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29/12/23 Briefing

The S&P 500 futures are down one point and are trading fractionally below fair value, the Nasdaq 100 futures are down six points and are trading fractionally below fair value, and the Dow Jones Industrial Average futures are down nine points and are trading fractionally below fair value.

Participation will be light again on this final trading day of 2023. Equity futures point to a flattish open. The market is proceeding carefully with the S&P 500 just below its all-time high (4,796.56), but the major indices are still on pace to register a ninth consecutive week of gains.

The 2-yr note yield is up one basis point from yesterday at 4.30% and the 10-yr note yield is up four basis points to 3.89%.

Oil prices are trying to bounce after sliding yesterday. WTI crude oil futures are up 0.5% to $72.09/bbl.

Today's economic data is limited to the Chicago PMI for December (Briefing.com consensus 50.0; prior 55.8) at 9:45 a.m. ET.

In corporate news:

  • Google (GOOG 141.17, -0.11, -0.1%): settles incognito mode lawsuit, according to the NY Post

  • Nvidia (NVDA 497.30, +2.08, +0.4%): aiming to introduce slower version of gaming chip in China, according to CNBC

  • Boeing (BA 260.07, -0.28, -0.1%): China resumes flying all Boeing (BA) 737 Max jets, according to Reuters

  • Alarm.com (ALRM 64.40, +1.20, +1.9%): and Vivint Settle Litigation, enter into license agreement under which Alarm.com will license to Vivint its intellectual property portfolio

  • Boston Scientific (BSX 57.02, +0.74, +1.3%): Initiates AVANT GUARD Clinical Trial to Evaluate FARAPULSE Pulsed Field Ablation System as First-Line Treatment for Persistent Atrial Fibrillation

  • The Cigna Group (CI 300.01, +0.61, +0.2%): reaffirms FY23 and FY24 guidanc

  • Lyft (LYFT 15.06, -0.48, -3.1%): downgraded to Reduce from Neutral at Nomura

  • Uber (UBER 62.36, -0.78, -1.2%): downgraded to Neutral from Buy at Nomura

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended 2023 on a mixed, but quiet note, while markets in South Korea and New Zealand were closed. Japan's Nikkei: -0.2% (+28.2% in 2023), Hong Kong's Hang Seng: UNCH (-13.8% in 2023), China's Shanghai Composite: +0.1% (-3.7% in 2023), India's Sensex: -0.2% (+18.7% in 2023), South Korea's Kospi: CLOSED (+18.7% in 2023), Australia's ASX All Ordinaries: -0.3% (+8.4% in 2023)

  • In economic data:

  • South Korea's December CPI 0.0% m/m (expected 0.2%; last -0.5%); 3.2% yr/yr (expected 3.3%; last 3.3%)

  • India's November Infrastructure Output 7.8% yr/yr (last 12.1%)

  • In news:

  • China's Ministry of Commerce said that chip export restrictions imposed by the U.S. are causing harm.

  • South Korea's yr/yr CPI growth rate slowed for the second consecutive month in December after reaccelerating in Q3.

  • The Bank of Korea repeated that it will take market stabilizing measures if needed.

  • Major European indices are looking to end the year with modest gains. STOXX Europe 600: +0.3% (+12.9% year-to-date), Germany's DAX: +0.2% (+26.0% year-to-date), U.K.'s FTSE 100: +0.2% (+3.8% year-to-date), France's CAC 40: +0.3% (+16.8% year-to-date), Italy's FTSE MIB: +0.4% (+28.5% year-to-date), Spain's IBEX 35: +0.4% (+23.1% year-to-date).

  • In economic data:

  • U.K.'s December Nationwide HPI 0.0% m/m, as expected (last 0.2%); -1.8% yr/yr (expected -1.4%; last -2.0%)

  • Spain's December CPI 0.0% m/m (expected 0.3%; last -0.3%); 3.1% yr/yr (expected 3.4%; last 3.2%). October Current Account surplus EUR3.77 bln (last surplus of EUR3.45 bln)

  • Switzerland's December KOF Leading Indicators 97.8 (expected 97.0; last 97.2)

  • In news:

  • The Biden administration indicated that tariffs on steel and aluminum imports from the EU will remain suspended for two more years.

  • Spain's Prime Minister Sanchez appointed Carlos Cuerpo to replace Nadia Calvino, who will be the new chief of the European Investment Bank.

 

U.S. equity futures:

  • S&P 500 Futures -1 @ 4,831

  • DJIA Futures: -9 @ 38,020

  • Nasdaq 100 Futures: -6 @ 17,084

Overseas:

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

  • Asia: Nikkei -0.2%, Hang Seng unchanged, Shanghai Composite +0.1%

Commodities:

  • Crude Oil +0.06 @ 71.78

  • Nat Gas +0.009 @ 2.386

  • Gold -8.60 @ 2074.90

  • Silver -0.407 @ 23.965

  • Copper -0.0230 @ 3.9015

Earnings/Guidance:

  • Jabil (

  • Fisker (

  • The Cigna Group (

  • UnitedHealth (

News:

  • Maine Secretary of State Shenna Bellows disqualified Donald Trump from state's primary ballot as Mr. Trump awaits decision from Supreme Court. California said he will remain on the ballot, according to New York Times

  • US is reassuring shipping companies that Red Sea shipping is safe, according to Bloomberg

  • China resumes flying all Boeing (

  • Alarm.com (

  • American Lithium Corp. (

  • Annexon (

  • Arcellx (

  • Boston Scientific (

  • Brunswick (

  • FedEx (

  • Google (

  • Hut 8 Mining (

  • JD.com (

  • Newmont Goldcorp (

  • Noah Holdings (

  • Nvidia (

  • RLX Technology (

  • SM Energy (

M&A:

  • Globant (

  • Kadant (

  • NextEra Energy Partners (

  • UnitedHealth (

Syndicate:

  • Gold Royalty (

  • Liquidia Technologies (

  • Nevro (

IPOs:

  • No IPOs expected to price.

Gapping Up/Down

  • Gapping up:  FSR +13.2%, HUT +3.5%, GLOB +3.0%, ANNX +2.8%, ANVS +2.3%, ALRM +1.9%, NOAH +1.4%, BSX +1.3%, RLX +1.0%

  • Gapping down: LAB -5.2%, LQDA -3.2%, LYFT -3.2%, UBER -1.2%

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

  • Upgrades

  • There are no upgrades of note

  • Downgrades:

  • Lyft (LYFT) downgraded to Reduce from Neutral at Nomura; tgt raised to $13

  • Uber (UBER) downgraded to Neutral from Buy at Nomura; tgt raised to $62

  • Others:

  • Annovis Bio (ANVS) initiated with a Buy at Canaccord Genuity; tgt $36

Econ Data:

  • 09:45 ET: December Chicago PMI (Briefing.com consensus 50.0; prior 55.8)

Earnings:

  • Monday (Dec 25)

  • Markets closed for Christmas Day

  • Tuesday (Dec 26)

  • Morning: None

  • Afternoon:  None

  • Wednesday (Dec 27)

  • Morning:  None

  • Afternoon: None

  • Thursday (Dec 28)

  • Morning: None

  • Afternoon: None

  • Friday (Dec 29)

  • Morning: None

  • Afternoon: None

 

Asia & Europe detail:

Asia: Nikkei -0.2%, Hang Seng unchanged, Shanghai Composite +0.1%

Equity indices in the Asia-Pacific region ended 2023 on a mixed, but quiet note, while markets in South Korea and New Zealand were closed. China's Ministry of Commerce said that chip export restrictions imposed by the U.S. are causing harm. South Korea's yr/yr CPI growth rate slowed for the second consecutive month in December after reaccelerating in Q3. The Bank of Korea repeated that it will take market stabilizing measures if needed.

  • In economic data:

  • South Korea's December CPI 0.0% m/m (expected 0.2%; last -0.5%); 3.2% yr/yr (expected 3.3%; last 3.3%)

  • India's November Infrastructure Output 7.8% yr/yr (last 12.1%)

---Equity Markets---

  • Japan's Nikkei: -0.2% (+28.2% in 2023)

  • Hong Kong's Hang Seng: UNCH (-13.8% in 2023)

  • China's Shanghai Composite: +0.1% (-3.7% in 2023)

  • India's Sensex: -0.2% (+18.7% in 2023)

  • South Korea's Kospi: CLOSED (+18.7% in 2023)

  • Australia's ASX All Ordinaries: -0.3% (+8.4% in 2023)

---FX---

  • USD/JPY: +0.1% to 141.56

  • USD/CNH: UNCH at 7.1167

  • USD/INR: +0.1% to 83.20

 

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

Major European indices are looking to end the year with modest gains. The Biden administration indicated that tariffs on steel and aluminum imports from the EU will remain suspended for two more years. Spain's Prime Minister Sanchez appointed Carlos Cuerpo to replace Nadia Calvino, who will be the new chief of the European Investment Bank.

  • In economic data:

  • U.K.'s December Nationwide HPI 0.0% m/m, as expected (last 0.2%); -1.8% yr/yr (expected -1.4%; last -2.0%)

  • Spain's December CPI 0.0% m/m (expected 0.3%; last -0.3%); 3.1% yr/yr (expected 3.4%; last 3.2%). October Current Account surplus EUR3.77 bln (last surplus of EUR3.45 bln)

  • Switzerland's December KOF Leading Indicators 97.8 (expected 97.0; last 97.2)

---Equity Markets---

  • STOXX Europe 600: +0.3% (+12.9% year-to-date)

  • Germany's DAX: +0.2% (+26.0% year-to-date)

  • U.K.'s FTSE 100: +0.2% (+3.8% year-to-date)

  • France's CAC 40: +0.3% (+16.8% year-to-date)

  • Italy's FTSE MIB: +0.4% (+28.5% year-to-date)

  • Spain's IBEX 35: +0.4% (+23.1% year-to-date)

---FX---

  • EUR/USD: +0.2% to 1.1077

  • GBP/USD: +0.1% to 1.2743

  • USD/CHF: -0.9% to 0.8366

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