dChan
Anonymous ID: 750fe3 April 17, 2019, 5:23 a.m. No.6209371   🗄️.is đź”—kun   >>9423 >>9545 >>9752 >>9882 >>9963

Global Stocks Rise Following Blowout Chinese Data

(and a fresh round of Yuan printing helps too)

funny how financial TV does not mention that.

 

Following last night's blockbuster Chinese data, when virtually every key data point beat expectations in some cases notably, global markets and bond yields are broadly higher, if mutedly so, as traders evaluated whether China's economic recovery will be enough to put rate hikes back on the table even as Germany's economy ministry revised its growth forecast lower to just 0.5%. Global markets and futures are a sea of green but tentatively so as reported last night,China’s Q1 GDP came in one tenth above expectations at 6.4% yoy while all of the March activity indicators surprised on the upside with industrial production surging at +8.5% yoy (vs. +5.9% yoy expected) – the highest since July 2014. Retail sales printed at +8.7% yoy (vs. +8.4% yoy expected), YTD fixed assets ex rural came in line with consensus at +6.3% yoy and the jobless rate fell one tenth to 5.2%. This data confirms what many had been expecting given the massive injection in credit helped push China's credit impulse numbers higher in recent months and should help European data over the coming weeks. The downside to the numbers will be a more hawkish PBOC. Their monetary policy statement yesterday described the appropriate policy stance as “moderately tight” and it seems today they injected much less liquidity into the market as was expected. So that’s the only sting in the tail to these numbers.

The far stronger Chinese data appears to have also helped short circuit rate cut expectations for the time being, and as a result the risk asset response was marginal at best, with US equity futures rising less than 0.2% with gains were capped by disappointing quarterly reports from Netflix and IBM, while the Shanghai Composite flirted with the unchanged line for much of the session before closing just 0.3% higher. Meanwhile a forecast of faster growth due to demand from China by semiconductor equipment maker ASML, pushed U.S. chipmakers higher in premarket trading, adding to yesterday's historic Qualcomm gains after the company settled its long-running litigation with Apple; Intel, Advanced Micro Devices and Nvidia gained between 0.5% and 3.6%. At the same time, IBM declined 3.5% after reporting a bigger-than-expected drop in quarterly revenue:

Market Snapshot

 

S&P 500 futures up 0.2% to 2,916.25

STOXX Europe 600 down 0.2% to 388.37

MXAP up 0.2% to 163.92

MXAPJ up 0.2% to 546.39

Nikkei up 0.3% to 22,277.97

Topix up 0.3% to 1,630.68

Hang Seng Index down 0.02% to 30,124.68

Shanghai Composite up 0.3% to 3,263.12

Sensex up 1% to 39,275.64

Australia S&P/ASX 200 down 0.3% to

6,256.38

Kospi down 0.1% to 2,245.89

German 10Y yield rose 1.9 bps to 0.085%

Euro up 0.3% to $1.1316

Italian 10Y yield rose 1.6 bps to 2.223%

Spanish 10Y yield fell 0.4 bps to 1.082%

Brent futures up 0.7% to $72.23/bbl

Gold spot little changed at $1,276.03

U.S. Dollar Index down 0.2% to 96.88

 

US Event Calendar

7am: MBA Mortgage Applications -3.5%,\

prior -5.6%

8:30am: Trade Balance, est. $53.4b deficit,

prior $51.1b deficit

10am: Wholesale Inventories MoM, est.

0.3%, prior 1.2%; Wholesale Trade Sales

MoM, est. 0.3%, prior 0.5%

12:30pm: Fed’s Harker Speaks on the

Economic Outlook

12:45pm: Fed’s Bullard Speaks at Hyman

Minsky Conference( Really.. Hyman

college….kek)

2pm: U.S. Federal Reserve Releases Beige

Book

5:30pm: New York Fed’s Logan Speaks at

Money Marketeers of New York

To the day ahead now, which this morning includes more data out of the UK where the March CPI/RPI/PPI data docket is due. Not long after that we’ll get the final March CPI revisions along with the February trade balance for the Euro area, while this afternoon in the US we’ve also got the February trade balance, as well as February wholesale inventories and trade sales data.

https://www.zerohedge.com/news/2019-04-17/global-stocks-rise-following-blowout-chinese-datahttps://www.bloomberg.com/markets/stocks/futureshttps://www.dailyfx.com/crude-oil

 

Oil is topping out at it's recent high for a few day's ago, for now.

Now for the bullshit in equity's

NFLX

368.50 +9.04 (2.51%)

Pre-Market: 8:18AM EDT

 

Morgan Stanley

48.09 +1.07 (2.28%)

Pre-Market: 8:18AM EDT

 

This should be lower

AAPL

200.00 +0.75 (0.38%)

Pre-Market: 8:15AM EDT

 

This is actually deserved with the court ruling

QCOM

76.80 +6.35 (9.01)

Pre-Market: 8:19AM EDT

Anonymous ID: 750fe3 April 17, 2019, 5:46 a.m. No.6209526   🗄️.is đź”—kun   >>9545 >>9752 >>9882 >>9963

U.S. handbags, shovels on $20 billion EU tariff list over Boeing

 

BRUSSELS (Reuters) - Handbags, tractors, shovels and fish are part of an 11-page list of U.S. imports worth $20 billion that the European Union on Wednesday said it could hit with tariffs in a transatlantic aircraft subsidy dispute.

The United States and the European Union have been battling for almost 15 years at the World Trade Organization over subsidies given to U.S. planemaker Boeing and its European rival Airbus.

After partial victories for both sides, each is asking a WTO arbitrator to determine the level of countermeasures they can impose on the other.

The Trump administration last week proposed targeting a seven-page list of EU products for tariffs, ranging from large aircraft to dairy products and wine, to counteract the harm from EU subsidies for Airbus worth an estimated $11 billion.

Brussels has responded with its own list of some $20 billion worth of U.S. imports, including agricultural produce from dried fruit to ketchup, planes, fish, tobacco, handbags, suitcases, tractors, helicopters and video game consoles.

The published list will now be open to consultation until May 31 and could then be revised.

“The EU remains open for discussions with the U.S., provided these are without preconditions and aim at a fair outcome,” EU Trade Commissioner Cecilia Malmstrom said in a statement.

In both cases, WTO arbitrators have yet to set an amount, but the U.S. case against Airbus is more advanced, with a ruling possible in June or July. The EU case against Boeing could come early in 2020.

Both sides have said they would prefer a settlement that did not lead to the imposition of tariffs.

The European Union has meanwhile declared itself ready to start formal trade talks with the United States.

The Commission is set to start two sets of negotiations - one to cut tariffs on industrial goods, the other to make it easier for companies to show products meet EU or U.S. standards.

However, it has insisted that agriculture not be included, putting the 28-country bloc at odds with Washington, which wants farm products to be part of the talks.

https://www.reuters.com/article/us-usa-trade-eu-idUSKCN1RT12G