Finance Friday

Ranora Daily - Your daily source for reliable market analysis and news.

July 14, 2023

Market Data

Local

Global

*Data as of 6pm WAT

Market News

Local

Global

Weekly Investment Watchlist

Market Commentary

Asia and Australia

  • Former BoJ executive director says central bank may tweak YCC program at July meeting. The news says any tweaks could be minor but, this could mean a big change for the markets.

  • BOJ may raise its FY23 core inflation forecast into the 2% range in the next Outlook Report to be published at the July 27-28 policy meeting. The current forecast is 1.8%.

  • Yuan extends rebound as Fed tightening campaign nears end, China authorities extend policy support.

  • Australian PM Albanese announced RBA Deputy Governor Bullock will replace Philip Lowe as governor when his term expires in September.

  • Singapore's Q2 GDP grew 0.3% q/q in initial estimate, narrowly avoiding technical recession following 0.4% Q1's contraction.

Europe, Middle East, Africa

  • No surprises from June ECB minutes. Confirmed very broad consensus supported the 25-bp rate increase, but there was also preference expressed for 50 bps due to risk high inflation becoming more persistent.

  • A study by law firm Weil, Gotshal & Manges LLP, which showed real estate was the most distressed sector in Europe due to higher interest rates, increased debt servicing costs and a fall in demand for office space.

  • Germany urges companies to 'de-risk' from China, not seeking decoupling.

The Americas

  • St Louis Fed's Bullard announces resignation effective mid-August.

  • Used EV prices falling faster than overall used car market, driven by Tesla's recent price cuts.

  • US-China dialogue remains active, Beijing demands US lift sanctions on Chinese companies.

  • United Health delivers a double beat, raises lower end of their guidance. Q2 EPS $6.14 ex-items vs FactSet $5.99. Revenue $92.90B vs FactSet $90.97B

  • BlackRock beats on EPS, misses on marginally on revenue. Reports Q2 adj EPS $9.28 vs FactSet $8.52. Revenue $4.46B vs FactSet $4.47B. BlackRock Assets Rise to $9.4 Trillion, Fueled by Bull Market.

  • Wells Fargo reports Q2 EPS $1.25 vs FactSet $1.16; Revenue $20.53B vs FactSet $20.11B.

The Week Ahead:

  • Wednesday:

    • US Consumer price index - 3.00%

    • US Core CPI

  • Thursday:

    • US Initial jobless claims.

    • US Producer price index.

    • US Federal budget.

  • Friday:

    • US Consumer Sentiment.

Investment Tip of The Day

Monitor key economic indicators such as employment data, consumer confidence, and manufacturing indices to gauge the health of the economy. Economic reports provide insights into business cycles, consumption patterns, and investment opportunities

Meme of the Day

Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.