top of page

Breakfast Bites - Fri Jul 14, 2023

Rise and shine everyone.


It’s a big day for earnings. While we had a few important names report yesterday, today marks the start of Q2, 2023 earnings season with JP Morgan, United Health, Citi, Wells Fargo and BlackRock all reporting before the open.


JPM just reported a double beat with EPS up +3.6% QoQ and Revenue up 7.7% QoQ.


We also have preliminary numbers for the University of Michigan Consumer Sentiment coming out at 10am ET.


US Equity futures are trading marginally lower this morning after quite the blow out day yesterday led by the Magnificent 7 and a whole host of crypto stocks.


The US Dollar continues to remain weak after the Index broke the $100 mark yesterday. Rates are slightly higher across the curve while Gold, Oil and Bitcoin are all trading lower.



Asia and Australia

  • Asian equities ended mostly higher Friday. Hong Kong held on to a gain but mainland markets were more muted. Japan stocks slightly lower.

  • Former BoJ executive director says central bank may tweak YCC program at July meeting. The news says any tweaks could be minor but, this could mean a big change for the markets.

  • BOJ may raise its FY23 core inflation forecast into the 2% range in the next Outlook Report to be published at the July 27-28 policy meeting. The current forecast is 1.8%.

  • Yuan extends rebound as Fed tightening campaign nears end, China authorities extend policy support

  • Australian PM Albanese announced RBA Deputy Governor Bullock will replace Philip Lowe as governor when his term expires in September

  • Singapore's Q2 GDP grew 0.3% q/q in initial estimate, narrowly avoiding technical recession following 0.4% Q1's contraction


Europe, Middle East, Africa

  • European equity market mixed. German DAX lagging somewhat.

  • No surprises from June ECB minutes. Confirmed very broad consensus supported the 25-bp rate increase, but there was also preference expressed for 50 bps due to risk high inflation becoming more persistent.

  • A study by law firm Weil, Gotshal & Manges LLP, which showed real estate was the most distressed sector in Europe due to higher interest rates, increased debt servicing costs and a fall in demand for office space.

  • Germany urges companies to 'de-risk' from China, not seeking decoupling


The Americas

  • St Louis Fed's Bullard announces resignation effective mid-August

  • Used EV prices falling faster than overall used car market, driven by Tesla's recent price cuts

  • US-China dialogue remains active, Beijing demands US lift sanctions on Chinese companies

  • United Health delivers a double beat, raises lower end of their guidance. Q2 EPS $6.14 ex-items vs FactSet $5.99. Revenue $92.90B vs FactSet $90.97B

  • BlackRock beats on EPS, misses on marginally on revenue. Reports Q2 adj EPS $9.28 vs FactSet $8.52. Revenue $4.46B vs FactSet $4.47B. BlackRock Assets Rise to $9.4 Trillion, Fueled by Bull Market.

  • Wells Fargo reports Q2 EPS $1.25 vs FactSet $1.16; Revenue $20.53B vs FactSet $20.11B


Calendars

(news taken from Reuters, FT, Bloomberg; Calendar from Benzinga Pro)







bottom of page