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Breakfast Bites - Mon Jul 10, 2023

Rise and shine everyone and Happy Monday!

We have a quiet day today for economic data with a host of Fed Speakers - Barr, Daly, Mester and Bostic.

Earnings season starts this week. Today we have Helen of Troy reporting before market open.

US Equity Futures are marginally lower. Oil, Gold and Copper lower. Bitcoin and the US Dollar index marginally higher. The Yield Curve has steepened to -0.86%.

Asia and Australia

  • Asian equities finished mixed Monday. Japan benchmarks lower for a fifth consecutive day, losses too in Seoul and Taipei despite better-than-expected numbers from TSMC.

  • Factory-gate prices fall further in China, adding to deflation concerns - PPI fell 5.4% in June (weakest since December 2015), below expectations of a 5.0% drop, following 4.6% decline in the previous month.

  • Japan's current account surplus misses forecasts

  • Asia ex-China on track to record highest FY fund inflow in eight years - overseas investors bought $25.4B in regional ex-China stocks YTD with India received most at $12.3B. A $28 billion wave of selling pressure threatens China stocks

  • South Korea state-run think tank says local economy appears to be on an upswing

  • TSMC sales beat forecasts on AI demand

Europe, Middle East, Africa

  • European equity markets firmer

  • The latest Sentix survey for the Eurozone economy showed a decline in confidence for the fifth consecutive month. Came in at -22.5 versus -17.9 forecast and prior -17.0.

  • Politics in the Netherlands in the spotlight Monday following last week's collapse of the country's government. PM Rutte, who has been in power since 2010, set for a no-confidence vote in The Hague today after last week's coalition government infighting over migration policy.

  • BoE Governor Bailey rejected calls to raise the inflation goal above 2%, arguing any change could damage the bank's credibility

The Americas

  • Yellen's trip to China yields no breakthroughs as expected but dialogue remains open

  • Analysts expect second-quarter earnings to have fallen almost 9% — the biggest year-over-year decline since 2020, according to data compiled by Bloomberg Intelligence.

  • Bank earnings: The six lenders will set aside an estimated additional $7.6bn to cover loans that could go bad, analysts estimate.

  • Monetary Policy Meeting Minutes for Mexico show a “hold for longer” stance. Most directors discussed it premature to discuss rate cuts. The Committee left rates unchanged at 11.25% by unanimous decision during the Jun 22 meeting.


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

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