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Breakfast Bites - Thu Apr 27, 2023

Rise and shine everyone

The biggest news today is the release of the GDP numbers at 8:30am ET. Yesterday, the Atlanta Fed revised their NowCast model down from 2.5% to 1.5%.

US Futures are slightly higher this morning, after Meta’s beat on earnings yesterday which saw the stock soar 11%. The US Dollar and Oil remain weaker, while Gold and longer term treasuries have a slight bid. After a drastic fall late in the day yesterday, Bitcoin has recovered to $29,000.

Asia and Australia

  • Asian markets turned positive in Thursday trade with most seeing gains or small losses.

  • China industrial profits continue to fall sharply amid producer deflation. Profits at industrial firms in China declined 21.4% y/y in Jan.-Mar. The Chinese government is pondering the stimulus reforms to help the economy start producing again.

  • New Zealand business confidence remains negative, but inflation expectations moderate

  • XI and Zelenskyy speak for first time since Russian invasion after Ukraine has long sought China's help in ending war

  • Samsung posts record quarterly loss in its chip business, expects H2 recovery in smartphones and displays

  • Alibaba Cloud Slashes Prices to Spur Revenue Growth Before Possible IPO

Europe, Middle East, Africa

  • European equity markets mostly firmer. industrials, personal care, health care outperform; banks in the spotlight; media weaker.

  • Deutsche Bank posts better-than-expected Q1 profit as higher rates offset weaker revenues; job cuts flagged

  • Bearish view on EU equities becoming consensus, leaving room for upside surprises

  • The European Commission's economic sentiment indicator unchanged in April at 99.3 versus consensus 99.9.

The Americas

  • Activision executives vow to fight UK ruling that blocked Microsoft's $75B acquisition of the company

  • Disney's streaming chief product officer among those let go in latest round of layoffs

  • Teck Resources abandons shareholder resolution to split company

  • US regulators and banks in standoff over First Republic rescue


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


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