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Breakfast Bites - Wed May 10, 2023

Rise and shine everyone

It’s US CPI day with the data getting released at 8:30am ET. All eyes will be on this number as there are views that we may see a slight reacceleration in inflation.

The consensus estimates for today is 5% for Headline CPI and 5.4%-5.5% for Core CPI.

We are hosting a Twitter spaces later today at 12pm ET to discuss the CPI. Please join us.

Market volatility is up today as expected. US Futures remain muted this morning, as do commodities. The US Dollar and the short end of the curve is up, inverting the yield curve further.

Asia and Australia

  • Asian equities finished mostly lower Wednesday as traders nervously waited US inflation data.

  • China bond yields fall as economic recovery turns patchy, fueling bets on rate cuts

  • BOJ real consumption index fell 2.1% m/m in March, marking the first decline in three months.

  • BYD Takes Over Bankrupt Online Insurer as Foundation for Auto Insurance Unit

  • Tuesday's post-close earnings reports rounded out FY results from the five major trading houses, which saw combined net profits more than quadrupling over the past two years, though all firms guided next FY earnings lower, partly due to falling commodity prices.

  • Bank of Korea said country's current account returned to surplus in March following two months of deficit as goods account deficit narrowed and primary income account reported surplus.

Europe, Middle East, Africa

  • European equity markets softer.

  • ECB President Lagarde warned over upside risks to inflation. Highlighted wages a factor in ECB thinking with increases in various European countries.

  • The UK sees a sharp fall in recruitment of permanent staff in April as firms turn to temporary staff

  • GBP’s recent move up to its highest levels since April 2022 has seen several investment banks turn bullish on the currency

The Americas

  • AirBNB reported last night and saw their stock drop over 13% after hours and this morning. Airbnb reported higher revenue and profit in the first quarter, but customers reserved fewer-than-expected stays and the company gave a mixed outlook for the second quarter, which investor took negatively.

  • Debt ceiling meeting yields little progress, parties agree to continue talks

  • Nikola will pause production at Arizona plant amid sluggish demand, to focus on cost cuts

  • Wendy's to test AI chatbots to take customer drive-thru orders

  • Boeing optimistic it can restart exports of 737 MAX planes to China


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

Economic Calendar

Earnings Calendar


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