Sep 27 in General discussion
Morning Briefing
Good Morning folks, Happy Friday and PCE day! We have had fantastic trading week, let’s finish the week on a high note!
The futures have firmed after the PCE data missed expectations on income but the key inflation data pleased as they came in below expectations. Most of the action overnight was in Asia, where the run of major stimulus measures in China continued with the central bank cutting the amount of cash banks must hold in reserve.
Chinese stocks are set for their best week since 2008. Also, the Japanese yen bounced as the ruling party chose Shigeru Ishiba, a backer of the Bank of Japan’s efforts to normalize policy, as its new leader.
In corporate news, Arm Holdings has been rebuffed by Intel after inquiring about buying the firm’s product division, the latest overture made to the struggling chipmaker. Already this week, private equity group Apollo is said to have offered to invest in Intel, while speculation also bubbled up last week about a possible takeover attempt by Qualcomm.
Last night Costco released earnings that saw their profit top expectations as it saw an increase in store traffic and benefited from moderating prices driving consumer spending. However, shares are trading lower this morning as revenue fell a touch short. At 10am ET we will get the always influential University of Michigan Consumer Confidence report. Federal Reserve Board Governor Michelle Bowman speaks at an event today.
Have a great weekend!
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Morning Briefing
