top of page

Breakfast Bites - Wed Apr 05, 2023

Rise and shine everyone


Yesterday we had quite the red day for the markets. The JOLTs report declined more than expected following weakest ISM manufacturing headline reading in nearly three years on Monday.


US Futures continue look slightly weaker this morning, alongside the US Dollar. Gold had a fantastic run to $2022 and Crude holds steads at $80-$81. The Vix is higher this morning, as is Bitcoin at $28,544. Long bonds showing strength after rallying yesterday, junk bonds showing weakness.


Asia and Australia

  • Asian markets ended mixed Wednesday with many exchanges closed for a holiday. Nikkei and Topix both sharply lower on read through from Wall Street's weak session. Australia closed a few points higher for its eighth consecutive day of gains, New Zealand stocks lower. South Korea ended higher led by battery names.

  • RBNZ surprises market with 50bps rate hike. We had reported yesterday that the consensus was for a 25-bp hike.

  • BoJ's Momma says recent drop in global bond yields created favorable conditions to scrap yield curve control program. This will certainly be an interesting move.

  • RBA Governor Lowe says April pause does not imply rate hikes are over

Europe, Middle East, Africa

  • European equity markets mixed. Utilities, Healthcare and Food/Beverage stocks lead, while Real Estate, Construction/Materials and Basic Resources lag.

  • The latest PMI update showed the Eurozone economy is being supported by the services sector. Final PMI reading at 55.0 in March versus flash 55.6 and prior 52.7. Numbers remain in expansionary territory.

  • Germany factory recorded a big jump in February, up 4.8% m/m versus consensus for 0.3% gain and prior 0.5% increase, revised down from 1.0%

The Americas

  • Cleveland Fed President Mester sees fed funds rate moving above 5% and staying there

  • BoE chief economist Pill says the central bank still needs to 'see the job through' on inflation

  • J&J to pay $8.9B to settle talc-cancer complaints from ~60,000 claimants

  • Walmart reiterates guidance at Investor Community Meeting

  • FedEx Announces Planned Consolidation of Operating Companies - Raj Subramaniam to continue serving as CEO. Dividend raised by 10%

  • Conagra reports and earnings beat and raises guidance. Reports margin expansion.

  • TD becomes biggest bank short due to exposure housing slowdown and ties to US market through stake in Charles Schwab

  • Brazil's finance chief considering credit stimulus to counter effects of higher interest rates to help companies with investing and growth.

Calendar


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

Comments


Sign Up and
Stay Updated

Person Analyzing Graphs On Screen

Disclaimer

Information contained in this website should not be construed as investment or trading advice. Opinions expressed herein by Traderade are not investment recommendations and are not meant to be relied upon in investment decisions. The Traderade.com website is not acting in an investment adviser capacity and neither are any authors on this website. Information presented is not an investment research report. Opinions expressed herein may address only select aspects of the companies mentioned and cannot be a substitute for comprehensive investment analysis.
 

Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. We recommend that potential and existing investors conduct thorough investment research of their own and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable but has not been independently verified. Therefore we cannot guarantee its accuracy. Any opinions or estimates constitute our best judgment as of the date of publication and are subject to change without notice.
 

The authors may buy or sell shares without any further notice and may have a position in any shares of any of the companies or asset classes mentioned. By using this website you agree with our full Terms of Use and Privacy Policy.

Navigation

Copyright 2025 Traderade. All rights reserved.

  • Twitter
  • Youtube
bottom of page