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25/10/23 Briefing


The S&P 500 futures are down 10 points and are trading 0.2% below fair value. The Nasdaq 100 futures are down 69 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are up 84 points and are trading 0.2% above fair value.

Earnings results since yesterday's close have garnered mixed reactions, setting the major indices up for a mixed open. The Dow Jones Industrial Average is indicated higher, supported by pre-open gains in Microsoft (MSFT) and Boeing (BA) after they reported quarterly results. Meanwhile, Alphabet (GOOG) and other earnings-related losers have weighed on the broader market.

The 2-yr note yield is down one basis point to 5.09% and the 10-yr note yield is up two basis points to 4.86%.

Republicans nominate Mike Johnson (R-LA) for Speaker. Republicans planning full floor vote today at 12:00 ET. He appears close to getting enough votes to get elected, according to The New York Times.

The weekly MBA Mortgage Applications Index fell 1.0% following last week's 6.9% decline. Other notable data today includes:

  • 10:00 a.m. ET: September New Home Sales (Briefing.comconsensus 683,000; prior 675,000)

  • 10:30 a.m. ET: Weekly EIA Crude Oil Inventories (prior -4.49 million barrels)

In corporate news:

  • Alphabet (GOOG 131.72, -8.38, -6.0%): beats by $0.09, reports revs in-line, total Google advertising revenue increased 9.4%, Google Cloud revenue up 21.7%; Committed to reengineering cost base to create capacity for AI investments

  • Microsoft (MSFT 342.75, +12.22, +3.7%): beats by $0.34, beats on revs; Azure +28% CC vs +25-26% CC prior guidance; provides color on segments for DecQ

  • T-Mobile (TMUS 143.09, +2.02, +1.4%):  beats by $0.12, reports revs in-line, raises FY23 postpaid net customer addition guidance and adj. EBITDA guidance

  • Visa (V 231.65, -3.00, -1.3%): beats by $0.08, reports revs in-line; issues FY 24 outlook; authorizes new $25 bln stock repurchase program, increases dividend

  • Snapchat (SNAP 9.95, +0.24, +2.5%): beats by $0.26, beats on revs; guides Q4 revs in-line; COO retiring

  • Waste Mgmt (WM 154.50, -0.13, -0.1%): beats by $0.02, misses on revs

  • Boeing (BA 188.88, +6.51, +3.6%): misses by $0.08, reports revs in-line; reaffirms FY23 OCF and FCF guidance; results reflects lower 737 deliveries and abnormal costs and period expenses

  • Texas Instruments (TXN 138.00, -8.92, -6.1%): misses by $0.02, misses on revs; guides Q4 EPS below consensus, revs below consensus; Continues to operate in a weak environment as weakness in Industrial end market has broadened

  • General Dynamics (GD 238.35, +5.35, +2.3%): beats by $0.13, beats on revs

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note. Japan's Nikkei: +0.7%, Hong Kong's Hang Seng: +0.6%, China's Shanghai Composite: +0.4%, India's Sensex: -0.8%, South Korea's Kospi: -0.9%, Australia's ASX All Ordinaries: UNCH.

  • In economic data:

  • Japan's August Leading Index 109.2 (expected 109.5; last 108.2) and Coincident Indicator 0.4% m/m (last 0.1%)

  • South Korea's October Consumer Confidence 98.1 (last 99.7)

  • Australia's Q3 CPI 1.2% qtr/qtr (expected 1.1%; last 0.8%); 5.4% yr/yr (expected 5.3%; last 6.0%). September Monthly CPI Indicator 5.6% yr/yr (expected 5.4%; last 5.2%)

  • In news:

  • China's President Xi visited the People's Bank of China for the first time since taking office.

  • China's National Development Reform Commission said that crude oil processing capacity will be limited to one billion metric tons by 2025.

  • There was more speculation about another cut to the reserve requirement ratio.

  • Reserve Bank of Australia Governor Bullock said that inflation could prove more stubborn than expected, prompting more rate hikes from the central bank.

  • ANZ and Commonwealth Bank of Australia now expect that the RBA will hike rates again in November.

  • Major European indices trade in the red. STOXX Europe 600: -0.1%, Germany's DAX: +0.1%, U.K.'s FTSE 100: +0.2%, France's CAC 40: UNCH, Italy's FTSE MIB: -0.7%, Spain's IBEX 35: -0.2%.

  • In economic data:

  • Eurozone's September Private Sector Loans 0.8% yr/yr (expected 1.0%; last 1.0%) and loans to nonfinancials 0.2% (last 0.6%)

  • Germany's October ifo Business Climate 86.9 (expected 85.9; last 85.8). October Current Assessment 89.2 (expected 88.5; last 88.7) and Business Expectations 84.7 (expected 83.3; last 83.1)

  • Spain's September PPI -8.6% yr/yr (last -9.9%)

  • Swiss October ZEW Expectations -37.8 (last -27.6)

  • In news:

  • Economists from Germany's ifo Institute noted that the services sector is stabilizing and could grow slightly in Q4 and that the European Central Bank could cut rates in the second half of 2024.

  • The European Central Bank will hold a policy meeting tomorrow, but the market expects that the central bank will refrain from raising rates for the first time in ten meetings.

 

U.S. equity futures:

  • S&P 500 Futures -13 @ 4,235

  • DJIA Futures: +70 @ 33,211

  • Nasdaq 100 Futures: -77 @ 14,669

Overseas:

  • Europe: DAX +0.1%, FTSE +0.2%, CAC UNCH

  • Asia: Nikkei +0.7%, Hang Seng +0.6%, Shanghai Composite +0.4%

Commodities:

  • Crude Oil +0.14 @ 83.88

  • Nat Gas +0.023 @ 3.345

  • Gold +0.45 @ 1986.55

  • Silver -0.143 @ 22.973

  • Copper -0.0162 @ 3.6078

Earnings/Guidance:

  • Agree Realty (ADC) reports FFO in-line, beats on revs

  • Alkermes (ALKS) beats by $0.23, beats on revs, reaffirms FY23 guidance

  • Alphabet (GOOG) beats by $0.09, reports revs in-line, total Google advertising revenue increased 9.4%, Google Cloud revenue up 21.7%

  • Alphatec (ATEC) provides Q3 guidance metrics

  • AST SpaceMobile (ASTS) provides guidance metrics for FY23

  • Automatic Data (ADP) beats by $0.06, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance

  • Avery Dennison (AVY) reports EPS in-line, misses on revs; guides Q4 EPS below consensus

  • Banco Santander (SAN) reports in-line results; beats on revs

  • Bank of N.T. Butterfield & Son (NTB) beats by $0.03, misses on revs

  • Boeing (BA) misses by $0.08, reports revs in-line; reaffirms FY23 OCF and FCF guidance; results reflects lower 737 deliveries and abnormal costs and period expenses

  • Boyd Gaming (BYD) misses by $0.08, beats on revs

  • Brandywine Realty (BDN) beats by $0.01, beats on revs; guides FY23 FFO in-line

  • Canadian Nat'l Rail (CNI) misses by $0.01, misses on revs; reiterates FY23 adj. EPS outlook; increases buyback authorization by C$500 mln

  • ChampionX (CHX) misses by $0.08, misses on revs; guides Q4 revs below consensus

  • CME Group (CME) beats by $0.03, misses on revs

  • CNX Resources (CNX) misses by $0.20, misses on revs

  • Constellium (CSTM) reports EPS inline, revenue down 15%

  • CoStar Group (CSGP) reports EPS in-line, revs in-line; guides Q4 EPS, revs below consensus

  • Deutsche Bank (DB) reports Q3 results; revs in-line; sees FY23 revs in-line with consensus

  • EastGroup (EGP) beats by $0.07, beats on revs; guides Q4 FFO in-line; guides FY23 FFO above consensus

  • Encore Wire (WIRE) beats by $0.16, reports revs in-line

  • Enova International (ENVA) misses by $0.50, beats on revs; announces buyback

  • Evercore (EVR) beats by $0.11, beats on revs

  • F5 Networks (FFIV) beats by $0.29, reports revs in-line; guides Q1 EPS in-line, revs below consensus; guides FY24 EPS below consensus, revs in-line

  • First Commonwealth (FCF) misses by $0.01

  • First Financial (FFBC) misses by $0.01

  • Fortive (FTV) reports EPS in-line, misses on revs; guides Q4 EPS below consensus, revs in-line; guides FY23 EPS below consensus, revs in-line

  • General Dynamics (GD) beats by $0.13, beats on revs

  • Greenbrier (GBX) misses by $0.09, beats on revs; guides FY24 revs below consensus

  • Group 1 Auto (GPI) beats by $0.59, beats on revs

  • Hawaiian Holdings (HA) misses by $0.12, misses on revs

  • Healthcare Services Group (HCSG) reports EPS in-line, revs in-line, raises cash flow from operations guidance for 2H23

  • Hess (HES) beats by $0.42, misses on revs

  • Highwoods Prop (HIW) reports FFO in-line; guides FY23 FFO in-line

  • Hilton (HLT) beats by $0.01, beats on revs; guides Q4 EPS mostly below consensus; guides FY23 EPS in-line

  • IMAX (IMAX) beats by $0.13, beats on revs

  • Integra (IART) misses by $0.02, misses on revs; guides Q4 EPS in-line, revs below consensus

  • JBT Corp (JBT) beats by $0.13; guides Q4 EPS in-line

  • Life Time (EXK) reports EPS in-line, revs in-line; guides Q4 revs below consensus

  • Lithia Motors (LAD) misses by $0.79, beats on revs

  • Lloyds Banking (LYG) reports Q3 trading update; net income up 7% yr/yr

  • MAG Silver (MAG) reports production from Juanicipio for the third quarter ended September 30, 2023

  • Manhattan Assoc (MANH) beats by $0.29, beats on revs; raises FY23 outlook

  • MarketAxess (MKTX) reports EPS in-line, revs in-line; provides FY23 guidance

  • Matador Resources (MTDR) beats by $0.20, reports revs in-line

  • M/I Homes (MHO) beats by $0.55 (single est), misses on revs (single est)

  • Microsoft (MSFT) beats by $0.34, beats on revs; Azure +28% CC vs +25-26% CC prior guidance; provided upside DecQ revenue guidance

  • Monro Muffler (MNRO) beats by $0.01, misses on revs, comparable store sales decreased 2.3%

  • Moody's (MCO) beats by $0.13, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • Mr. Cooper Group (COOP) reports Q3 (Sep) results, misses on revs

  • MSA Safety (MSA) beats by $0.32, beats on revs; increasing full year sales growth outlook to mid-teens

  • MSC Industrial (MSM) beats by $0.02, beats on revs

  • NBT Bancorp (NBTB) beats by $0.07

  • New Oriental Education & Technology (EDU) beats by $0.33, beats on revs; guides Q2 revs below consensus

  • NextGen Healthcare (NXGN) beats by $0.06, reports revs in-line

  • Northern Oil & Gas (NOG) provides preliminary financial and operational updates for Q3; Q3 Cap-ex of $215 -218 million

  • Old Dominion (ODFL) beats by $0.17, reports revs in-line

  • OneMain Holdings (OMF) beats by $0.08

  • Option Care Health (OPCH) beats by $0.02, reports revs in-line; guides FY23 revs in-line

  • Otis Worldwide (OTIS) beats by $0.07, reports revs in-line; raises FY23 EPS guidance; narrows FY23 revenue guidance

  • Owens Corning (OC) beats by $0.26, misses on revs

  • Penske Auto (PAG) misses by $0.12, beats on revs

  • PROG Holdings (PRG) beats by $0.27, beats on revs; guides Q4 EPS above consensus, revs in-line; raises FY23 EPS above consensus, revs in-line

  • Prosperity Bancshares (PB) beats by $0.04; raises dividend

  • Range Resources (RRC) beats by $0.12, reports revs in-line; 2023 all-in capital budget is $570-615 mln

  • Renasant (RNST) beats by $0.06

  • Retail Opportunity Investments () reports FFO in-line, misses on revs; guides Q4 FFO in-line

  • Robert Half (RHI) beats by $0.09, beats on revs

  • Roper (ROP) beats by $0.10, reports revs in-line; guides Q4 EPS in-line; guides FY23 EPS above consensus

  • RPC (RES) misses by $0.16, misses on revs

  • Rush Enterprises (RUSHA) beats by $0.05 (two estimates), beats on revs

  • Silgan Holdings (SLGN) beats by $0.04, misses on revs; guides Q4 EPS below consensus; lowers FY23 EPS below consensus

  • Snap (SNAP) beats by $0.26, beats on revs; guides Q4 revs in-line

  • Stifel Financial (SF) misses by $0.69, misses on revs; increases share repurchase program

  • Stride (LRN) beats by $0.48, beats on revs; guides Q2 revs above consensus; guides FY24 revs above consensus

  • Taylor Morrison Home (TMHC) beats by $0.05, beats on revs; provides Q4 guidance

  • Teladoc (TDOC) beats by $0.02, reports revs in-line; guides Q4 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus

  • Teledyne Tech (TDY) beats by $0.29, misses on revs; guides Q4 EPS below consensus

  • Texas Instruments (TXN) misses by $0.02, misses on revs; guides Q4 EPS below consensus, revs below consensus

  • Thermo Fisher (TMO) beats by $0.08, reports revs in-line; lowers FY23 EPS below consensus, revs below consensus

  • T-Mobile US (TMUS) beats by $0.12, reports revs in-line, raises FY23 postpaid net customer addition guidance and adj. EBITDA guidance

  • Travel + Leisure Co (TNL) beats by $0.08, beats on revs; guides Q4 EPS below consensus

  • Trustmark (TRMK) misses by $0.03, loans held for investment increased 1.6% from prior quarter

  • UMB Financial Corporation (UMBF) beats by $0.25, misses on revs; approves 2.6% dividend increase

  • United Micro (UMC) beats by $0.04, revs in-line

  • USANA (USNA) misses by $0.05 (two ests), misses on revs (two ests); guides FY23 EPS below two analyst estimate, revs below two analyst estimate

  • Veritex Holdings (VBTX) misses by $0.04

  • Vertiv (VRT) beats by $0.08, reports revs in-line; guides Q4 EPS above consensus, revs above consensus

  • Vicor (VICR) beats by $0.04, beats on revs

  • Visa (V) beats by $0.08, reports revs in-line; issues FY 24 outlook

  • Vista Energy (VIST) reports Q3 results

  • Volaris Aviation (VLRS) reports Q3 results; misses on revs; lowers FY23 revs

  • Wabash Natl (WNC) beats by $0.14, misses on revs; raises FY23 EPS above consensus

  • Wabtec (WAB) beats by $0.24, beats on revs; guides FY23 revs above consensus

  • Waste Mgmt (WM) beats by $0.02, misses on revs

  • Weatherford (WFRD) beats by $0.51, beats on revs; raises FY outlook

News:

  • United Nations secretary general Antonio Guterres called for humanitarian cease fire in Israel/Hamas war, according to the New York Times

  • Republicans nominate Mike Johnson as Speaker nominee. Republicans planning full floor vote today at 12:00 ET. He appears close to getting enough votes to get elected, according to the New York Times

  • Chinese President Xi signaled no tolerance for large economic slowdown, according to Bloomberg

  • Fed expected to revise debit card swipe fee regulations this week, according to Reuters

  • 908 Devices (MASS) has been awarded a total of $10.4 mln in purchase orders from the United States Air Force and Air National Guard Fire & Emergency Services Program for its MX908 handheld mass spectrometry device with Aero module

  • Abbott (ABT): Late-Breaking Data Showcase the Benefits of Abbott's Minimally Invasive Devices for People With Leaky Heart Valves

  • Apple (AAPL) Pay Later is now available in the US, according to Apple Insider

  • Beam Therapeutics (BEAM) reports new preclinical data demonstrating the ability of its in vivo drug candidate, BEAM-301, to directly correct the R83C mutation, one of the primary disease-causing mutations of glycogen storage disease type Ia

  • BioXcel Therapeutics (BTAI) Announces Positive Findings from Independent Third Party Audit of Data Integrity at TRANQUILITY II Phase 3 Trial Site

  • Black Hills Corp (BKH) Natural Gas utility requests approval of settlement agreement for rate review in Wyoming

  • CACI Intl (CACI) has been awarded a four-year single-award, indefinite delivery indefinite quantity expertise contract worth up to $150 mln to continue its support of spaceflight systems, simulation, and software for NASA Johnson Space Center

  • Carnival (CCL): Australia court rules Carnival mislead customers regarding coronavirus risk, according to Reuters

  • Energy Recovery (ERII) appoints David Moon as interim CEO effective immediately

  • Freeline (FRLN) presents positive new data from Phase 1/2 GALILEO-1 trial of FLT201, its novel gene therapy candidate, in Gaucher Disease at ESGCT 30th Annual Congress

  • GlaxoSmithKline (GSK) reports new data for Arexvy; new Data for AREXVY, GSK's RSV Vaccine, show potential to help protect adults aged 50 to 59 at increased risk for RSV disease

  • JinkoSolar (JKS) signs supply agreement with ACWA Power to provide 3.8 GW N-type Tiger Neo modules

  • Linde plc (LIN) to supply industrial gases to Indian Oil's panipat refinery

  • Merck (MRK): KEYTRUDA plus LENVIMA is available for the first-line treatment of adult patients with advanced or metastatic renal cell carcinoma

  • Micron (MU) is now shipping production samples of its low-power double data rate 5X memory - the industry's only 1 mobile-optimized memory - for use with Qualcomm Technologies (QCOM) latest flagship mobile platform, Snapdragon 8 Gen 3

  • New Found (NFGC) hits 14 g/t Au over 9m, 32 g/t Au over 2.55m & 6.7 g/t Au over 10.1m near-surface at Iceberg-Iceberg East

  • Quest Diagnostics (DGX): Diadem SpA has formed a strategic collaboration with Quest

  • SunPower (SPWR): material weakness exists in its internal control over financial reporting; to restate financial statements

  • TechnipFMC (FTI) has been awarded a contract to manufacture flexible pipe by Woodside Energy

  • Telecom Argentina (TEO) emerged as the winner of Lot 2 (Band 3,400-3,500 MHz)

  • Teledyne Tech (TDY) names new CEO and new COO; also Robert Mehrabian to become Exec Chairman

  • TotalEnergies SE (TTE) wins a 25-year Contract to supply 1.4 GW of renewable electricity to New York

  • Universal Stainless/Alloy (USAP) appoints Christopher Zimmer as CEO

  • Vulcan Materials (VMC) received imminent danger order issued by the Mine Safety and Health Administration on October 19; no injuries occurred and corrective actions were taken

  • Wolfspeed (WOLF) announces that Thomas Werner, a board member since 2006, has been elected the new Chairman of the Board, effective immediately

M&A:

  • KKR (KKR) has agreed to invest in Precipart

  • New Relic (NEWR): EU Commission clears acquisition of New Relic by TPG and Francisco Partners

  • Shenandoah Telecom (SHEN) to acquire Horizon Telcom for cash and stock

  • Wheaton Precious Metals (WPM) Announces the Acquisition of a New Silver Stream on the Mineral Park Mine

Syndicate:

  • Alphatec (ATEC) prices offering of 14.3 mln shares of common stock at $10.50 per share

  • IDEAYA Biosciences (IDYA) prices offering of 5.0 mln shares of common stock at $23.50 per share

  • Marathon Digital Holdings (MARA) files $750 mln mixed shelf securities offering

  • Weatherford (WFRD) announces a five-year credit facility that is effective today with aggregate commitments of $550 mln

IPOs:

  • No IPOs expected to price.

Gapping Up/Down

  • Gapping up:

  • VRT +13.3%, LRN +13.1%, DB +6.5%, BDN+6.4%, MASS +4.7%, WFRD +4.3%, KGS+3.7%, MSFT +3.5%, HIW +2.9%, LYG +2.1%, NTB +2%, RHI +2%, RNST +2%, SAN +1.4%, ADC +1.3%, MWA +0.9%, TTE +0.9%, AMED+0.9%, QCOM +0.8%, JBT +0.8%, MTDR+0.8%, RRC +0.7%

  • Gapping down:

  • VICR -15.5%, CHX -13.2%, ATEC -13%, IDYA-11.9%, SPWR -9.5%, CSGP -9.5%, ENVA-7.9%, HA -7.4%, AFRM -6.9%, GOOG -6.8%, TDOC -6.2%, TXN -5.6%, USNA -5.6%, SBSW-5.4%, MANH -5.2%, ROIC -4.5%, MARA-3.9%, BYD -3.6%, SQ -3.2%, IART -3.2%, EDU -3%, PYPL -2.9%, ERII -2.6%, RUSHA-2%, TRMK -2%, VLRS -2%, TMO -1.7%, TALK -1.6%, V -1.5%, HLT -1.1%, LAD -0.9%

 

Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Ameresco (AMRC) upgraded to Buy from Neutral at ROTH MKM; tgt $44

  • American Express (AXP) upgraded to Neutral from Sell at Citigroup; tgt raised to $154

  • Chewy (CHWY) upgraded to Neutral from Sell at UBS; tgt lowered to $20

  • Gap (GPS) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $16

  • Hexcel (HXL) upgraded to Buy from Hold at Vertical Research; tgt $72

  • Livent (LTHM) upgraded to Buy from Hold at Deutsche Bank; tgt lowered to $21

  • PACCAR (PCAR) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $115

  • Progressive (PGR) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $180

  • Scholar Rock (SRRK) upgraded to Buy from Hold at Jefferies; tgt $20

  • SJW (SJW) upgraded to Equal Weight from Underweight at Wells Fargo; tgt lowered to $61

  • TC Energy (TRP) upgraded to Overweight from Equal Weight at Wells Fargo

  • Veeva Systems (VEEV) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $229

  • Verizon (VZ) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $38

  • Downgrades:

  • Affirm (AFRM) downgraded to Sell from Neutral at Compass Point; tgt $13

  • Albemarle (ALB) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $155

  • Amarin (AMRN) downgraded to Hold from Buy at Jefferies; tgt lowered to $1

  • BellRing Brands (BRBR) downgraded to Equal-Weight from Overweight at Stephens; tgt raised to $47

  • California Water (CWT) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $47

  • Citizens Financial Group (CFG) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $26

  • Corning (GLW) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $30

  • Enbridge (ENB) downgraded to Underweight from Equal Weight at Wells Fargo

  • Etsy (ETSY) downgraded to Neutral from Buy at Citigroup; tgt lowered to $67

  • EVgo Inc. (EVGO) downgraded to Market Perform from Outperform at TD Cowen; tgt lowered to $4

  • Farfetch (FTCH) downgraded to Sell from Buy at Societe Generale; tgt $1.50

  • FREYR Battery (FREY) downgraded to Market Perform from Outperform at TD Cowen; tgt lowered to $7

  • Livent (LTHM) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $19

  • Nicolet Bankshares (NIC) downgraded to Equal-Weight from Overweight at Stephens; tgt $81

  • Regions Fincl (RF) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $15

  • TransUnion (TRU) downgraded to In-line from Outperform at Evercore ISI

  • TransUnion (TRU) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $44

  • Others:

  • Enerpac Tool Group (EPAC) initiated with a Buy at CL King; tgt $35

  • SharkNinja (SN) initiated with a Buy at Goldman; tgt $52

  • Syndax Pharmaceuticals (SNDX) initiated with a Buy at BofA Securities; tgt $29

  • Tourmaline (TRML) initiated with an Overweight at Piper Sandler; tgt $65

  • Utz Brands (UTZ) initiated with a Buy at Jefferies; tgt $15

Econ Data:

  • 07:00 ET: MBA Mortgage Applications Index for Oct. 21 (Briefing.comConsensus NA; Prior -6.9%)

  • 10:00 ET: New Home Sales for Sep (Briefing.comConsensus 683K; Prior 675K)

  • 10:30 ET: EIA Crude Oil Inventories for Oct. 21 (Briefing.comConsensus NA; Prior -4.49M)

Earnings:

  • Monday (Oct 23)

  • Morning:  BOH HOPE PHG

  • Afternoon: AGYS ARE BRO CADE CDNS CALX CATY CLF CR CCK HSTM HXL IBTX MEDP PKG RLI SSD AAN TBI WRB WSFS

  • Tuesday (Oct 24)

  • Morning: MMM HOUS ADM ARCC AWI ABG BANC BCS CNC KO CBU GLW DHR DOV DOW FI FELE GATX GE GM HAL HCA HRI ITW IVZ KMB EDU NEE NEP NVS NUE ONB PCAR PPBI PACW PNR PII PHM DGX RTX SASR SHW SFNC SMPL SPOT SYF TECK TRU VZ XRX

  • Afternoon:  GOOG NTB BYD BDN CNI CHX CB CSGP EGP WIRE ENVA FFIV FCF FFBC HA HIW JBT MANH MTDR MSFT MSA NBHC RRC RNST ROIC RHI SNAP LRN TDOC TXN TRMK UMBF VBTX VICR V WM

  • Wednesday (Oct 25)

  • Morning:  ALKS APH ADP AVY BXMT BA BOKF CME CNX CSTM EVR FTV GD GBX GPI HCSG HES HESM HLT IART LKFN LTH LAD MKTX MNRO MCO COOP MSM NAVI NSC ODFL OMF OPCH OTIS OC PAG PRG PB RDUS ROP RES R SLGN SF TMUS TMHC TDY TMO TNL UMC VRT WNC WAB WFRD

  • Afternoon:  AEM ALGN ALSN AMP AM AR ATR ASGN AVB AGR BKR BHE CACI CCS CHE CHDN CYH CNMD CVBF EW ESI EIG EPR EQT EQIX ETD EG FIBK FLEX FLS FBIN FTAI GL GSHD GGG IBM ICLR IEX IMAX PI INVH KALU KRC KLAC LSTR LC LXFR MAT MXL META MAA MOH MYRG NTGR NXT ORLY OII CASH PEGA PPC PLXS QS RJF ROL SLM SEIC NOW STC SUI NOVA TER TNET TROX UCTT URI UHS VMI VLTO VICI VKTX WSBC WU WHR WH

  • Thursday (Oct 26)

  • Morning: AOS MO AMT AIT ARCH AMBP BPMC BSX BFH BMY BC BG CRS CARR CBZ CNP CMS CTS CFR EXP EME EXLS XPRO FAF FCFS ULCC FCN THRM GWW HEES HOG HAS HSY HTZ HON INSM IP ITGR KVUE KDP KIM KEX LH LAZ LEA LII LIN LKQ MAS MA MDC MPW MRK MBLY NYCB NEM NOC NVCR OSIS OSTK PATK BTU PCG BPOP RS RITM RCL STX SAH SBSI LUV STM FTI TXT SHYF TSCO TW TPH TRS UPS VLO VLY VC VMC WST WEX WTW

  • Afternoon:  ATGE AB AMZN ABCB APPF AJG AX BIO BJRI SAM CPT COF CSL CC CMG CINF COLM CDP COUR CUZ CUBI DECK DXCM DLR EMN ELME EHC ENPH ESS EVTC EXPO FHI FE F GLPI HIG HUBG INTC JNPR KNSL LHX LPLA LTC MGRC MMSI MTX MHK NRDS NOV OLN PEB PFSI PFG PFS PTCT RSG RMD SKX SKYW SSB SPSC SSNC STAG TEX TXRH X UDR VRSN WY

  • Friday (Oct 27) 

  • Morning:  ABBV AER AON ARCB AN AVTR BCPC B BAH CBRE GTLS CHTR CVX CL DAN XOM FHB GNTX IMO LECO LYB NWL NVT OIS PSX PIPR PNM POR SAIA SNY SWK STEL TROW WT XEL

  • Afternoon:  ACMR

 

Asia & Europe detail:

Asia: Nikkei +0.7%, Hang Seng +0.6%, Shanghai Composite +0.4%

Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note. China's President Xi visited the People's Bank of China for the first time since taking office. China's National Development Reform Commission said that crude oil processing capacity will be limited to one billion metric tons by 2025. There was more speculation about another cut to the reserve requirement ratio. Reserve Bank of Australia Governor Bullock said that inflation could prove more stubborn than expected, prompting more rate hikes from the central bank. ANZ and Commonwealth Bank of Australia now expect that the RBA will hike rates again in November.

  • In economic data:

  • Japan's August Leading Index 109.2 (expected 109.5; last 108.2) and Coincident Indicator 0.4% m/m (last 0.1%)

  • South Korea's October Consumer Confidence 98.1 (last 99.7)

  • Australia's Q3 CPI 1.2% qtr/qtr (expected 1.1%; last 0.8%); 5.4% yr/yr (expected 5.3%; last 6.0%). September Monthly CPI Indicator 5.6% yr/yr (expected 5.4%; last 5.2%)

---Equity Markets---

  • Japan's Nikkei: +0.7%

  • Hong Kong's Hang Seng: +0.6%

  • China's Shanghai Composite: +0.4%

  • India's Sensex: -0.8%

  • South Korea's Kospi: -0.9%

  • Australia's ASX All Ordinaries: UNCH

---FX---

  • USD/JPY: +0.1% to 149.93

  • USD/CNH: +0.2% to 7.3244

  • USD/INR: +0.2% to 83.14

 

Europe: DAX +0.1%, FTSE +0.2%, CAC UNCH

Major European indices trade in the red. Deutsche Bank beat quarterly expectations and revealed plans to return more capital to shareholders. Economists from Germany's ifo Institute noted that the services sector is stabilizing and could grow slightly in Q4 and that the European Central Bank could cut rates in the second half of 2024. The European Central Bank will hold a policy meeting tomorrow, but the market expects that the central bank will refrain from raising rates for the first time in ten meetings.

  • In economic data:

  • Eurozone's September Private Sector Loans 0.8% yr/yr (expected 1.0%; last 1.0%) and loans to nonfinancials 0.2% (last 0.6%)

  • Germany's October ifo Business Climate 86.9 (expected 85.9; last 85.8). October Current Assessment 89.2 (expected 88.5; last 88.7) and Business Expectations 84.7 (expected 83.3; last 83.1)

  • Spain's September PPI -8.6% yr/yr (last -9.9%)

  • Swiss October ZEW Expectations -37.8 (last -27.6)

---Equity Markets---

  • STOXX Europe 600: -0.1%

  • Germany's DAX: +0.1%

  • U.K.'s FTSE 100: +0.2%

  • France's CAC 40: UNCH

  • Italy's FTSE MIB: -0.7%

  • Spain's IBEX 35: -0.2%

---FX---

  • EUR/USD: -0.2% to 1.0572

  • GBP/USD: -0.3% to 1.2125

  • USD/CHF: +0.3% to 0.8958

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