Observations + Charts
Europe off its worst levels while US futures trend slightly green.
Asian equities extending gains Wednesday.
Tech stocks driving HK while mainland stocks rebound following latest stimulus headlines.
Bloomberg report that China policymakers weighing raising 2023 budget deficit target and issuing at least CNY1T in bonds to fund infrastructure.
Korea powering 2.2% higher as Samsung results indicate perhaps stabilization of the memory chip market. Samsung jumped as much as 4.4%.
European stocks react early to LVMH earnings (last night) before staging a modest rally.
Energy and healthcare on top while consumer (LVMH impact) sector rock bottom.
GS Luxury Goods -3.2%. LVMH trades down to 11/2022 levels. EU cyclical vs defensive -100bps.
Novo Nordisk said late last night that a kidney-outcomes trial of its Ozempic medication is being stopped early for efficacy (keep an eye on BAX and DVA).
DXY is FLAT. Brent is FLAT. US nat gas +170bp. Bitcoin -135bp while gold +36bp & Silver +117bp.
US futures are close to home w/ESZ3 +1.00, HIWU3 unchanged, and NQU3 +13.50.