EU CONSUMER CYCLICALS: LVMH | Reporting 2Q weakness (bbg)
May-21 15:31
(MCFP; Aa3/AA-)
"With a view to manage expectations, LVMH Moët Hennessy Louis Vuitton SE is putting out cautious signals on second-quarter trends amid lackluster consumer confidence, particularly in China, according to people familiar with the matter who declined to be identified discussing information that’s not public. Some of the people suggested the company’s current quarter may show no improvement over the previous one." -bbg
Re. latter consensus is currently flat to previous quarter which would leave it -3% y/y.
Lux that still reported 1Q growth in APAC ex. Japan include European peers Hermes, Prada nad Moncler.
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US STOCKS: Stocks Tracking Lower, Still Off April Lows
Apr-21 15:24
- Stocks are back to trading weaker Monday, unwinding last Thursday's modest bounce, current SPX eminis levels putting the index back to April 10 lows, still off April 7 low of 4832.00. Risk sentiment hampered after Pres Trump berates Fed Chair Powell for not preemptively cutting rates.
- Currently, the DJIA trades down 942.51 points (-2.41%) at 38191.13, S&P E-Minis down 131.25 points (-2.47%) at 5181, Nasdaq down 456 points (-2.8%) at 15828.34.
- Consumer Discretionary and Information Technology sectors underperformed in the first half, Tesla -6.48%, Chipotle Mexican Grill -4.86%, Deckers Outdoor -4.06%, Carnival -3.59% and Starbucks -3.42%, led laggers in the Consumer Discretionary sector.
- Chip makers primarily weighed on the IT sector: Super Micro Computer -5.90%, NVIDIA -5.06%, Arista Networks -5.04%, Palo Alto Networks -4.39% and Oracle -4.33%
- On the positive side, Consumer Staples and Materials sectors outperformed: Dollar General +1.99%, Kroger +0.80%, Kraft Heinz +0.75%, Mondelez International +0.27% and Coca-Cola Co +0.10%.
- Aside from IFF, miners buoyed the Materials sector as gold climbed to a new intraday all-time high of 3429.50: Newmont Corp +0.53%, International Flavors & Fragrances +0.29%, The Mosaic Co +0.26%.
- Equity earnings resume after the close: Hexcel Corp, Medpace Holdings Inc, W R Berkley Corp, AGNC Investment Corp and Western Alliance Bancorp reporting.
FED: US TSY 13W AUCTION: NON-COMP BIDS $2.279 BLN FROM $76.000 BLN TOTAL
Apr-21 15:15
- US TSY 13W AUCTION: NON-COMP BIDS $2.279 BLN FROM $76.000 BLN TOTAL
FED: US TSY 26W AUCTION: NON-COMP BIDS $1.461 BLN FROM $68.000 BLN TOTAL
Apr-21 15:15
- US TSY 26W AUCTION: NON-COMP BIDS $1.461 BLN FROM $68.000 BLN TOTAL
