Rise and shine everyone
Markets are not cheery this morning. With both Australia and Canada doing surprise hike, there’s a gloom over the US Markets, figuratively and literally.
US Equity Futures are flat to lower. Gold, Oil and Bond Yields are trading higher. Bitcoin is trying to stage a slight recovery and US Dollar Index has pulled back marginally.
Asia and Australia
Asian equities struggled for direction Thursday and ended mixed. Greater China opened lower but pared losses to close slightly up, Japan posted its second consecutive down day.
China rate-cut expectations grow as signs of weak recovery mount
Reserve Bank of India’s MPC voted unanimously to keep repo rate unchanged at 6.5% for second successive meeting and kept its "withdrawal of accommodation" message.
Bank of Korea warns on easing monetary policy too early and putting pressure on the Won.
Japanese companies with a March reporting season are projecting dividends totaling JPY15.2T this year, which would be the third straight record.
Japan Q1 GDP upgrade bigger than expected, driven by private inventories. Q1 GDP growth was revised up to 2.7% q/q annualized from first preliminary estimate of 1.6%.
Taiwan exports sink again, marking ninth consecutive months of weakness and outlook remains bleak
Europe, Middle East, Africa
European equity markets firmer.
EU governments sell €27B debt, busiest week since 2020
Eurozone's Q1 GDP -0.1% qtr/qtr (expected 0.0%; last -0.1%); 1.0% yr/yr (expected 1.2%; last 1.8%).
Eurozone Q1 Employment Change 0.6% qtr/qtr, as expected (last 0.3%); 1.6% yr/yr (expected 1.7%; last 1.5%)
UK labor market shows signs of cooling. Starting salaries slipped to a 25-month low, although salary levels for new hires still running at a relatively sharp pace.
Apple cuts Vision Pro sales target to 150K units vs previously discussed 1M units
Cardinal Health provides updated outlook at Investor Day; approves new share repurchase plan
US Treasury’s $1tn borrowing drive set to put banks under strain. Analysts fear scale of new issuance following debt ceiling fight will push up yields and suck cash out of deposits.
Signet Jewelers beats top and bottom line estimates but guides down on Q2 and FY2024 estimates. - Guide downs will be a common theme playing out particularly in retail
(news taken from Reuters, FT, Bloomberg; Calendars from Benzinga Pro)