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Breakfast Bites - Fri Apr 14, 2023

Rise and shine everyone.

It’s already an exciting morning with JP Morgan, Wells Fargo, Blackrock and United Health.

We’re seeing beats all around except Blackrock, who beat on earnings but reported revenues in-line.

After yesterday’s bullish surge in the equity indices, we’re seeing some pullback this morning despite gap ups from earnings. Gold remains muted, along with oil and the USD Index. Yields and Oil are marginally higher, while Bitcoin is having a happier morning crossing $30770.

We have Retail Sales data also being released today at 4:30am ET.

Asia and Australia

  • Asian markets finished higher Friday to bookend another solid week for the region's equities. The Nikkei led with another 1%-plus gain, stopping just short of 28.5K. More gains for South Korea and Taiwan with their heavy tech stocks. Australia and Southeast Asia also higher. India closed for a holiday.

  • SoftBank Prepares to Cash In on Long-Held Alibaba Stake

  • China exports rise unexpectedly in positive sign for economy

  • China's megabanks are planning at least CNY40B ($5.8B) of bond sales, kicking off a major funding push to comply with global capital requirements by early 2025.

  • Asian bonds draw biggest foreign inflows in over a year

Europe, Middle East, Africa

  • European markets higher. Real Estate, Healthcare and Food/Beverage/Tobacco lead; Insurance and Travel/Leisure lag

  • ECB members in concert continue to suggest a need for higher rates. On the sidelines of the IMF/World Bank spring meetings in Washington, usual hawks Nagel, Holzmann, Wunsch, Kazaks and Sciluna touted the need to do more on rates

  • Risk appetite returns for Europe but strategists recommend defensive tilts

  • Slowing UK jobs market lifts hopes that inflationary pressures are easing

The Americas

  • JPM Morgan: The provision for credit losses was $2.3 billion, reflecting net charge-offs of $1.1 billion and a net reserve build of $1.1 billion. (Charge-offs are losses. This is an almost $1b increase from last year)

  • US Credit Default Swaps continue to surge on debt ceiling issue.

  • Borrowing at the Fed’s discount window and emergency measures drop for 4th straight week.

  • Boeing pauses some deliveries of 737 MAX jets due to non-safety related manufacturing issue. Shares are down -6.2% in the pre-market

  • House Republicans start to put together debt limit package that would lift debt limit until May-24


(news taken from Reuters, FT, Bloomberg; Calendar from Trading Economics)


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