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Rise and shine everyone.
We’ve already received the US economic data of the data - the NFIB Small Business Optimism Index in the United States went up to a seven-month high of 91 in June 2023, beating again market expectations of 89.9.
US Equity Markets are higher alongside Gold, Oil and NatGas. Bitcoin, USD Index and rates are trading marginally lower. The YIeld Curve is at -0.88%.
Asia and Australia
Asian equities finished mostly higher Tuesday with many bourses snapping multi-day losing streaks. Hang Seng led the gainers with consumer and property stocks higher on stimulus news. Japan mixed with Nikkei a few points higher but the Topix lower again.
PBOC announces further support for Chinese property developers, extending pressure on lenders to help beleaguered developers
Australian Westpac-MI consumer sentiment index climbed to 81.3 in July from 79.2 in June. Index marginally above pandemic lows with consumers finding solace from soft May inflation data.
Taiwan Stock Exchange (TWSE) head Sherman Lin forecasts 40 IPO applications this year, most since 2013, as EV, cloud computing and biotech firms seek listings.
RBNZ expected to leave official cash rate (OCR) unchanged at 5.50% at its 12-Jul policy meeting
South Korea exports down 14.8% in first ten days of July
Europe, Middle East, Africa
European equity markets mostly higher.
UK’s labor report - Unemployment rate at 4.0% versus consensus 3.8% and prior 3.8%; Unemployment Benefit Claims up 25.7k vs. -8.6k expected. We’re seeing the tide changing in the UK where employment is concerned. But, wage growth matches record high, keeping BoE under pressure.
ZEW Sentiment Reports came out for Germany and the Eurozone, both falling more than expected. Germany Sentiment data came in at -14.7 vs. -8.5 prior; and the Eurozone came in at -12.2 vs. -10 prior. We’re seeing a gradual reversal of sentiment.
Bundesbank chief Nagel says ECB can get inflation under control with a hard landing
The Americas
Uber Technologies announces Nelson Chai plans to step down as CFO
Microsoft confirms it is elimination additional jobs
Nasdaq announces special rebalance after biggest tech firms saw their index weighting rise above 50%
US consumer debt rises at slowest pace in more than two years
Prime brokerage data from Goldman Sachs shows that hedge funds have the lowest weighting to the US stock market since the records began in 2013 while raising their bets on European stocks to the highest-ever level.
SF Fed study says soft landing and 2% inflation achievable mainly by reducing job vacancies rather than increasing unemployment.
We had quite the roster of Fed speakers yesterday. Three Fed officials back more rate hikes, Bostic says Fed can afford to be patient. Cleveland Fed's Mester sees two more rate hikes this year as reasonable. NY Fed's Williams does not expect a US recession but pretty slow growth
Calendars
(news taken from Reuters, FT, Bloomberg; Calendar from Benzinga Pro)
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