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Breakfast Bites - Tue Apr 25, 2023

Rise and shine everyone

The big news this morning are the earnings releases. The full calendar is below but here are some highlights:

  • McDonald's double beat. Beats by EPS $0.29, beats on US and Global revs comps +12.6%. Accelerating the Arches strategy is working

  • General Motors beats by $0.48, beats on revs; raises FY23 EPS and EBIT guidance

  • Raytheon double beat; reaffirms guidance

  • GE clear double beat; reaffirms guidance.

  • Pepsi double beat, and margins expanding.

  • Finally, UPS narrowly missed EPS and Revenues, lowered guidance

S&P futures down 0.5% in Tuesday morning trading after US equities put in a mixed performance in a fairly uneventful session to start the week that saw energy and defensives outperform and pockets of tech and select regional banks lag. Gold a touch higher. Bitcoin futures up 01.1%. WTI crude down 0.4% after gaining just over 1% on Monday.

Asia and Australia

  • Asian markets mostly lower overnight with Hong Kong underperforming once again, down over 1.5%, while Japan eked out a gain for a second straight session.

  • China's Politburo likely to shift focus from stimulus to reforms

  • South Korea economy grows in Q1, outlook dims amid weak exports

Europe, Middle East, Africa

  • European equity markets lower: banks, basic resources under pressure; food/beverage, travel/leisure, healthcare

  • UBS disappoints on earnings, but talks up inflows from recent turmoil

  • Analysts say German public sector pay rise deal may complicate ECB's inflation fight

  • ECB's Schnabel says 50 bp rate hike still on the table for May meeting

The Americas

  • Central banks cut dollar operations with Fed as market stress eases since March's banking meltdown

  • Biden and McCarthy locked in debt standoff ahead of key vote and fresh data that will give a new deadline for agreement

  • Apple wins long running court battle to block Epic Games from breaking down App store barriers

  • Microsoft bows to EU pressure and agrees to stop bundling Teams with Office


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


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