US EARLY MORNING: US equity futures are lower; key global earnings in focus ahead of remarks due from Fed Chair Powell and Vice Chair Jefferson

US PREMARKETS: US equity futures are a little lower, Treasury yields are rising by 2-6bps, with the belly underperforming, while the Dollar Index is flat. Crude futures are lower. There hasn’t been any incremental update regarding the Israel-Hamas conflict, though it remains on traders’ minds amid continued further fiery rhetoric. Traders are also keeping an eye on global earnings; after the US close, earnings from global bellwethers Tesla (TSLA) and Netflix (NFLX) were mixed, with Tesla sliding over 4% after disappointing results, while Netflix surged on a better than expected Q3. Overnight, we have heard from the world's largest contract chipmaker TSMC (TSM), which trades a little negative after its Q3 update where profits fell around 25%, though were still better than the consensus had expected. In Europe, Swiss heavyweights Nestle (NESN SW) and Roche (ROG SW), which combined represent over a third of the Swiss index’ market cap, reported; consumer giant Nestle reported 9-month sales below expectations but expects volumes to turn higher by the end of the year, while pharma giant Roche’s sales were lower due to FX headwinds and lower COVID drug sales. In the tech sector, DAX heavyweight SAP (SAP GY) reported decent metrics after the US close, and is trading higher in early trade. But Scandi tech giant Nokia (NOK) is under pressure after profits drop, and it will cut 14k jobs. Today’s US earnings docket will also be noteworthy, with BX, T, PM, MMC, UNP, FCX, CSX and ISRG all scheduled to report. Traders will also be looking forward to Fed Chair Powell’s remarks, due from the Economic Club of New York, to see whether he too endorses the view put forward by some of his colleagues, like Vice Chair Jefferson, who have said that rising Treasury yields could steer the Fed away from further rate hikes.

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19 Oct 2023 - 09:30- Data- Source: Newsquawk

USDUnited StatesFederal ReserveNFLX.USNOK.USTSM.USTSLA.USPfizer IncNetflix IncAluminiumNestle SAEURNew York & Co IncMTTwitter IncTSLANFLXSAPUSD/NOKBXTPM USUNPMarathon Oil CorpDevon Energy CorpSteel ManufacturingAI FPMediaEuropeCHFChinaMSFT.USSAP.GYAVGO.USVMW.USSAP.USLRCX.USGOOG.USNSRGY.USLVS.USCOST.USF.USHMC.USGM.USAA.USPPG.USSTLD.USDVN.USMRO.USKMI.USREPYY.USXEL.USEFX.USRYCEY.USRHHBY.USPFE.USV.USDFS.USDBOEY.USCCI.USSLG.USFGMAlcoa IncLam Research CorpLRCXGOOGGoogle IncPPIInflationLas Vegas Sands CorpLVSCOSTPernod Ricard SARenault SAInitial Public OfferingGeneral Motors CoAustraliaPPGSteel Dynamics IncSTLDISRGCSXDVNFCXKMIRepsol SAXcel Energy IncXELEquifax IncEFXPharmaceuticalsMMCPFEMerck & Co IncVisa IncVDFSLondon Stock Exchange Group PlcDeutsche BoerseCCISL CorpDAX 40 IndexROGNESNTSMCBrentFacebook IncMETARiksbankUMGTECHTaiwanBroadcom CorpAVGOVMware IncMove IncBoCMicrosoft CorpMSFTConsumer Price IndexDataMROResearch SheetEU SessionOpen AIAsian SessionHighlightedIsraelNorth AmericaUnited KingdomGBPCanadaTWD

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