To: rimshot who wrote (773 ) 10/28/2021 8:05:53 AM From: rimshot Read Replies (1) | Respond to briefing.com Market Wrap in the October 28 early pre-market:Futures edge higher in front of Q3 GDP report S&P futures vs fair value: +22.90. Nasdaq futures vs fair value: +93.30. The S&P 500 futures trade 23 points, or 0.5%, above fair value Caterpillar (CAT 202.00, +5.87, +3.0%), Merck (MRK 83.00, +1.46, +1.8%), Comcast (CMCSA 54.00, +1.56, +3.0%), and Ford Motor (F 16.98, +1.47, +9.5%). the positive disposition is coinciding with continued upwards momentum in the 2-yr yield, which is up another seven basis points to 0.55% on increasing expectations for the Fed to hike rates sooner than expected Bank of Canada said it's ending its quantitative easing program and moved up its forecast for possible rate hikes The Wall Street Journal . The European Central Bank (ECB) and the Bank of Japan both left interest rates unchanged, as expected. The ECB also left its asset purchase program intact. . Caterpillar (CAT 202.00, +5.87): +3.0% after beating EPS estimates. Merck (MRK 83.00, +1.46): +1.8% after beating top and bottom-line estimates and raising its FY21 guidance, which doesn't include the impact of the potential launch of its COVID-19 antiviral drug candidate, molnupiravir.Comcast (CMCSA 54.00, +1.56): +3.0% after beating top and bottom-line estimates. Ford Motor (F 16.98, +1.47): +9.5% after beating top and bottom-line estimates and increasing guidance for FY21 adjusted EBIT to $10.5-11.5 bln.Twilio (TWLO 299.01, -46.65): -13.5% despite beating top and bottom-line estimates and guiding Q4 revenue above consensus. Q4 EPS guidance was below consensus. Equity indices in the Asia-Pacific region ended Thursday on a lower note. Japan's Nikkei: -1.0% Hong Kong's Hang Seng: -0.3% China's Shanghai Composite: -1.2% India's Sensex: -1.9% South Korea's Kospi: -0.5% Australia's ASX All Ordinaries: -0.2%.In economic data:Japan's September Retail Sales -0.6% yr/yr (expected -2.3%; last -3.2%) Australia's Q3 Import Price Index 5.4% qtr/qtr (last 1.9%) and Export Price Index 6.2% qtr/qtr (last 13.2%) In news:The Bank of Japan left its interest on excess reserves at -0.10%, in-line with expectations. The central bank lowered its domestic growth forecast for 2021 to 3.4% from 3.8% and cut its inflation forecast to 0% from 0.6%. Japan's Prime Minister Kishida is expected to act in response to rising oil prices. Reserve Bank of Australia Deputy Governor Debelle said that higher inflation is the aim of monetary policy. There are growing expectations that the RBA will alter its yield curve control policy at next week's meeting. Major European indices trade in mixed fashion. STOXX Europe 600: +0.1% Germany's DAX: -0.1% U.K.'s FTSE 100: -0.2% France's CAC 40: +0.6% Italy's FTSE MIB: +0.5% Spain's IBEX 35: +0.3%.In economic data:Eurozone's October Business and Consumer Survey 118.6 (expected 116.9; last 117.8) Germany's October Unemployment Change -39,000 (expected -20,000; last -30,000) and Unemployment Rate 5.4%, as expected (last 5.5%) Italy's October Business Confidence 114.9 (expected 112.2; last 113.2) and Consumer Confidence 118.4 (expected 118.5; last 119.6) September PPI 1.6% m/m (last 0.5%); 13.3% yr/yr (last 11.6%) Spain's October CPI 2.0% m/m (last 0.8%); 5.5% yr/yr (last 4.0%) In news:The U.K. warned that it will retaliate if France follows through on its threat to slow border checks due to the ongoing fishing dispute. Volkswagen reported above-consensus results and lowered its forecast for 2021 deliveries. Germany's Association of Chambers of Trade and Industry lowered its domestic growth forecast for 2021 to 2.3% from 3.0% while the CPI forecast was increased to 3.0% from 2.2%.
