Alfred Gray

MACROECONOMIC DATA FOR THIS WEEK

In the week of 22 May, investors' attention will be drawn to several important macroeconomic data, including the release of the minutes of the US Fed meeting from early May, GDP growth in the US and Germany, and the US consumption deflator.

Monday

In the afternoon, we will see data on consumer confidence in the Eurozone. Analysts expect a reading...
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SUMMARY OF TODAY'S ECONOMIC DATA 📊

Futures on major indices in Europe suggest a slightly higher open

Higher than expected Q1 GDP data in Japan

US housing data in focus

Wednesday's session on equity markets in Europe is expected to extend the mixed sentiment from the previous session. The dollar is slightly stronger against the major currencies, supported by positive data from the...
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Today, the European Commission published a new set of economic forecasts for the euro area. The EC has slightly raised its GDP forecasts for 2023 and 2024, while raising inflation expectations in both years. It explained that the upward revision of inflation forecasts is due to persistent upward pressures on core prices.

Projections for 2023

GDP: 1.1% vs 0.9% previously

Inflation:...
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Shares of travel company Airbnb $ABNB are losing nearly 10% today, despite the company reporting better-than-expected Q1 results. It also presented a relatively cautious outlook for the second quarter of the year. The second quarter has historically been the most successful quarter for its business, along with the third quarter, thanks to a summer season favorable for travel...
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DISCLOSURE OF CPI

The US CPI release is scheduled for 14:30 today. Investors sell risk assets amid market uncertainty

Major markets in Europe and futures contracts in the US are nervous ahead of the April US CPI data released today. Investors are opting to unload high-risk positions. The data is likely to confirm the Fed's monetary policy. Currently, traders are pricing in a 25%...
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SHORTS - COMMODITY DEVELOPMENT

Oil -1.26% to US$72.78 per barrel.
Natural gas -1.01% to US$2.244 per mbtu.

Gold -0.28% to US$2037.2 per ounce.
Silver -0.01% to $25.895 per ounce.
Copper -1.03% to $3.8615 per pound.

Corn -0.38% to $5.825 per bushel.
Wheat -0.54% to $6.4 per bushel.

BIONTECH RISES ON BEST Q1 REPORT 📊

Shares of Biontech (BNTX.US), the company that co-developed revolutionary mRNA vaccines with Pfizer (PFE.US) during the pandemic, are up 5% as its Q1 report beat Wall Street analysts' estimates. The company beat expectations on both revenue and earnings. Year-over-year, of course, results deteriorated significantly, but not to the extent and at...
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SUMMARY 5.5

Wall Street indices ended yesterday's trading lower as renewed concerns over regional banks weighed on sentiment

The S&P 500 fell 0.72%, the Dow Jones moved 0.86% lower and the Russell 2000 fell 1.18%. The Nasdaq had a better performance, falling "only" 0.49%

PacWest Bancorp fell 50% and Western Alliance traded 38% lower on reports that those banks are exploring a...
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OVERVIEW OF COMMODITY PRICES 📊

Oil -0.1% to $68.53 per barrel.
Natural gas -1.57% to $2.136 per mbtu.

Gold +0.69% to $2,051.1 per ounce.
Silver +0.93% to $25.92 per ounce.
Copper +0.77% to $3.8745 per lb.

Corn -0.51% to $5.855 per bushel.
Wheat -0.78% to $6.3475 per bushel

Fed raises key interest rate by 25 bps as expected to 5.25%

FOMC (Fed) rate decision (upper bound) (May 3):
current value: 5.25%
market expectation: 5.25%
previous value: 5.00%

FOMC (Fed) rate decision (lower bound) (May 3):
current value: 5.00%
market expectation: 5.00%
previous value: 4.75%

SHORTS WHAT'S COMING UP TODAY AND PARADES!

European indices try to bounce up

FOMC rate decision to be released at 8pm

J. Powell's press conference will follow at 8:30 p.m.

We are also waiting for the US crude oil inventories

EMU HICP INFLATION

EMU inflation data for April:

Harmonised Index of Consumer Prices YoY: 7.0% versus 6.9% expected and 6.9% previously

Core Harmonised Index of Consumer PricesYoY: 5.6% versus 5.6% expected and 5.7% previously

Eurozone inflation is still high and above the ECB's target. This puts the ECB in a difficult position regarding the tightening cycle. Today's PMI data...
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INFORMATION WINDOW 📊

The ISM manufacturing index in the US for April is rising!

ISM Manufacturing Index increased to 47.1 from March's 46.2

Price component moves back above the 50 point mark

US dollar strengthens slightly after the data

The indices remain at almost the same level after the release of the ISM data.

Morning shorts 📊 $MA

Another drop in $FRC due to speculation of insolvency!

Despite early reports of possible talks to support troubled First Republic Bank $FRC, the latest announcements from CNBC suggest that the bank will most likely file for insolvency.