The S&P 500 futures are down 32 points and are trading 0.8% below fair value. The Nasdaq 100 futures are down 151 points and are trading 1.2% below fair value. The Dow Jones Industrial Average futures are down 213 points and are trading 0.6% below fair value.
Equity futures indicate a lower open primarily driven by renewed valuation concerns following Microsoft's (MSFT) disappointing cloud growth expectations and fiscal third quarter guidance. An earnings miss by fellow Dow component Boeing (BA) has added to the weakness and the sense that the market might have gotten ahead of itself with the January rally.
Treasury yields are moving lower, but that has not offered support to the equity market. The 2-yr note yield is down five basis points to 4.14% and the 10-yr note yield is down five basis points to 3.42%. The U.S. Dollar Index is up 0.1% to 102.01.
Energy complex futures trade in mixed fashion. WTI crude futures are flat at $80.14/bbl and natural gas futures are down 2.9% to $2.97/mmbtu.
In corporate news:
Microsoft (MSFT 236.07, -5.97, -2.5%): beats by $0.01, reports revs generally in-line; Azure revenue growth +38% constant currency vs +37% CC prior guidance; guides on call for MarQ, revs guided below consensus; sees revenue growth between 17%-19% for its Intelligent Cloud business
AT&T (T 19.62, +0.46, +2.4%): beats by $0.03, reports revs in-line; guides FY23 EPS below consensus
Amazon (AMZN 93.96, -2.36, -2.5%): losing ground in the wake of Microsoft's disappointing guidance for its cloud business; workers are expected to strike in UK today, according to Bloomberg
Boeing (BA 209.80, -2.18, -1.0%): misses by $1.95, reports revs in-line; reaffirms FY23 cash flow guidance
Texas Instruments (TXN 175.52, -1.52, -0.9%): misses by $0.01, reports revs in-line; guides Q1 EPS in-line, revs in-line
Capital One (COF 104.87, -1.64, -1.5%): misses by $1.04, reports revs in-line
Tesla (TSLA 104.87, -1.64, -1.5%): confirms $3.6 bln investment in Gigafactory Nevada
Intuitive Surgical (ISRG 234.84, -23.14, -9.0%): misses by $0.02, reports revs in-line; Sees 2023 procedure growth of 12-16%, sees non-GAAP gross margin of 68-69%
F5 Networks (FFIV 140.00, -6.47, -4.4%): beats by $0.14, reports revs in-line; guides Q2 EPS below consensus, revs in-line; guides FY23 revs in-line
News Corp (NWS 20.84, +0.93, +4.7%) and Fox Corporation (FOXA 33.26, +0.59, +1.8%): News Corp confirms Murdoch withdraws proposal to explore a potential combination of News Corp and Fox Corp
ASML â–´ 1.72% (ASML 656.66, -13.35, -2.0%): beats by $0.27, beats on revs; guides Q1 revs in-line; guides FY23 revs above consensus; raises dividend
Kimberly-Clark (KMB 129.16, -5.47, -4.1%): beats by $0.03, reports revs in-line; guides FY23 EPS below consensus, revs in-line
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended the midweek session on a mixed note while markets in China and Hong Kong remained closed for Lunar New Year. Japan's Nikkei: +0.4%, Hong Kong's Hang Seng: CLOSED, China's Shanghai Composite: CLOSED, India's Sensex: -1.3%, South Korea's Kospi: +1.4%, Australia's ASX All Ordinaries: -0.3%.
In economic data:
Japan's December Leading Index -1.2% m/m (last 0.4%) and Coincident Indicator -0.3% m/m (last -1.2%)
Australia's Q4 CPI 1.9% qtr/qtr (expected 1.6%; last 1.8%); 7.8% yr/yr (expected 7.5%; last 7.3%). December MI Leading Index -0.1% m/m (last -0.1%)
New Zealand's Q4 CPI 1.4% qtr/qtr (expected 1.3%; last 2.2%); 7.2% yr/yr (expected 7.1%; last 7.2%)
Singapore's December CPI 6.5% yr/yr (expected 6.6%; last 6.7%) and Core CPI 5.1% yr/yr (expected 5.0%; last 5.1%)
In news:
Australia's CPI was up 7.8% yr/yr in Q4, representing the sharpest rate of growth since 1990.
ANZ lowered its forecast for the next Reserve Bank of Australia rate hike to 50 bps from 75 bps. The bank expects a terminal rate of 5.25%.
Former Bank of Japan policymaker Maeda said that the new BoJ governor is likely to start phasing out yield curve control policy.
Major European indices trade in the red. STOXX Europe 600: -0.4%, Germany's DAX: -0.4%, U.K.'s FTSE 100: -0.1%, France's CAC 40: -0.3%, Italy's FTSE MIB: -0.4%, Spain's IBEX 35: -0.2%.
In economic data:
Germany's January ifo Business Climate Index 90.2, as expected (last 88.6). January Current Assessment 94.1 (expected 95.0; last 94.4) and Business Expectations 86.4 (expected 85.0; last 83.2)
U.K.'s December Input PPI -1.1% m/m (expected -0.6%; last 0.6%); 16.5% yr/yr (expected 18.0%; last 19.2%). December Output PPI -0.8% m/m (expected 0.3%; last 1.0%); 14.7% yr/yr (expected 16.4%; last 17.5%)
France's December jobseeker total 2.817 mln (last 2.810 mln)
Spain's December PPI 14.7% yr/yr (last 20.7%)
Swiss January ZEW Expectations -40.0 (last -42.8)
In news:
Expectations are on the rise for a Bank of England rate cut before the end of the year after cooler than expected PPI figures for December.
Swiss National Bank Vice Chair Schlegel said underlying inflation pressures are persisting and that additional rate hikes should not be ruled out at this time.
EasyJet reported strong bookings for January, resulting in an improved outlook for the year.
ASML beat Q4 expectations and guided for a 25% yr/yr rise in 2023 revenue.
U.S. equity futures:
S&P 500 Futures: -33 @ 3,984
DJIA Futures: -213 @ 33,521
Nasdaq 100 Futures: -153 @ 11,694
Overseas:
Europe: DAX -0.4%, FTSE -0.1%, CAC -0.3%
Asia: Nikkei +0.4%, Hang Seng CLOSED, Shanghai Composite CLOSED
Commodities:
Crude Oil -0.07 @ 80.06
Nat Gas -0.087 @ 2.970
Gold -8.25 @ 1927.15
Silver -0.184 @ 23.565
Copper -0.0162 @ 4.2323
Earnings/Guidance:
Abbott Labs ( ABT â–¾ 1.36% ) beats by $0.10, beats on revs; guides FY23 EPS in-line
Agilysys ( AGYS â–´ 0.13% ) beats by $0.05, beats on revs; raises FY23 revs above consensus
Ashland ( ASH â–¾ 4.02% ) sees Q1 EPS and revs below consensus; sees FY23 revs in line
ASML ( ASML â–´ 1.72% ) beats by $0.27, beats on revs; guides Q1 revs in-line; guides FY23 revs above consensus; raises dividend
AT&T ( T â–´ 6.58% ) beats by $0.03, reports revs in-line; guides FY23 EPS below consensus
Automatic Data ( ADP â–¾ 4.66% ) beats by $0.02, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
Azure Power ( AZRE â–´ 2.89% ) provides prelim results amid financial reporting delay
Boeing ( BA â–´ 0.33% ) misses by $1.95, reports revs in-line; reaffirms FY23 cash flow guidance
Borr Drilling ( BORR â–´ 0.35% ) guides Q4 and FY23 revs above consensus
Canadian Nat'l Rail ( CNI â–¾ 4.71% ) beats by $0.02, beats on revs, expects to deliver EPS growth in the low single-digit range for 2023; approves 8% dividend increase and approves Normal course issuer bid to purchase up to 32 mln shares of common stock
Capital One ( COF â–´ 8.99% ) misses by $1.04, reports revs in-line
eHealth ( EHTH â–´ 32.29% ) guides Q4 revenue above consensus
Elevance Health ( ELV â–´ 3.57% ) beats by $0.04, reports revs in-line
Extreme Networks ( EXTR â–¾ 14.55% ) beats by $0.03, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY23 revs above consensus
F5 Networks ( FFIV â–¾ 0.67% ) beats by $0.14, reports revs in-line; guides Q2 EPS below consensus, revs in-line; guides FY23 revs in-line
First Commonwealth ( FCF â–¾ 7.12% ) misses by $0.04, total loans increased 15.7%
General Dynamics ( GD â–¾ 3.64% ) beats by $0.04, beats on revs
Group 1 Auto ( GPI â–´ 2.11% ) beats by $0.02, beats on revs
Hess ( HES â–´ 2.61% ) beats by $0.14, beats on revs
Horace Mann ( HMN â–¾ 6.66% ) estimates Q4 Property & Casualty segment after tax loss of between $25 million and $29 million mainly due to Winter Storm Elliott
Intuitive Surgical ( ISRG â–¾ 5.50% ) misses by $0.02, reports revs in-line; Sees 2023 procedure growth of 12-16%, sees non-GAAP gross margin of 68-69%
Kimberly-Clark ( KMB â–¾ 1.91% ) beats by $0.03, reports revs in-line; guides FY23 EPS below consensus, revs in-line
MAG Silver ( MAG â–¾ 0.95% ) Reports Fourth Quarter Production From Juanicipio
MarketAxess ( MKTX â–´ 10.25% ) beats by $0.01, reports revs in-line
Marten Transport ( MRTN â–´ 7.78% ) reports EPS in-line, beats on revs
Microsoft ( MSFT â–¾ 0.59% ) beats by $0.01, reports revs generally in-line; Azure revenue growth +38% constant currency vs +37% CC prior guidance; guides on call for MarQ, revs guided below consensus
Monro Muffler ( MNRO â–´ 11.14% ) reports EPS in-line, beats on revs
NASDAQ ( NDAQ â–¾ 5.85% ) misses by $0.01, reports revs in-line
National Bank ( NBHC â–¾ 2.27% ) beats by $0.08, beats on revs
Navient ( NAVI â–´ 6.27% ) beats by $0.02, delinquencies greater than 90 days were $3.3 billion compared to $2.1 billion
NextEra Energy ( NEE â–¾ 8.74% ) beats by $0.02, misses on revs; guides FY23 EPS in-line
NextEra Energy Partners ( NEP â–¾ 4.66% ) misses by $0.09, misses on revs; declares quarterly distribution
NextGen Healthcare ( NXGN â–´ 5.80% ) misses by $0.01, reports revs in-line; guides FY23 EPS in-line, raises revs above consensus
ONE Gas ( OGS â–´ 3.54% ) narrows FY22 EPS guidance; also increases dividend by 5%
Popular ( BPOP â–¾ 3.19% ) reports Q4 (Dec) results, misses on revs
Prosperity Bancshares ( PB â–´ 3.79% ) beats by $0.01
Renasant ( RNST â–¾ 4.62% ) beats by $0.02
RPC ( RES â–´ 11.76% ) beats by $0.12, beats on revs; raises dividend
Silgan Holdings ( SLGN â–´ 3.88% ) beats by $0.02, misses on revs; guides Q1 EPS in-line; guides FY23 EPS in-line
Stifel Financial ( SF â–´ 4.46% ) misses by $0.06, misses on revs
Stride ( LRN â–´ 27.69% ) beats by $0.15, beats on revs; guides MarQ revs above consensus; guides FY23 revs above consensus
TE Connectivity ( TEL â–¾ 0.87% ) beats by $0.02, beats on revs; guides Q2 EPS below consensus, revs in-line
Teledyne Tech ( TDY â–´ 4.67% ) beats by $0.40, reports revs in-line; guides Q1 EPS in-line; guides FY23 EPS in-line
Texas Instruments ( TXN â–¾ 1.13% ) misses by $0.01, reports revs in-line; guides Q1 EPS in-line, revs in-line
Textron ( TXT â–´ 0.79% ) reports EPS in-line, revs in-line; guides FY23 EPS above consensus, revs above consensus
Trustmark ( TRMK â–¾ 13.54% ) misses by $0.12, net interest income increased 17.9%
UMB Financial Corporation ( UMBF â–´ 3.09% ) beats by $0.07, reports revs in-line
U.S. Bancorp ( USB â–´ 5.31% ) beats by $0.06, misses on revs
Vacasa ( VCSA â–¾ 0.60% ) approves a 17% workforce reduction plan; also confirms prior guidance for Q4
Veritex Holdings ( VBTX â–¾ 7.04% ) misses by $0.14, reports revs in-line; declares dividend
WesBanco Inc ( WSBC â–´ 0.98% ) beats by $0.01, net interest income increased 17.7%
Western Alliance Bancorp ( WAL â–´ 4.89% ) beats by $0.01, misses on revs
News:
President Biden is close to naming Federal Reserve Vice Chair Lael Brainard as head of National Economic Council; it is not known who will replace Brainard at Fed, according to Washington Post
China Lunar New Year holiday travel is rebounding, according to Bloomberg
White House announces new actions to protect renters and promote rental affordability
Amazon ( AMZN â–´ 0.89% ) workers are expected to strike in UK today, according to Bloomberg
Aurinia Pharma ( AUPH â–´ 10.23% ): USPTO allows new and refined method of use patent for Lupkynis
Barrick's ( GOLD â–´ 1.91% ) Tanzanian Assets Deliver Record Production and Create Long-Term Value
Bit Digital ( BTBT â–´ 0.72% ) and Generate Capital, PBC entered into a litigation standstill agreement regarding the disputed notice of termination of the master agreement
Boeing ( BA â–´ 0.33% ): NTSB publishes additional comments on Ethiopia's final report on 737 MAX 8 Accident
Boeing ( BA â–´ 0.33% ): European regulators are making progress on Boeing 777X cockpit design requirements, according to Reuters
Canoo ( GOEV â–¾ 1.57% ) announces definitive partnership agreement with GCC Olayan as exclusive distributor of its electric vehicles in Saudi Arabia
Deciphera Pharmaceuticals ( DCPH â–¾ 1.00% ) present additional data from the planned exploratory analysis from the INTRIGUE Phase 3 clinical study of QINLOCK using circulating tumor DNA (ctDNA) from patients with gastrointestinal stromal tumor previously treated with imatinib
Eneti ( NETI â–´ 5.45% ) signs two new contracts in NW Europe
Equinox Gold's ( EQX â–´ 3.85% ) Greenstone Project: On Schedule, On Budget
Extreme Networks ( EXTR â–¾ 14.55% ) announces that its CFO, Rmi Thomas, has accepted a position at a privately held software company and will resign from his position at Extreme
Fennec Pharmaceuticals ( FENC â–´ 8.27% ) announces that the National Comprehensive Cancer Network has updated its clinical practice guidelines for Adolescent and Young Adult Oncology to include PEDMARK to help reduce the risk of ototoxicity associated with cisplatin use in pediatric patients with localized, non-metastatic solid tumors
FTAI Infrastructure ( FIP â–¾ 0.90% ) says its 50.1%-owned Long Ridge Energy Terminal returned to fully-operational status at the end of Q4 after an extended outage for maintenance and repair of its gas turbine
Innate Pharma ( IPHA â–¾ 0.55% ) announces HSR clearance regarding expansion of its collaboration with Sanofi (SNY) on NK Cell Engagers
Liberty Energy ( LBRT â–´ 4.05% ) increases existing share repurchase authorization to $500 mln
Lockheed Martin ( LMT â–´ 1.10% ) awarded a not-to exceed $320 mln modification to a previously awarded US Navy contract
Mammoth Energy Services ( TUS K) submitted a certified claim for approximately $379 million to the Federal Emergency Management Agency ("FEMA") pursuant to the federal Contract Disputes Act
Merck ( MRK â–´ 0.06% ) announces "positive" results from the Phase 3 KEYNOTE-966 trial
Microsoft ( MSFT â–¾ 0.59% ) tweets that it is investigating issues impacting multiple Microsoft 365 services; says "We've rolled back a network change that we believe is causing impact. We're monitoring the service as the rollback takes effect"
Nikola Corporation ( NKLA â–´ 2.30% ) and Fortescue Future Industries execute MOU to collaborate on and evaluate the co-development of large-scale U.S. green hydrogen production facilities
Petrobras ( PBR â–´ 1.27% ) provides CEO and UFN-III updates
Precigen ( PGEN â–¾ 24.66% ) announces positive Phase 1 dose escalation and expansion cohort data for the PRGN-2012 immunotherapy in patients with recurrent respiratory papillomatosis
Sempra Energy ( SRE â–¾ 0.09% ) and PKN ORLEN sign sale and purchase agreement for Port Arthur LNG
Stifel Financial ( SF â–´ 4.46% ) raises dividend by 20% to $0.36 per share
Tango Therapeutics ( TNGX â–´ 0.84% ) announces that the U.S. FDA has cleared an Investigational New Drug application for TNG462
TechnipFMC ( FTI â–´ 3.26% ) awarded a substantial master services agreement (MSA) for subsea services with Petrobras
Tesla ( TSLA â–´ 0.38% ) confirms $3.6 bln investment in Gigafactory Nevada
Uranium Energy ( UEC â–´ 1.54% ) received $17.85 mln from the DOE for supplying 300,000 pounds of U.S. origin uranium concentrates at $59.50/lb. to the DOE - National Nuclear Security Administration
Vera Bradley ( VRA 0.00% ) announces new streamlined corporate structure that includes the elimination of Brand President, Chief Creative Officer, and Chief Revenue Officer roles
M&A:
Broadcom ( AVGO â–´ 0.11% ): UK CMA announced the launch of its merger inquiry by notice to VMWare (VMW) / Broadcom
Fox Corp ( FOXA â–´ 2.51% ): Murdoch calling off proposed Fox-News Corp merger, according to CNBC
Int'l Paper ( IP â–¾ 1.17% ) to sell its 50% interest in Ilim SA, the holding company for its Ilim JV, to its JV partners for $484 mln equity value
News Corp ( NWS â–´ 4.77% ) confirms Murdoch withdraws proposal to explore a potential combination of News Corp and Fox Corp
News Corp ( NWSA â–´ 5.68% ) in discussions to sell 80% stake in Move to rival CoStar, according to Financial Times
Syndicate:
Ellington Financial ( EFC â–¾ 0.58% ) files mixed securities shelf offering
Kopin ( KOPN â–¾ 4.92% ) announces proposed public offering of common stock
Pacific Biosciences ( PACB â–´ 7.38% ) prices offering of 17.5 mln shares of its common stock at $10.00 per share
Pliant Therapeutics ( PLRX â–´ 5.19% ) prices offering of 8,333,334 shares of its common stock at a price to the public of $30.00 per share
Precigen ( PGEN â–¾ 24.66% ) prices offering of 42,857,143 shares of its common stock at $1.75 per share
IPOs:
Expected to Price:
TXO Energy Partners (NYSE: TXO): The developer and acquirer of conventional oil, natural gas, and natural gas liquid reserves in North America is expected to price its 5.0 M share IPO between $19-$21.
Gapping Up/Down
Gapping up:
GOEV +26%, EHTH +17.3%, LRN +15.6%, DCPH +6.1%, NWS +4.5%, FOX +3.9%, LBRT +3.7%, TUSK +3.1%, NWSA +1.8%, KOPN +1.6%, NKLA +1.5%, SLGN +1.4%, NAVI +1.3%, NETI +1.2%, IPHA +1.1%, FOXA +1%, NXGN +1%, VRA +0.9%, FCF +0.9%, VBTX +0.6%, LMT +0.5%
Gapping down:
PGEN -17.4%, ISRG -8.5%, HMN -7.6%, PACB -6.7%, AREN -6.4%, BORR -6%, MRTN -5.2%, PLRX -5%, FFIV -4.4%, VCSA -3.6%, COF -3.5%, EFC -3%, CNI -2.6%, MSFT -2.6%, TRMK -2.5%, ASML -1.8%, BTBT -1.4%, TXN -1.3%, TEL -1.3%, IP -1.2%, WAL -1%, ELV -0.7%
Analyst Research (see Upgrades/Downgrades calendar for full list):
Upgrades
News Corp. (NWSA) upgraded to Buy from Hold at Loop Capital; tgt raised to $25
SBA Comm (SBAC) upgraded to Peer Perform from Underperform at Wolfe Research
Downgrades:
Airbnb (ABNB) downgraded to Underperform from Hold at Gordon Haskett
Block (SQ) downgraded to Perform from Outperform at Oppenheimer
Bloomin' Brands (BLMN) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $26
Booking Holdings (BKNG) downgraded to Hold from Buy at Gordon Haskett
Booking Holdings (BKNG) downgraded to Neutral from Buy at BofA Securities; tgt raised to $2700
Others:
Bloomin' Brands (BLMN) resumed with a Neutral at BofA Securities; tgt $27
Upcoming Events:
Econ Data:
07:00 ET: MBA Mortgage Applications Index for Jan 21 (Briefing.com Consensus NA; Prior 27.9%)
10:30 ET: EIA Crude Oil Inventories for Jan 21 (Briefing.com Consensus NA; Prior 8.41M)
Earnings:
Monday (Jan 23)
Morning: BKR BOH SYF
Afternoon: BRO CR FNB HOPE IBTX LOGI UMPQ ZION
Tuesday (Jan 24)
Morning: MMM AUB COLB CBU DHI DHR GATX GE HAL IVZ JNJ LMT ONB PCAR RTX SFNC TRV UNP VZ
Afternoon: AGYS CNI COF FFIV FCF ISRG MRTN MSFT NBHC NAVI NXGN RNST SLGN LRN TXN TRMK UMBF VBTX WSBC WAL
Wednesday (Jan 25)
Morning: ABT APH ASML T ADP BA BOKF ELV EXTR FCX GD GPI HES KMB LKFN MKTX MNRO NDAQ NEE NEP NSC BPOP PGR PB RES TEL TDY TXT USB
Afternoon: AMP AZPN AXTA AXS BOOT CACI CALX CATY CLS CNS CCI CSX CVBF ETD FLEX HXL IBM KNX LRCX LVS LC LEVI LBRT PKG CASH PLXS XM RJF RLI STX SEIC NOW SLG STLD TER TSLA URI WOLF
Thursday (Jan 26)
Morning: ALK AAL AIT ADM BHLB BX BFH CRS CNX CMCSA CFR DOW EXP EWBC JBLU HZO MMC MA MKC MUR NTCT NOK NOC NUE OSIS PPBI ROK SASR SAP SHW LUV STM TROW TSCO VLO VLY VIRT WBS XEL XRX
Afternoon: ABCB AJG ASB AX EMN FICO FHI FFBC FIBK GBCI HTH INTC KLAC LHX OLN PACW RMD RHI SSB V WRB WY WSFS
Friday (Jan 27)
Morning: AXP ALV BMI BAH CHTR CVX CL FBP FHB GNTX HCA PFS ROP SBSI STEL
Asia & Europe detail:
Asia: Nikkei +0.4%, Hang Seng CLOSED, Shanghai Composite CLOSED
Equity indices in the Asia-Pacific region ended the midweek session on a mixed note while markets in China and Hong Kong remained closed for Lunar New Year. Australia's CPI was up 7.8% yr/yr in Q4, representing the sharpest rate of growth since 1990. ANZ lowered its forecast for the next Reserve Bank of Australia rate hike to 50 bps from 75 bps. The bank expects a terminal rate of 5.25%. Former Bank of Japan policymaker Maeda said that the new BoJ governor is likely to start phasing out yield curve control policy.
In economic data:
Japan's December Leading Index -1.2% m/m (last 0.4%) and Coincident Indicator -0.3% m/m (last -1.2%)
Australia's Q4 CPI 1.9% qtr/qtr (expected 1.6%; last 1.8%); 7.8% yr/yr (expected 7.5%; last 7.3%). December MI Leading Index -0.1% m/m (last -0.1%)
New Zealand's Q4 CPI 1.4% qtr/qtr (expected 1.3%; last 2.2%); 7.2% yr/yr (expected 7.1%; last 7.2%)
Singapore's December CPI 6.5% yr/yr (expected 6.6%; last 6.7%) and Core CPI 5.1% yr/yr (expected 5.0%; last 5.1%)
---Equity Markets---
Japan's Nikkei: +0.4%
Hong Kong's Hang Seng: CLOSED
China's Shanghai Composite: CLOSED
India's Sensex: -1.3%
South Korea's Kospi: +1.4%
Australia's ASX All Ordinaries: -0.3%
---FX---
USD/JPY: -0.3% to 129.73
USD/CNH: UNCH at 6.7801
USD/INR: UNCH at 81.56
Europe: DAX -0.4%, FTSE -0.1%, CAC -0.3%
Major European indices trade in the red. Expectations are on the rise for a Bank of England rate cut before the end of the year after cooler than expected PPI figures for December. Swiss National Bank Vice Chair Schlegel said underlying inflation pressures are persisting and that additional rate hikes should not be ruled out at this time. EasyJet reported strong bookings for January, resulting in an improved outlook for the year. ASML beat Q4 expectations and guided for a 25% yr/yr rise in 2023 revenue.
In economic data:
Germany's January ifo Business Climate Index 90.2, as expected (last 88.6). January Current Assessment 94.1 (expected 95.0; last 94.4) and Business Expectations 86.4 (expected 85.0; last 83.2)
U.K.'s December Input PPI -1.1% m/m (expected -0.6%; last 0.6%); 16.5% yr/yr (expected 18.0%; last 19.2%). December Output PPI -0.8% m/m (expected 0.3%; last 1.0%); 14.7% yr/yr (expected 16.4%; last 17.5%)
France's December jobseeker total 2.817 mln (last 2.810 mln)
Spain's December PPI 14.7% yr/yr (last 20.7%)
Swiss January ZEW Expectations -40.0 (last -42.8)
---Equity Markets---
STOXX Europe 600: -0.4%
Germany's DAX: -0.4%
U.K.'s FTSE 100: -0.1%
France's CAC 40: -0.3%
Italy's FTSE MIB: -0.4%
Spain's IBEX 35: -0.2%
---FX---
EUR/USD: -0.2% to 1.0867
GBP/USD: -0.2% to 1.2312
USD/CHF: -0.1% to 0.9217
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