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26/01/23 Briefing

Updated: Jan 28, 2023


The S&P 500 futures are up 19 points and are trading 0.5% above fair value. The Nasdaq 100 futures are up 111 points and are trading 0.9% above fair value. The Dow Jones Industrial Average futures are up 41 points and are trading 0.1% above fair value. 

Equity futures indicate a higher open following Tesla's (TSLA) earnings report, which is driving a continued rebound effort in the mega cap space and bolstering the broader market on a busy earnings reporting day. Investors are also anticipating the potentially market-moving advanced Q4 GDP reading and weekly initial claims data at 8:30 a.m. ET, cognizant that they may have implications for the Fed's rate hike path. 

Treasury yields are inching higher ahead of the release. The 2-yr note yield is up one basis point to 4.15% and the 10-yr note yield is up two basis points to 3.48%. The U.S. Dollar Index is up 0.1% to 101.75.

Energy complex futures are mixed. WTI crude oil futures are up 1.3% to $81.16/bbl and natural gas futures are down 4.5% to $2.78/mmbtu. 

Today's data releases include:

  • 8:30 a.m. ET: Advance Q4 GDP (Briefing.comconsensus 2.6%; prior 3.2%), advance Q4 Chain Deflator (Briefing.comconsensus 3.2%; prior 4.4%), December Durable Orders (Briefing.comconsensus 2.9%; prior -2.1%), Durable Orders ex-transportation (Briefing.comconsensus -0.2%; prior 0.2%), weekly Initial Claims (Briefing.comconsensus 205,000; prior 190,000), Continuing Claims (prior 1.647 mln), December advance goods trade deficit (prior -$83.30 bln), December advance Retail Inventories (prior -0.3%), and December advance Wholesale Inventories (prior 1.0%)

  • 10:00 ET: December New Home Sales (Briefing.comconsensus 614,000; prior 640,000)

  • 10:30 ET: Weekly natural gas inventories (prior -82 bcf)

In corporate news:

  • Tesla (TLSA 154.36, +9.93, +6.9%): beats by $0.08, reports revs in-line, automotive gross margin down 466 bps yr/yr, guides for 1.8 mln vehicles in FY23, which is ahead of its long-term 50% CAGR target; thus far in January it has seen the strongest orders YTD in its history

  • Sherwin-Williams (SHW 224.85, -22.24, -9.0%): beats by $0.04, reports revs in-line; guides FY23 EPS below consensus, revs below consensus

  • Southwest Airlines (LUV 36.02, -0.85, -2.3%): misses by $0.27, reports revs in-line; guides Q1 revs below consensus; Dept of Transportation is probing scheduling meltdown, according to WSJ

  • Northrop Grumman (NOC 468.00, +4.71, +1.0%): beats by $0.93, beats on revs; guides FY23 revs above consensus

  • IBM (IBM 137.93, -2.83, -2.0%): misses by $0.01, beats on revs; announced it will cut about 3,900 jobs, or roughly 1.5% of its workforce, according to Bloomberg

  • Dow (DOW 56.22, -1.67, -2.9%): misses by $0.11, misses on revs

  • Chevron (CVX 184.93, +5.85, +3.3%): authorizes $75 bln stock repurchase program and increases quarterly divided by 6% to $1.51/share

  • Lam Research (LRCX 481.85, -6.55, -1.3%): beats by $0.71, beats on revs; guides Q3 EPS below consensus, revs below consensus

  • Comcast (CMCSA 39.70, -0.40, -1.0%): beats by $0.04, reports revs in-line; increases quarterly dividend to $0.29 from $0.27/share

  • ServiceNow (NOW 442.00, -6.77, -1.5%): beats by $0.26, reports revs in-line

  • STMicroelectronics (STM 45.09, +1.76, +4.1%): beats by $0.22, beats on revs; guides Q1 revs above consensus

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mixed note while markets in China, India, and Australia were closed for holidays. Japan's Nikkei: -0.1%, Hong Kong's Hang Seng: +2.4%, China's Shanghai Composite: CLOSED, India's Sensex: CLOSED, South Korea's Kospi: +1.6%, Australia's ASX All Ordinaries: CLOSED.

    • In economic data:

      • Japan's December Corporate Services Price Index 1.5% yr/yr (expected 1.6%; last 1.7%)

      • South Korea's Q4 GDP -0.4% qtr/qtr (expected -0.3%; last 0.3%); 1.4% yr/yr (expected 1.5%; last 3.1%).

      • Hong Kong's December trade deficit $51.60 bln (last deficit of $27.10 bln). December Imports -23.5% m/m (last -20.3%) and Exports -28.9% m/m (last -24.1%)

      • Singapore's December Industrial Production 3.2% m/m (expected -1.1%; last -1.6%); -3.1% yr/yr (expected -6.9%; last -3.8%)

    • In news:

      • Japan's cabinet office lowered the overall economic assessment of the Japanese economy for the first time in eleven months.

      • South Korea's GDP contracted in Q4, but Finance Minister Choo said that growth is likely to return in Q1.

      • Nissan and Renault will reportedly announce changes to their partnership on February 6.

  • Major European indices trade on a mostly higher note. STOXX Europe 600: +0.4%, Germany's DAX: -0.1%, U.K.'s FTSE 100: +0.1%, France's CAC 40: +0.7%, Italy's FTSE MIB: +0.8%, Spain's IBEX 35: +0.5%.

    • In economic data:

      • U.K.'s January CBI Distributive Trades Survey -23 (expected -5; last 11). Q3 Labour Productivity 0.1% (last 0.1%)

      • Italy's January Consumer Confidence 100.9 (expected 102.7; last 102.5) and Business Confidence 102.7 (expected 101.8; last 101.5)

      • Spain's Q4 Unemployment Rate 12.87% (expected 12.50%; last 12.67%)

    • In news:

      • STMicroelectronics beat Q4 expectations and issued strong guidance while Diageo reported solid six-month results and reaffirmed its guidance for the fiscal year.

      • Germany's Economy Minister Habeck said that the trend in inflation has been broken.

      • Italy's Economy Minister Giorgetti said that energy subsidies for families and businesses will be extended before April.

 

U.S. equity futures:

  • S&P 500 Futures: +21 @ 4,037

  • DJIA Futures: +61 @ 33,804

  • Nasdaq 100 Futures: +126 @ 11,940

Overseas:

  • Europe: DAX -0.1%, FTSE +0.1%, CAC +0.7%

  • Asia: Nikkei -0.1%, Hang Seng +2.4%, Shanghai Composite CLOSED

Commodities:

  • Crude Oil +1.04 @ 81.19

  • Nat Gas -0.131 @ 2.784

  • Gold -5.35 @ 1937.25

  • Silver -0.049 @ 23.892

  • Copper +0.0135 @ 4.258

 

Earnings/Guidance:

  • Alaska Air (ALK) misses by $0.01, misses on revs

  • American Airlines (AAL) beats by $0.10, reports revs in-line; guides Q1 EPS in-line; guides FY23 EPS above consensus

  • Ameriprise Financial (AMP) beats by $0.46, beats on revs

  • Applied Industrial (AIT) beats by $0.38, beats on revs; raises FY23 guidance

  • Archer-Daniels (ADM) beats by $0.29, beats on revs

  • Aspen Tech (AZPN) reports Q2 (Dec) results, misses on revs; guides FY23 EPS in-line, reaffirms FY23 revs guidance

  • Axalta Coating Systems (AXTA) beats by $0.03, beats on revs; guides Q1 EPS in-line, revs above consensus

  • AXIS Capital (AXS) beats by $0.17, beats on revs (two estimates)

  • Blackstone (BX) beats by $0.12; declares dividend

  • Boot Barn Holdings (BOOT) misses by $0.01, reports revs in-line, comps of -3.6%; guides MarQ EPS below consensus, revs above consensus; guides FY23 EPS below consensus, revs above consensus

  • CACI Intl (CACI) misses by $0.06, beats on revs; guides FY23 EPS in-line, revs in-line

  • Calix Networks (CALX) beats by $0.08, beats on revs; guides Q1 EPS in-line, revs above consensus

  • Cathay Bancorp (CATY) misses by $0.05, misses on revs

  • Celestica (CLS) beats by $0.02, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY23 EPS in-line, revs in-line

  • Cohen & Steers (CNS) misses by $0.02 (two estimates), beats on revs (one estimate)

  • Comcast (CMCSA) beats by $0.04, reports revs in-line; increases quarterly dividend to $0.29 from $0.27/share

  • Crown Castle (CCI) misses by $0.09, beats on revs; reaffirms FY23 FFO guidance

  • CSX (CSX) beats by $0.02, reports revs in-line; provides 2023 commentary

  • CVB Financial (CVBF) misses by $0.01, beats on revs

  • Diageo plc (DEO) beats by two pence; beats on revs

  • Dow (DOW) misses by $0.11, misses on revs; in slide presentation sees Q1 revs of $11.0-11.5 bln vs. $13.0 bln Capital IQ consensus

  • Eagle Materials (EXP) misses by $0.03, misses on revs

  • Ethan Allen (ETD) beats by $0.21, misses on revs

  • First Bancshares (FBMS) misses by $0.09

  • Flex (FLEX) beats by $0.02, beats on revs; guides MarQ EPS in-line, revs above consensus; guides FY23 EPS in-line, revs in-line

  • Hexcel (HXL) beats by $0.08, beats on revs; guides FY23 EPS in-line, revs in-line; increases dividend

  • IBM (IBM) misses by $0.01, beats on revs

  • Integra (IART) guides Q4 EPS above consensus; CFO Carrie Anderson plans to resign

  • JetBlue Airways (JBLU) beats by $0.02, reports revs in-line; guides Q1 EPS below consensus, revs in-line; guides FY23 EPS above consensus

  • Kemper (KMPR) provides Q4 prelim guidance metrics

  • Lam Research (LRCX) beats by $0.71, beats on revs; guides Q3 EPS below consensus, revs below consensus

  • Las Vegas Sands (LVS) misses by $0.10, misses on revs

  • LCI Industries (LCII) guides Q4 revenue below consensus as RV OEMs made "larger-than-anticipated adjustments to production levels"

  • Liberty Energy (LBRT) beats by $0.07, beats on revs; increases share repurchase plan

  • Lending Club (LC) misses by $0.03, beats on revs; provides Q1 loan originations and pre-provision net revs guidance

  • Levi Strauss (LEVI) beats by $0.04, reports revs in-line; guides FY23 EPS in-line, revs above consensus

  • MarineMax (HZO) misses by $0.29, reports revs in-line; lowers FY23 EPS below consensus

  • Marsh McLennan (MMC) beats by $0.06, misses on revs

  • McCormick (MKC) misses by $0.14, misses on revs; guides FY23 EPS below consensus, revs above consensus

  • Mobileye Global (MBLY) beats by $0.10, beats on revs; guides FY22 revs above consensus

  • Murphy Oil (MUR) misses by $0.02, beats on revs

  • Nokia (NOK) beats by 0.03, beats on revs; guides FY23 revs in-line; proposes dividend raise

  • Northrop Grumman (NOC) beats by $0.93, beats on revs; guides FY23 revs above consensus

  • Pacific Premier (PPBI) misses by $0.01

  • Packaging Corp (PKG) beats by $0.12, misses on revs

  • Pathward Financial (CASH) reports EPS in-line (two estimates), beats on revs (two estimates); guides FY23 EPS in-line (two estimates)

  • Plexus (PLXS) beats by $0.02, misses on revs; guides Q2 revs below consensus

  • Plug Power (PLUG) provides financial targets; lowers FY22 revenue growth target; guides FY23 revs above consensus; expects to grow revs to $5 bln in FY26 and $20 bln in FY30

  • Qualtrics (XM) beats by $0.01, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY23 EPS above consensus, revs below consensus

  • Raymond James (RJF) beats by $0.01, misses on revs

  • RLI Corp (RLI) reports Q4 (Dec) results, beats on revs

  • Rockwell Automation (ROK) beats by $0.59, beats on revs; raises FY23 EPS and revenue guidance above consensus

  • Sandy Spring Banc (SASR) misses by $0.13

  • SAP SE (SAP) misses by 0.34, misses on revs

  • Seagate Tech (STX) beats by $0.07, beats on revs; guides MarQ EPS in-line, revs in-line

  • SEI Investments (SEIC) beats by $0.03, reports revs in-line

  • ServiceNow (NOW) beats by $0.26, reports revs in-line

  • Sherwin-Williams (SHW) beats by $0.04, reports revs in-line; guides FY23 EPS below consensus, revs below consensus

  • SL Green Realty (SLG) misses by $0.01, beats on revs

  • Southwest Air (LUV) misses by $0.27, reports revs in-line; guides Q1 revs below consensus

  • Steel Dynamics (STLD) beats by $0.73, beats on revs; customer order entry activity continues to be healthy

  • STMicroelectronics (STM) beats by $0.22, beats on revs; guides Q1 revs above consensus

  • Teradyne (TER) beats by $0.17, beats on revs; guides Q1 EPS below consensus, revs below consensus; authorizes $2.0 bln for share repurchases

  • Tesla (TSLA) beats by $0.08, reports revs in-line, automotive gross margin down 466 bps yr/yr, guides for 1.8 mln vehicles in FY23, which is ahead of its long-term 50% CAGR target

  • Tractor Supply (TSCO) beats by $0.08, beats on revs; guides FY23 EPS in-line, revs in-line

  • T. Rowe Price (TROW) beats by $0.03, reports revs in-line

  • United Rentals (URI) misses by $0.54, reports revs in-line; guides FY23 revs above consensus; initiates a quarterly dividend; to restart its share repurchase program

  • Valero Energy (VLO) beats by $1.23, misses on revs

  • Virtu Financial (VIRT) misses by $0.15, misses on revs

  • Wolfspeed (WOLF) beats by $0.03, misses on revs; guides Q3 EPS below consensus, revs below consensus

  • Xcel Energy (XEL) beats by $0.02, beats on revs; guides FY23 EPS in-line

  • Xerox (XRX) beats by $0.41, beats on revs

News:

  • China says that severe coronavirus cases and deaths have dropped 70% from peak, according to Bloomberg

  • Moderate Republicans discussed debt ceiling ideas including connecting spending to inflation and GDP, according to Bloomberg

  • AC Immune's (ACIU) ACI-24.060 Anti-Amyloid Beta Vaccine for Alzheimer's Shows Positive Initial Interim Safety and Immunogenicity in Phase 1b/2 ABATE Trial

  • Alphabet (GOOG) commits to give consumers clearer and more accurate information to comply with EU rules

  • AstraZeneca (AZN) receives EU approval for ENHERTU as the first HER2 directed therapy for patients with HER2 low metastatic breast cancer

  • Berkshire Hills Bancorp (BHLB) announces $50 mln share repurchase program; names David Rosato as CFO, effective February 6, 2023

  • Blackstone (BX): UC Investments will acquire an additional $500 mln in BREIT shares

  • Bristol-Myers (BMY) announces TRANSCEND CLL 004 Trial of Breyanzi met primary endpoint of complete response rate in patients with relapsed or refractory chronic lymphocytic leukemia

  • CACI Intl (CACI) authorizes the repurchase of up to $750 mln of common stock

  • Campbell Soup (CPB) announces the appointment of Carrie Anderson as EVP and CFO, effective Feb 6

  • CBL (CBL) announced that Jonathan Heller is resigning as Chairman of the Board, effective January 25, 2023

  • Chevron (CVX) authorizes $75 bln stock repurchase program and increases quarterly divided by 6% to $1.51/share

  • Dow (DOW) outlines series of targeted actions aligned to its previously stated plan to achieve $1 bln in cost savings in 2023

  • Energy Transfer (ET) increases quarterly cash distribution by 15% over Q3 distribution to $0.305/common unit

  • Foot Locker (FL) made the strategic decision to wind down its Sidestep banner in Europe

  • Home Bancshares (HOMB) increases its quarterly dividend 9.1% to $0.18/share

  • IBM (IBM) will cut about 3,900 jobs, or roughly 1.5% of its workforce, according to Bloomberg

  • Invesco (IVZ) 10% owner Trian Fund (Nelson Peltz) sold 7,171,957 shares worth ~$134 mln (transaction dates 1/23-1/25)

  • Lam Research (LRCX) commences 7% workforce reduction to be substantially completed by the end of JunQ

  • Lantronix (LTRX) announces record $40 million contract with Gridspertise

  • Lockheed Martin (LMT) prepared to send F-16 jets to Ukraine, according to Financial Times

  • Medtronic (MDT) recommends rejection of below-market mini-tender offer by TRC Capital Investment

  • Meta Platforms (META): Facebook and Instagram to lift Trump suspension, according to NBC News

  • Murphy Oil (MUR) raises quarterly dividend by 10% to $0.275 per share

  • Nikola (NKLA) highlights its integrated hydrogen solution and introduces new hydrogen energy brand "HYLA"

  • Roche Hldg (RHHBY) launches COVID-19 PCR test to detect the fast spreading XBB.1.5 Omicron sub-variant

  • SAP SE (SAP) and Lockheed Martin (LMT) expand strategic relationship to transform the mission-critical business systems that power Lockheed Martin's OneLM Transformation Program

  • S&T Bancorp (STBA) authorizes a one-year extension of its $50 mln repurchase plan; expires March 31, 2024

  • Southwest Air (LUV): Dept of Transportation is probing scheduling meltdown, according to the Wall Street Journal

  • Tesla (TSLA) enters into a $5.0 bln revolving credit agreement

  • Toyota Motor (TM) announces Takeshi Uchiyamada will resign from his post as Chairman of the Board of Directors; Akio Toyoda will be appointed the new chairman and Koji Sato the new president and CEO

  • Western Union (WU) announces the appointment of Matthew Cagwin as CFO, effective since January 20, 2023

M&A:

  • Dell (DELL) has acquired cloud orchestration startup Cloudify, according to TechCrunch

  • GasLog Partners (GLOP) board of directors and conflicts committee are in the process of reviewing unsolicited non-binding $7.70 per share acquisition proposal

  • Qualtrics (XM): SAP has decided to explore a sale of its stake in Qualtrics

  • South Jersey Industries (SJI) and the Infrastructure Investments Fund announce that the New Jersey Board of Public Utilities has unanimously approved IIF's proposed acquisition of SJI

  • TEGNA (TGNA): Media mogul Byron Allen courting Dems to stop acquisition, DoJ nearing buyout approval, according to New York Post

Syndicate:

  • MAG Silver (MAG) Announces US$40 Million Bought Deal MJDS Prospectus Offering and C$20 Million Bought Deal Flow-Through Private Placement

  • Paragon 28 (FNA) prices offering of 6.5 mln shares of common stock at $17.00 per share

  • TD Synnex (SNX) prices secondary offering of 4.5 mln shares of common stock at $97.00 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:

    • XM +31.6%, DV +8.5%, STX +7.8%, TSLA +7%, LEVI+5.6%, STM +4.9%, LTRX +4.5%, ETD +4.4%, NOK+3.2%, CVX +2.8%, NKLA +2.6%, URI +2.4%, TSCO+2.4%, TGNA +2.3%, XEL +2.1%, HXL +2%, AXS +2%, CALX +1.8%, BHLB +1.7%, LVS +1.3%, AXTA +1.2%, PLUG +0.9%, MUR +0.9%, ET +0.8%, META +0.7%, LBRT +0.7%

  • Gapping down:

    • FNA -10.1%, FNA -10.1%, SNX -8.7%, WOLF -8%, DEO -6.2%, AZPN -5.3%, LC -4.9%, SAP -4.1%, VIRT-3.6%, FLEX -3.5%, CCI -3.3%, PLXS -2.9%, TER-2.8%, CLS -2.7%, IBM -1.9%, BOOT -1.8%, NOW-1.6%, LRCX -1.5%, LCII -1.2%, STLD -0.6%, CSX-0.5%, ALK -0.5%

 


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

    • FibroGen (FGEN) upgraded to Outperform from Mkt Perform at Raymond James; tgt $35

  • Downgrades:

    • easyJet (ESYJY) downgraded to Mkt Perform from Outperform at Bernstein

    • EVgo Inc. (EVGO) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $6

    • Hyatt Hotels (H) downgraded to Equal Weight from Overweight at Wells Fargo; tgt raised to $113

    • Lending Club (LC) downgraded to Neutral from Buy at Janney; tgt $10

    • Popular (BPOP) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $74

  • Others:

    • Albemarle (ALB) initiated with an Overweight at Piper Sandler; tgt $310

    • Datadog (DDOG) initiated with an Overweight at Cantor Fitzgerald; tgt $95

    • Dexcom (DXCM) initiated with an Outperform at Wolfe Research; tgt $121

    • Dyne Therapeutics (DYN) initiated with a Buy at Guggenheim; tgt $33

    • Exelixis (EXEL) initiated with an Outperform at Credit Suisse; tgt $29

    • JFrog (FROG) initiated with an Overweight at Cantor Fitzgerald; tgt $29

Upcoming Events:

  • Econ Data:

    • 08:30 ET: GDP-Adv. for Q4 (Briefing.comConsensus 2.6%; Prior 3.2%)

    • 08:30 ET: Chain Deflator-Adv. for Q4 (Briefing.comConsensus 3.2%; Prior 4.4%)

    • 08:30 ET: Durable Orders for Dec (Briefing.comConsensus 2.9%; Prior -2.1%)

    • 08:30 ET: Durable Orders ex-transportation for Dec (Briefing.comConsensus -0.2%; Prior 0.2%)

    • 08:30 ET: Initial Claims for Jan. 21 (Briefing.comConsensus 205K; Prior 190K)

    • 08:30 ET: Continuing Claims for Jan. 14 (Briefing.comConsensus NA; Prior 1647K)

    • 08:30 ET: Adv. Intl Trade in Goods for Dec (Briefing.comConsensus NA; Prior -$83.3B)

    • 08:30 ET: Adv. Retail Inventories for Dec (Briefing.comConsensus NA; Prior 0.1%)

    • 08:30 ET: Adv. Wholesale Inventories for Dec (Briefing.comConsensus NA; Prior 1.0%)

    • 10:00 ET: New Home Sales for Dec (Briefing.comConsensus 614K; Prior +640K)

    • 10:30 ET: EIA Natural Gas Inventories for Jan. 21 (Briefing.comConsensus NA; Prior -82 bcf)

  • 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 -0.1%, Hang Seng +2.4%, Shanghai Composite CLOSED

Equity indices in the Asia-Pacific region ended Thursday on a mixed note while markets in China, India, and Australia were closed for holidays. Japan's cabinet office lowered the overall economic assessment of the Japanese economy for the first time in eleven months. South Korea's GDP contracted in Q4, but Finance Minister Choo said that growth is likely to return in Q1. Nissan and Renault will reportedly announce changes to their partnership on February 6.

  • In economic data:

    • Japan's December Corporate Services Price Index 1.5% yr/yr (expected 1.6%; last 1.7%)

    • South Korea's Q4 GDP -0.4% qtr/qtr (expected -0.3%; last 0.3%); 1.4% yr/yr (expected 1.5%; last 3.1%).

    • Hong Kong's December trade deficit $51.60 bln (last deficit of $27.10 bln). December Imports -23.5% m/m (last -20.3%) and Exports -28.9% m/m (last -24.1%)

    • Singapore's December Industrial Production 3.2% m/m (expected -1.1%; last -1.6%); -3.1% yr/yr (expected -6.9%; last -3.8%)

---Equity Markets---

  • Japan's Nikkei: -0.1%

  • Hong Kong's Hang Seng: +2.4%

  • China's Shanghai Composite: CLOSED

  • India's Sensex: CLOSED

  • South Korea's Kospi: +1.6%

  • Australia's ASX All Ordinaries: CLOSED

---FX---

  • USD/JPY: +0.2% to 129.80

  • USD/CNH: -0.4% to 6.7415

  • USD/INR: UNCH at 81.49

 

Europe: DAX -0.1%, FTSE +0.1%, CAC +0.7%

Major European indices trade on a mostly higher note. STMicroelectronics beat Q4 expectations and issued strong guidance while Diageo reported solid six-month results and reaffirmed its guidance for the fiscal year. Germany's Economy Minister Habeck said that the trend in inflation has been broken. Italy's Economy Minister Giorgetti said that energy subsidies for families and businesses will be extended before April.

  • In economic data:

    • U.K.'s January CBI Distributive Trades Survey -23 (expected -5; last 11). Q3 Labour Productivity 0.1% (last 0.1%)

    • Italy's January Consumer Confidence 100.9 (expected 102.7; last 102.5) and Business Confidence 102.7 (expected 101.8; last 101.5)

    • Spain's Q4 Unemployment Rate 12.87% (expected 12.50%; last 12.67%)

---Equity Markets---

  • STOXX Europe 600: +0.4%

  • Germany's DAX: -0.1%

  • U.K.'s FTSE 100: +0.1%

  • France's CAC 40: +0.7%

  • Italy's FTSE MIB: +0.8%

  • Spain's IBEX 35: +0.5%

---FX---

  • EUR/USD: -0.2% to 1.0896

  • GBP/USD: -0.1% to 1.2387

  • USD/CHF: +0.1% to 0.9188

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