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Breakfast Bites - Mon Apr 24, 2023

Rise and shine everyone.

We have a big week for earnings ahead of us with over 180 companies reporting this week, including most of big tech.

We also have the PCE numbers coming out on Friday so, looks like an exciting week ahead.

S&P futures down 0.2% in Monday morning trading after US equities ended slightly lower last week. S&P changed by less than 1% for a third straight week, the longest such streak since August 2021. Gold up 0.3% after losing nearly 1.5% last week. Bitcoin futures up 0.5%. WTI crude down 0.3% after losing more than 5.5% last week and snapping a four-week winning streak.

Asia and Australia

  • Asian equities ended mixed Monday. Hong Kong technology and internet-consumer names took another leg down sending the Hang Seng to below 20K, mainland markets also lower. South Korea down for a third consecutive day, Australia also lower. Modest gains in Japan and Taiwan.

  • BOJ Governor Ueda told parliament on Monday that central bank's stance is to continue with stimulus and its price outlook. Ueda’s first meeting is at the end of this week.

  • FT reported US has asked Seoul to urge Samsung Electronics, SK Hynix not to fill market gap in China should Beijing ban Micron Technology from selling chips.

Europe, Middle East, Africa

  • European equity markets lower in narrow range.

  • Latest German Ifo business climate survey showed further improvement in business conditions with headline at 93.6 versus prior 93.2 (revised from 93.3)

  • Comments from Belgian central bank governor Wunsch in focus after he told FT it would not surprise him if rates had to go to 4% at some point, higher than market expectations. Markets currently betting on rates peaking at 3.75%

  • BoE Deputy Governor Ramsden has warned of the risk of high inflation becoming embedded after last week's latest price data did not ease as far as expected

The Americas

  • Bed Bath & Beyond files Chapter 11; stores to remain open as it winds down operation. The company is trying to look for buyers to sell off some of their assets.

  • PacWest Bancorp exploring sale of lender finance arm

  • GOP struggling to build support for its debt-limit proposal as default fears mount

  • Coca-Cola reports Q1 EPS $0.68 ex-items vs FactSet $0.65; Revenue $11B vs FactSet $10.80B; Expects 3% to 4% currency headwind for the year. Leaves guidance unchanged.


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


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