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Breakfast Bites - Mon Aug 7, 2023

Rise and shine everyone and Happy Monday!


This week brings us a few more important earnings and the big news for this week is the CPI Inflation numbers on Thursday. With the Fed’s view of being “data-dependent”, this is one such data that will be under the microscope.


After a heavy week of selling, US Equity Futures are trading slightly higher this morning. Gold and Oil are trading lower; Bitcoin remains flat. Rates are trading higher again and the Yield Curve is currently -0.74%



Asia and Australia

  • Asian equities ended mixed Monday in a quiet day's trading. Japan reversed early losses to close slightly higher. Australia closed lower. Hong Kong was flat while mainland markets fell on steep falls in healthcare stocks.

  • The BoJ Summary of Opinions was released. It noted YCC tweak was to ensure smooth operation of monetary easing.

  • JGB yield curve has steepened noticeably in the wake of BOJ's policy tweak in late July. JGB 10Y has risen 17 bp since then, recently hitting a nine-year high. The Yen continues to depreciate.

  • Shanghai and Hong Kong healthcare and biotech stocks fell sharply Monday on reports Beijing's crackdown on graft in sector had widened with as many as 155 healthcare officials now under investigation, twice number in 2022.

  • Goldman Sachs data reported foreign buying of Japanese stocks has exceeded that of Chinese peers during H1 for first time since 2017.

  • Indonesia Q2 GDP grows at the fastest pace in three quarters.

  • Iron ore on the back foot amid speculation around China steel production cuts.


Europe, Middle East, Africa

  • European equity markets broadly lower, after STOXX 600 posted one of its steepest weekly drops last week since the beginning of July.

  • The FT noted some of Europe's biggest companies have suffered at least €100B in direct losses from their operations in Russia since the war in Ukraine started in 2022.

  • Germany industrial output still 5% below pre-pandemic levels, led by a decline in automotive and construction, suggesting weak demand and increasing chances of an economic slowdown.

  • Siemens Energy cuts FY guidance on higher losses from wind unit.

  • ECB rate hikes will trim 4% from economic output, research shows.

  • Saudi Arabia raises prices for Asian crude oil customers by 30 cents a barrel


The Americas

  • Apple hiring for dozens of roles to ramp up expertise in generative to adapt it for iPhones and iPads

  • Berkshire Hathaway's on-hand cash nears $150B, operating earnings rise 7%

  • US regional banks still reliant on government life support, tapping hundreds of billions to keep afloat

  • Tyson Foods misses earnings again. Reports Q3 EPS $0.15 ex-items vs FactSet $0.26; revenue $13.14B vs FactSet $13.63B. Gross Margin came in at 5.2% lower than the expected level of 6.6%.


Calendars

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





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