PPI to blip, but then markets to slip back to slumber before next week


Here is what you need to know on Friday, December 9:

Equity markets recovered ground on Thursday on the back of no news. That may be a bit disingenuous to say, but really this week has been one of waiting before next week’s volcano. Markets were due a bounce on Thursday after five straight days of losses and some position closing ahead of the weekend and today’s PPI. At least the PPI will provide some form of catalyst, but it is likely to be shortlived. Next week is just too big a week to go into with large open positions. We have the ECB, Fed and CPI as well as a massive options expiry on Friday. 

The US Dollar has also given up some gains and is largely flat this morning, down to 104.65 for Dollar Index. Oil is still under pressure at $72.05, and Gold at least looks a little brighter (excuse the pun!) at $1,801. Bitcoin is looking lively at $17,200.

See forex today

European markets higher: Eurostoxx +0.3%, FTSE +0.1% and Dax +0.4%.

US futures are higher: Nasdaq +1.7%, Dow +1% and S&P +1.3%.

Wall Street top news

Russian and US reps to meet in Turkey – TASS citing sources.

Reuters headlines

Tesla Inc (TSLA): Tesla will suspend Model Y assembly at its Shanghai plant between Dec. 25 and Jan. 1, according to an internal memo detailing the automaker’s latest production plan, reviewed by Reuters, and two people with knowledge of the matter. 

Broadcom Inc (AVGO): The company forecast current-quarter revenue above Wall Street estimates on Thursday, signaling strong demand for chips used in data centers and networking equipment.

Costco Wholesale Corp (COST): The company reported first-quarter results on Thursday that missed analysts’ estimates.

Alphabet Inc (GOOGL): Australia’s competition regulator said its lawsuit against Alphabet’s Google that alleged consumers were misled about expanded use of personal data for targeted advertising had been dismissed by a court. 

Apple Inc (AAPL): Hundreds of Apple workers in Australia are preparing to go on a strike ahead of Christmas to demand better working conditions and wages, union leaders and staff said.

Bath & Body Works Inc (BBWI): Hedge fund Third Point has built a stake of just over 6% in Bath & Body Works and is pushing for new board members at the retailer, the fund said in a regulatory filing on Thursday.

Boeing Co (BA) & United Airlines Holdings Inc (UAL):  Chicago-based United Airlines plans to announce a major Boeing 787 Dreamliner order next week, two sources briefed on the matter told Reuters.

Meta Platforms Inc (META): The Biden administration on Thursday accused Meta of trying to buy its way to dominance in the metaverse, kicking off a high-profile trial to try to prevent the Facebook parent from buying virtual reality app developer Within Inc.

Other news

FTC sues to block Microsoft’s (MSFT) deal for Activision (ATVI).

Pfizer (PFE) BioNTech (BNTX) single shot covid/flue vaccine gets FDA fast track status.

Li Auto (LI) misses earnings. 

Upgrades and downgrades

Source: WSJ.com

Economic releases



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