The S&P 500 futures are up 6 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 60 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are up 17 point and are trading 0.1% above fair value.
The stock market is poised for higher open after yesterday's advance saw the Dow Jones Industrial Average register its eleventh straight gain. Earnings season is ramping up and market participants are eyeing key reports after today's close from Alphabet (GOOG) and Microsoft (MSFT). Some gains in mega cap stocks have been supportive of the broader market along with pleasing results from several blue chip companies.
Separately, Chinese markets had a big day (Hang Seng +4.3%; Shanghai +2.1%) in response to talk of added policy stimulus.
The 2-yr note yield is down one basis point to 4.87% and the 10-yr note yield is up three basis points to 3.89%. The FOMC begins its two-day policy meeting today. A new policy directive will be released at 2:00 p.m. ET on Wednesdayfollowed by Fed Chair Powell's press conference at 2:30 p.m. ET.
Market participants will receive the following economic data today:
09:00 ET: May FHFA Housing Price Index (Prior 0.7%)
09:00 ET: May S&P Case-Shiller Home Price Index (Briefing.comConsensus -1.9%; Prior -1.7%)
10:00 ET: July Consumer Confidence (Briefing.comconsensus 111.5; Prior 109.7)
In corporate news:
Goldman Sachs (GS 357.05, -1.88, -0.5%): downgraded to Neutral from Buy at Citigroup
General Motors (GM 39.99, +0.69, +1.8%): beats by $0.05, beats on revs; raises FY23 EPS above consensus; raises FY23 adjusted EBIT guidance
3M (MMM 106.45, +2.18, +2.1%) beats by $0.44, beats on revs; raises FY23 EPS in-line
RTX (RTX 93.95, -3..06, -3.2%): beats by $0.11, beats on revs; guides FY23 EPS in-line, revs above consensus; lowers FY23 free cash flow
General Electric (GE 114.41, +4.16, +3.8%): beats by $0.22, beats on revs; raises FY23 EPS above consensus
Walmart (WMT 160.79, +1.49, +0.9%) upgraded to Overweight from Neutral at Piper Sandler
Whirlpool (WHR 150.29, -0.47, -0.3%): beats by $0.45, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
F5 Networks (FFIV 164.99, +14.78, +9.8%): beats by $0.35, reports revs in-line; guides Q4 EPS in-line, revs in-line
Dow (DOW 53.23, -0.32, -0.6%): beats by $0.05, beats on revs
GE HealthCare (GEHC 80.90, +0.27, +0.3%): beats by $0.05, reports revs in-line; raises FY23 EPS in-line
Verizon (VZ 34.98, +0.91, +2.7%): beats by $0.04, misses on revs; reaffirms FY23 EPS guidance, reaffirms total wireless service growth of 2.5-4.5%
Danaher (DHR 242.02, -15.96, -6.2%): beats by $0.04, reports revs in-line
Sherwin-Williams (SHW 282.00, +13.98, +5.2%): beats by $0.59, beats on revs; raises FY23 EPS above consensus, revs above consensus
Kimberly-Clark (KMB 138.52, +1.35, +2.0%): beats by $0.17, reports revs in-line; raises FY23 EPS in-line, raises organic sales growth guidance
Biogen (BIIB 280.23, +3.23, +1.2%): beats by $0.25, beats on revs; reaffirms FY23 EPS guidance
Corning (GLW 32.74, -0.45, -1.4%): reports EPS in-line, revs in-line; guides Q3 revs below consensus, earnings below consensus
PulteGroup (PHM 79.75, +1.22, +1.6%): beats by $0.69, beats on revs
Dover (DOV 145.00, -7.09, -4.7%): misses by $0.15, misses on revs; guides FY23 EPS in-line, revs in-line
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note with property names leading Hong Kong's Hang Seng (+4.3%) sharply higher after China's Politburo announced that macroeconomic adjustments will be stepped up, including additional support for the real estate sector. Japan's Nikkei: -0.1%, Hong Kong's Hang Seng: +4.3%, China's Shanghai Composite: +2.1%, India's Sensex: UNCH, South Korea's Kospi: +0.3%, Australia's ASX All Ordinaries: +0.5%
In economic data:
Japan's June BoJ Core CPI 3.0% yr/yr, as expected (last 3.1%)
South Korea's Q2 GDP 0.6% qtr/qtr (expected 0.5%; last 0.3%); 0.9% yr/yr (expected 0.8%; last 0.9%)
Hong Kong's June trade deficit HKD56.6 bln (expected deficit of HKD42.4 bln; last deficit of HKD26.4 bln). June Imports -12.3% m/m (expected -11.1%; last -16.7%) and Exports -11.4% m/m (expected -24.2%; last -15.6%)
In news:
Meanwhile, officials with China's National Development Reform Commission met with six manufacturers to seek their opinions.
The Bank of Japan is reportedly considering boosting its inflation target to 2.5%, though there are doubts that the momentum will persist.
Major European indices trade near their flat lines. STOXX Europe 600: +0.3%, Germany's DAX: +0.1%, U.K.'s FTSE 100: +0.1%, France's CAC 40: +0.2%, Italy's FTSE MIB: +0.1%, Spain's IBEX 35: -0.4%.
In economic data:
Germany's July ifo Business Climate Index 87.3 (expected 88.0; last 88.6). July Current Assessment 91.3 (expected 93.0; last 93.7) and Business Expectations 83.5 (expected 83.4; last 83.8)
U.K.'s July CBI Industrial Trends Orders -9 (expected -17; last -15)
In news:
The European Central Bank's latest banking survey showed corporate loan demand dropping to a record low, fueling speculation that the ECB could pause its rate hike campaign after this week's meeting. Economists from Germany's ifo Institute see a rising chance of another quarter of contraction, adding that it would be reasonable for the ECB to pause its hiking cycle.
Unilever beat Q2 expectations and raised its guidance, but also noted that inflation has peaked.
U.S. equity futures:
S&P 500 Futures: +4 @ 4,559
DJIA Futures: +12 @ 35,423
Nasdaq 100 Futures: +46 @ 15,494
Overseas:
Europe: DAX +0.1%, FTSE +0.1%, CAC +0.2%
Asia: Nikkei -0.1%, Hang Seng +4.3%, Shanghai Composite +2.1%
Commodities:
Crude Oil -0.02 @ 78.72
Nat Gas +0.036 @ 2.724
Gold -1.50 @ 1960.70
Silver +0.244 @ 24.825
Copper +0.0622 @ 3.9177
Earnings/Guidance:
3M (MMM) beats by $0.44, beats on revs; raises FY23 EPS in-line
Agilysys (AGYS) beats by $0.04, beats on revs; reaffirms FY24 revs guidance
AGNC Investment (AGNC) reports Q2 (Jun) results, posts net spread and dollar roll income per share of $0.67
Alaska Air (ALK) beats by $0.29, beats on revs; guides Q3 revs in-line; guides FY23 EPS in-line, revs in-line
Alexandria RE (ARE) beats by $0.05, beats on revs; guides FY23 FFO in-line
Anywhere Real Estate (HOUS) reports Q2 (Jun) results, beats on revs
Archer-Daniels (ADM) beats by $0.30, misses on revs
Armstrong World Industries (AWI) beats by $0.07, misses on revs; guides FY23 EPS above consensus, revs in-line; adds $500 mln to share buyback program
Asbury Automotive (ABG) beats by $0.71, misses on revs
Avery Dennison (AVY) misses by $0.13, misses on revs; guides Q3 EPS below consensus
Biogen (BIIB) beats by $0.25, beats on revs; reaffirms FY23 EPS guidance
Brown & Brown (BRO) beats by $0.08, beats on revs
Cadence Bank (CADE) misses by $0.04, misses on revs
Cadence Design (CDNS) beats by $0.04, reports revs in-line; guides FY23 EPS above consensus, revs in-line
Cathay Bancorp (CATY) beats by $0.15, net interest income decreased 5.7%
ChampionX (CHX) beats by $0.05, misses on revs; guides Q3 revs below consensus
Cleveland-Cliffs (CLF) misses by $0.01, beats on revs
Corning (GLW) reports EPS in-line, revs in-line; guides Q3 revs below consensus, earnings below consensus
Crown (CCK) beats by $0.05, misses on revs; guides Q3 EPS below consensus; lowers FY23 EPS guidance
Danaher (DHR) beats by $0.04, reports revs in-line
Dover (DOV) misses by $0.15, misses on revs; guides FY23 EPS in-line, revs in-line
Dow (DOW) beats by $0.05, beats on revs
F5 Networks (FFIV) beats by $0.35, reports revs in-line; guides Q4 EPS in-line, revs in-line
GE HealthCare (GEHC) beats by $0.05, reports revs in-line; raises FY23 EPS in-line
General Electric (GE) beats by $0.22, beats on revs; raises FY23 EPS above consensus
General Motors (GM) beats by $0.05, beats on revs; raises FY23 EPS above consensus; raises FY23 adjusted EBIT guidance
HealthStream (HSTM) beats by $0.04, reports revs in-line; reaffirms FY23 revs guidance
Herc Holdings (HRI) misses by $0.42, misses on revs
Hexcel (HXL) beats by $0.02, reports revs in-line; guides FY23 EPS below consensus, revs in-line
Hubbell (HUBB) beats by $0.35, reports revs in-line; guides FY23 EPS above consensus, raises revs in-line
Immuron (IMRN) announces first patients enrolled in Travelan clinical study
Independent Bank Group (IBTX) misses by $0.06, misses on revs
Inter Parfums (IPAR) guides Q2 revs above consensus, driven by robust growth across European and United States based product sales; lifts FY23 revenue outlook
Invesco (IVZ) misses by $0.09, misses on revs
Iridium Communications (IRDM) misses by $0.28, misses on revs
Kimberly-Clark (KMB) beats by $0.17, reports revs in-line; raises FY23 EPS in-line, raises organic sales growth guidance
Life Time (LTH) misses by $0.02, reports revs in-line; guides Q3 revs below consensus; guides FY23 revs in-line, raises adj. EBITDA guidance
Logitech Int'l SA (LOGI) beats by $0.20, beats on revs; guides FY24 revs below consensus
Medpace (MEDP) reports Q2 (Jun) results, beats on revs; guides FY23 revs above consensus
Moody's (MCO) beats by $0.05, beats on revs; raises FY23 EPS guidance
MSCI (MSCI) beats by $0.15, beats on revs; declares cash dividend of $1.38 for third quarter
NextGen Healthcare (NXGN) beats by $0.02, beats on revs; reaffirms FY24 EPS guidance, raises FY24 revenue guidance
Nucor (NUE) beats by $0.28, misses on revs; guides Q3 EPS in-line
NXP Semi (NXPI) beats by $0.15, beats on revs; guides Q3 EPS and revs mostly above consensus
ONEOK's (OKE) Pierce Manufacturing awarded $890 mln U.S. Defense Logistics Agency contract
Packaging Corp (PKG) beats by $0.38, misses on revs; guides Q3 EPS below consensus
PJT Partners (PJT) beats by $0.38, beats on revs
Polaris Industries (PII) beats by $0.21, beats on revs; raises FY23 EPS above consensus, revs above consensus
PulteGroup (PHM) beats by $0.69, beats on revs
Range Resources (RRC) beats by $0.08, beats on revs
Resources Connection (RGP) beats by $0.07, beats on revs
RLI Corp (RLI) misses by $0.03
RTX (RTX) beats by $0.11, beats on revs; guides FY23 EPS in-line, revs above consensus
Sandy Spring Banc (SASR) misses by $0.06
Sasol provides FY23 sales and production update
Selective Insurance (SIGI) guides Q2 EPS below consensus
Sensata Tech (ST) beats by $0.02, beats on revs; guides Q3 EPS below consensus, revs mostly below consensus
Sherwin-Williams (SHW) beats by $0.59, beats on revs; raises FY23 EPS above consensus, revs above consensus
Simpson Manufacturing (SSD) beats by $0.44, beats on revs
SITE Centers (SITC) beats by $0.01, reports revs in-line; guides FY23 FFO in-line
Southside Banc (SBSI) beats by $0.12
Spotify (SPOT) misses by EUR 0.63, revs inline, guides Q3 revenue below consensus
TotalEnergies SE (TTE) fully acquires Total Eren
TransUnion (TRU) beats by $0.03, beats on revs; guides Q3 EPS below consensus, revs in-line; reaffirms FY23 EPS guidance, revs guidance
TrueBlue (TBI) misses by $0.06, misses on revs; guides Q3 revs below consensus
Unilever PLC (UL) reports H1 results; beats on revs
Verizon (VZ) beats by $0.04, misses on revs; reaffirms FY23 EPS guidance, reaffirms total wireless service growth of 2.5-4.5%
Vertex Energy (VTNR) provides operational update for second quarter 2023
Volaris Aviation (VLRS) misses by $0.23; misses on revs; reaffirms FY23 revs
Whirlpool (WHR) beats by $0.45, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance
WSFS Financial (WSFS) beats by $0.06, beats on revs
Xerox (XRX) beats by $0.12, reports revs in-line
Zurn Elkay Water Solutions (ZWS) misses by $0.03, beats on revs; guides Q2 revs in-line; guides FY24 revs below consensus
News:
China plans to keep lowering interest rates and loosen more property policies, according to Bloomberg
FDIC sent warning letter to banks regarding deposit data, according to the Wall Street Journal
TikTok to introduce e-commerce business in US to sell goods that were made in China, according to the Wall Street Journal
AbbVie (ABBV): Health Canada approves AbbVie's RINVOQ for the treatment of adults with moderately to severely active ulcerative colitis
AbCellera (ABCL) announces that the U.S. patent trial and appeal board has denied berkeley lights' request for rehearing
Apple (AAPL): UK application developers file $1 bln lawsuit against Apple, according to Reuters
Astellas Pharma (ALPMY) and PeptiDream announce a research collaboration and license agreement to discover novel protein degraders for two targets selected by Astellas
Bank of America (BAC) and Huntington National Bank (HBAN) had among the biggest revisions to their uninsured deposit figures, according to Wall Street Journal
Boston Beer Co (SAM) names Diego Reynoso as its CFO and Treasurer, effective September 5
CF Industries (CF): CF Fertilisers UK Limited announces a proposal to permanently close the ammonia plant at its Billingham Complex in order to secure the long-term sustainability of its business in the United Kingdom and more efficiently serve its customers in the country
COMPASS Pathways (CMPS) reports first clinical study results of psilocybin treatment in anorexia nervosa published in Nature Medicine
Crown Castle (CCI) announces restructuring plan to reduce costs; includes reduction in headcount of approx. 15%
Gilead Sciences reports twice-yearly Lenacapavir demonstrates sustained impact on health-related quality of life in people with HIV
Hess Midstream Partners (HESM) increases quarterly distribution to $0.6011/share from $0.5851/ $0.6011 per Class A share
HSBC Holdings (HSBC): UK CMA takes action against HSBC for breaching Part 5 of the Retail Banking Order
Huntington Ingalls (HII) awarded $528 mln U.S. Navy contract; awarded $528.4 mln aircraft carrier maintenance contract
Larimar Therapeutics (LRMR) receives FDA clearance to proceed to 50 mg cohort in CTI-1601's Phase 2 Friedreich's Ataxia trial and to initiate open label extension trial
MasterCraft (MCFT) authorizes new $50 million share repurchase authorization
Modine Manufacturing (MOD) announced that it has been selected as the thermal management supplier for a new Komatsu excavator
Stoke Therapeutics (STOK) Announces Positive New Safety & Efficacy Data from Patients Treated with STK-001 in the Phase 1/2a Studies (MONARCH & ADMIRAL) and the SWALLOWTAIL Open-Label Extension (OLE) Study in Children and Adolescents with Dravet Syndrome
Tarsus Pharmaceuticals (TARS): FDA Approves XDEMVY (lotilaner ophthalmic solution) 0.25% for the treatment of Demodex blepharitis
M&A:
Apollo Global Management (APO): BC Partners agree to sell minority stake in PetSmart to the company, according to Bloomberg
Atlantic Union Bankshares (AUB) and American National Bankshares (AMNB) have entered into a definitive merger agreement for Atlantic Union to acquire American National in an all-stock transaction (
CareDx (CDNA) announces the acquisition of MediGO; financial terms were not disclosed
Chubb (CB) aiming to take 49% stake in Kotak General Insurance, according to Reuters
Eli Lilly (LLY) announces the extension of the expiration of the tender offer to acquire all of the issued and outstanding shares of common stock of DICE Therapeutics (DICE), for a purchase price of $48/share in cash
'Eni S.p.A. (E) acquires Chevron's (CVX) Assets in Indonesia
Fortress (FIG): US officials are looking at Abu Dhabi sovereign wealth fund's planned merger with Fortress, according to Financial Times
Syndicate:
SoundHound AI (SOUN) files $400 mln mixed shelf securities offering
Viridian Therapeutics (VRDN) files for 243,902 shares of common stock by selling shareholders
IPOs:
Expected to Price:
Surf Air Mobility (NYSE: SRFM): The provider of a regional air travel mobility platform that shows schedules and charter flights run by third parties is offering 23.6 M shares through a direct listing.
Gapping Up/Down
Gapping up:
FFIV +10.2%, LOGI +6.2%, HSTM +5.4%, ZWS+5%, UL +5%, MCFT +4.4%, IPAR +3.9%, SSL +3.1%, RGP +3%, NIO +2.9%, BRO +2.6%, VLRS +2%, APE +1.7%, CATY +1.6%, NXPI+1.5%, MDC +1%, NXGN +1%
Gapping down:
TBI -12.6%, SOUN -7.5%, AMC -6.5%, DHR-5.4%, CDNS -4.4%, ALK -4.2%, IBTX -2.5%, CMPS -2.4%, CCK -2.2%, HXL -2.1%, AGYS-1.9%, AGNC -1.6%, NWE -1.4%, MEDP-1.2%, WHR -1%, DLR -0.9%, VRDN -0.9%, CHX -0.7%, PKG -0.5%, PII -0.5%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Adidas AG (ADDYY) upgraded to Buy from Hold at Societe Generale
Adidas AG (ADDYY) upgraded to Outperform from Neutral at Exane BNP Paribas
Datadog (DDOG) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $140
Fortum Oyj (FOJCY) upgraded to Buy from Hold at Berenberg
Huntington Banc (HBAN) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $13
KBC Group SA (KBCSY) upgraded to Buy from Hold at Deutsche Bank
Meta Platforms (META) upgraded to Buy from Neutral at New Street; tgt $350
Walmart (WMT) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $210
Zscaler (ZS) upgraded to Buy from Neutral at BTIG Research; tgt $185
Downgrades:
Avanos Medical (AVNS) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
Bank of Hawaii (BOH) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt $47
CI&T Inc (CINT) downgraded to Neutral from Buy at Citigroup; tgt raised to $7
Corteva (CTVA) downgraded to Neutral from Buy at Redburn
Goldman Sachs (GS) downgraded to Neutral from Buy at Citigroup; tgt raised to $400
Inditex (IDEXY) downgraded to Neutral from Outperform at Exane BNP Paribas
Kodiak Sciences (KOD) downgraded to Underweight from Neutral at JP Morgan
MainStreet Bancshares (MNSB) downgraded to Equal-Weight from Overweight at Stephens; tgt $24
NIKE (NKE) downgraded to Underperform from Neutral at Exane BNP Paribas
Progressive (PGR) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $114
Rackspace Technology (RXT) downgraded to Sell from Neutral at Citigroup; tgt raised to $1.50
Sprouts Farmers Market (SFM) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $42
TC Energy (TRP) downgraded to Neutral from Sector Outperform at CIBC
Tractor Supply (TSCO) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $226
Vermilion Energy (VET) downgraded to Hold from Buy at Desjardins
Zevia PBC (ZVIA) downgraded to Neutral from Buy at Goldman; tgt lowered to $3
Walt Disney (DIS) downgraded to Underweight from Neutral at Atlantic Equities; tgt lowered to $76
Others:
dLocal Limited (DLO) initiated with a Positive at Susquehanna; tgt $18.50
Electronic Arts (EA) initiated with a Hold at HSBC Securities; tgt $128
Emerald Holding (EEX) initiated with a Buy at Rosenblatt; tgt $7.20
Endava (DAVA) placed on negative catalyst watch at Citigroup; tgt lowered to $63
EPAM Systems (EPAM) placed on negative catalyst watch at Citigroup; tgt raised to $240
Fidelis Insurance Holdings Limited (FIHL) initiated with a Market Perform at BMO Capital Markets; tgt $15
Fluence (FLNC) initiated with a Neutral at ROTH MKM; tgt $31
Howmet Aerospace (HWM) initiated with an Outperform at Robert W. Baird; tgt $61
Incyte (INCY) initiated with a Buy at Citigroup; tgt $82
JD.com(JD) named Research Tactical Idea at Morgan Stanley; tgt $60
Kenvue (KVUE) initiated with a Buy at Edward Jones
lululemon athletica (LULU) assumed with an Overweight at KeyBanc Capital Markets; tgt $425
MAC Limited (MTAL) initiated with a Buy at Canaccord Genuity; tgt $13
Mobileye Global (MBLY) resumed with an Equal-Weight at Morgan Stanley; tgt $34
NIKE (NKE) assumed with a Sector Weight at KeyBanc Capital Markets
On (ONON) initiated with an Overweight at KeyBanc Capital Markets; tgt $42
Playtika (PLTK) initiated with a Buy at HSBC Securities; tgt $15.80
ProKidney Corp. (PROK) initiated with a Buy at BTIG Research; tgt $16
Shift4 Payments (FOUR) initiated with a Buy at Mizuho; tgt $80
Sprinklr (CXM) initiated with a Buy at DA Davidson; tgt $17
Take-Two (TTWO) initiated with a Buy at HSBC Securities; tgt $170
Warner Music Group (WMG) initiated with an Outperform at TD Cowen; tgt $38
Watsco (WSO) initiated with a Neutral at Mizuho; tgt $360
Wix.com(WIX) placed on 90-day upside catalyst watch at Citigroup; tgt $120
Econ Data:
09:00 ET: FHFA Housing Price Index for May (Briefing.comConsensus NA; Prior 0.7%)
09:00 ET: S&P Case-Shiller Home Price Index for May (Briefing.comConsensus -1.9%; Prior -1.7%)
10:00 ET: Consumer Confidence for July (Briefing.comConsensus 111.5; Prior 109.7)
Earnings:
Monday (Jul 24)
Morning: BOH DPZ HOPE PHG
Afternoon: AGYS AGNC ARE BRO CADE CDNS CATY CHX CLF CCK FFIV HSTM HXL IBTX LOGI MEDP NXGN NWE NXPI PKG RRC RGP RLI SSD TBI WHR WSFS
Tuesday (Jul 25)
Morning: MMM ALK ACI HOUS ADM ARCC AWI ABG AUB AVY BKU BIIB GLW CTS DHR DOV DOW FELE GATX GEHC GE GM HRI HUBB IVZ IRDM KMB LW LTH MCO MSCI NEE NEP NUE NVR ONB PCAR PJT PII PHM RTX SASR ST SHW SFNC SITC SBSI SPOT TRU VZ XRX
Afternoon: GOOG ASH ATRC BANC BDN CALM CNI CB CSGP CR EGP WIRE ENVA EQT EEFT FCF HA HIW KALU LXFR MANH MTDR MMSI MSFT NEX PACW PRO RNR RNST ROIC RHI SNAP TDOC TENB TXN TRMK UMBF UHS VBTX VICR V WM WSBC
Wednesday (Jul 26)
Morning: AMG ALKS ALLE APH T ADP BXMT BA BOKF GIB CHKP CME KO CSTM EVR FI FTV GD GPI HCSG HES HLT LAD LIVN MNRO COOP NAVI EDU ODFL OMF OTIS OC PAG BPOP PRG PB DGX RCI RES RPM R SLGN SLAB SCL TMHC TEL TDY TMO TLRY TSEM TNL UNP UMC VIRT WNC
Afternoon: AEM AGI AIN ALGN AWK AMP NLY AM AR ACGL ASGN AGR CSL CLS CCS CHE CMG CHDN FIX CNMD CLB CVBF EBAY EW ESI EIG ENVX EQC EG EVTC FIBK FLEX FTAI GFL GL GSHD GGG HP ICLR IEX IMAX PI INVH LHX LRCX LSTR LC MAT MXL META MEOH MAA MC MOH MYRG NTGR NXT NOV ORLY OII CASH PTEN PEGA PDM PPC PLXS PTC QS RJF ROL SLM STX SEIC NOW STAG STC SUI NOVA TER TNET TROX TYL UDR URI VMI VICI VKTX VSTO WU WH
Thursday (Jul 27)
Morning: AOS ABBV AGCO AEP AMT MT ARCH AMBP ATHM AVNT BCS BAX BSX BFH BMY BC CRS CARR CBZ CBRE CVE CNP CMS CNX CMCSA CROX CFR DTE EXP EME EXLS XPRO FSS FAF FBP FCFS FSV FCN GWW HEES HOG HCA HSY HTZ HON INMD IP ITGR IART KBR KDP KIM KEX LH LAZ TREE LII LECO LIN LKQ HZO MLM MAS MA MCD MDC MBLY NEOG NTCT NYCB NSC NOC NVCR OTLY OIS OPCH OSTK PPBI PATK BTU PNR PRFT PCG PDS PRCT RS RCL SPGI SAH LUV SRCL STM STRA FTI TECK TXT SHYF TSCO TW TPH TRS VLO VLY WAB WST WEX WTW XEL
Afternoon: ACHC AB ALSN AMH ABCB APPF ATR AJG AXNX AX BZH BJRI SAM BYD CP CWST CC CINF OFC COUR CUZ DECK DXCM DLR EMN EIX ENPH EQR ESS EXPO FHI FSLR F FBIN GLPI HIG PEAK HUBG HURN INTC JNPR KNSL KLAC LYV LPLA LTC MGRC MTH MTD MTX MHK MDLZ NATI OLN PEB PFSI PFG PFS ROKU SIMO SKX SKYW SNBR SSB SPSC SSNC SG TMUS TXRH SLCA X UCTT VRSN WY
Friday (Jul 28)
Morning: AON ARCB AZN AVTR B BAH CNC GTLS CHTR CVX CHD CNHI CL DAN XOM FHB BEN GNTX IMO MOG.A NWL NMRK NVT PIPR POR PG SAIA SNY STEL STVN TROW TRP WPC WT
Asia & Europe detail:
Asia: Nikkei -0.1%, Hang Seng +4.3%, Shanghai Composite +2.1%
Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note with property names leading Hong Kong's Hang Seng (+4.3%) sharply higher after China's Politburo announced that macroeconomic adjustments will be stepped up, including additional support for the real estate sector. Meanwhile, officials with China's National Development Reform Commission met with six manufacturers to seek their opinions. The Bank of Japan is reportedly considering boosting its inflation target to 2.5%, though there are doubts that the momentum will persist.
In economic data:
Japan's June BoJ Core CPI 3.0% yr/yr, as expected (last 3.1%)
South Korea's Q2 GDP 0.6% qtr/qtr (expected 0.5%; last 0.3%); 0.9% yr/yr (expected 0.8%; last 0.9%)
Hong Kong's June trade deficit HKD56.6 bln (expected deficit of HKD42.4 bln; last deficit of HKD26.4 bln). June Imports -12.3% m/m (expected -11.1%; last -16.7%) and Exports -11.4% m/m (expected -24.2%; last -15.6%)
---Equity Markets---
Japan's Nikkei: -0.1%
Hong Kong's Hang Seng: +4.3%
China's Shanghai Composite: +2.1%
India's Sensex: UNCH
South Korea's Kospi: +0.3%
Australia's ASX All Ordinaries: +0.5%
---FX---
USD/JPY: UNCH at 141.43
USD/CNH: -0.5% to 7.1443
USD/INR: +0.1% to 81.87
Europe: DAX +0.1%, FTSE +0.1%, CAC +0.2%
Major European indices trade near their flat lines. The European Central Bank's latest banking survey showed corporate loan demand dropping to a record low, fueling speculation that the ECB could pause its rate hike campaign after this week's meeting. Economists from Germany's ifo Institute see a rising chance of another quarter of contraction, adding that it would be reasonable for the ECB to pause its hiking cycle. Unilever beat Q2 expectations and raised its guidance, but also noted that inflation has peaked.
In economic data:
Germany's July ifo Business Climate Index 87.3 (expected 88.0; last 88.6). July Current Assessment 91.3 (expected 93.0; last 93.7) and Business Expectations 83.5 (expected 83.4; last 83.8)
U.K.'s July CBI Industrial Trends Orders -9 (expected -17; last -15)
---Equity Markets---
STOXX Europe 600: +0.3%
Germany's DAX: +0.1%
U.K.'s FTSE 100: +0.1%
France's CAC 40: +0.2%
Italy's FTSE MIB: +0.1%
Spain's IBEX 35: -0.4%
---FX---
EUR/USD: -0.2% to 1.1040
GBP/USD: +0.1% to 1.2834
USD/CHF: UNCH at 0.8695
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