US STOCKS: Early Equities Roundup:Trade Risk Whips Stocks, Jack Daniels Hammered
Jun-05 15:30
- Stocks are trading modestly firmer at the moment, off lows on erratic trade as investors try to follow trade related headlines between the US and China Thursday morning. Currently, the DJIA trades up 105.04 points (0.25%) at 42531.1, S&P E-Minis up 20.5 points (0.34%) at 6002.25, Nasdaq up 129.1 points (0.7%) at 19590.03.
- S&P eminis gapped higher after Chinese state media Xinhua confirmed that Presidents Xi & Trump have held phone talks. Earlier this week Politico reported that Trump saw a call with Xi as key to breaking a deadlock in trade negotiations.
- Stocks pared gains to near steady/mixed following this morning's economic data, are currently holding modest gains again after newswires reported some details of Trump/Xi's call - both touting progress with no major breakthroughs.
- Information Technology and Communication Services sectors outperformed in the first half, hardware/software makers buoyed IT with Micron Technology +4.37%, Synopsys +2.38%, Palo Alto Networks +1.99% and Oracle +1.88%. Leading Communication stocks: Match Group +2.58%, Live Nation Entertainment +2.19% and Warner Bros Discovery +1.79%.
- Conversely, Consumer Staples underperformed: Brown-Forman fell -16.72% after Canada & Europe cut back on Jack Daniels imports do to tariffs, global growth concerns. Constellation Brands -2.84% and Costco Wholesale -2.76%. Meanwhile, materials stocks also felt the trade pinch: Nucor -1.59%, Steel Dynamics -1.30% and Mosaic -0.81%.
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US: CANADA: Trump-Carney White House Meeting Underway Shortly
May-06 15:27
US President Donald Trump is shortly due to meet with Canadian Prime Minister Mark Carney at the White House for a first meeting between the pair since Carney's Liberal Party retained government control at last month's federal elections. LIVESTREAM
- There will be significant focus on comments by the two leaders at a press spray before today's bilateral meeting and working lunch. Carney has positioned himself atop a group of countries firmly pushing back against Trump's hardline trade agenda. His political experience is likely to lead to a more restrained Oval Office meeting, with difficult negotiations pushed into a closed-door setting.
- The New York Times notes that Carney, "faces an unenviable balancing act. Canadians who took a chance on him will expect him to push back on Mr. Trump’s belittling and threatening rhetoric against Canada, as he promised he would."
- "But he will also need to avoid openly antagonizing Mr. Trump in their working luncheon or in front of journalists in the Oval Office photo opportunity that will follow."
PIPELINE: Corporate Bond Update: $750M Gold Fields 7Y Launched
May-06 15:24
A lot more corporate debt to issue today, not to mention the Tsy $42B 10Y note sale at 1300ET.
- Date $MM Issuer (Priced *, Launch #)
- 05/06 $750B #Gold Fields 7Y +175
- 05/06 $500M *Shinhan Bank 5Y +72
- 05/06 $500M Eaton WNG 5Y +90a
- 05/06 $Benchmark Bank of America 4NC3 +110a, 4NC3 SOFR+134, 11NC10 +140a
- 05/06 $Benchmark Starbucks Corp 3Y +100a, 5Y +115a, 10Y+135a
- 05/06 $Benchmark Standard Chartered 6NC5 +165a, 6NC5 SOFR
- 05/06 $Benchmark Cummins Inc +80a, +5Y +100a, 10Y +120a
- 05/06 $Benchmark Biogen +5Y +150a, 10Y +175a, 30Y +200a
- 05/06 $Benchmark American Homes 4 Rent 5Y +145a
- 05/06 $Benchmark Deutsche Bank 6NC5 fix/SOFR
- 05/06 $Benchmark Host Hotels & Resorts 7Y +195a
- 05/06 $Benchmark PNC 2NC1 +100a, 6NC5 +120a
- 05/06 $Benchmark Dominion Energy 3Y +110a
- 05/06 $Benchmark UBS 11NC10 +160a
OPTIONS: Expiries for May07 NY cut 1000ET (Source DTCC)
May-06 15:17
- EUR/USD: $1.1400(E763mln)
- USD/JPY: Y142.50($804mln), Y143.00($595mln), Y143.20($746mln), Y145.50-55($1.1bln), Y145.85-00($1.6bln)
- EUR/GBP: Gbp0.8555-68(E501mln)
- AUD/USD: $0.6400(A$676mln), $0.6600(A$717mln)
- USD/CAD: C$1.3750-65825mln), C$1.3775-80($961mln)
- USD/CNY: Cny7.2000($500mln)
