Monday Morning Meeting Notes (04/15/2024)

General Info:

• U.S. consumer price index (CPI) data for March rose at a slightly faster-than-expected pace
• CPI rose 0.4% month-over-month and 3.5% year-over-year (vs. expectations of 0.3% and 3.4%)
• Core CPI, which excludes volatile food and energy costs, rose 0.4% month-over-month and 3.8% year-over-year (vs. expectations of 0.3% and 3.7%)
• Housing and gasoline costs contributed more than half of the increase in the monthly CPI data
• Fun Fact: Amaretto is Italy’s best-selling liqueur, and contrary to popular belief it’s made from apricot kernels, not almonds. For example, Disaronno Originale is a secret formula that infuses apricot kernel oil, absolute alcohol, burnt sugar (giving its deep amber color), and seventeen selected herbs and fruits
• Amaretto was invented in Saronno, Italy – hence the name, Disaronno (“from Saronno”)

Monday 04/15:

• Goldman Sachs, Charles Schwab, HDFC Bank, and M&T Bank report earnings
• Federal income taxes are due in the U.S.
• U.S. retail sales for March
• Eurozone industrial production for February

Tuesday 04/16:

• UnitedHealth Group, Johnson & Johnson, Bank of America, Morgan Stanley, PNC, BNY Mellon, Northern Trust, and United Airlines report earnings
• U.S. housing starts and building permits data for March
• China property prices, retail sales, and industrial production for March
• China Q1 2024 GDP, which is expected to have grown 1.5% quarter-over-quarter and 4.8% year-over-year
• The International Monetary Fund (IMF) publishes its latest world economic outlook

Wednesday 04/17:

• ASML Holding, Abbott Labs, Prologis, CSX Corp, U.S. Bancorp, Crown Castle, Kinder Morgan, Las Vegas Sands, Discover Financial Services, Citizens Financial Group, Alcoa, and FNB Corp report earnings
• Eurozone CPI data for March
• U.K. CPI data for March
• U.S. Federal Reserve (Fed) issues its Beige Book survey of regional economic conditions

Thursday 04/18:

• Taiwan Semiconductor, Netflix, Intuitive Surgical, Elevance Health, Marsh & McLennan, Blackstone, D.R. Horton, PPG Industries, Pool Corp, and Ally Financial report earnings
• U.S. initial jobless claims and continuing claims data
• U.S. existing home sales for March
• U.S. Conference Board leading index
• Norway’s sovereign wealth fund issues its quarterly report

Friday 04/19:

• Procter & Gamble, American Express, Schlumberger, Fifth Third Bancorp, and Huntington Bancshares report earnings
• Japan CPI data for March
• U.K. retail sales for March
• India’s elections begin with Prime Minister Narendra Modi seeking a third term
• As the world’s largest democracy, approximately 968 million people are eligible to vote