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Breakfast Bites - Tue Jun 27, 2023

Rise and shine everyone

US Equity Futures are trading marginally higher; Bitcoin and Gold remain higher. US Dollar pulls back alongside Oil. The Yield Curve steepens slightly to -0.97%

Walgreens Boots Alliance reported this morning. Misses by $0.07, beats on revs; guides FY23 EPS below consensus; immediate actions to improve profitability including $600 million of incremental cost savings. Shares are down over -7% in pre-market trading.

IMF's Gopinath says central banks may have to tolerate longer period of above-target inflation to avoid financial crisis

Asia and Australia

  • Asian equities finished mixed Tuesday. Greater China led by a surge on the Hang Seng, which gained almost 2%, strong gains in mainland bourses too.

  • Chinese premier Li Qiang said China is still on track to hit its annual growth target of around 5% and Q2 growth expected to be faster than Q1.

  • PBOC set its daily yuan reference at a stronger-than-expected level for a second day. Onshore yuan rate set at 7.2098 per dollar, 111 pips stronger than Bloomberg estimate.

  • Baidu says its ChatGPT-style service has outperformed OpenAI's on key measures

  • Consumer-led slowdown in Australia gathering pace following trading updates from discretionary retailers over past month that highlighted a sharp drop in demand.

Europe, Middle East, Africa

  • European equity markets edge lower after giving up earlier gains. EuroStoxx volatility index jumped above 17 for the first time in more than 3 weeks on Monday.

  • ECB's Lagarde says rate hike pauses possible in coming months, but end of cycle not near

  • BoE seen implementing two more 25 bp rate hikes in coming meetings; will likely tip UK into recession

  • Volkswagen cuts EV production at Emden citing weak demand

  • The UK government announced it will sign a cooperation pact with the EU in financial services

The Americas

  • Robinhood to lay off 7% of workforce amid decline in trading activity

  • Blackstone considering offers for half its interest in real estate of Bellagio hotel, reported by Bloomberg. This comes after news of Blackstone selling industrial properties to Prologis.

  • Quarter-end rebalancing could drive outsized equity selling

  • Google axes development of Iris augmented-reality glasses - Business Insider, citing people familiar with the matter

  • Delta Airlines raises guidance ahead of investor day.


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


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