Breakfast Bites - Wed Nov 23, 2022

Rise and shine Traderade family

In the spirit of Thanksgiving, we at Traderade would like to say that we are grateful that you’ve given us a chance and joined us on this journey to become better traders and investors. We wish you and your loved ones a very Happy Thanksgiving!

Today is also FOMC meeting minutes day - releasing at 2pm ET. If you haven’t already, check out Mayhem’s post from yesterday discussing the minutes and the state of the markets.

Asia and Australia

  • Workers stage violent protests at Foxconn's main iPhone-making factory in China. These unrests are becoming more frequent and progressively violent as China continues to battle higher Covid numbers.

  • Shanghai restricts entry into the city amid worsening Covid outbreaks in other regions. For what it worth, the reopening story seems to be dead for now.

  • The RBNZ raised raised by 75bps and is debating whether to raise 100bps the next time around.

  • Chinese authorities are poised to impose a fine of more than $1B on Ant Group, which sets the stage for an end to the company's two-year regulatory overhaul

Europe, Middle East, Africa

  • Eurozone economy showed signs of improvement in November with flash composite PMI at 47.8 versus consensus 47.0 and prior 47.3.

  • UK flash PMI shows pace of economic downturn has moderated somewhat with composite reading at 48.3 versus consensus 47.5 and prior 48.2

  • Economists expect the BoE to hike rates by 50 bps in December

  • Volkswagen agreed to two-year wage deal for workers at western German factories, offering 8.5% more pay

  • EU Considers Imposing Price Cap of $65-$70 on Russian Oil

The Americas

  • White House extends student loan repayment pause through 30-Jun debt as Biden's debt forgiveness plan faces legal challenges

  • HP will cut up to 6K jobs over next three years amid forecast decline in PC sales

Deere Q4 22 Earnings double beat:

  • EPS $7.44 (est $7.09)

  • Net Sales $15.54B (est $13.38B)

  • Net Income $2.25B (est $2.13B)

  • Sees 2023 Net Income $8.0B To $8.5B (est $7.81B)

Calendar