Rise and shine everyone
Happy Friday! Remember today is OpEx.
We have a few major earnings - Proctor & Gamble, Schlumberger, SAP and FCX.
US Futures are weaker this morning along with Bitcoin, Oil and Gold. Yields are weaker as well so bonds have a slightly bid.
Asia and Australia
Asian equities finished lower across the region Friday. Losses greatest in China where IT stocks fell sharply; Hong Kong with the worst of it in the afternoon session. South Korea and Taiwan both sharply lower, Japan also down but will still end with a weekly gain, Australia also down Friday.
PBoC signals it may start dialing back stimulus measures implemented during the pandemic. This will be something to watch, as China’s consumption has largely been driven by pent-up demand and stimulus.
Japan CPI steady as expected, underlying pressures continue to build
Europe, Middle East, Africa
European equity markets lower, after closing mostly lower on Thursday. Healthcare and Utilities lead; Basic Resources and Construction/Materials lag.
Eurozone PMIs hits 11-month high amid services rebound
UK consumer confidence rises to highest level since Ukraine invasion
UK retail sales drop after two months of gains
Holders of Credit Suisse AT1s who saw $4.5B wiped after UBS takeover have filed a lawsuit against Swiss banking regulator
The Americas
Philadelphia Fed's Harker says additional tightening may be needed to ensure policy is restrictive enough
Cleveland Fed's Mester sees end of tightening cycle; Atlanta Fed's Bostic says still one and done on rate hikes
Banks increase emergency borrowings from Fed for first time in five weeks, indicating lingering financial system stresses
Tesla raises US prices for its Model S and X premium electric vehicles after slew of price cuts for other models this year
Clorox implementing second round of layoffs, cutting 200 positions
Calendars
(news taken from Reuters, FT, Bloomberg; Calendar from Trading Economics)
