European movers: Ahold Delhaize +4.1% Admiral Group +3.5% ABN AMRO +3.3% Jyske Bank ++3.2% Vestas +3% Aviva +3% Wienerberger +1.5% Safestore Holdings +1.4% ageas +1.3% Evotec -7% Alcon -3.9% Evonik -3.2% Tui -2% Prudential -1.5% Royal Mail -1.5% Deliveroo -1.3% Leoni -1.3%
Newsquawk Wed 10 Aug 2022 07:10- RT @ABartonMacro: ?? @NordeaMarkets: June core inflation rose to 4.5% y/y, well above Norges Bank's forecast at 3.2%. This warrants faster… Newsquawk Wed 10 Aug 2022 06:40
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###- Looking ahead, highlights include US CPI, German CPI (Final), Chinese M2, Speeches from BoE's Pill, Fed's Evans & Kashkari, Supply from Germany & US, Earnings from Disney, Honda, Fox, Aviva, Evonik & E.ON.- - Looking ahead, highlights include US CPI, German CPI (Final), Chinese M2, Speeches from BoE's Pill, Fed's Evans & Kashkari, Supply from Germany & US, Earnings from Disney, Honda, Fox, Aviva, Evonik & E.ON. Newsquawk Wed 10 Aug 2022 05:20
- - G10 FX was rangebound ahead of US CPI, EUR/USD sits on a 1.02 handle, USD/JPY hovers around 135. Newsquawk Wed 10 Aug 2022 05:20
- - European equity futures are indicative of a marginally softer open with the Euro Stoxx 50 future -0.2% after the cash market closed lower by 1.0% yesterday. Newsquawk Wed 10 Aug 2022 05:20
- - Chinese inflation metrics fell short of expectations with Y/Y PPI hitting a 17-month low. Newsquawk Wed 10 Aug 2022 05:20
- Morning all! - APAC stocks were mostly subdued following the weak handover from the US where tech stocks were pressured; SPX -0.40%, NDX -1.15%. Newsquawk Wed 10 Aug 2022 05:20
- Asia-Pac stocks trade subdued amid tech woes and looming US inflation data... https://t.co/ZvAx81uL0U Newsquawk Wed 10 Aug 2022 02:29
- Subdued open in Asia following the tech-related woes stateside and with markets cautious ahead of the CPI data from the US and China; ASX 200 (-0.1%), Nikkei 225 (-0.7%), KOSPI (-0.5%) Newsquawk Wed 10 Aug 2022 00:09
- RT @Newsquawk: **Patting ourselves on the back** Our clients heard our squawk about US House Speaker Pelosi is to land in Taiwan on Tuesda… Newsquawk Tue 09 Aug 2022 15:00
- $GDRX +30%: EPS & rev beat; said issue with a major grocery chain had been resolved $OXY +2.5%: $BRK.A buys further 6.7mln shares & takes total stake to over 20% $SOFI -3.5%: $SFTBY determined to sell some or all of its stake; as of August 5th had a 9% stake Newsquawk Tue 09 Aug 2022 13:30
- $NCLH -8%: Surprise loss per shr & rev miss; Next Q rev guidance light & expects net loss for Q3 $TTWO -4%: EPS miss; Next Q & FY23 EPS view short of expected $BIRD -12%: Q3 rev guide short & cut FY22 rev view; said external headwinds could pressure consumer spending in H2 '22 Newsquawk Tue 09 Aug 2022 13:30
- US pre-markets: $MU -5%: Sees Q4 rev at or below low end of guidance; Expects challenging market environment in Q4 22 & Q1 23 & FCF to be negative in Q1 $NVAX -30%: Surprise loss per shr & FY rev guidance cut in half $APP -13% proposes to buy $U +7% for $58.85/shr or $20bln Newsquawk Tue 09 Aug 2022 13:30
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- - Looking ahead, highlights include EIA STEO, Supply from the US, Earnings from Sysco, Coinbase, Warner Music Newsquawk Tue 09 Aug 2022 10:29
- - Crude oil futures have drifted off best levels; however, pronounced upside seen most recently on Russia reportedly suspending oil exports via southern-section of the Druzhba pipeline Newsquawk Tue 09 Aug 2022 10:29
- - GBP initially dented on BoE's Ramsden, with associated Gilt and broader debt upside relatively short-lived Newsquawk Tue 09 Aug 2022 10:29
- - DXY briefly lost 106.00 with modest upside seen in peers across the board Newsquawk Tue 09 Aug 2022 10:29
- - Stateside performance has been similar though NQ -0.4% has come under pressure amid a Q4 guidance update from Micron (MU), -5% pre-mkt Newsquawk Tue 09 Aug 2022 10:29
- Good morning to our US friends! - European bourses are under modest pressure, Euro Stoxx 50 -0.5%, but remain relatively rangebound and lack conviction with catalysts thin Newsquawk Tue 09 Aug 2022 10:29
Analysis details (10:03)
Equities are flat as catalysts remain light and traders look ahead to tomorrow’s US CPI figures. US equity futures trade without a firm direction, with a broad-based performance seen across the major contracts. More broadly, commentary from JPM’s Kolanovic is of note as he is calling for investors to modestly trim their stock allocations and switch to commodities. However, this is not an overt shift from the equity bull – as the shift from equities to commodities is to take advantage of recent pressure within commodities. As such, Kolanovic’s overweight recommendation for equities remains intact and they continue to see equities picking up through end-2022 amid robust earnings. Meanwhile, Morgan Stanley warns of a growing gap between negative EPS revisions and positive sales revisions, with “industrials and IT [posting] weak earnings relatively, while things look better for consumer discretionary, staples, energy, large-cap and value...
DXY
The index adopted a mild downside bias following early side-ways trade amid summer conditions, a lack of drivers, and ahead of the US CPI metric on Wednesday. DXY resides under yesterday’s 106.37 close, with some brief support found at its 10 DMA (106.17) ahead of 106.00, whilst the 21 DMA is seen at 106.78 - yesterday’s range is printed between 106.09-106.81. “Expect another range-bound day”, says ING. Given the holiday trading condition, participants may want to give greater attention to option expiries which could see FX gravitate toward strikes heading into the NY cut, in the absence of catalysts – see the full list here.
GBP, EUR
A choppy session thus far for Sterling, relative to G10 peers, with early gains in the currency trimmed following dovish vibes from BoE Deputy Governor Ramsden who stated that a 2023 rate cut is a possible scenario but is not his forecast, whilst the BoE could be in a situation of cutting rates and selling assets at...
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