperform at BofA Securities

  • HubSpot (HUBS 404.09, +42.126, +11.7%): beats by $0.29, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs in-line

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the week on a lower note. Japan's Nikkei: -0.7% (-0.6% for the week), Hong Kong's Hang Seng: -1.3% (-2.2% for the week), China's Shanghai Composite: -0.8% (-1.1% for the week), India's Sensex: -0.5% (+0.5% for the week), South Korea's Kospi: -1.0% (-0.8% for the week), Australia's ASX All Ordinaries: -0.9% (-1.0% for the week).

  • In economic data:

  • Singapore's January trade surplus SGD6.30 bln (last surplus of SGD5.51 bln)


  • In news:

  • South Korea plans to increase the number of flights from China by the end of the month.

  • The Bank of Japan will launch a central bank digital currency pilot program in April.

  • Reserve Bank of Australia Governor Lowe said that more rate hikes will be needed in the coming months.

  • Pentagon's top China official is expected to visit Taiwan in the coming days.

  • North Korea vowed a response to joint U.S.-South Korea drills.



  • Major European indices trade in the red. STOXX Europe 600: -0.7% (+0.9% week-to-date), Germany's DAX: -1.0% (+0.6% week-to-date), U.K.'s FTSE 100: -0.3% (+1.4% week-to-date), France's CAC 40: -0.7% (+2.6% week-to-date), Italy's FTSE MIB: -0.6% (+1.5% week-to-date), Spain's IBEX 35: -0.4% (+1.9% week-to-date).

  • In economic data:

  • Eurozone's December Current Account surplus EUR15.90 bln (expected surplus of EUR5.10 bln; last surplus of EUR13.60 bln)

  • Germany's January PPI -1.0% m/m (expected -1.6%; last -0.4%); 17.8% yr/yr (expected 16.4%; last 21.6%)

  • U.K.'s January Retail Sales 0.5% m/m (expected -0.3%; last -1.2%); -5.1% yr/yr (expected -5.5%; last -6.1%). January Core Retail Sales 0.4% m/m (expected 0.0%; last -1.4%); -5.3% yr/yr, as expected (last -6.5%)

  • France's January CPI 0.4% m/m, as expected (last -0.1%); 6.0% yr/yr, as expected (last 5.9%)


  • In news:

  • European Central Bank policymaker Schnabel said that there is a risk of inflation being more persistent than what the markets currently expect while ECB Chief Economist Lane said that current monetary policy actions are clearly tightening financial conditions.

  • Air France will exit state aid restrictions in April.

  • Mercedes reported strong results for the quarter and guided for flat yr/yr unit sales in 2023.



U.S. equity futures:

  • S&P 500 Futures: -23 @ 4,067

  • DJIA Futures: -137 @ 33,560

  • Nasdaq 100 Futures: -94 @ 12,349

Overseas:

  • Europe: DAX -1.0%, FTSE -0.3%, CAC -0.7%

  • Asia: Nikkei -0.7%, Hang Seng -1.3%, Shanghai Composite -0.8%

Commodities:

  • Crude Oil -2.38 @ 76.11

  • Nat Gas -0.064 @ 2.325

  • Gold -14.65 @ 1837.15

  • Silver -0.393 @ 21.317

  • Copper -0.0530 @ 4.0825

Earnings/Guidance:

  • Agnico-Eagle Mines ( AEM 0.31% ) reports EPS in-line, misses on revs

  • Air Lease ( AL 0.69% ) misses by $0.03, beats on revs; declares dividend

  • Americold Realty Trust ( COLD 1.04% ) beats by $0.05, misses on revs; guides FY23 FFO above consensus

  • AMN Healthcare ( AMN 1.15% ) beats by $0.29, beats on revs; guides Q1 revs above consensus

  • Appian ( APP 7.53% N) beats by $0.12, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY23 EPS above consensus, revs in-line

  • Applied Materials ( AMAT 3.41% ) beats by $0.11, beats on revs; guides AprQ EPS in-line, revs in-line

  • AptarGroup ( ATR 0.27% ) beats by $0.13, beats on revs; guides Q1 EPS in-line

  • AutoNation ( AN 0.55% ) beats by $0.53, beats on revs

  • AZZ ( AZZ 1.09% ) reaffirms FY23 guidance, provides FY24 guidance on continuing operations basis

  • Barnes Group ( B 1.42% ) beats by $0.03, misses on revs; guides FY23 EPS in-line

  • Bio-Rad Labs ( BIO 1.00% ) misses by $0.13, misses on revs

  • BJ Restaurants ( BJRI 2.16% ) beats by $0.11, reports revs in-line; Q4 comps +6.6%

  • Bright Horizons ( BFAM 6.14% ) beats by $0.01, reports revs in-line; guides FY23 EPS below consensus, revs above consensus

  • Casella Waste ( CWST 0.63% ) misses by $0.05, beats on revs; guides FY23 revs in-line

  • Cambium Networks ( CMBM 0.19% ) beats by $0.11, beats on revs; guides FY23 EPS in-line, revs below consensus

  • CenterPoint ( CNP 0.27% ) misses by $0.01; reaffirms FY23 EPS guidance

  • Chuy's ( CHUY 2.57% ) beats by $0.07, beats on revs; guides FY23 EPS above consensus

  • Cognex ( CGNX 1.88% ) beats by $0.01, misses on revs; guides Q1 revs below consensus; few large customers paused investments, noticed slower trends carry into 2023

  • Cohu ( COHU 0.25% ) beats by $0.10, beats on revs; guides Q1 revs in-line

  • Con Edison ( ED 0.50% ) beats by $0.01, beats on revs; guides FY23 EPS in-line

  • Corebridge Financial ( CRBG 3.99% ) beats by $0.20

  • Deere ( DE 1.73% ) beats by $1.08, beats on revs; raises FY23 net income guidance

  • Digital Realty Trust ( DLR 0.70% ) misses by $0.03, beats on revs; guides FY23 FFO below consensus, revs above consensus

  • DoorDash ( DASH 1.89% ) reports adjusted EBITDA at high end of prior guidance; beats on revs, Marketplace GOV increased 29%, beating prior guidance; Guides for FY23 adj. EBITDA of $500-$800 mln; authorized share repurchase program of up to $750 mln of common stock

  • DraftKings ( DKNG 0.17% ) beats by $0.05, beats on revs; raises FY23 guidance

  • Dropbox ( DBX 0.87% ) beats by $0.01, reports revs in-line; forecasts Q1 and FY23 revs ahead of consensus

  • Elme Communities ( ELME 1.36% ) misses by $0.01, reports revs in-line; guides FY23 FFO in-line

  • Fortune Brands Innovations ( FBIN 0.43% ) reports Q4 (Dec) results, revs in-line

  • Globant ( GLOB 2.35% ) beats by $0.02, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus

  • Grand Canyon Education ( LOPE 1.40% ) beats by $0.12, reports revs in-line; guides Q1 EPS above two analyst estimate, revs above two analyst estimate; guides Q2 (Jun) EPS below two analyst estimate, revs in-line; guides FY23 EPS in-line, revs in-line

  • Hercules Capital ( HTGC 0.00% ) beats by $0.05

  • HubSpot ( HUBS 1.51% ) beats by $0.29, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs in-line

  • IAMGOLD ( IAG 0.00% ) misses by $0.01

  • indie Semiconductor ( INDI 4.00% ) misses by $0.01, reports revs in-line

  • Kinsale Capital ( KNSL 2.54% ) beats by $0.47, Gross written premiums increased 45%

  • Mercedes-Benz Group AG ( MBGYY ) reports Q4 results; revs rise 16%; proposes dividend raise

  • Mercer Intl ( MERC 1.29% ) misses by $0.18, beats on revs

  • Momentive Global ( MNTV 4.73% ) beats by $0.04, reports revs in-line; guides Q1 revs below consensus; announces 14% workforce reduction

  • NatWest Group ( NWG 0.81% ) reports Q4 results; announces 800 million buyback

  • Nevro ( NVRO 3.08% ) misses by $0.04, reports revs in-line; guides Q1 revs below consensus; reaffirms FY23 revs guidance

  • NorthWestern ( NWE 0.12% ) misses by $0.05, beats on revs

  • Oil States ( OIS 1.90% ) reports Q4 (Dec) results, beats on revs; approved $25.0 million stock repurchase program

  • Orion Engineered Carbons ( OEC 0.05% ) beats by $0.09, beats on revs; guides FY23 EPS in-line

  • Pacific Biosciences ( PACB 2.61% ) reports EPS in-line, revs in-line

  • PDF Solutions ( PDFS 1.10% ) beats by $0.08, beats on revs; guides FY23 sales ahead of consensus

  • Procore Technologies ( PCOR 0.83% ) beats by $0.06, beats on revs; guides Q1 revs above consensus; guides FY23 revs above consensus; also names new CFO

  • Redfin ( RDFN 5.36% ) beats by $0.52, beats on revs; guides Q1 revs above consensus

  • RE/MAX Holdings ( RMAX 0.26% ) misses by $0.04, misses on revs; guides Q1 revs below consensus; guides FY23 revs below consensus

  • ShockWave Medical ( SWAV 0.02% ) beats by $2.71, reports revs in-line; guides FY23 revs in-line

  • Sixth Street Specialty Lending ( TSLX 0.32% ) reports Q4 (Dec) results, beats on revs; hikes dividend; announces supplemental dividend

  • Stem ( STEM 4.98% ) beats by $0.01, misses on revs; guides FY23 revs below consensus

  • Texas Roadhouse ( TXRH 0.80% ) misses by $0.14, misses on revs

  • Ultragenyx Pharma ( RARE 0.14% ) misses by $0.36, misses on revs; guides FY23 revs in-line

  • US Cellular ( USM 4.63% ) beats by $0.01, misses on revs

  • Vale S.A. ( VALE 0.23% ) reports Q4 results

News:

  • Two Fed officials see possible case for 50 basis point rate hike at next Fed meeting, according to Bloomberg

  • Alaska Airlines ( ALK 2.29% ): Virgin Group wins $160 mln trademark case against Alaska Airlines, according to Reuters

  • China Renaissance shares see sharp decline after Chairman becomes unreachable, according to Reuters

  • CBL & Assoc ( CBL 0.15% ) increases quarterly dividend 50% to $0.375/share from $0.25/share

  • Citizens Financial Group ( CFG 1.43% ) increases share repurchase program by $1.15 bln

  • Comcast ( CMCSA 0.76% ): FCC aiming to investigate broadband providers over coverage claims, according to Bloomberg

  • Curtiss-Wright ( CW 0.13% ) receives $35 mln contract to provide aircraft arresting systems support to the French Air and Space Force

  • Dentsply Sirona ( XRAY 2.16% ) Board of Directors approves an organizational restructuring plan intended to improve operational performance and drive shareholder value creation; restructuring plan includes a global workforce reduction of ~8% - 10%

  • Extra Space Storage ( EXR 2.06% ) increases quarterly dividend 8% to $1.62/share from $1.5/share

  • Fluor ( FLR 0.73% ) announces that its Advanced Technologies & Life Sciences business was selected by Agilent Technologies to expand its oligonucleotide therapeutics manufacturing facility in Frederick, Colorado

  • General Motors ( GM 0.35% ) CEO Mary Barra in interview says demand for trucks remains high which is enabling the company to fund EV development, according to Bloomberg

  • Hannon Armstrong Sust. Infr. ( HASI 3.10% ) names Jeff Lipson President and CEO, Jeff Eckel Executive Chair, and Marc Pangburn CFO; effective March 1, 2023

  • Harmonic ( HLIT 0.71% ) announces that SVP and CFO Sanjay Kalra will resign from his position, Jeremy Rosenberg to asume the role of interim CFO; effective March 3, 2023

  • IVERIC bio ( ISEE 2.30% ) announces that the U.S. FDA has completed its filing review and accepted the company's New Drug Application NDA for avacincaptad pegol

  • Jasper Therapeutics ( JSPR 4.87% ) announces that additional follow-up data from Jasper's investigator-sponsored study of briquilimab as a conditioning agent in the treatment of sickle cell disease were presented

  • Joby Aviation ( JOBY 3.46% ) begins testing at the National Full-Scale Aerodynamic Complex, the world's largest wind tunnel facility, at NASA's Ames Research Center in California's Silicon Valley

  • Leidos ( LDOS 1.52% ) was recently awarded a contract by the Transportation Security Administration to upgrade TSA's full fleet of Pro:Vision Advanced Imaging Technology systems used at airport security checkpoints with a new artificial intelligence-based algorithm

  • Louisiana-Pacific ( LPX 1.69% ) increases quarterly cash dividend to common stockholders to $0.24 per share from $0.22 per share

  • Matador Resources Company ( MTDR 2.76% ) Names New Chief Financial Officer

  • Merck ( MRK 1.09% ): FDA has accepted for review two supplemental new drug applications (sNDA) for PREVYMIS

  • Meritage initiates ( MTH 2.10% ) quarterly cash dividend of $0.27/share; first dividend to be paid on March 31

  • Mesoblast ( MESO 3.17% ) reports Remestemcel-L Clinical and Potency Studies Presented at Premier Meeting of Transplantation Research and Therapy

  • Microsoft ( MSFT 2.66% ) mulling more ChatBot limits for Bing, according to the New York Times

  • Moderna ( MRNA 2.80% ) announces interim phase 3 safety and immunogenicity results for MRNA-1010, a seasonal influenza vaccine candidate; Non-inferiority was not met for seroconversion rates and geometric mean titer ratios for the influenza B/Victoria- and B/Yamagata-lineage strains

  • Norfolk Southern ( NSC 3.47% ): EPA testing hasn't shown hazardous chemicals in air or water after Norfolk Southern train derailment in Ohio, according to Bloomberg

  • Ouster ( OUST 7.84% ) is initiating a reduction in force that is expected to impact approximately 180-200 employees

  • PDC Energy ( PDCE 1.43% ) increases quarterly cash dividend to $0.40/share from $0.35/share and announces $750 mln increase to share buyback authorization

  • Penske Auto ( PAG 0.46% ) announces additional securities repurchase authority of $250 mln

  • Pfizer ( PFE 0.85% ) and Valneva (VALN) issue update on Phase 3 clinical trial evaluating Lyme Disease vaccine candidate

  • Raytheon Technologies ( RTX 0.48% ) secures $135 mln IDIQ award for C-130 NP2000 propeller system

  • Rumble ( RUM 0.00% ) announces that a federal court has halted enforcement of a New York law that forces social media platforms to target constitutionally protected speech

  • Samsung ( SSNLF ) developing custom memory for ChatGPT apps, according to Digitimes

  • Smith & Nephew ( SNN 1.95% ) announced that Rupert Soames OBE will succeed Roberto Quarta as Chair of the Company

  • TechnipFMC ( FTI 0.99% ) has been awarded a significant contract for subsea production systems by Equinor for its Irpa oil and gas development on the Norwegian Continental Shelf

  • Tencent ( TCEHY ) ends plans for VR hardware, according to Reuters

  • Visa ( V 1.35% ) announces that Vice Chair, Chief Financial Officer Vasant Prabhu will depart the Company on Sept. 30, 2023

M&A:

  • Life Storage ( LSI 0.70% ) Board of Directors unanimously rejects unsolicited proposal from Public Storage (PSA)

  • Rogers Comms ( RCI 0.14% ) and Shaw Comms (SJR) extend outside date of proposed merger to March 31, 2023

  • TransAlta ( TAC 1.42% ) acquires 50% interest in early-stage pumped hydro energy storage development project

Syndicate:

  • Essential Properties Realty Trust ( EPRT 2.13% ) prices offering of 7.7 mln shares of common stock at $24.60 per share

  • VolitionRx ( VNRX 0.99% ) has commenced an underwritten public offering of shares of its common stock

IPOs:

  • Expected to Price: No IPOs expected.

Gapping Up/Down

  • Gapping up:

  • ISEE +10%, HUBS +10%, JSPR +8.2%, DKNG +7.7%, OTTR +6.8%, SWAV +6.8%, DASH +6.5%, OEC +6.4%, PDFS +5.5%, PCOR +5.1%, KNSL +5%, OIS +4.6%, CMBM +4.6%, CRBG +3.9%, OUST +3.5%, RUM +2.9%, HTGC +2.8%, MD +2.8%, BFAM +2.6%, COHU +2.5%, GLOB +2.5%, FTI +2.1%, DBX +2.1%, TSLX +2.1%, TAC +1.9%, EXR +1.7%, FLR +1.4%, INDI +1.4%, PSA +1.1%, AMAT +1%


  • Gapping down:

  • VNRX -16.7%, XP -11.3%, STEM -8.1%, CGNX -7.7%, DLR -7%, NWG -6.8%, MRNA -6.7%, AEL -6.7%, TXRH -6.3%, AEM -4.4%, AMN -4%, UFPI -3.6%, RMAX -3.6%, MERC -3.1%, EPRT -3%, FBIN -2.9%, RARE -2.9%, HASI -2.7%, BIO -2.4%, MTDR -2.2%, CHX -2%, BJRI -2%, APPN -1.9%, RDFN -1.4%, MESO -0.8%, V -0.7%, JOBY -0.7%, NVRO -0.7%



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

  • Upgrades

  • Axalta Coating Systems (AXTA) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $36

  • Coinbase Global (COIN) upgraded to Buy from Neutral at Compass Point; tgt $100

  • DraftKings (DKNG) upgraded to Buy from Neutral at BTIG Research; tgt $24

  • TechnipFMC (FTI) upgraded to Buy from Neutral at Citigroup; tgt $18


  • Downgrades:

  • Cohu (COHU) downgraded to Hold from Buy at Craig Hallum

  • PennyMac Mortgage (PMT) downgraded to Neutral from Buy at BTIG Research


  • Others:

  • Brown-Forman (BF.B) initiated with a Sell at Citigroup; tgt $62

  • Church & Dwight (CHD) initiated with a Neutral at Citigroup; tgt $85

  • Coca-Cola (KO) initiated with a Buy at Citigroup; tgt $68

  • Colgate-Palmolive (CL) initiated with a Buy at Citigroup; tgt $84

  • Constellation Brands (STZ) initiated with a Buy at Citigroup; tgt $265

  • Coty (COTY) initiated with a Neutral at Citigroup; tgt $15

  • Estee Lauder (EL) initiated with a Buy at Citigroup; tgt $295

  • Keurig Dr Pepper (KDP) initiated with a Neutral at Citigroup; tgt $37

  • Kimberly-Clark (KMB) initiated with a Sell at Citigroup; tgt $120

  • Molson Coors Brewing (TAP) initiated with a Neutral at Citigroup; tgt $55

  • Monster Beverage (MNST) initiated with a Buy at Citigroup; tgt $121

  • Newell Brands (NWL) initiated with a Neutral at Citigroup; tgt $15

  • PepsiCo (PEP) initiated with a Neutral at Citigroup; tgt $180

  • Procter & Gamble (PG) initiated with a Buy at Citigroup; tgt $160


Upcoming Events:

  • Econ Data:

  • 08:30 ET: Import Prices for Jan (Briefing.com Consensus NA; Prior 0.4%)

  • 08:30 ET: Import Prices ex-oil for Jan (Briefing.com Consensus NA; Prior 0.4%)

  • 08:30 ET: Export Prices for Jan (Briefing.com Consensus NA; Prior -2.6%)

  • 08:30 ET: Export Prices ex-ag. for Jan (Briefing.com Consensus NA; Prior -2.7%)

  • 10:00 ET: Leading Indicators for Jan (Briefing.com Consensus -0.3%; Prior -1.0%)


  • Earnings:

  • Monday (Feb 13)

  • Morning: CHKP MNDY TDC THS

  • Afternoon: AMKR ANGI ACGL ANET CAR NTB BLKB BRX CDNS DENN ES FE IAC INST IRBT LSCC MEDP MKSI MRC OTTR PLTR SEDG VNO


  • Tuesday (Feb 14)

  • Morning: CAE CLF KO ECL DAVA ENTG EXC FELE GEO GFS HRI HWM INMD IPGP LCII LDOS MAR MIR BTU PKI QSR SAFE TRP TRU TRTN WCC ZTS

  • Afternoon: ADPT ABNB AKAM ANDE BL CRK CNDT DVN WIRE GDDY GXO HLF LTHM MGY NMIH OSUR SCI SU TX TRIP UDMY UPST


  • Wednesday (Feb 15)

  • Morning: ADI AVNT GOLD BIIB CLBT CEVA CHEF CIM CHH FIS GNRC HCSG HL IDCC KRNT KHC DNUT LAD MLM NVMI OC PSN RBLX R SABR SITE SAH SUN TMHC TTD TPG WAB WKME WAT

  • Afternoon: TXG ALB ALSN AMED AEE AIG AWK AMPL AM AR ATCO AVTA SAM CF CSCO CYH CPA ET EQT EQIX FARO FSLY FCPT HST INVH KGC MFC MRO MSA NEX NUS NTR PLMR PGRE PEGA QS QDEL RSG REZI ROIC RNG ROKU ROL RPT SGEN SHOP STAG SUM SPWR SNPS TNET TROX TRUP TWLO TYL UPWK VECO HCC WCN WELL WH ZD ZG


  • Thursday (Feb 16)

  • Morning: ALKS ALE ARCH ATHM BLMN BPMC CAMT CBZ FUN CVE CEG CROX DDOG DOCN DTM DNB ETR EPAM FOCS HAS HSIC H IDA ITGR IRDM IRWD KBR KELYA LH LXP MTRN NMRK DNOW OGN PARA PBF POOL POR RCM RS SAGE STNG SHAK SO SCL SYNH TOST TSEM USFD VC VNT VMC WSO WST WE ZBRA

  • Afternoon: AEM AL AEL COLD AMN APPN AMAT ATR BIO BJRI BFAM CWST CHUY CGNX COHU ED DLR DASH DKNG DBX ELME EIG FBIN GLOB LOPE HTGC HUBS INDI KNSL LTC MERC MNTV NVRO NWE OIS OEC PACB PCOR RMAX RDFN SWAV TSLX STEM TXRH RARE


  • Friday (Feb 17)

  • Morning: AMCX ABR AN B CNP CBRG DE MD PPL



Asia & Europe detail:

Asia: Nikkei -0.7%, Hang Seng -1.3%, Shanghai Composite -0.8%

Equity indices in the Asia-Pacific region ended the week on a lower note. South Korea plans to increase the number of flights from China by the end of the month. The Bank of Japan will launch a central bank digital currency pilot program in April. Reserve Bank of Australia Governor Lowe said that more rate hikes will be needed in the coming months. Pentagon's top China official is expected to visit Taiwan in the coming days. North Korea vowed a response to joint U.S.-South Korea drills.

  • In economic data:

  • Singapore's January trade surplus SGD6.30 bln (last surplus of SGD5.51 bln)


---Equity Markets---

  • Japan's Nikkei: -0.7% (-0.6% for the week)

  • Hong Kong's Hang Seng: -1.3% (-2.2% for the week)

  • China's Shanghai Composite: -0.8% (-1.1% for the week)

  • India's Sensex: -0.5% (+0.5% for the week)

  • South Korea's Kospi: -1.0% (-0.8% for the week)

  • Australia's ASX All Ordinaries: -0.9% (-1.0% for the week)

---FX---

  • USD/JPY: +0.8% to 135.02

  • USD/CNH: +0.4% to 6.8918

  • USD/INR: +0.1% to 82.77

Europe: DAX -1.0%, FTSE -0.3%, CAC -0.7%

Major European indices trade in the red. European Central Bank policymaker Schnabel said that there is a risk of inflation being more persistent than what the markets currently expect while ECB Chief Economist Lane said that current monetary policy actions are clearly tightening financial conditions. Air France will exit state aid restrictions in April. Mercedes reported strong results for the quarter and guided for flat yr/yr unit sales in 2023.

  • In economic data:

  • Eurozone's December Current Account surplus EUR15.90 bln (expected surplus of EUR5.10 bln; last surplus of EUR13.60 bln)

  • Germany's January PPI -1.0% m/m (expected -1.6%; last -0.4%); 17.8% yr/yr (expected 16.4%; last 21.6%)

  • U.K.'s January Retail Sales 0.5% m/m (expected -0.3%; last -1.2%); -5.1% yr/yr (expected -5.5%; last -6.1%). January Core Retail Sales 0.4% m/m (expected 0.0%; last -1.4%); -5.3% yr/yr, as expected (last -6.5%)

  • France's January CPI 0.4% m/m, as expected (last -0.1%); 6.0% yr/yr, as expected (last 5.9%)


---Equity Markets---

  • STOXX Europe 600: -0.7% (+0.9% week-to-date)

  • Germany's DAX: -1.0% (+0.6% week-to-date)

  • U.K.'s FTSE 100: -0.3% (+1.4% week-to-date)

  • France's CAC 40: -0.7% (+2.6% week-to-date)

  • Italy's FTSE MIB: -0.6% (+1.5% week-to-date)

  • Spain's IBEX 35: -0.4% (+1.9% week-to-date)

---FX---

  • EUR/USD: -0.5% to 1.0614

  • GBP/USD: -0.6% to 1.1922

  • USD/CHF: +0.8% to 0.9329


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