Monday Morning Meeting Notes (04/17/2023)

General Info:

• U.S. consumer price index (CPI) rose 0.1% in March, bringing the year-over-year figure to 5.0%
• Core CPI, which excludes volatile food and energy costs, rose 0.4% in March, and the year-over-year figure remained steady at 5.6%
• Shelter, which has proven to be a sticky inflation measure, was by far the largest contributor to CPI as it rose 0.6% month-over-month and has risen 8.2% year-over-year
• Fun Fact: Kiribati consists of about 32 atolls and one solitary island (Banaba), extending into the eastern and western hemispheres, as well as the northern and southern hemispheres. Kiribati is the only country that is situated within all four hemispheres

Monday 04/17:

• The running of the 127^th Boston Marathon
• Up until 1969, the marathon took place every April 19^th, which was Patriots’ Day. In 1969, officials designated the third Monday of April as Patriots’ Day, so the marathon organizers followed suit and moved the race so it would remain on Patriots’ Day
• Charles Schwab and M&T Bank report earnings

Tuesday 04/18:

• Goldman Sachs, Bank of America, BNY Mellon, Netflix, Johnson & Johnson, Intuitive Surgical, and United Airlines report earnings
• Federal tax day in the U.S.
• U.S. housing starts and building permits for March
• China reports Q1 2023 GDP data
• China retail sales and industrial production
• U.K. unemployment rate

Wednesday 04/19:

• Tesla, AT&T, Abbott Labs, Ally Financial, Morgan Stanley, NextEra Energy Partners, PPG Industries, Pool Corp, Alcoa, U.S. Bancorp, and American Airlines report earnings
• CPI data for the Eurozone and U.K.
• The Federal Reserve (Fed) releases its Beige Book, an economic survey based on reports from its 12 district banks

Thursday 04/20:

• American Express, Huntington Bancshares, Fifth Third Bancorp, Truist Financial, KeyCorp, Blackstone, CSX Corp, Union Pacific, D.R. Horton, and Philip Morris International report earnings
• The European Central Bank (ECB) releases the minutes from its March policy meeting
• U.S. leading economic index
• U.S. existing home sales for March
• U.S. initial jobless claims and continuing claims data
• Eurozone consumer confidence
• Taiwan export orders

Friday 04/21:

• Procter & Gamble, Schlumberger, Regions Financial, and HCA Healthcare report earnings
• Preliminary release of April’s S&P Global Services PMI data for the U.S., Eurozone, U.K., France, Germany, and Japan
• Preliminary release of April’s S&P Global Manufacturing PMI data for the U.S., Eurozone, U.K., France, Germany, and Japan
• Norway’s wealth fund publishes its first quarter results
• Japan CPI data for March