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Morning Prep 8/11
S&P Futures:
- Change: 4.3, or 0.09% vs prior close as of 06:58 ET
Synopsis:
- S&P equity futures trading slightly above the previous update's level, marginally below Thursday's close amidst lower European markets and a negative Asian session.
- The market lacks clear direction; various moving pieces surround key themes.
- Concerns include July CPI data, higher energy prices, lingering supply concerns, dampened AI momentum, and outsized money-market inflows.
- Ahead: July PPI and August University of Michigan consumer sentiment reports.
- China tackling local government debt; allows bond sales to repay LGFV debt.
- IEA lowers the 2024 global demand growth forecast for oil.
- Yen weakness and potential Japanese intervention.
- Fed's balance sheet increases; Money-market funds are at a record high.
- Limited major earnings releases and macro data.
European Markets:
- FTSE 100: -1.12% UK
- DAX: -0.48% Germany
- CAC40: -0.78% France
- Strongest British GDP growth in over a year.
- Positive surprises in industrial production and construction output.
- Economic forecasts for ECB pausing rate hikes in September.
- Corporate earnings and financial results for UBS, Bechtle, Salzgitter, METRO, Fraport, and others.
- M&A news involving UnitedHealth, Italian Treasury, and KKR.
Asian Markets:
- Nikkei: 0.00% Japan
- Hang Seng: -0.90% Hong Kong
- Shanghai Composite: -2.01% "China"
- Mainland stocks lead lower; Hong Kong is under pressure from real estate names.
- Australia, Seoul, Taiex, Singapore, and Southeast Asia are down; Japan is closed for a holiday.
- Corporate news, including Alibaba's Q2 growth and Country Garden's potential financial restructuring.
- Macro developments, such as RBA Governor's comments and South Korean export declines.
- International News:
- Mixed outlooks for Fed and ECB.
- UK economy's strong GDP may lead to BoE rate hikes.
- Concerns over China's problems as a global "ticking time bomb."
- IEA downgrades oil demand growth forecast.
US Morning News:
$OCTO (Eightco Holdings): Q2 earnings per share (EPS) at a loss of $3.54, improving from last year's loss of $7.71
$BFRI (Biofrontera): Q2 GAAP EPS is down to ($7.23), a significant shift from last year's ($0.90). More red flags.
$SZZLU (Sizzle Acquisition): Shareholders' green light deadline extension to February 2024 for a business combination with European Lithium. The clock's ticking.
$CANO (Cano Health): Amendment to Side-Car agreement revealed. More cards are on the table.
$TGVCU (TG Venture Acquisition): Changes to the business combination with Flexi Group.
$MCAAU (Mountain & Co. I Acquisition): Teaming up with FC Barcelona's content platform, Barça Media. Big leagues now.
$SPRU (Spruce Power Holding): Update on SEC subpoena; rejected settlement in June
$ENSCW (Ensysce Biosciences): Q2 EPS at ($0.98) down from last year's ($56.49)
$AIRS (AirSculpt Technologies): Q2 adjusted EBITDA hits $14.6M, missing the mark of $15.3M. A minor stumble.
$CAAS (China Automotive Systems): Q2 EPS climbs to $0.35 from $0.31
$AKRO (Akero Therapeutics): Q2 EPS is slightly better at ($0.60) vs. an expected ($0.61)
$BSAC (Banco Santander Chile): The period ending July shows Net interest income at CLP 578.27B. Money's flowing.
$NWSA (News Corp.): Q4 EPS at $0.14 beats the street at $0.09
$FLO (Flowers Foods):** Q2 EPS $0.33, outdoing expectations.
$CPRI (Capri Holdings): Q1 EPS $0.74 exceeds forecasts. Luxury ain't dead.
$ONTO (Onto Innovation): Q2 EPS $0.79 misses $0.84
$AB (AllianceBernstein): Prelim AUM hits $704B, up from the prior month. Assets building up.
$SVV (Savers Value Village): Q2 EPS $0.22 beats the street.
$VIAV (Viavi Solutions): Q4 EPS of $0.10, beating expectations
$AMK (AssetMark Financial Holdings): July report shows assets of $103.2B, up 19.6% y/y. Growing big.
$VTYX (Ventyx Biosciences): Q2 EPS ($0.91), worse than expected.
$AMLX (Amylyx Pharmaceuticals): Q2 EPS hits $0.31, crushing forecasts
$IONQ (IonQ, Inc.): Q2 EPS down to ($0.22), missing the mark.
$ATGE (Adtalem Global Education): Q4 EPS at $1.03, beating expectations.
$MDRX (Veradigm): Delay in filing 10-Q.
$EMIS.LN (EMIS Group): CMA provisionally clears the Acquisition of EMIS.
$ARCE (Arco Platform): Going private at $14.00/share in cash.
$LEJU (Leju Holdings): CSRC inquiries into sales and debt.
$BHP(BHP Group): Coronado pulls out of mine acquisition race.
$CWD (CaliberCos): Second Contribution to Caliber Hospitality Trust. Building futures.
$BX (Blackstone): Esdec Solar Group seeks US IPO valued over $5B. Shining bright./
(Some of the tickers won't appear linked since they are not from the US I cannot link most of them I don't know why at this point, seems random)
Upgrades:
- $RIVN (Rivian): Upgraded to outperform from neutral at BNP Paribas Exane. Accelerating forward.
Downgrades:
- $CPRI (Capri Holdings): Downgraded to equal weight from overweight at Wells Fargo Securities. Losing some appeal.
- $SEE (SEE): Downgraded to neutral from buy at UBS. Losing visibility.
U.S. Earnings Today:
- No major earnings releases are expected. Quiet on the earnings front.
U.S. & Global Funds:
- Equity fund outflows at $8.6B; domestic equity ETFs saw $3B outflows.
- Money market funds enjoyed inflows of $18.4B.
- Bond funds: IG corporate saw inflows of $217M, and HY saw outflows of $559M. People de risking very fast!!!
EU & UK Data:
- Italy: Trade Balance strong at €7.72B.
- Spain & France: CPI stable, matching consensus.
- UK: Construction Output and Preliminary GDP positive, Industrial Production rebounding, Trade Balance still negative.
Asia & Oceania:
- China: July new loans significantly below consensus.
- New Zealand: Business NZ PMI is down slightly at 46.3.
Federal Reserve:
- Balance sheet assets at $8.21T; Treasury holdings at $5.05T; mortgage-backed securities unchanged at $2.52T.
- Discount Window borrowing is stable at $1.9B; BTFP borrowing at $106.9B; other credit at $145.4B.
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