US stock futures eased on Thursday after the major averages ended mixed in the previous session. In extended trading, Airbnb tumbled more than 8% on disappointing revenue guidance for the second quarter, while Robinhood jumped 4.2% on better-than-expected earnings and revenue for the first quarter. In regular trading on Wednesday, the Dow rose 0.44%, extending its winning streak to a sixth day. Meanwhile, the S&P 500 ended flat and the Nasdaq Composite shed 0.18%, weighed down losses in heavyweight tech names. Investors remained focused on corporate earnings reports and the Federal Reserve's policy outlook, especially after receiving mixed comments from several central bank officials. In corporate news, Uber sank 5.7% on an earnings miss. Tesla also fell 1.7% after reports that US prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about its electric vehicles’ self-driving capabilities.

Average cash earnings in Japan increased by 0.6% year-on-year in March 2024, slowing for the second straight month following a 1.8% gain in February. The latest reading was also the lowest since September last year. Moreover, the country’s nominal wage growth lagged behind the 2.6% core consumer inflation rate in March, marking two straight years of negative inflation-adjusted real wages which fell 2.5% last month. The following industries contributed the most to the wage rise: finance & insurance (7.2%), living-related & personal services & amusement services (5.4%) and information & communications (4.9%). Meanwhile, wages declined in mining & quarrying of stone & gravel (-11.6%), accommodations, eating & drinking services (-8%) and scientific research, professional & technical (-2.3%).

The RICS UK Residential Market Survey house price balance, which measures the gap between the percentage of respondents seeing rises and falls in house prices, remained unchanged at -5% in April 2024. The latest reading signaled a largely stable trend in house prices at the aggregate level, but missed forecasts for an improvement to -2%. Virtually all parts of England returned either a flat or marginally negative reading for the house price series. By way of contrast, both Northern Ireland and Scotland continue to see an upward trend in house prices. Looking ahead, the three-month outlook for house prices slipped to -13%, while the twelve-month outlook remain consistent with house prices returning to growth at the aggregate level, posting a net balance of +38%. When broken down, all parts of the UK are anticipated to see some uplift in house prices over the coming year.

South Korea posted a current account surplus of $6.93 billion in March 2024, up from a surplus of $6.93 billion in a month earlier. It marked the 11th straight month of logging a surplus amid increased trade surplus and dividend income. The goods account recorded an 8.09 billion dollar surplus as exports increased annually by 3% to 58.27 billion dollars and as imports decreased by 13.1% to 50.18 billion dollars, both compared to one year earlier. The services account posted a 2.43 billion dollar deficit owing to deficits in the use of intellectual property and travel accounts. The primary income account recorded a 1.83 billion dollar surplus due to an increase in the income on equity. The secondary income account recorded a 0.56 billion dollar deficit.

The stock market in New Zealand was down 39 points or 0.3% to 11,744 on Thursday morning trade, falling for the fourth straight session as several major sectors retreated, particularly financials, non-energy minerals, industrials, and consumer services. The NZX 50 lingered at its lowest level in over seven weeks amid uncertainty about the timing of rate cuts in the US, ahead of inflation figures in the world's largest economy next week. Meanwhile, leading trade partner China will report CPI and PPI numbers over the weekend, with concerns over deflation risks persisting despite efforts from Beijing to spur consumption. Chinese export and import figures for April will be due later today, followed by releases of vehicle sales and Q1 current account data on Friday. Among early decliners were Marsden Maritime Hlds. (-1.8%), A2 Milk Co. (-1.6%), Restaurant Brands NZ (-1.5%), and Sanford Ord. (-1.2%). Index bellwether Fisher & Paykel Healthcare slipped 0.5%, snapping its five-day gains.

The S&P/TSX Composite index declined by 0.14% to close at 22,259 on Wednesday, driven by disappointing earnings from tech giants and a widespread decrease among companies exposed to commodities. Shopify stock plummeted by 18.5% after reporting an unexpected loss of $0.21 per share for the fiscal first quarter, significantly worse than the expected profit of $0.09. The loss was attributed to the sale of Shopify's logistics business and related fees. The tech sector followed suit, with an average decline of 4.3%. Meanwhile, commodity-sensitive stocks such as NexGen, Ovintiv, Cameco, and Teck Resources experienced declines of 12.3%, 2.8%, 2%, and 1.8%, respectively. On the flip side, financial stocks helped cushion the decline, with TD Bank gaining 1.2%, followed by BMO rising 1%, and Royal Bank of Canada climbing 0.9%.

Stocks in the US finished a choppy session mixed on Wednesday, as the S&P 500 ended muted, the Dow Jones rose 171 points to extend its winning streak to six days, the longest since December. Meanwhile, Nasdaq edged lower by 0.2%, due to a sell-off in shares of Tesla and Intel. Investors remained focused on corporate earnings reports and the Federal Reserve's policy outlook, especially after receiving mixed comments from several central bank officials. In corporate news, shares of Uber sank 5.7% after the company missed on earnings. Tesla also fell 1.7% after reports that U.S. prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about its electric vehicles’ self-driving capabilities. Intel declined 2.2% after the US revoked China export licenses. Conversely, Lyft soared 7.1% after a revenue beat and Arista Networks jumped 6.3% on strong earnings. After the bell, Airbnb is set to report quarterly results.

Stocks in the US faced challenges making a headway during Wednesday's afternoon session, with the S&P 500 and Nasdaq hovering near the flatline. Meanwhile, the Dow Jones was up by more than 100 points, poised to extend its winning streak to six days. Investors remained focused on corporate earnings reports and the Federal Reserve's policy outlook, especially after receiving mixed comments from several central bank officials. On the corporate front, shares of Uber sank nearly 9% after the company missed on earnings. Tesla also fell 1.7% after reports that U.S. prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about its electric vehicles’ self-driving capabilities. Conversely, Lyft Inc soared 4.5% after a revenue beat. Arista Networks jumped over 6% on strong earnings. After the bell, Arm, Instacart, and Robinhood are set to report their quarterly results.

The ruble-based MOEX Russia index held its muted momentum to close marginally above the flatline at 3,432 on Wednesday, enough to halt a five-session losing streak but refraining from significantly rebounding as markets continued to assess how sanctions hamper the Russian corporate backdrop. Gazprom shares closed flat after tanking as much as 8% since last week as investors speculated on future sales without European clients and extraordinarily high natural gas prices. Results released last week showed that the gas giant recorded its first annual loss in 24 years, and the outlook remained pessimistic as Europe’s LNG demand is muted and the future of the Power of Siberia 2 pipeline remains uncertain. In the meantime, miners were mixed with Seligdar dropping 0.6%, but NLMK added 0.7% amid growing expectations that the company may return to paying out dividends this year.

The CAC 40 climbed 0.7% to close at 8,131 on Wednesday, marking the fourth consecutive session of gains, supported by expectations of an interest rate cut and upbeat corporate updates. Alstom emerged as the top performer, with shares surging 9.4% on higher sales and adjusted earnings, despite a widened net loss for the fiscal year. Carrefour also saw a notable uptick, with shares rising 1.4%, buoyed by Carrefour Brasil’s Q1 net profit of $7.7 million, a stark reversal from losses in the same period last year. Conversely, Stellantis declined 2%, following reports of certain Chinese carmakers considering establishing manufacturing and assembly plants in Europe to boost sales of lower-cost vehicles amid sluggish demand in China, the world’s largest car market.

In London, the FTSE 100 Index went up by 52 points or 0.63 percent on Wednesday. Top gainers were International Airlines Group (3.55%), Easyjet Plc (3.18%) and Beazley (2.72%). Biggest losses came from Ocado Group (-2.89%), Phoenix Holdings (-2.13%) and Glencore (-1.74%).

European stocks closed firmly higher for a fourth consecutive session on Wednesday amid continued support from expectations of looser monetary policy by the ECB and the Fed, and a batch of favorable corporate earnings reports. The Eurozone’s Stoxx 50 added 0.5% to close at a fresh 23-year high of 5,040, and the pan-European Stoxx 600 jumped 0.3% for a new record high of 516. AB InBev shares surged by 4% after the Belgian brewer reported better-than-expected sales in North America. Additionally, Munich Re led the gains in the financial sector in the currency bloc with a 3% jump after confirming its net profit guidance for the year. Regarding the broader Stoxx 600, Siemens Energy soared by 12.8% after the company returned to profit and lifted guidance, while French train maker Alstom added 9.4% after reporting higher sales and adjusted earnings despite a wider net loss for its fiscal year.

Crude oil inventories in the US fell by 1.361 million barrels in the week ending May 3, 2024, after a 7.265 million jump in the previous period and compared with market expectations of a 1.43 million barrel decline, the EIA Petroleum Status Report showed. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.88 million barrels, following a 1.089 million increase. Meanwhile, gasoline stocks edged higher by 915 thousand barrels, defying market expecatations of a 1.18 million barrel draw; and distillate stockpiles, which include diesel and heating oil, went up by 56 thousand barrels, versus consensus for a 1 million drop.

US wholesale inventories decreased by 0.4% month-over-month in March 2024, matching the advance estimate estimate and following a downwardly revised 0.2% rise in the prior month. Nondurables stocks saw a decrease of 1.1%, following a previous fall of 0.5%, mainly on account of farm products (-2.3%). Additionally, inventories of durable goods fell by 0.1% in March, after a 0.7% increase in the prior month. Yearly, wholesale inventories shrank by 2.3% in March, compared to an initial reading of a 2.1% drop.

The S&P/TSX Composite index fell 1% to below the 22,070 mark on Wednesday due to poor earnings for tech giants and a broad decline for companies with exposure to commodities. Shopify stock fell more than 18% after reporting a surprise loss for fiscal first quarter of $0.21 per share, worse than consensus expectation of $0.09 profit. Financial loss in fiscal Q1 attributed to sale of Shopify's logistics business and related fees incurred on the sale. The tech sector followed the tech giant with an average of nearly 6%. Additionally, commodity-sensitive stocks like Ovintiv, Ivanhoe Mines, Teck Resources and Cameco saw declines of 3.4%, 2.5%, 2.7%, and 1.8%, respectively.

US stocks moved lower on Wednesday, taking a breather after recent gains, with the S&P 500 falling 0.4%, the Dow Jones losing 30 points and the Nasdaq declining 0.6%. Traders continue to assess corporate results and the Fed's policy outlook, after mixed comments from several central bank officials. Real estate and consumer discretionary were the worst performing sectors. On the corporate front, shares of Uber sank almost 9% after the company missed on earnings. Wynn Resorts lost nearly 1% despite posting strong results. On the other hand, Lyft Inc soared about 6% after a revenue beat. Meanwhile, megacap stocks including Microsoft (-0.2%), Apple (-0.1%), Nvidia (-0.3%), Amazon (-0.6%) and Alphabet (-1.1%) were also lower. In addition, Tesla declined about 3.5% after Reuters reported that U.S. prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about its electric vehicles’ self-driving capabilities.

The Canadian dollar weakened to over 1.37 per USD, the lowest since April 30th, as the US dollar rebounded amid hawkish remarks from Fed officials, offsetting strong domestic business confidence. Minneapolis Fed President Neel Kashkari suggested that the central bank would hold rates until clear signs of disinflation emerge, and he didn’t rule out a hike if inflation accelerates. Meanwhile, arguments for a Bank of Canada interest rate cut moderated after Canadian business confidence reached a two-year high of 63 in April, surpassing expectations of 58.1 and marking the ninth consecutive monthly increase, signaling resilient private sector sentiment. The data challenged pessimistic signs for domestic manufacturing, with April’s PMI pointing to twelve months of contractionary, below the expected expansion at 50.2. Additionally, the economy grew only 0.2% in February and is expected to have stagnated in March.

The BSE index swung between gains and falls to close virtually unchanged at 73,466.4 on Wednesday, amid high volatility. Market sentiment continued to be influenced by uncertainty around India's election outcome and mixed reactions from analysts to corporate earnings. Modi is seeking an unusual third consecutive term in an election that sets his Hindu nationalist Bharatiya Janata Party (BJP) against a coalition of over two dozen opposition parties. Surveys indicate that he is likely to secure a comfortable majority. Surveys indicate he is poised to secure a comfortable majority. Among single stocks, Asian Paints, UltraTech Cement, HUL, HDFC Bank, Bajaj Finance, and HCL Tech were top laggards, falling between 1-2.3%. On the other hand, Tata Motors (+2.4%), Power Grid (+2.3%), NTPC (+1.9%), L&T (+1.5%), and Maruti (+1.4%) advanced the most.

Stock futures in the US were flat to lower on Wednesday, taking a breather after recent gains, with traders assessing corporate results and the Fed's monetary policy outlook, after mixed comments from several central bank officials. On the corporate front, shares of Uber sank more than 7% in premarket trading after the company missed on earnings. On the other hand, Lyft Inc soared about 6% after a revenue beat. Wynn Resorts was also higher (+2%) after posting strong results. Meanwhile, megacap stocks including Microsoft (+0.3%), Apple (0.2%), Nvidia (-0.4%), Amazon (-0.8%), Meta (-0.1%) and Alphabet (-0.6%) showed little changes before the opening bell.

Mortgage applications in the US rose by 2.6% from the previous week in the period ending May 3rd, recovering from the 2.3% decline in the earlier period and halting two consecutive weeks of sharp declines in mortgage demand, according to data from the MBA. The development was consistent with an 11bps reduction in benchmark mortgage rates to 7.18%, tracking the drop in long-dated Treasury yields following a weak jobs report and dovish signs from the Fed’s policy decision. Applications for mortgages to purchase a new home rose by 1.8%, while those to refinance a home jumped by 4.5%

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) fell by 11 basis points to 7.18% in the week ending May 3rd, 2024, data from the Mortgage Bankers Association showed. It is the first decline in borrowing costs in five weeks, after reaching 7.29% in the previous period which was the highest level since late November. “Treasury rates and mortgage rates fell last week on the news of a slowing job market, with wage growth at the slowest pace since 2021, and the Federal Reserve’s announced plans to ease quantitative tightening in June and to maintain its view that another rate hike is unlikely,” said Mike Fratantoni, MBA’s senior vice president and chief economist.

The yield on the US 10-year Treasury note yield moved higher to 4.47%, from an intraday-low of 4.41% touched on Tuesday, as traders monitor the Fed's interest rate outlook. The likelihood of a rate cut in September has decreased to 65% from 70% earlier in the week. Comments from several Fed policymakers this week are also on the radar. On Monday, Richmond Federal Reserve President Thomas Barkin said that ending the battle against inflation will likely require a hit to demand and Federal Reserve Bank of New York President John Williams said eventually there will be rate cuts but for now monetary policy is in a "very good place". On Tuesday, Federal Reserve Bank of Minneapolis President Neel Kashkari said it’s likely the central bank will keep rates where they are “for an extended period of time”. Meanwhile, Tuesday's auction of $58 billion in 3-year Treasury notes received good bidding. The Treasury will also sell ten- and thirty-year bonds this week.

EU50 increased to a 4-week high of 5048.00 Index Points. Over the past 4 weeks, Euro Area Stock Market Index (EU50) gained 1.13%, and in the last 12 months, it increased 16.75%.

The FTSE MIB halted a 2-day rally, declining by 0.3% to trade around the 34,150 level on Wednesday, underperforming its European peers, dragged down by a weak performance from the automotive sector. Stellantis (-1.3%) and Ferrari (-1%) were notable losers following BMW's struggles with declining earnings, mainly due to rising manufacturing costs, which cast a shadow over the entire industry. Meanwhile, petrochemical firms, particularly Eni (-1.4%), are also having a negative session amid reports of Russia mulling over production hikes. On the other hand, Leonardo emerged as the top performer, rising more than 2.5%, after announcing bolstered revenues and profitability in the first quarter of the year.

The Swedish krona weakened to 10.9 per USD after the Riksbank cut borrowing costs for the first time since 2016 and signaled two more reductions could follow in the second half of the year. During its May 2024 meeting, the central bank lowered the key policy rate by 25bps to 3.75%, a move expected by most analysts and already hinted by policymakers. The krona also weakened against the Euro to 11.7, approaching November-lows. Inflation in Sweden fell to 4.1% in March 2024 and is now well below 10.6% hit in March 2023 while economic activity remains subdued.

The ruble-based MOEX Russia index edged above the flatline to hover near the 3,435 mark on Wednesday, halting a five-session losing streak as markets continued to assess how sanctions hamper the Russian corporate backdrop. Gazprom shares edged higher after tanking as much as 8% in the last week as investors speculated on future sales without European clients and extraordinarily high natural gas prices. Results released last week showed that the gas giant recorded its first annual loss in 24 years, and the outlook remained pessimistic as Europe’s LNG demand is muted and the future of the Power of Siberia 2 pipeline remains uncertain. In the meantime, miners were mixed with UGC and NLMK adding 1% each, while NorNickel, Mechel, and Polus traded in the red.

The CAC 40 rose 0.8% to 8,140 on Wednesday, extending its winning streak for the fourth consecutive session, as investor sentiment remained positive, buoyed by the potential interest rate cut and positive corporate updates. Among individual stocks, Alstom emerged as the top performer, with shares surging nearly 7%, following the announcement of higher sales and adjusted earnings, despite a widened net loss for the fiscal year. Carrefour also saw a notable uptick, with shares rising around 2.15%, spurred by Carrefour Brasil's Q1 net profit of $7.7 million—a stark reversal from losses in the same period last year. Conversely, Stellantis NV experienced a setback, declining around 1.1%, following reports indicating that certain Chinese carmakers are considering establishing manufacturing and assembly plants in Europe to boost sales of lower-cost vehicles, aiming to compete with European counterparts amid sluggish demand in China, the world's largest car market.

Retail sales in Italy stalled from a month earlier in March of 2024, below market expectations of a 0.2% rise, and following a 0.2% increase in the previous month. The reading contrasted with a 0.8% jump in the Euro Area and combined an increase in the price of retail goods with a 0.1% decline in the volume of retail sales. Turnover remained unchanged for food goods while declining by 0.1% for non-food goods. From the previous year, retail sales advanced by 2%.

Imports to Taiwan increased 6.6% year-on-year to USD 31.02 billion in April 2024, down from a 7.1% growth in the previous month and below forecasts of a 7.6% rise. Purchases went up for information, communication and audio-video products (63.5%), parts of electronic products (23.5%), chemicals (1%), and machinery (0.4%). Meanwhile, arrivals for mineral products declined by 9.8%. Among main suppliers, imports rose from the US (17.9%), China & Hong Kong (17.6%), ASEAN countries (15.6%), and Japan (0.8%), while purchases went down from Europe (-11.5%), and the Middle East (-11.5%). Considering January to April, imports were 3.8% higher compared to the same period in the prior year.

Exports from Taiwan rose 4.3% year-on-year to USD 37.48 billion in April 2024, slowing sharply from a two-year high of 18.9% in March and coming well below market estimates of a 10.15% growth. There was a sharp increase in sales for information, communication and audio-video products (114.6%), but was offset by the declines from parts of electronic products (-17.7%), machinery (-13.1%), base metals (-10.2%), and plastics & rubber (-8.2%). Among key trading partners, shipments went up to the US (81.6%), and ASEAN countries (2.8%), while exports to Japan (-39.6%), China & Hong Kong (-11.3%), and Europe (-6.5%), declined. For the first four months of the year, exports were 10.6% higher compared to the corresponding period in 2023.