US STOCKS: Narrow Ranges Ahead Weekend, Earnings Resume Monday
Apr-25 15:51
- Stocks are trading mixed ahead midday Friday - relatively stable after another long week fraught with tariff related headline risk. Amid narrow ranges and lighter volumes, the SPX eminis and Nasdaq indexes outperformed moderately weaker DJIA. Currently, the DJIA trades down 235.66 points (-0.59%) at 39855.74, S&P E-Minis down 5.25 points (-0.1%) at 5505.75, Nasdaq up 42.3 points (0.2%) at 17207.14.
- Consumer Discretionary and Communication Services sectors outperformed in the first half, Tesla leading the Discretionary sector gaining +7.05%. Caesars Entertainment +4.97% and MGM Resorts Int +1.97% while Tractor Supply gained 2.08% and Best Buy +1.89%.
- The Communication sector was led by interactive media and entertainment shares with Charter Communications gaining 9.96%, Alphabet +2.11%, Meta Platforms +1.75% and Paramount +1.71%. Notable gains in IT stocks included VeriSign +9.07%, Arista Networks +2.43% and NVIDIA +1.91%.
- Materials sector weighed by chemical and mining stocks, the latter as gold fell near 2% to 3275.0 Friday: Eastman Chemical -6.01%, Newmont -3.38%, PPG Industries -1.84%, Albemarle -1.84% and Freeport-McMoRan -1.20%.
- Meanwhile, insurance companies weighed on the Financial sector: Erie Indemnity -10.16%, Aon -10.14%, Brown & Brown -4.94% and Arthur J Gallagher & Co -4.22%.
- Earnings resume Monday with Domino's Pizza, Roper Technologies and Revvity reporting ahead of the open. After Monday’s close: Alexandria Real Estate, Welltower Inc, Brown & Brown, Nucor, Waste Management, Cadence Design Systems, SBA Communications, Solaris Energy, Noble Corp, Universal Health Services and Teradyne.
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OPTIONS: Expiries for Mar27 NY cut 1000ET (Source DTCC)
Mar-26 15:47
- EUR/USD: $1.0750(E1.5bln), $1.0770-90(E719mln), $1.0800(E2.0bln), $1.0820-25(E1.4bln), $1.0850-65(E1.9bln)
- USD/JPY: Y150.00($684mln), Y155.00($902mln)
- GBP/USD: $1.2900(Gbp812mln)
- AUD/USD: $0.6220(A$717mln), $0.6450(A$771mln)
- USD/CNY: Cny7.2850($671mln)
UK DMO UPDATE: Programmatic Gilt Tender Provisional Calendar
Mar-26 15:46
- The DMO has set out a provisional calendar for the programmatic gilts (right at the end of the consultation agenda).
- There are 2 short, one short or long and one linker tender provisionally planned for the quarter.
- This suggests, that as we noted earlier, that from the unallocated bucket there could be more heading towards the short bucket than has been seen in previous years.
- So suggests a higher proportion of short issuance vs medium/longs than the original remit breakdown suggested (we still think that the syndications will mostly be upsized, however, and this will add to medium / long issuance in the usual way).
UK DMO UPDATE: Consultation Agenda Highlights
Mar-26 15:37
- 2 syndications planned: A new/existing long in May 2025 and a new/existing linker in June 2025.
- In addition to the first three weeks of April (already scheduled) the DMO plans:
- 5 further short auctions: 4.375% Mar-28 gilt (twice), 4.375% Mar-30 (up to twice more plus 9 April), 4.00% Oct-31 gilt (at least once).
- 4 further medium auctions: 4.50% Mar-35 (plus 15 April), 4.375% Jan-40 gilt (plus 3 April), 0.875% Jul-33 Green gilt (once). There is no guidance as to the third gilt - we would assume either the 4.50% Mar-35 or 4.375% Jan-40 gilt are options here. We favour the former despite the Green reopening.
- 2 further long auctions: 4.75% Oct-43 gilt (once), 4.00% Oct-63 gilt (once) (plus the already mentioned 4.375% Jul-54 gilt on 8 April).
- No guidance on the programmatic tenders - other than seeking views.
