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26/05/23 Briefing


The S&P 500 futures are up 10 points and are trading 0.2% above fair value. The Nasdaq 100 futures are up 57 points and are trading 0.4% above fair value. The Dow Jones Industrial Average futures are up 68 points and are trading 0.2% above fair value.

The stock market is poised for a modestly higher open ahead of the extended holiday weekend. Markets are closed on Monday for Memorial Day. Reports indicate that negotiators are close to a deal to raise the debt ceiling for two years while cutting government spending; however, separate reports suggest support from party members on both sides of the aisle is not guaranteed.

Market participants are also awaiting key economic data this morning. Namely, the PCE Price Index and core-PCE Price Index, the Fed's preferred inflation gauge, will be released as part of the Personal Income and Spending Report for April at 8:30 a.m. ET.

Treasuries are little changed from yesterday's settlement levels. The 2-yr note yield is up one basis point to 4.51% and the 10-yr note yield is down two basis points to 3.79%. The U.S. Dollar Index is down 0.3% to 103.91.

WTI crude oil futures up 1.0% to $72.51/bbl. Natural gas futures are down 1.2% to $2.45/mmbtu.

In corporate news:

  • Costco (COST 484.11, -2.44, -0.5%): beats by $0.12, misses on revs

  • Workday (WDAY 213.79, +17.38, +8.9%): beats by $0.19, reports revs in-line

  • Marvell (MRVL 59.21, +9.74, +19.7%): beats by $0.02, beats on revs; guides Q2 EPS in-line, revs in-line

  • Gap (GPS 8.30, +0.88, +11.9%): beats by $0.17, reports revs in-line

  • Paramount Global (PARA 14.91, +0.83, +5.9%): confirms majority voting shareholder National Amusements, Inc. enters into agreement for a $125 mln preferred equity investment in National Amusements by BDT Capital Partners

  • Ulta Beauty (ULTA 442.00, -43.12, -8.9%): beats by $0.05, reports revs in-line, comps of +9.3%; reaffirms FY24 EPS guidance, slightly raises revenue guidance

  • RH (RH 248.00, -6.63, -2.6%): beats by $0.14, beats on revs; guides Q2 revs below consensus; raises FY24 revs in-line

  • Autodesk (ADSK 200.00, +2.44, +1.2%): misses by $0.01, reports revs in-line; guides JulQ EPS below consensus, revs below consensus; guides FY24 EPS in-line, reaffirms revenue guidance

  • Deckers Outdoor (DECK 437.76, -12.25, -2.7%): beats by $0.77, beats on revs; guides FY24 EPS below consensus, revs in-line

  • Ford Motor (F 11.61, +0.23, +2.0%): reaches agreement with Tesla (TSLA) providing Ford electric vehicle customers access to Tesla Superchargers across the U.S. and Canada starting Spring 2024

  • Pinduoduo (PDD 68.14, +8.11, +13.6%): beats by RMB 2.48, beats on revs

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the week on a higher note while markets in Hong Kong were closed for Buddha's Birthday. Japan's Nikkei: +0.4% (+0.4% for the week), Hong Kong's Hang Seng: CLOSED (-3.6% for the week), China's Shanghai Composite: +0.4% (-2.2% for the week), India's Sensex: +1.0% (+1.3% for the week), South Korea's Kospi: +0.2% (+0.8% for the week), Australia's ASX All Ordinaries: +0.2% (-1.8% for the week).

    • In economic data:

      • Japan's May Tokyo CPI 3.2% yr/yr (expected 3.9%; last 3.5%) and Tokyo Core CPI 3.2% yr/yr (expected 3.3%; last 3.5%). April Corporate Services Price Index 1.6% yr/yr (expected 1.4%; last 1.7%). April Leading Index -0.5% m/m (last -0.7%) and Coincident Indicator 0.1% m/m (last 0.0%)

      • Australia's April Retail Sales 0.0% m/m (expected 0.3%; last 0.4%)

      • Singapore's April Industrial Production -1.9% m/m (expected 0.9%; last 9.7%); -6.9% yr/yr (expected -3.9%; last -3.8%)

    • In news:

      • China's Commerce Ministry agreed to open communication channels with the office of the U.S. Commerce Secretary.

      • Japan's cabinet office raised its overall economic assessment for the first time since July.

      • Japan and the U.S. will formalize a commitment to increase cooperation and research and development of chips.

      • Reserve Bank of New Zealand Assistant Governor Silk said that she is watching to see if markets begin pricing in rate cuts too soon, adding that rates need to remain on hold for an extended period. Meanwhile, ANZ expects another 25-bps rate hike in November.

  • Major European indices trade near their flat lines. STOXX Europe 600: +0.3% (-2.4% week-to-date), Germany's DAX: +0.2% (-2.8% week-to-date), U.K.'s FTSE 100: +0.2% (-2.2% week-to-date), France's CAC 40: +0.3% (-3.2% week-to-date), Italy's FTSE MIB: UNCH (-4.1% week-to-date), Spain's IBEX 35: -0.1% (-1.5% week-to-date).

    • In economic data:

      • U.K.'s April Retail Sales 0.5% m/m (expected 0.4%; last -1.2%); -3.0% yr/yr (expected -2.8%; last -3.9%). April Core Retail Sales 0.8% m/m (expected 0.3%; last -1.4%); -2.6% yr/yr (expected -2.8%; last -4.0%)

      • France's May Consumer Confidence 83 (expected 84; last 83)

      • Italy's May Business Confidence 101.4 (expected 102.5; last 102.8) and Consumer Confidence 105.1 (expected 105.5; last 105.5)

      • Swiss Q1 Employment Level 5.389 mln (expected 5.433 mln; last 5.398 mln)

    • In news:

      • European Central Bank policymaker Knot said that he is not seeing signs that underlying inflation is abating and that at least two more rate hikes are needed before a lengthy pause.

      • ECB Chief Economist Lane said that inflation will return to target in a timely manner, though growth in 2023 will be subdued.

 

U.S. equity futures:

  • S&P 500 Futures: +12 @ 4,163

  • DJIA Futures: +77 @ 32,842

  • Nasdaq 100 Futures: +62 @ 14,001

Overseas:

  • Europe: Europe: DAX +0.2%, FTSE +0.2%, CAC +0.3%

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

Commodities:

  • Crude Oil +0.68 @ 72.51

  • Nat Gas -0.045 @ 2.431

  • Gold +7.95 @ 1951.65

  • Silver +0.357 @ 23.267

  • Copper +0.0778 @ 3.6658


 

Earnings/Guidance:

  • 23andMe (ME) beats by $0.01 (two ests), beats on revs (two ests); guides FY24 revs below consensus

  • Arco Platform (ARCE) reports Q1 (Mar) results, beats on revs

  • Autodesk (ADSK) misses by $0.01, reports revs in-line; guides JulQ EPS below consensus, revs below consensus; guides FY24 EPS in-line, reaffirms revenue guidance

  • Big Lots (BIG) misses by $1.78, misses on revs

  • Booz Allen Hamilton (BAH) beats by $0.06, beats on revs; guides FY24 EPS in-line, revs above consensus

  • Buckle (BKE) misses by $0.06, misses on revs; Q1 comps -9.2%

  • Costco (COST) beats by $0.12, misses on revs

  • Deckers Outdoor (DECK) beats by $0.77, beats on revs; guides FY24 EPS below consensus, revs in-line

  • Domo (DOMO) reports EPS in-line, revs in-line; guides JulQ EPS in-line, revs below consensus; reaffirms FY24 EPS guidance, guides FY24 revs in-line

  • Fox Factory Holding (FOXF) appoints Dennis Schemm as CFO, effective June 12; succeeds interim CFO Maggie Torres who is retiring

  • Gap (GPS) beats by $0.17, reports revs in-line

  • Hibbett (HIBB) misses by $0.26, reports revs in-line; lowers FY24 EPS below consensus, revs below consensus

  • Lions Gate Entertainment (LGF.A) beats by $0.31, beats on revs

  • Marvell (MRVL) beats by $0.02, beats on revs; guides Q2 EPS in-line, revs in-line

  • Pinduoduo (PDD) beats by RMB 2.48, beats on revs

  • RH (RH) beats by $0.14, beats on revs; guides Q2 revs below consensus; raises FY24 revs in-line

  • Ulta Beauty (ULTA) beats by $0.05, reports revs in-line, comps of +9.3%; reaffirms FY24 EPS guidance, slightly raises revenue guidance

  • Workday (WDAY) beats by $0.19, reports revs in-line

News:

  • White House and Republicans getting close to deal to raise debt ceiling for two years while cutting government spending, according to the New York Times

  • House Democrats warn White House that support for potential debt limit deal is not guaranteed, according to CNN

  • House Democrats don't like what they are hearing about the emerging deb limit/spending cut deal between White House and Speaker Kevin McCarthy, according to Punchbowl News

  • Republicans in Freedom Caucus want House Speaker Kevin McCarthy to hold the line on debt celling talks, according to the

  • Military spending will continue to grow with pending debt ceiling agreement, according to the New York Times

  • Asbury Automotive (ABG) approves new $250 mln common stock repurchase

  • AstraZeneca's (AZN) Ultomiris receives approval in Japan for the prevention of relapses in patients with neuromyelitis optica spectrum disorder

  • AstraZeneca (AZN) reports Imfinzi plus Lynparza and Imfinzi alone both significantly improved progression-free survival in advanced endometrial cancer when added to chemotherapy

  • Bristol Myers Squibb's (BMY) Breyanzi (lisocabtagene maraleucel) is first and only CAR T to deliver deep and durable efficacy in pivotal multicenter trial in relapsed or refractory chronic lymphocytic leukemia, based on data presented at ASCO 2023

  • Capital One (COF): New York City Banking Commission votes to approve 26 depository banks for two years, limits new deposits at Capital One and KeyBank (KEY)

  • CapStar Financial (CSTR) completes $10 million common stock repurchase authorization and $20 million new authorization

  • Coherent (COHR) and Mitsubishi Electric (MIELY) enter into a collaboration to scale manufacturing of SiC power electronics on a 200 mm technology platform

  • COMPASS Pathways (CMPS) announces that new long-term efficacy data of investigational COMP360 psilocybin in cancer patients with major depressive disorder will be presented at the Annual Meeting of the American Society of Clinical Oncology

  • Credit Suisse (CS, UBS) will be required to pay $926 million to former Georgian prime minister Bidzina Ivanishvili, according to Financial Times

  • Cue Biopharma (CUE) presents "positive" data update from ongoing phase 1 trials of CUE-101 for Recurrent/Metastatic HPV+ head and neck squamous cell carcinoma at the 2023 American Society of Clinical Oncology (ASCO) annual meeting

  • Ericsson (ERIC): A record $279 million whistleblower award stemmed from a bribery case against Ericsson, according to the Wall Street Journal

  • Eversource Energy (ES) completes its strategic review of its 50 percent ownership interest in uncommitted offshore lease area

  • Exact Sciences (EXAS) presents new long-term patient outcomes in multi-cancer early detection and breast cancer recurrence testing at ASCO

  • Ford Motor (F) reaches agreement with Tesla (TSLA) providing Ford electric vehicle customers access to Tesla Superchargers across the U.S. and Canada starting Spring 2024

  • Genelux Corporation (GNLX) Announces Publication of Positive Topline Data from Phase 2 VIRO-15 Trial Evaluating Olvimulogene Nanivacirepvec (Olvi-Vec) in Platinum-Resistant or Refractory Ovarian Cancer in the Journal of the American Medical Association (JAMA) Oncology

  • Gilead Sciences (GILD): CHMP adopts Positive Opinion to Extend the use of Veklury (Remdesivir) to treat COVID-19 in people with severe renal impairment

  • Hyundai Motor (HYMTF) & LG Energy Solution to establish battery cell manufacturing joint venture in the US

  • I-Mab (IMAB) announces encouraging phase 1b/2 study results of patients with advanced NSCLC receiving uliledlimab and toripalimab combination therapy at ASCO 2023

  • Immutep (IMMP) announces publication of abstracts for ASCO 2023 Annual Meeting

  • Invitae (NVTA) announces CFO transition and selection of Christine Gorjanc as Interim CFO

  • JP Morgan (JPM) working on artificial intelligence service, according to CNBC

  • Lazard (LAZ) appoints Peter Orszag as CEO and Kenneth Jacobs as Executive Chairman

  • Merck (MRK): KEYTRUDA (pembrolizumab) Plus LENVIMA (lenvatinib) Demonstrates Long-Term, Durable Survival Benefit Versus Sunitinib as First-Line Treatment for Patients With Advanced Renal Cell Carcinoma

  • Meta Platforms (META) offers to limit use of other businesses' ad data to address UK CMA concerns

  • Northwest Natural (NWN) & NW Natural directors name Justin Palfreyman President and approve senior management promotions

  • Novo Nordisk's (NVO) Sogroya receives CHMP positive opinion for expanded use in children and adolescents with growth hormone deficiency

  • NVIDIA (NVDA): Cathie Wood sold Nvidia before shares surged this week, according to Bloomberg

  • Oncolytics Biotech (ONCY) Announces Positive Randomized Phase 2 Data from BRACELET-1 Metastatic Breast Cancer Trial Demonstrating Pelareorep Drives =50% Improvements in ORR and mPFS in an ASCO Annual Meeting Abstract

  • Paramount Global (PARA) confirms majority voting shareholder National Amusements, Inc. enters into agreement for a $125 mln preferred equity investment in National Amusements by BDT Capital Partners

  • PDS Biotech (PDSB) Announces Interim Data Demonstrates 12-Month Survival Rate of 87% with PDS0101 in Combination with KEYTRUDA (pembrolizumab) for Head and Neck Cancer Patients

  • Pfizer (PFE): EU Commission secures agreement with BioNTech (BNTX) / Pfizer on the delivery of COVID-19 vaccines

  • Regeneron Pharma (REGN): Fianlimab (LAG-3 inhibitor) Combined with Libtayo (cemiplimab) Shows Clinically Meaningful and Durable Tumor Responses Across Key Advanced Melanoma Patient Populations

  • Relay Therapeutics (RLAY) Announces Full Dose Escalation Data for RLY-4008

  • Royal Gold (RGLD) COO Mark Isto to retire by the end of 2023; responsibilities shifting to Dr. Martin Raffield, Vice President, Operations

  • RumbleOn's (RMBL) Largest Stockholders Criticize Several "Entrenched Directors"

  • Sigma Lithium (SGML) delivers on Zero Tailings strategy, receives first payment and obtains premium pricing for sale of green lithium at 9% of LIOH Index

  • SpringWorks Therapeutics (SWTX) announces presentation of additional data from Phase 3 DeFi Trial of Nirogacestat in Adults with desmoid tumors at the 2023 ASCO annual meeting

  • Structure Therapeutics (GPCR) Initiates Phase 2a Study of Oral GLP-1 agonist GSBR-1290 for the Treatment of Type 2 Diabetes and Obesity

  • Takeda (TAK) and HUTCHMED announce new drug application (nda) for fruquintinib for treatment of previously treated metastatic colorectal Cancer granted priority review

  • Takeda Pharma (TAK) and HUTCHMED (HCM) receive NDA for Fruquintinib for treatment of previously treated metastatic colorectal cancer granted Priority Review

  • Talaris Therapeutics (TALS) announces leadership transition

  • TechnipFMC (FTI) a significant integrated engineering, procurement, construction, and installation contract by Shell (SHEL) for its Dover development in the Gulf of Mexico

  • Tesla's (TSLA) Model Y becomes world's best-selling car, according to Electrek

  • Teva Pharma (TEVA) exploring options for bowel inflammation drug, including a potential sale, according to Bloomberg

  • Theseus Pharmaceuticals (THRX) Reports Initial Dose Escalation Data from Ongoing Phase 1/2 Trial of THE-630 in Patients with Advanced GIST

  • VMware (VMW) announces that Karen Dykstra will take on role as CFO and executive vice president; company entered into definitive agreement to be acquired by Broadcom (AVGO) on May 26, 2022 for $61 bln

  • White Mountains (WTM) elects Weston Hicks as Chairman of the Board; replaces Morgan Davis, who retires from the Board effective today

  • Workday (WDAY) appoints Zane Rowe as CFO, current CFO Barbara Larson will step down as CFO and continue as EVP effective June 12, 2023

  • Zentalis (ZNTL) Announces Presentation of Positive Phase 1b Data Demonstrating Durable Responses and Favorable Safety Profile of Azenosertib in Combination with Chemotherapy at the 2023 ASCO Annual Meeting

M&A:

  • MediaAlpha (MAX): White Mountains (WTM) and subsidiary WM Hinson commenced cash tender offer to purchase up to 5 mln shares of Class A Common Stock of MediaAlpha at $10/share

  • Talos Energy (TALO) announces that Zamajal, S. A a wholly owned subsidiary of Grupo Carso, has agreed to acquire a 49.9% interest in Talos's Mexican subsidiary, which holds the Company's 17.4% stake in Zama

Syndicate:

  • Exact Sciences (EXAS) files mixed shelf securities offering

  • OUTFRONT Media (OUT) files for 28,856,239 shares of common stock by selling shareholders

  • Tilray (TLRY) commences offering of $150 mln aggregate principal amount of Convertible Senior Notes due 2027

IPOs:

  • Priced to Trade

    • Atmus Filtration Technologies (NYSE: ATMU): The manufacturer of filtration products for commercial vehicles and agriculture, construction, mining and power generation vehicles priced its 14.1 mln share IPO at $19.50, the midpoint of the $18-$21 expected price range

Gapping Up/Down

  • Gapping up:

    • CGEM +18.2%, MRVL +16.5%, PDSB +14.9%, GPS+11.3%, WDAY +8.1%, PARA +7.9%, GNLX +6.5%, NVTA +4.6%, BOH +4.2%, HCM +3.6%, GERN +3.2%, IMAB +3%, LGF.A +2.5%, TEVA +2.3%, GPCR +2%, CSTR +2%, ARCE +1.7%, ZNTL +1.4%, CUE +1.3%, VMW +1%, F +0.8%

  • Gapping down:

    • TLRY -19.1%, ULTA -8.7%, DOMO -5.7%, HMST-4.4%, DECK -4%, RLAY -3.9%, RH -3.8%, THRX-3%, SWTX -1.2%, HLI -1.1%, COST -1%, FTI -0.9%, RGLD -0.7%, TAK -0.7%, ES -0.7%

 

Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

    • Guardant Health (GH) upgraded to Buy from Neutral at Citigroup; tgt raised to $40

    • Hamilton Lane (HLNE) upgraded to Outperform from Perform at Oppenheimer; tgt $87

    • Materialise (MTLS) upgraded to Buy from Hold at Kepler; tgt $11

    • New Relic (NEWR) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $95

    • Paramount Global (PARA) upgraded to Hold from Sell at Loop Capital; tgt $14

    • Pinnacle West (PNW) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $78

    • Rio Tinto (RIO) upgraded to Overweight from Equal-Weight at Morgan Stanley

    • UWM Holdings (UWMC) upgraded to Buy from Hold at Jefferies; tgt raised to $7

  • Downgrades:

    • Annexon (ANNX) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $3

    • Atlantica Yield (AY) downgraded to Sector Perform from Outperform at National Bank Financial; tgt $31

    • Linde plc (LIN) downgraded to Underperform from Outperform at Oddo BHF; tgt lowered to $339

    • MongoDB (MDB) downgraded to Sell from Neutral at Guggenheim; tgt raised to $210

    • Snowflake (SNOW) downgraded to Peer Perform from Outperform at Wolfe Research

    • Terran Orbital (LLAP) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $1.35

  • Others:

    • American Public Education (APEI) initiated with a Hold at Truist; tgt $6

    • Banco Bilbao Vizcaya Argentaria (BBVA) initiated with an Equal Weight at Barclays

    • Clear Secure (YOU) resumed with a Hold at Stifel; tgt $28

    • CVS Health (CVS) initiated with an Overweight at Piper Sandler; tgt $85

    • Integer Holdings (ITGR) initiated with an Equal Weight at Wells Fargo; tgt $87

    • Madison Square Garden Entertainment (MSGE) initiated with a Neutral at Goldman; tgt $40

    • Madison Square Garden Entertainment (MSGE) initiated with an Equal-Weight at Morgan Stanley; tgt $40

    • Mirion Technologies (MIR) resumed with a Buy at Citigroup; tgt $11

    • OPAL Fuels (OPAL) initiated with a Buy at Janney; tgt $13

    • Physicians Realty Trust (DOC) initiated with a Mkt Outperform at JMP Securities; tgt $15.50

    • Strategic Education (STRA) initiated with a Hold at Truist; tgt $85

    • UnitedHealth (UNH) initiated with an Overweight at Piper Sandler; tgt $580

    • Vertex Pharma (VRTX) initiated with a Hold at WestPark Capital

Econ Data:

  • 08:30 ET: Personal Income for Apr (Briefing.comConsensus 0.4%; Prior 0.3%)

  • 08:30 ET: Personal Spending for Apr (Briefing.comConsensus 0.4%; Prior 0.0%)

  • 08:30 ET: PCE Prices for Apr (Briefing.comConsensus 0.3%; Prior 0.1%)

  • 08:30 ET: PCE Prices - Core for Apr (Briefing.comConsensus 0.3%; Prior 0.3%)

  • 08:30 ET: Durable Orders for Apr (Briefing.comConsensus -1.0%; Prior 3.2%)

  • 08:30 ET: Durable Orders ex-transportation for Apr (Briefing.comConsensus -0.1%; Prior 0.3%)

  • 08:30 ET: Adv. Intl. Trade in Goods for Apr (Briefing.comConsensus NA; Prior -$84.6 B)

  • 08:30 ET: Adv. Retail Inventories for Apr (Briefing.comConsensus NA; Prior 0.7%)

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

  • 10:00 ET: Univ. of Michigan Consumer Sentiment - Final for May (Briefing.comConsensus 57.8; Prior 57.7)

Earnings:

  • Monday (May 22)

    • Morning:  GLBE

    • Afternoon: CSWC HEI NDSN ZM

  • Tuesday (May 23)

    • Morning: AZO BJ DKS DAVA IHS KC LOW VIPS WSM

    • Afternoon:  A INTU NEWR PANW TOL URBN VFC

  • Wednesday (May 24)

    • Morning:  ANF CRMT ADI BMO BNS DY KSS WOOF PLAB PLCE

    • Afternoon:  AEO APPS ELF ENS GES RAMP MOD NVDA SNOW SPLK STEP PATH ZUO

  • Thursday (May 25)

    • Morning: AMWD BZUN BBY BURL CM CMCO DLTR GDS GCO HLNE MDT NTES RL RY TITN TD WB

    • Afternoon:  ME ADSK COST DECK DOMO GPS LGF.A MRVL RH ULTA WDAY

  • Friday (May 26)  

    • Morning:  BIG BAH BKE

 

Asia & Europe detail:

Asia: Nikkei +0.4%, Hang Seng CLOSED, Shanghai Composite +0.4%

Equity indices in the Asia-Pacific region ended the week on a higher note while markets in Hong Kong were closed for Buddha's Birthday. China's Commerce Ministry agreed to open communication channels with the office of the U.S. Commerce Secretary. Japan's cabinet office raised its overall economic assessment for the first time since July. Japan and the U.S. will formalize a commitment to increase cooperation and research and development of chips. Reserve Bank of New Zealand Assistant Governor Silk said that she is watching to see if markets begin pricing in rate cuts too soon, adding that rates need to remain on hold for an extended period. Meanwhile, ANZ expects another 25-bps rate hike in November.

  • In economic data:

    • Japan's May Tokyo CPI 3.2% yr/yr (expected 3.9%; last 3.5%) and Tokyo Core CPI 3.2% yr/yr (expected 3.3%; last 3.5%). April Corporate Services Price Index 1.6% yr/yr (expected 1.4%; last 1.7%). April Leading Index -0.5% m/m (last -0.7%) and Coincident Indicator 0.1% m/m (last 0.0%)

    • Australia's April Retail Sales 0.0% m/m (expected 0.3%; last 0.4%)

    • Singapore's April Industrial Production -1.9% m/m (expected 0.9%; last 9.7%); -6.9% yr/yr (expected -3.9%; last -3.8%)

---Equity Markets---

  • Japan's Nikkei: +0.4% (+0.4% for the week)

  • Hong Kong's Hang Seng: CLOSED (-3.6% for the week)

  • China's Shanghai Composite: +0.4% (-2.2% for the week)

  • India's Sensex: +1.0% (+1.3% for the week)

  • South Korea's Kospi: +0.2% (+0.8% for the week)

  • Australia's ASX All Ordinaries: +0.2% (-1.8% for the week)

---FX---

  • USD/JPY: -0.3% to 139.67

  • USD/CNH: -0.3% to 7.0679

  • USD/INR: -0.2% to 82.53

 

Europe: DAX +0.2%, FTSE +0.2%, CAC +0.3%

Major European indices trade near their flat lines. European Central Bank policymaker Knot said that he is not seeing signs that underlying inflation is abating and that at least two more rate hikes are needed before a lengthy pause. Meanwhile, ECB Chief Economist Lane said that inflation will return to target in a timely manner, though growth in 2023 will be subdued.

  • In economic data:

    • U.K.'s April Retail Sales 0.5% m/m (expected 0.4%; last -1.2%); -3.0% yr/yr (expected -2.8%; last -3.9%). April Core Retail Sales 0.8% m/m (expected 0.3%; last -1.4%); -2.6% yr/yr (expected -2.8%; last -4.0%)

    • France's May Consumer Confidence 83 (expected 84; last 83)

    • Italy's May Business Confidence 101.4 (expected 102.5; last 102.8) and Consumer Confidence 105.1 (expected 105.5; last 105.5)

    • Swiss Q1 Employment Level 5.389 mln (expected 5.433 mln; last 5.398 mln)

---Equity Markets---

  • STOXX Europe 600: +0.3% (-2.4% week-to-date)

  • Germany's DAX: +0.2% (-2.8% week-to-date)

  • U.K.'s FTSE 100: +0.2% (-2.2% week-to-date)

  • France's CAC 40: +0.3% (-3.2% week-to-date)

  • Italy's FTSE MIB: UNCH (-4.1% week-to-date)

  • Spain's IBEX 35: -0.1% (-1.5% week-to-date)

---FX---

  • EUR/USD: +0.2% to 1.0746

  • GBP/USD: +0.5% to 1.2383

  • USD/CHF: -0.3% to 0.9026

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