Asian markets are mixed as Wall Street’s earnings season continues

China’s central bank kept its 1-year medium-term lending facility unchanged at 2.75%.

People’s Bank of China conducted The 170 billion yuan liquidity injection was smaller than the market consensus of 220 billion yuan and higher than the maturity amount of 150 billion yuan.

The measures “signal that the PBOC is not particularly concerned about the recovery of the Chinese economy,” Iris Pang, ING’s chief big China economist, said in a note.

– Jihye Lee

Singapore’s March non-oil domestic exports fell 8.3% year-on-year, marking the sixth straight month of decline.

However, the decline was smaller than February’s 15.8% drop, and economists had expected a 20.8% drop.

The government data is out Apart from the US and South Korea, overall non-oil domestic exports to Singapore’s main markets fell in March.

Non-oil domestic exports to Taiwan fell 30.4% from last year, followed by Malaysia at 23.1% and China at 14.1%.

– Lim Hui Jee

China’s new home prices fell 0.8% year-over-year in March, according to calculations by Refinitiv. Bureau of National Statistics’ House price details of 70 cities were released on Saturday.

Home prices fell by the least since June 2022, when the reading was down 0.5% year-on-year.

March’s reading represented a 0.5% monthly rise, compared with a 0.3% rise in February, marking the fastest pace of gains in 21 months. Reuters.

“We expect more housing easing in the coming months, but maintain our view that the property sector’s recovery will be gradual and flat,” Goldman Sachs economists said in a weekend note, citing demographic trends and tighter financing conditions for developers.

– Jihye Lee

The International Monetary Fund sees the Bank of Japan likely to change its bond yield target this year, on rising prospects the country could see sustained wage increases. Reuters.

Japan’s wage dynamics are “changing,” noted Ranil Salgado, head of the IMF’s Japan mission, following talks between large firms and unions.

He also urged the BOJ to maintain its ultra-loose monetary policy, echoing the stance of Governor Kazuo Ueda. This is because the sustainable 2% inflation target is not yet in sight, he added.

– Lim Hui Jee

US regional banks sold off heavily after the collapse of Silicon Valley Bank in March.

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– Weissen Don

As the latest batch of economic data showed positive developments on the inflation front, Chicago Federal Reserve President Austin Goolsbee said the Fed’s work is far from over.

“When you see producer prices come in big negative numbers, and when you see these negatives in retail sales, you don’t want to overreact to the short-term news, but it feels like it’s moving in the right direction,” he said. to Steve Leisman on CNBC’s “Squawk Box” Friday.

Goolsbee, who succeeded Charles Evans as president earlier this year, is a member Federal Open Market CommitteeIt sets the federal funds rate.

– Alex Haring

Rising stocks, and tech stocks in particular, have been a bright spot despite market volatility since the banking crisis, with the Nasdaq up about 16% so far this year — beating the S&P 500 and the Dow Jones Industrial Average.

But investors still have to contend with uncertainty as analysts warn of a slowdown this year.

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– Weissen Don

Citigroup shares gained more than 2% in premarket trading, which also appeared on higher expectations from Wall Street on Friday.

The bank reported revenue of $21.45 billion, compared to expectations of $19.986 billion, according to analysts polled by Refinitiv.

The bank’s net income was $4.6 billion compared to $4.3 billion in the same period last year

Citigroup reported earnings of $2.19 per share for the quarter, though it’s unclear how well that figure compares to estimates, which beat expectations.

JPMorgan, Wells Fargo and Citigroup are generally higher in the premarket after reporting better-than-expected results.

-John Melloy, Jesse Pound

Shares of JPMorgan Chase rose in premarket trading after the bank reported better-than-expected first-quarter earnings. Earnings per share also beat Wall Street’s estimates.

JPMorgan reported adjusted earnings per share of $4.32 for the first quarter and estimates of $3.41 per share, as polled by Refinitiv. Refinitiv had revenue of $39.34 billion for the first quarter, versus the consensus estimate of $36.19 billion.

“The U.S. economy continues to be at generally healthy levels — consumers are still spending and have strong balance sheets, and businesses are in good shape,” CEO Jamie Dimon said in an earnings filing. “However, the storm clouds we’ve been tracking for the past year are on the horizon, and the turmoil in the banking sector adds to these risks.”

-John Mellay, Hugh Sonn

Companies in the S&P 500 report their latest quarterly earnings in the following week, based on results released in the week ending the following week (10).

While banking and financial institution results are sprinkled throughout the week (including many regional banks, MTB to CFG to CMA), the first of the big technical numbers will be released next Wednesday LRCX TSLA FFIV IBM.

Income next week:

MON SCHW STT JBHT MTB

TUESDAY LMT BK JNJ GS PLD UAL NFLX OMC

Wednesday CFG GL USB ELV SYF TRV BKR NDAQ ABT MS DFS EFX LRCX LVS TSLA ZION FFIV KMI IBM CCI STLD

Thursday CMA T TFC ALK DHI FITB KEY SNA GPC AXP HBAN MMC PM Pool UNP NUE PPG STX CSX WRB ISRG

Friday FCX RF PG SLB

– Scott Snapper