Charts & Observations
Europe marking time before US bank earnings later today while US futures are mixed.
Asian markets are feeling the weight of higher yields and lower inflation data from China.
Tech stocks and HK shares are the worst performers after yesterday’s yield spike.
Concerns over the spectre of deflation outweigh news that China mulls stabilization fund to support stock market.
China recorded a $77.71B trade surplus last month. Exports and Imports fell again but came slightly better than forecasts.
Sources said the country’s regulators held two rounds of talks with industry reps over several months and have recently submitted preliminary plans.
Higher rates from yesterday’s CPI continues to sap investor sentiment.
Energy and utilities leading while healthcare and financials underperform.
Sartorius and Sartorius Stedim Biotech -10% after both cut guidance for the full year, with the companies citing lower volume expectations and product mix effects.
Microsoft’s $69B Activision deal cleared by UK’s CMA.
DXY is -25bp. Brent is +255bp. US nat gas -170bp. Bitcoin +65bp while gold +75bp & Silver +170bp.
US futures are close to home w/ESZ3 +5.00, HIWU3 +59.00, and NQU3 -4.50.