Int'l - 2/24/21

 Int'l Update - Date mostly from Briefing.com with some adds. Indices as of 8 am.

Never thought about the fact that Japanese government is sitting on big gains in its ETF purchases.

Asia

Equity indices in the Asia-Pacific region ended the midweek session on a lower note outside of India which finished up strongly. Japan's Nikkei: -1.6% Hong Kong's Hang Seng: -3.0% China's Shanghai Composite: -2.0% India's Sensex: +2.1% South Korea's Kospi: -2.5% Australia's ASX All Ordinaries: -0.9%.

In economic data: 

- Japan's January BoJ Core CPI -0.3% yr/yr (last -0.3%)

- South Korea's March Manufacturing BSI Index 83 (last 84)

- Australia's Q4 Construction Work Done -0.9% qtr/qtr (expected 1.0%; last -2.6%). Q4 Wage Price Index 0.6% qtr/qtr (expected 0.3%; last 0.1%); 1.4% yr/yr (expected 1.1%; last 1.4%)

- Hong Kong's Q3 GDP 0.2% qtr/qtr, as expected (last 2.8%); -3.0% yr/yr, as expected (last -3.5%)

In news: Japan's Finance Minister Aso said that additional fiscal stimulus is not being considered at this time. Japan’s Suga: To Decide Fri. Whether To End Virus Emergency. BoJ’s Kuroda: Premature To Discuss How BoJ Could Realize, Make Use Of, Huge Potential Capital Gains On Its ETF Holdings; Bond Buying Has Slowed Significantly As Markets Remain Calm, BoJ Is Buying Medium-, Long- And Super-Long JGBs In A Balanced Manner To Keep Yield Curve Stably Low. South Korea's extra budget is expected to be submitted to the country's parliament next Thursday. Hong Kong's stamp duty on stock trades will be increased to 0.13% from 0.10% which caused a sharp selloff in markets there. The Reserve Bank of New Zealand left its official cash rate at 0.25%, as expected. The central bank made no changes to its asset purchase plans and withdrew its rate path guidance.

Europe

Major European indices trade on a modestly higher note while Germany's DAX (+0.9%) outperforms. STOXX Europe 600: +0.5% Germany's DAX: +0.9% U.K.'s FTSE 100: +0.3% France's CAC 40: +0.2% Italy's FTSE MIB: +0.5% Spain's IBEX 35: +0.5%.

In economic data: 

- Germany's Q4 GDP 0.3% qtr/qtr (expected 0.1%; last 8.5%); -2.7% yr/yr (expected -2.9%; last -3.9%)German Private Consumption (Q/Q) Q4: 3.3% (est -1.5%; prev 10.8%)German Government Spending (Q/Q) Q4: -0.5% (est -0.6%; prevR 0.6%; prev 0.8%)German Capital Investment (Q/Q) Q4: 1.0% (est 1.9%; prevR 3.9%; prev 3.6%)




- French Business Confidence Feb: 90 (est 92; prevR 91; prev 92); French Manufacturing Confidence Feb: 97 (est 99; prevR 96; prev 98); French Production Outlook Indicator Feb: -8 (est -6; prevR -10; prev -9); French Own-Company Production Outlook Feb: 10 (est 10; prevR 8; prev 7)



- Swiss February ZEW Expectations 55.5 (last 43.2)

In news:U.K.'s stamp duty holiday and the recent furlough scheme will be extended until the end of June. Denmark will loosen some of its restrictions in March. The European Union will postpone the ratification of its trade deal with the U.K. until April 30. A consortium led by Italy's state lender offered to purchase the country's highway operator Autostrade for about EUR9 bln. Swiss To Reopen Shops, Museums, Outdoor Sports From March 1. EU PM's discuss vaccine passports. Spanish PM:  Will Approve In Coming Weeks An EUR11Bln Package Help For Companies

Comments

Post a Comment

Popular posts from this blog

Neil's Morning Update - 12/27/21

Image
Neil's Morning Update - 12/27/21 Please excuse typos.  Mornings are tilted more international, evenings more U.S.  Continuing to try to make this more digestible for those who are not as familiar with the markets, lingo, etc.  Feel free to leave your thoughts in the comments section, they are appreciated.  Also, I don't discuss crypto extensively as I don't consider myself knowledgeable enough to talk intelligently on the subject (and there are plenty of other sources for that). As are reminder, this is a free blog I put out to try to help people get information, so no editors, etc. A small glossary.   SPX = S&P 500 Naz = Nasdaq Composite NDX = Nasdaq 100 (100 largest stocks in the Naz) RUT = Russell 2000 (smaller stocks) DMA = Daily Moving Average (the moving average over the given time period (20, 50, 100, 200 days normally)). MACD = Moving Average Convergence Divergence (basically a trend indicator) RSI = 14-day Relative Strength Index (basically what it sounds like)
Read more

US New Homes Sales Nov: 744K (est 770K; prev 745K; prevR 662K) - New home sales come in under expectations due to huge October revisions

Image
US New Homes Sales Nov: 744K (est 770K; prev 745K; prevR 662K)  - US New Home Sales (M/M) Nov: 12.4% (est 3.4%; prev 0.4%; prevR –8.4%) Microsoft Word - newressales_auto_text.docx (census.gov) As always big h/t to Bill McBride (@calculatedrisk) for the charts and helpful analysis.  He's a go to follow on Twitter for all things housing.   After October numbers were revised down significantly (by over -10%), November new home sales got back to where October was originally reported, they came in well above expectations in terms of m/m growth but well under in terms of number of houses sold.  Specifically, October was revised down from 745k homes sold on a seasonally adjusted annual rate (SAAR) to 662k and November came in at 744k (estimates were for 770k)  As we're lapping the start of the pandemic boom, y/y down significantly (-14.0%).  But we continue to remain well above 2019 levels.   Median prices, which had increased to record high levels in October moved higher to $416.9k.
Read more

Dallas Fed Manufacturing Survey: +9 vs. +25 consensus and +27.3 prior - Dallas Fed Mfg comes in well below expectations as supply chains and prices constrain new orders and shipments

Image
Dallas Fed Manufacturing Survey: +9 vs. +25 consensus and +27.3 prior. August Dallas Fed manufacturing survey (for Texas region) comes in similar to other Fed surveys other than Richmond, well under expectations and the July read, but still firmly in positive territory.  In the case of Texas, new orders and shipments drove most of the decline with those indicators falling by double digits (although still coming in well above survey historical averages).  Based on the comments and the fact that backlogs edged up, it sounds like despite orders falling there is more than enough business.  It is servicing that business that is the issue.  In that regard prices and wages remained very high.  But the capacity constraints and high prices did result in outlooks falling by double digits both for current conditions and six months out.  They did remain as did the other indicators firmly in positive territory.  Full table at the end.  Here was the commentary from the report: Texas factory activity
Read more