APAC stocks were mostly subdued after the uninspiring handover from the US; Meta shares dropped over 15% post-earnings - – Newsquawk Europe Market Open

APAC stocks were mostly subdued after the uninspiring handover from the US; Australia and New Zealand markets were closed for ANZAC Day.
US equity futures were pressured with underperformance in Nasdaq 100 after Meta shares dropped over 15% post-earnings.
European equity futures indicate a slightly softer open with the Euro Stoxx 50 future -0.1% after the cash market closed down 0.4% on Wednesday.
DXY is steady below the 106 mark, USD/JPY has gained a firmer footing on the 155 handle, EUR/USD rests above 1.0700.
Looking ahead, highlights include German GfK, French Business Climate, US GDP Advance, PCE Advance, Initial Jobless Claims, Comments from ECB’s Schnabel, Supply from the US.
Earnings from Barclays, Unilever, AstraZeneca, Vinci, STMicroelectronics, Airbus, BNP Paribas, Schneider Electric, Hermes, Pernod Ricard, Equinor, BE Semiconductor, Merck, Microsoft, Gilead Sciences, Caterpillar, S&P Global, Intel, T-Mobile US & Alphabet.

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US TRADE

US stocks finished mixed following choppy price action although the Nasdaq 100 outperformed after a short squeeze on Tesla (+11%) post-earnings and as investors awaited more big tech earnings reports. Furthermore, macro newsflow was on the light side and durable goods orders were varied which garnered little reaction, while the German Ifo survey came in on the hot side and contributed to a Bund-led sell-off.
SPX +0.02% at 5,071, NDX +0.32% at 17,527, DJI -0.11% at 38,461, RUT -0.36% at 1,995.
Click here for a detailed summary.

AFTER-MARKET EARNINGS

Meta Platforms Inc (META) Q1 2024 (USD): EPS 4.71 (exp. 4.32), Revenue 36.46bln (exp. 36.16bln), Q2 24 revenue view 36.5-39bln (exp. 38.38bln), FY24 capex view 35-40bln (exp. 34.73bln), also expects capex to increase in FY25 (exp. 37.73bln). Shares were down 15% after-hours.
International Business Machines Corp (IBM) Q1 2024 (USD): Adj. EPS 1.68 (exp. 1.60), Revenue 14.46bln (exp. 14.55bln). Shares were down 8.5% after-hours
Ford Motor Co (F) Q1 2024 (USD): Adj. EPS 0.49 (exp. 0.42), Revenue 42.8bln (exp. 40.1bln). Shares were up 2.4% after-hours

APAC stocks were mostly subdued after the uninspiring handover from the US where futures were pressured after-hours following Meta's underwhelming guidance, while the region also digested several earnings releases and markets in both Australia and New Zealand markets were closed for ANZAC Day.
Nikkei 225 underperforms and retreated beneath the 38,000 level amid tech weakness and with earnings releases influencing price action, while the BoJ also kick-started its 2-day policy meeting.
KOSPI was dragged lower amid losses in tech heavyweights despite stronger-than-expected GDP data and a blockbuster earnings report from SK Hynix.
Hang Seng and Shanghai Comp. were positive with the Hong Kong benchmark underpinned amid resilience in the property industry, while the mainland eked slight gains after Premier Li noted China seeks to enhance development momentum and with US Secretary of State Blinken calling for the US and China to manage differences responsibly during a trip to China.
US equity futures (ES -0.7%) were pressured with underperformance in Nasdaq 100 (-1.2%) after Meta shares dropped over 15% post-earnings despite beating on the top and bottom lines.
European equity futures indicate a slightly softer open with the Euro Stoxx 50 future -0.1% after the cash market closed down 0.4% on Wednesday.

DXY trades flat ahead of key data releases including today's advanced Q1 GDP.
EUR/USD eked marginal gains following its return to the 1.0700 handle.
GBP/USD lingered around this week's highs but remained within tight parameters.
USD/JPY gained a firmer footing at the 155.00 handle to extend on 34-year highs and was unfazed by the renewed jawboning.
Antipodeans were kept afloat in quiet trade amid the holiday closures for ANZAC Day.
BoC Minutes stated they agreed that rates would most likely only come down gradually and given the risks to the inflation outlook, the council was split on the timing of a possible cut.

10-year UST futures were contained after recent losses and an uninspiring 5-year auction.
Bund futures languished near the prior day's lows after recent firm data, ECB comments and supply.
10-year JGB futures were subdued as participants await tomorrow's BoJ announcement.

Crude futures remained uneventful after failing to benefit from this week's inventory data.
Russian Energy Ministry said fuel output in April is to compensate for lost volumes in March, according to RIA.
Spot gold was rangebound amid a flat dollar ahead of upcoming key data releases.
Copper futures struggled for direction amid the mostly subdued risk environment.

Bitcoin was ultimately flat in choppy trade and briefly approached near the USD 64,000 level.

NOTABLE ASIA-PAC HEADLINES

China is to speed up the local government special bond offer and is expected to accelerate special bond issuance in Q2 and Q3, according to PBoC-backed Financial News.
China's mission to the EU said if the European side suspects the existence of so-called subsidies, it is entirely possible to verify and resolve the situation through communication with the firm or a government department, after Chinese security equipment company Nuctech's Dutch and Polish offices were raided by EU competition regulators.
US Secretary of State Blinken called for the US and China to manage differences responsibly, according to AFP.
Japanese Chief Cabinet Secretary Hayashi said won't comment on forex levels or intervention but reiterated it is important for currencies to move in a stable manner reflecting fundamentals and rapid FX moves are undesirable, while he added they are closely watching FX moves and will be ready to take full response.
Japanese Finance Minister Suzuki said closely watching FX markets and will handle it appropriately.
South Korea's market watchdog is preparing a new monitoring system to detect illegal stock short selling with the new mechanism to be implemented in a speedy manner, according to Reuters.

DATA RECAP

MIDDLE EAST

White House National Security Adviser said the US is still in talks with Israelis regarding Rafah and expects in-person Rafah talks to take place relatively soon.
Egypt is intensifying contacts with all parties to find a way to a ceasefire in the Gaza Strip, according to Sky News Arabia citing an Egyptian source.
Yemen's Houthis said they targeted the MSC Veracruz Israeli ship in the Indian Ocean, Maersk Yorktown and a US destroyer in the Gulf of Aden.
US State Department said the G7 is interested in the possibility of placing Iran's Revolutionary Guard on the terrorist list, according to Al Arabiya.

OTHER

US official said the US quietly slipped long-range ATACMS missiles to Ukraine in the March aid package, which were fired by Ukraine against a Russian target last week.

NOTABLE HEADLINES

Spanish PM Sanchez is suspending public duties to reflect on his future and will announce the decision on his political future next week as his wife faces a corruption investigation.