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Stocks Struggle With S&P At All Time High; Global Stocks, Yields Slide On China Stimulus Fears
(Oil having another go at it's recent high, Gold had it's bounce off the 200 day moving average and looks good-so far, remember when "they" hate it- you love it)
Global markets took a step back on Wednesday, with US index futures and Asian stocks struggling to push higher following Tuesday's record S&P close amid clear signals that China has put broader monetary stimulus on hold. The MSCI world equity index, edged down 0.1 percent in early European trade, as Treasuries continued to climb alongside European sovereign bonds and the dollar extended its rally to a six-week high, defying the signal from the fresh all time highs in US stocks as bond traders refuse to "rotate greatly" into stocks, and instead see even more economic weakness (or just more QE) in the future
The top performers on the STOXX 600 were payments company Wirecard and business software company SAP, which also boosted the DAX. As reported earlier, the battered Wirecard soared 8% after Bloomberg reported that Japan’s SoftBank was looking to invest about 900 million euros ($1 billion) for a minority stake in the company, forcing a violent short squeeze. Meanwhile, SAP climbed 6% as the company set new medium-term profit targets after reporting a first-quarter operating loss that chiefly resulted from a restructuring charge according to Reuters.
Elsewhere, payments firm Ingenico rose +5% after reporting 1Q sales and raising FY organic growth guidance; chip stocks quickly reversed opening losses to trade higher, shaking off cautious management comments from U.S. peer Texas Instruments which weighed on expectations of industry recovery in second half of this year. STMicro also rose +3.6% after cutting spending plans and keeping its forecast for sales growth to improve this quarter as well as in 2H.
Earlier in the session, the MSCI Index of Asian shares ex Japan dropped 0.2%, where the biggest regional loser was South Korea’s KOSPI, which fell 0.9%, with Samsung Electronics down 1%. Korean investors shrugged off the government’s proposed supplementary budget aimed in part at supporting exports from the country and focused instead on a warning from chipmaker Texas Instruments, which said it expects a slowdown in demand for microchips to last a few more quarters.
Chinese equities flitted between gains and losses as investors debated whether Beijing would slow its pace of policy easing following stronger-than-expected first-quarter economic growth.
To date, almost 80% of S&P 500 companies reporting results have exceeded estimates.
(of course they have- when you lower those estimates prior to the qtr close and then play hide the salami with the actual result's ala shifting around piles of money to achieve them-no wonder, not all of them do it but most do) Looking ahead we get some key economic news, with US Q1 GDP data due on Friday, while emerging market investors will be nervously watching the dollar’s climb.
Market Snapshot
S&P 500 futures down 0.1% to 2,935.00
STOXX Europe 600 down 0.2% to 390.67
MXAP down 0.3% to 162.53
MXAPJ down 0.2% to 541.57
Nikkei down 0.3% to 22,200.00
Topix down 0.7% to 1,612.05
Hang Seng Index down 0.5% to 29,805.83
Shanghai Composite up 0.09% to 3,201.61
Sensex up 0.5% to 38,768.58
Australia S&P/ASX 200 up 1% to 6,382.14
Kospi down 0.9% to 2,201.03
German 10Y yield fell 1.7 bps to 0.024%
Euro down 0.1% to $1.1216
Brent Futures down 0.4% to $74.21/bbl
Italian 10Y yield rose 7.1 bps to 2.302%
Spanish 10Y yield fell 1.4 bps to 1.102%
Brent futures down 0.3% to $74.28/bbl
Gold spot up 0.1% to $1,273.46
U.S. Dollar Index up 0.01% to 97.65
US Event Calendar
7am: MBA Mortgage Applications -7.3%,
prior -3.5%
n terms of the day ahead, this morning in Europe we’re due to get April confidence indicators out of France before focus turns to the April IFO survey in Germany and March public finances data in the UK. It’s quiet in the US with only the latest MBA mortgage applications data due. Away from that we’ve got the BoC decision this afternoon while UK Chancellor Hammond is due to testify on the Spring Statement. Russia President Putin may also meet North Korean leader Kim Jong Un. Expect earnings to be a big focus once more with Microsoft, Facebook, AT&T, Boeing and Caterpillar amongst the headliners.
https://www.zerohedge.com/news/2019-04-24/stocks-struggle-sp-all-time-high-global-stocks-yields-slide-china-stimulus-fears
https://www.bloomberg.com/markets/stocks/futures
https://www.marketwatch.com/investing/bond/tmubmusd10y?countrycode=bx
peace to you and your's sa.
Boeing abandons 2019 outlook after 737 MAX groundings
(Reuters) - Boeing Co missed sharply-lowered Wall Street estimates for revenue and cashflow in the first quarter and suspended its 2019 outlook, as the world’s largest planemaker continued to suffer from the grounding of its 737 MAX jets.
The company said it faced $1 billion in increased costs in the first-quarter ended March 31, related to the 737 aircraft as it halted deliveries of the grounded planes to customers around the globe.
The company also said it was halting share buybacks.
The fallout of a second deadly crash within months in March has seen Boeing cut production of the jets to 42 aircraft per month, down from 52, and its operating cash flow in the first quarter was around $350 million lower than a year earlier.
Boeing is also spending on developing a fix for an anti-stall software known by the acronym MCAS, which has been a common link in the separate chains of events leading to the two crashes within a span of five months.
The company said it would be issuing a new forecast in the future when it has more clarity around the issues surrounding the 737 MAX.
First-quarter operating cash flow declined to $2.79 billion, from $3.14 billion, missing the Wall Street’s average estimate of $2.82 billion.
Revenue fell 2 percent to $22.92 billion, below analysts’ average estimate of $22.98 billion.
Excluding certain items, Boeing said its core earnings fell to $3.16 per share, in the quarter from $3.64 per share, a year earlier. Analysts had expected Boeing to earn $3.16 per share.
https://www.reuters.com/article/us-boeing-results/boeing-abandons-2019-outlook-after-737-max-groundings-idUSKCN1S01GP?feedType=RSS&feedName=topNews
They already think he looks 'shitty'. Can't make it any worse imo-totally asleep and don't care. Just mean's the fall will be harder for them when it arrives.
chet'd quads
AT&T misses revenue estimates as it bleeds pay-TV subscribers
April 24 (Reuters) - AT&T Inc's quarterly revenue fell short of Wall Street estimates on Wednesday after it lost more than half a million pay-TV subscribers and its main wireless business reported lower-than-expected sales.
AT&T lost a net 544,000 premium TV subscribers, a category that includes DirecTV satellite and U-verse television customers. Analysts had only expected a loss of 385,000 customers across DirecTV and U-verse, according to research firm FactSet.
Pay-TV providers have been struggling to keep customers as viewers move to streaming services like Netflix Inc . AT&T has launched its own streaming service, but that too lost customers in the quarter.
AT&T's WarnerMedia unit, which includes Turner and premium TV channel HBO, reported revenue of $8.38 billion in the quarter, but that was short of analysts' estimates of $8.45 billion, according to IBES data from Refinitiv.
The company added a net 80,000 phone subscribers, beating analysts' forecast of a loss of 44,000 subscribers as it leaned on the smartphone promotions to combat competition in a saturated U.S. market.
But Mobility, AT&T's largest segment which includes its wireless business, had revenue of $17.57 billion during the quarter, missing estimates of $17.65 billion, as those promotions hurt phone sales for the unit.
Shares of the company were down about 2 percent before the bell.
https://www.nasdaq.com/article/att-misses-revenue-estimates-as-it-bleeds-paytv-subscribers-20190424-00581