Stocks fell Thursday after elevated US inflation bolstered the case for aggressive monetary tightening and sparked a slide on Wall Street. An Asian share gauge lost about 1%, European futures retreated and US contracts made modest gains. The S&P 500 Wednesday hit the lowest since March 2021 and the technology-heavy Nasdaq 100 shed about 3%.
The Treasury curve has flattened on concerns that Federal Reserve monetary tightening will trigger an economic slowdown. The 10-year US yield slipped to 2.90%, the dollar was firm and oil dipped. Hong Kong intervened to defend its currency for the first time since 2019. Digital tokens stabilized from a plunge a day earlier, victims of ebbing liquidity and evaporating demand for speculative assets. Bitcoin is down 17% this week. US inflation moderated but topped expectations at 8.3%, signaling persistent price pressures. Traders raised bets the Fed will roll out another half-point interest-rate hike in September following similar increases in June and July. Russia’s war in Ukraine and China’s Covid lockdowns are creating shortages and stoking costs. Fed officials appear to be sticking with their approach of raising rates by a half point at each of their next two meetings. But Fed Bank of Atlanta President Raphael Bostic said he’s open to boosting borrowing costs to restrict economic growth if inflation persists at elevated levels. US After Hours DIS -2.3% lower on earnings; APP +23.2%, BMBL +10.7%, SONO +9.6%, ZIP +9.2%, RIVN +8.3% higher on earnings; BROS -33.3%, BYND -21.8% sharply lower on earnings; ABC -6.4% falls as WBA reduces stake
Nikkei -1.77% Hang Seng -2.06% CSI -0.77% Shanghai -0.55% Shenzen -0.39%
Eur$ 1.0492 CNH 6.8011 CNY 6.7685 JPY 129.43 GBP 1.2189 CHF 0.9961 RUB 66.4401 TRY 15.3490 WTI$ 104.16 -1.49% Gold 1,850.15 -0.05% BTC 26,900 -5.5% ETH 1,840 -9.5%
S&P -0.12% Nasdaq -0.03% EuroStoxx -1.96% FTSE -1.45% Dax -1.82% SMI -0.95%
Macro :
- Draghi: Most Gas Importers Have Opened Ruble Accounts
Keep an eye on :
- 1U! GY : 1&1 1Q Ebitda EU187.1M Vs. EU167.9M Y/y
- AGN NA : Aegon 1Q Net Income EU385M Vs. EU383M Y/y
- ALV GY : Allianz 1Q 3rd Party Net Inflows AllianzGI EU5B Vs. EU9.5B Q/Q
- ALO FP : Alstom to Cut 900-1,300 Jobs in Germany, 150 in Switzerland
- AR4 GY : Aurelius 1Q Oper Ebitda EU49.7M Vs. EU55.7M Y/y
- AUTO NO : Autostore 1Q Adjusted Ebitda Beats Estimates
- B2H NO : B2Holding 1Q Net Income Misses Estimates
- BC8 GY : Bechtle Confirms Forecast Despite Supply Chain, War Uncertainty
- BEN FP : Beneteau 1Q Revenue EU317M Vs. EU286.5M Y/y
- EN FP : Bouygues 1Q Current Operating Loss EU77M, Est. Loss EU91.6M
- CRI FP : Chargeurs 1Q Revenue EU203.5M Vs. EU180.8M Y/y
- CNP FP : CNP Assurances 1Q Net Income EU316M Vs. EU308M Y/y
- CBK GY : Commerzbank 1Q Operating Profit Beats Estimates
- DTG GY : Daimler Truck NA, Cummins to Pact on Hydrogen Fuel Cell Trucks
- DNK NO : DNO 1Q Revenue Beats Estimates
- EUZ GY : Eckert & Ziegler Maintains FY Net Income Forecast
- ECV GY : Encavis 1Q Oper Ebitda EU64.4M Vs. EU39.3M Y/y
- EURN BB : Euronav 1Q Net Revenue Misses Estimates
- FRA GY : Fraport April Frankfurt Airport Passengers 4.0M Vs. 2.9M M/M
- GALP PL : Galp to Start Its EU150m Share Buyback Program on May 12
- GENL LN : Genel Energy Pumped 30,520 B/D in 1Q, Confirms 2022 Guidance
- GFT GY : GFT Boosts FY Revenue Forecast
- GLJ GY : Grenke 1Q Net Income EU20.5M Vs. EU14.0M Y/y
- HHFA GY : Hamburger Hafen 1Q Ebit Margin 13.9% Vs. 13.3% Y/y
- HEI GY : HeidelbergCement 1Q Oper Ebitda Meets Estimates
- HEX NO : Hexagon Composites 1Q Ebitda Loss NOK9M
- INS GY : Instone Real Estate 1Q Adj Rev EU118.5M Vs. EU128.1M Y/y
- KBC BB : KBC Group 1Q Net Income Beats Estimates
- KBX GY : Knorr-Bremse 1Q Ebitda Meets Estimates
- KOJAMO FH : Kojamo 1Q Adjusted Ebitda Meets Estimates
- KWS GY : KWS Saat Sees FY Net Sales +10%, Saw +6% to +8%
- DRLCO DC : Maersk Drilling 1Q Revenue Misses Estimates
- MRK GY : Merck KGaA 1Q Adjusted Ebitda Matches Estimates
- B4B GY : Metro 2Q Sales Beats Estimates
- MLP GY : MLP Maintains FY Ebit Forecast
- MONT BB : Montea Boosts FY Adjusted EPS Forecast, Beats Estimates
- NXR LN : Norcros Agrees to Buy Granfit Holdings for Ent. Value of £80M
- OCI NA : OCI 1Q Revenue Beats Estimates
- ONTX BB : Ontex Net Debt/Ebitda 5.7 Times Vs. 3.86 Y/y
- PHARM NA : Pharming 1Q Revenue $46.6M Vs. $43.6M Y/y
- PST IM : Poste Italiane 1Q Operating Profit Beats Estimates
- PSM GY : ProSieben 1Q Sales Meets Estimates
- RENEW SS : Re:NewCell Files for 3.09m Shares ATM Offering
- ROG SW : Roche Forms Alliance to Fight TB, HIV in Low-Income Countries
- RWE GY : RWE 1Q Adjusted Ebitda EU1.46B Vs. EU883M Y/y
- SALM NO : Salmar 1Q Operating Ebit Misses Estimates
- SZG GY : Salzgitter Maintains FY Pretax Profit Forecast
- SBMO NA : SBM Offshore 1Q Adjusted Revenue $970M Vs. $536M Y/y
- SIE GY : Siemens to Wind Down Russia Business; Books EU0.6B Charge in 2Q
- SIFG NA : SIF 1Q Adjusted Ebitda EU9.6M Vs. EU8.6M Y/y
- SIX2 GY : Sixt 1Q Pretax Profit EU93.5M Vs. Loss EU13.7M Y/y
- SRBNK NO : SR-Bank Raised to Buy at SEB Equities; PT 138 kroner
- STM FP : STMicro Sees More Than $20b Revenue in FY 2025-27 Plan
- SAX GY : Stroeer 1Q Adjusted Ebitda EU94.6M Vs. EU73.5M Y/y
- SYAB GY : Synlab Sees FY Revenue EU3.1B, Saw About EU3B
- TEF SM : Telefonica 1Q Oibda Beats Estimates
- TGS NO : TGS 1Q Ebitda $101M
- TOD IM : Tod's 1Q Sales Beats Estimates
- UBI FP : Ubisoft Misses on Profit Forecast as Covid Weighs on Production
- UBI FP : Ubisoft CEO: ‘We Have Everything We Need to Remain Independent’
- UBI FP : Guillemot Brothers, Bank Extend Ubisoft Share Agreement to 2024
- UTDI GY : United Internet 1Q Sales Meets Estimates
- VAR1 GY : Varta 1Q Adjusted Ebitda EU38.1M Vs. EU59.9M Y/y
- VIE FP : Veolia Maintains FY Organic Ebitda Forecast
- VIE FP : Veolia Profit Rises on Gains From Suez Acquisition, Cost Cuts
- VOD LN ; Vodafone in Talks to Merge UK ARM With CK Hutchison’s Three: FT
- VOW GY : VW Revives Dormant Scout Brand With EV Models for US Growth
- WIE AV : Wienerberger 1Q Revenue Meets Est., Sees Further Demand Growth
- FHZN SW : Zurich Airport April Passenger Traffic +465%
- ZURN SW : Zurich Ins. 1Q Life Annual Premium Equivalent $996M