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Breakfast Bites - Fri Jun 16, 2023

Rise and shine everyone and Happy Friday!

Today is the June Options Expiry (OpEx) with the largest notional ever recorded for a June quarterly expiration at $2.2 Trillion. That’s something!

The major economic release for today is the Michigan Consumer Sentiment Data that’s out at 10am ET.

US Equity futures flat to mixed after US equities rallied on Thursday with the Dow, S&P and Nasdaq all up over 1%. S&P on track for a fifth straight week of gains, something that has not happened since November of 2021.

The US Dollar Remains Flat with Gold slightly higher; Oil and Bitcoin lower. The Yield Curve inverts further to -0.96%

Asia and Australia

  • Asia equities ended mostly stronger Friday as Greater China looked ahead to potential stimulus and Japan advanced on a weaker yen. Greater China led again by the Hang Seng, which saw an across-the-board rally for the second day, mainland bourses also ahead.

  • Japan closed on another 33-year record as BOJ kept its ultra-low interest rate. Gains for South Korea but Taiwan lagged on weak central bank outlook. Southeast Asia mixed, India extended opening gains.

  • The BoJ keeps their monetary policy unchanged during this months meeting. They fear inflation will come in below their target in the second half. We will know more in next month’s meeting when they release updated projections.

  • Singapore's May non-oil domestic exports (NODX) fell 14.7% y/y versus consensus -8.1%, and April's 9.8% contraction. Steepest export decline in three months, eighth consecutive monthly fall

  • Taiwan's central bank cut its FY 2023 GDP growth forecast to 1.72% from estimate made in March of 2.21%.

  • Vietnam central bank cuts base rate 50 bps to spur growth - we’ll be keeping an eye on this one.

Europe, Middle East, Africa

  • European equities higher Friday after closing mixed on Thursday. Consumer Products and Services, Utilities and Health Care lead; Basic Resources, Construction and Materials, Autos and Parts lag.

  • Following Thursday's hawkish ECB announcement, Euro posted 15-year peak against yen and five-week high against US dollar. Markets repriced peak policy to 3.90%.

  • Eurostat data showed May Eurozone consumer inflation sharply decelerating with the core price growth measure also slowing. The data showed the annual inflation rate in the euro area fell to 6.1% in May from 7.0% in April. A year earlier, the rate was 8.1%.

  • Latest BoE/Ipsos survey show UK consumers less pessimistic about inflation in Q2 as energy prices continued to fall, expecting prices to rise 3.5% over the following 12 months down from 3.9% in February and a peak of 4.9% in August.

  • Binance accused of "aggravated money laundering" by France

The Americas

  • Goldman Sachs board beginning to re-evaluate CEO David Solomon's position - NY Post

  • Sector overcapacity interfering with Tesla's expansion plans in China - Reuters

  • Microsoft shares soar on AI optimism, reach new record high

  • US banks to cut over 11K jobs this year amid recruitment market slowdown

  • Disney CFO Christine McCarthy stepping down

  • Micron invests $603M in its chip packaging facility in the Chinese city of Xian despite cyberspace regulator's blockade


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


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