Breakfast Bites - Tue Jul 18, 2023

Rise and shine everyone.

We have quite a lot of economic data being released today. Focus will be on US Retail Sales and Industrial Production, and Canada’s inflation numbers.

We also have a solid list of earnings today. Lockheed Martin, Bank of America, Morgan Stanley, Synchrony have all reported double beats.

US Equity Futures are marginally lower, alongside the US Dollar and Bitcoin. Oil and Gold are both trading higher. Rates are softer across the curve with the Yield Curve at -0.94%

Asia and Australia

Asian equities ended mixed Tuesday. Gains on the Nikkei and Topix as it marked-to-market developed market gains yesterday, Hong Kong also catching up after being closed yesterday but instead saw steep losses. Mainland China saw more selling.
Seoul and Taipei under pressure, Australia down as commodity prices fell. India touched fresh record highs before scaling back gains, Southeast Asia all lower although Thailand outperformed.
July RBA minutes noted board members debated whether to hold or hike cash rate by 25 bp at this month's meeting. RBA saw stronger case to hold given rapid and considerable tightening to date
China Evergrande files FY results for two years showing $81B in losses
New Zealand inflation may slow as rate increases take toll
South Korea household debt at second highest among major countries
RBI says India's fight against inflation far from over

Europe, Middle East, Africa

European markets mixed, coming off earlier gains. Healthcare and retail the best performers, while telecom and basic resources weaker.
ECB's Visco says inflation may drop more quickly than forecast
Swiss National Bank’s Moser says intends to issue a pilot CBDC by year-end
After food price peaked in March, inflation fell to 14.9% in four weeks to 9-Jul, down from 16.5% in previous month.
UK food and drink manufacturers cut prices for first time since 2020

The Americas

JP Morgan's Kolanovic sees increased chance of soft landing; Goldman cuts US recession odds to 20%
BofA survey shows sentiment still bearish, but also flags soft-landing expectations and better profit outlook
Big tech dominance forces US funds to limit buying amid diversification rules
Corporate debt woes starting to hit home; more companies being downgraded to a junk

Calendars

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

Earnings