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Rise and shine everyone
It’s Fed day. We have to wait until 2pm ET for the rate decision. The press conference starts at 2:30pm and we’ll be sure to keep an eye out for what Powell says about the current financial conditions and the Summary of Economic Projections.
Mayhem and I will be on the Crudele show at 4pm ET talking about the Fed press conference. Catch the link on our Twitter pages.
A few earnings for today - Petco and Ollie’s Bargain Outlet before the open; Chewy and KB Homes after market close.
Asia and Australia
Asian markets higher overnight with Japan a standout, up nearly 2%, while Hong Kong jumped over 1.5% and South Korea added over 1%.
Economists expect Australian GDP growth will slow from 2.4% y/y in Q1 to 1% in Q4 2023
Citadel Securities ramps up China presence when others cut costs
Biden administration to stunt growth in China for chipmakers getting US funds
Tencent reports first annual revenue drop
Europe, Middle East, Africa
European markets narrowly mixed. ECB President Lagarde spoke this morning reassuring everyone that there is no trade off between price and financial stability. She reconfirmed having sufficient liquidity for the markets.
Inflation in the UK reaccelerated to to 10.4% in Feb from 10.1% in Jan. The BoE is expected to raise rates again tomorrow.
Moody's report said none of Europe's 11 remaining mega-banks show credit profile weakness of Credit Suisse
UBS offers to buy back some of its own bail-in notes
The Americas
US equities slightly higher again this morning after a bullish move yesterday. Gold is off it’s high and took quite the tumble yesterday. The dollar is weaker this morning and WTI Crude has also come off slightly off it’s highs by about 0.3%. BTC remains elevated.
Companies piled into the US investment-grade bond market Tuesday ahead of the Federal Reserve’s next interest rate decision, after the market was shuttered for a week as banking turmoil swept the US and Europe.
Nike earnings beat out expectations on the top and bottom line. Margins dropped more than expected by -330bps vs. their guidance of -250bps. North American revenue beat expectations but China came in soft. Inventory decreased to $8.9B from $9.3B last Quarter.
First Republic says it could downsize if it fails to raise capital
Marvell Technology to cut 320 jobs
Calendar
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