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Breakfast Bites - Fri Apr 21, 2023

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


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


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