Rise and Shine Traderade Family
Hurricane Ida made landfall in Florida. Our thoughts and prayers go out to all those who are affected by this tragedy.
The dollar regains its strength this morning after yesterday’s pull back.
We’re seeing an active market in the European session yet again, with the DAX falling to yet another 2-year low before bouncing. The swings are quite wild today for a DAX trading session.
We have European sentiment data and German inflation data coming out later today. The sentiment data has been particularly awful in the past few months.
We’re seeing some softening in the commodity markets as the Crude and Gold both have minor pull backs before bouncing back up again.
Yields saw a slight overnight bounce but, we’re yet to reach levels seen earlier in the week.
In the UK, PM Liz Truss stands by her fiscal plan and UK bonds yields continue hold firm, causing bond prices to slide.
Chinese markets remain muted as the country heads into Golden Week, next week and businesses are hoping for a boost from the activity.
Container throughput data for the first 10 days of September declined 15% YoY in China, partially on port disruptions due to typhoons, which might drag on manufacturing activity growth.
Porsche IPOs in Frankfurt, rising 1.8% in their first day of trading - largest IPO in Europe in over a decade with the company now valued at €75B
Lebanon may re-peg their currency if their recovery plan is approved. Interesting move with most countries actually feeling a threat of de-pegging given the strength of the USD.
H&M (Sweden) the world’s second biggest retailer ****slid 6.9% after reporting a significant drop in its third-quarter pretax profit amid cost inflation, slowing consumer spending and one-off expenses related to its exit from Russia. [We keep re-iterating our warning on retailers, particularly on apparel.]
EU announces new package of sanctions against Russia
Biogen (BIIB) was up almost 39% yesterday on the news of a promising Alzheimer drug. A number of other Biotech stocks got upgrades as well yesterday, which caused a rally in XBI (along with the broader market)
Cal-Maine Foods (CALM) beats by $0.02, beats on revs, also increases dividend
Paychex (PAYX) beats by $0.06, beats on revs; guides FY23 EPS above consensus
Amazon (AMZN) wants call center staff to work from home so it can close call centers, according to Bloomberg
Boeing (BA) and China Airlines finalized an order for up to 24 787 Dreamliners
Railroad companies are getting downgrades and lower price targets across the board this morning
Earnings today
Bed, Bath and Beyond ($BBBY) - Before Market Open
Nike ($NKE) - After Market Close
Micron ($MU) - After Market Close