US equity futures, Treasuries and the dollar traded in narrow ranges Wednesday after limited progress on debt-ceiling talks in Washington and as investors awaited a key inflation report. Contracts for the S&P 500 and Nasdaq 100 were little changed in Asia after the indexes fell 0.5% and 0.7%, respectively, on Tuesday. Policy-sensitive two-year Treasury yields edged up to 4.05% while rates on the 10-year tenor were little changed at 3.52%. An index of dollar strength was steady. A gauge of Asian equities retreated about 0.6%, putting it on course for the biggest loss in more than two weeks. Stocks in Shanghai saw some of the biggest falls amid selling of state-owned enterprises after recent gains. Toyota Motor Corp. rose in Tokyo, helping trim some of the declines in Japan after the carmaker announced a share buyback. US indexes have been stuck in narrow ranges as investors weigh the potential end of the Federal Reserve’s interest rate hikes against the possibility of an economic slowdown. It’s a similar story for shares globally, which have largely moved sideways for more than a month, as measured by the MSCI World Index. Traders remain on guard to risks from the standoff in US debt talks. President Joe Biden and congressional Republicans made little tangible progress Tuesday toward averting a first-ever US default. They pledged negotiations on spending that would open the door to a possible agreement, with Biden and House Speaker Kevin McCarthy to meet on Friday. While impact of the debt talks has been relatively mild Wednesday, it casts a long shadow over markets. Some of Wall Street’s most experienced traders have warned of “unthinkable” long-term damage of a US default. Yields on Treasury bills for early June led a rise among rates on short-term securities as both Biden and McCarthy disavowed a short-term extension of the debt limit. The Treasury has also cut the size of four- and eight-week auctions as it reduces sale for these kinds of securities amid the impasse. The US inflation report to come later Wednesday is expected to show headline CPI rose by 5% in April on a year-on-year basis, indicating that price pressures are still uncomfortably high for the Fed.
New York Fed chief John Williams said the central bank is data dependent, and left the door open on the odds of a Fed pause. Swaps suggest traders are expecting at least 50 basis points in cuts by the end of 2023. Williams said he’s focused on signs of a credit crunch. Oil snapped a three-day rally, which had extended after the Biden administration announced plans to replenish strategic reserves. Gold edged lower and Bitcoin traded below $28,000. US After Hours Busy earnings session, headlined by ABNB -11.2%; UPST +42%, CARG +10.5%, IAC +9.8%, RNG +9.5% higher on earnings; JXN -18.3%, CUTR -17.8%, TWLO -13.8% lower on earnings; SYNH +17% higher on Bloomberg report of PE interest.
Nikkei -0.40% Hang Seng -0.71% CSI -0.87% Shanghai -1.38% Shenzen +0.11%
Eur$ 1.0964 CNH 6.9340 CNY 6.9302 JPY 135.32 GBP 1.2617 CHF 0.8905 RUB 77.9325 TRY 19.5250 WTI$ 73.17 -0.72% Gold 2,28 -0.29% BTC 27,2268 +0.02% ETH 1,844 -0.30%
S&P +0.03% Nasdaq -0.01% EuroStoxx +0.07% FTSE +0.08% Dax +0.04% SMI +0.07%
Macro :
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Keep an eye on :
Keep an eye on :
- ABN NA : ABN AMRO 1Q Profit Beats Estimates
- AD NA : Ahold Delhaize 1Q Adjusted Operating Margin Beats Estimates
- AIR FP : Boeing’s CEO Is Confident 737 Deliveries in China to Resume Soon
- ALFEN NA : Alfen Targets Mid-Term Adj. Ebitda Margin of 15%-20% (May 9)
- ALO FP : Alstom FY Adjusted Ebit Misses Estimates
- AMUN FP : La Banque Postale to Grow in Asset Management, CIB, CEO Says
- AML LN : Aston Martin Insurance Still Similar to Skoda; UK Prices Weak
- BEKB BB : Bekaert 1Q Revenue EU1.19B Vs. EU1.22B Y/y
- BPER IM : BPER Banca 1Q Net Income EU290.7M Vs. EU112.7M Y/y
- BNT GY : Brenntag 1Q Oper Ebitda Beats Estimates
- ACA FP : Credit Agricole 1Q Net Income EU1.23B Vs. EU571M Y/y
- DUFN SW : Dufry AG 1Q Organic Revenue +51.5% Vs. +144.5% Y/y
- EOAN GY : E.On Sees FY Guidance Ranges at Upper End
- ENX FP : Euronext April Total Cash Market Transaction Value M/M -36%
- FCT IM : Fincantieri 1Q Revenue EU1.76B Vs. EU1.68B Y/y
- GAM SW : Niel Group Asks for Removal of Condition From Liontrust GAM Bid
- GLEN LN : Mining Boss Lassonde Says He Still Hopes to Buy Teck Coal Assets
- IOS GY : Ionos Confirms 2023 Guidance
- LXS GY : Lanxess Sees FY Adjusted Ebitda EU850M to EU950M, Est. EU903.5M
- LEG GY : LEG Immobilien 1Q Adjusted Ebitda Beats Estimates
- LONN SW : Lonza Reiterates 2023 Outlook With Core EBITDA Margin of 30%-31%
- MRO LN : Melrose to Reposition as Pure-Play Aerospace Company: Sky
- MBTN SW : Meyer Burger Technology Launches ~€230M Green Convertible Bond
- MOWI NO : Mowi Sees 2Q Harvest 104,500 Metric Tons
- NHH SM : Regulator Keeps NH Hotel Trading Suspension Pending More Detail
- ROTH FP : Rothschild & Co 1Q Revenue EU606.2M Vs. EU675.3M Y/y
- ROTH FP : Rothschild & Co 1Q Revenue EU606.2M Vs. EU675.3M Y/y
- SHL GY : Siemens Healthineers 2Q Adj. Ebit Misses Estimates
- SHUR BB : Shurgard Self Storage Ltd 1Q Ebitda EU44.4M Vs. EU41.3M Y/y
- SOBI SS : Sobi to Acquire CTI Biopharma for $9.10 Per Share in Cash
- SOW GY : *BAIN'S ROCKET INCREASES SOFTWARE AG BID TO AT LEAST €34/SHARE
- STB NO : Storebrand 1Q Solvency II Misses Estimates
- O2D GY : Telefonica Deutschland 1Q Adjusted Oibda Meets Estimates