Analytics, 19 December 2019
Daily comment Dec 19
- Wall St opens higher
- BoJ, BoE keep the rates on hold as expected
- Impeachment passed the House
- China announced new import tariffs exemptions
- MU +2% on upbeat 1Q results
- WTI +0.2%
Corporate news:
- Micron (+2.7%): The Co. reported 3Q revenue beat, provided long-term outlook on solid memory demand. 1Q rev. -35% y/y to $5.14bn vs est. $5.01bn. Adj. EPS -84% y/y to $0.48 vs est. $0.47. Micron CEO called the current quarter “the cyclical bottom for our financial performance.” https://bit.ly/2McYvNM
- Apple, Amazon and Google are cooperating in a rare move on Connected Home project. https://cnb.cx/2ZaGCEH
- Nvidia (+1%) is reportedly set to win EU antitrust approval for its $6.8bn acquisition of Mellanox. https://reut.rs/2s5CvgW
- Tesla shares set a new all-time high at $400 at the open.
Macro:
- The US House of Representatives impeached President Trump Wednesday evening. The process goes to the Senate’s stage; however, the timing is uncertain. https://bloom.bg/2Z95DQO
- China disclosed a new list of import tariff exemptions for US chemical and oil goods. https://reut.rs/36V3z1r
- BoJ expectedly maintained ST rate target at -0.1% and 10-y bond yields at ~0%. https://reut.rs/2sHgbdK
- BoE also kept the rate unchanged at 0.75% as expected. https://on.ft.com/2MbeSe2
Commodities:
- WTI (+0.2%): US crude stockpiles dropped 1.1mn bls in the week ended Dec. 13, while gasoline and distillates stockpiles rose: EIA. https://bit.ly/2Ex94XJ
Coming up:
- Nike will report earnings after the close
- On Fri (12/19): Revised US GDP data are due