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Breakfast Bites - Fri Apr 28, 2023

Rise and shine everyone and Happy Friday.


Lots going on this morning.

  • PCE numbers released at 8:30am ET today

  • GDP numbers came in lower than expected at 1.1% yesterday

  • BoJ leaves policies unchanged and Yen falls

  • Amazon warned of slowdown in AWS and the market is taking a hit

  • Exxon and Chevron report this morning so watch out if you hold oil

Asia and Australia

  • Asian equities closed mostly higher Friday. Japan indices surged following BOJ announcement with yen weakening substantially. Greater China markets finished higher with mainland markets outperforming Hong Kong. South Korea and Taiwan both higher. India edging ahead.

  • BOJ - Guidance was tweaked to take out reference to monitoring Covid developments.

  • Taiwan's Q1 GDP fell 3.02% y/y versus Reuters consensus of 1.25% contraction, added to 0.4% contraction in Q4-22 putting country into technical recession.

  • PBOC extended its short-term cash injections into financial system to 11th straight day Friday as it looked to boost investor confidence over potential liquidity squeeze around month-end. Brings total net injection in current cycle to CNY673B ($97B).

  • Tesla Opens Some of Its China Charging Stations to Competing EV Models

Europe, Middle East, Africa

  • European equity markets softer. Financial Services, Construction/Materials and Healthcare lead; Banks, Utilities and Autos/Parts lag

  • The Eurozone economy expanded by 0.1% in the first quarter, slightly below 0.2% forecast, but an improvement on the 0% outturn in Q4.

  • Various inflation prints issues Friday suggest improving picture and may lead to just 25bp ECB hike next week.

  • London rents top £2,500 for first time as supply of homes drops

The Americas

  • Intel gives more optimistic outlook for margins and PC market

  • Snap says disruption in ad demand to continue into Q2

  • First Republic advisers working on private sector solution with JP Morgan involved in the conversations

  • US mortgage rates rise to highest level since middle of March

  • Recent Fedspeak from both hawks and doves have played down impact around wage gains

  • BofA's Hartnett US stock market rally may halt on corporate earnings drop and labor market softness

Calendars

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




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