アジア時間
AUSTRALIAN MFG PMI FLASH ACTUAL 49.9 (FORECAST -, PREVIOUS 47.3) $MACRO
AUSTRALIAN SERVICES PMI FLASH ACTUAL 54.2 (FORECAST -, PREVIOUS 54.4) $MACRO
AUSTRALIAN COMPOSITE PMI FLASH ACTUAL 53.6 (FORECAST -, PREVIOUS 53.3) $MACRO
JAPANESE JIBUN BANK MFG PMI FLASH ACTUAL 49.9 (FORECAST -, PREVIOUS 48.2) $MACRO
The au Jibun Bank flash Japan Services PMI increased to 54.6 in April 2024 from a final 54.1 in the previous month.

日銀は金融政策維持との見方、タカ派的発信あるか注視－根強い円安で
基調的物価が２％に向け上昇すれば、短期金利を引き上げ－日銀総裁
明治安田、超長期債投資を積極化する局面ではない－24年度は横ばい

According to JPM's clients, at least those who listen to Marko Kolanovic, only 35% of them plan to increase their equity exposure in the coming days, matching the lowest level since last summer. Which of course is bullish.

米国時間
UG
#STM /buy/Berenberg：半導体市場の底入れは近く、エンドマーケットの弱さは織り込み済みで、中国の半導体進出も織り込み済み。
#RBLX /JPM/OW：経営陣の成長率+20% YoYとマージン拡大の実行には懐疑的な機運があるが、予約を20%増やし、重い投資サイクルから抜け出し、2024年後半に広告商取引で2つの新しい収益源を増やす企業にとって、魅力的なエントリーポイントにある。
#DDOG /WFC/OW：企業のクラウドコスト最適化の動きは終わりが近く、同社はアップサイド推進の為にベンダーコンソレーション、セキュリティクロスセル、生成人工知能などを保有。顧客がベンダーを統合するにつれて、Datadogがより大きな取引を獲得しており、より大きな取引はcPROを増やす見込み。
#FSLR /Evercore/OP：太陽光パネルへの関税免除が撤廃され、ソーラーパネルの国内工場に恩恵をもたらす
#PENN /Truist/Buy：ESPN betへの期待値が低すぎかつ、その他の収益源を収益とみなされていないほど期待値が低い。

DG
#MP /JPM/N：中国の供給弾力性と、この10年以内に市場が二分される可能性が低いことを考慮して、長期的なネオジム価格が下がる
#HTZ /GS/Sell：より高い契約トリガーの必要性は、ストリートナンバーの下落を示唆しており、条件には今後の運営制限が含まれており、アナリストは、下落シナリオではハーツが株式で資金調達する可能性がある
#WBD /Wolfe/UP：合併シナジーの好影響はピークアウトしており、スタジオの業績の低迷、Maxの国際投資、広告の悪化により、2024年のEBITDA予測をさらに16%引き下げ
#SPWR /Evercore/InLine：高金利、NEM 3.0以降のカリフォルニアの不信、更なる資金ニーズの可能性
#FIVE /JPM/N：顧客の消費抑制によりcomp tikectがYoYで減少した

Initiate
#QCOM /Benchmark/Buy：AIを携帯に導入する機会を活用可能で、ＡＩスマホとAI-PCのランプで市場をリード。AIスマホは既存携帯からの買替需要が大きい
#HOG /MS/OW：新経営陣によるリーダーシップと株主還元策によりアップサイドあり

個別株
#AAPL guidance to miss on weak hardware demand, says Barclays
$ACI +0.3% added to Analyst Focus List at JPMorgan as the stock's valuation discount to Kroger (KR) is too wide given the companies similarities
#CHA weakness a buying opportunity, says Baird
#NVDA #SMCI #DELL Chinese research institutes have reportedly managed to purchase high-end Nvidia $NVDA AI chips via resellers, despite U.S. efforts to restrict chip exports, Reuters reports.

earnings
#UPS Q1 earnings top consensus expectations despite revenue dip：average daily volume in the U.S. showed improvement through the quarter. Looking ahead, we expect to return to volume and revenue growth. In the U.S. Domestic Segment, revenue decreased by 5.0%, attributed to a 3.2% drop in average daily volume. The International Segment saw a 6.3% revenue decrease and a 5.8% fall in average daily volume. The Supply Chain Solutions faced a 5.3% revenue decline, mainly due to market rate declines in forwarding.
#DHR beats Q1 earnings estimates：sees Q2 revenue down mid-single digits sees, FY24 revenue down low-single digits
#PII Tops Q1 EPS by 18c, Misses on Revenue：Reported $1,736 million, a decline of 20% year-over-year, falling short of estimates of $1,747.92 million./Gross Profit Margin: Decreased by 250 basis points to 19.0%, impacted by higher promotional activity and warranty expenses.
#PHM Posts Earnings Beat as ‘Shortage of Several Million Homes’ Spurs Demand/call that home prices will likely rise due to limited inventory/In a world where the consensus is that interest rates will be higher for longer, our rate incentives likely become an even greater competitive advantage, especially relative to the existing home seller.
#XRX Holdings Corp (XRX) Faces Challenges in Q1 2024, Misses Analyst Forecasts：The company reported a significant downturn, with revenue dropping to $1.50 billion, a 12.4% decrease from the previous year, and a stark contrast to the estimated $1.534 billion./
#JBLU stock slides 8% premarket as Q1 loss widens significantly, CEO warns on full year
#GM raises full-year guidance after strong first-quarter performance; still sees ‘variable gains’ in EV units by year end：Our pricing has held up very strong across the board. We saw average transaction prices, essentially, flat. And while incentives have ticked a little bit higher, we've, actually, seen pricing improve April month-to-date so far.
$HAL Beats Earnings Forecast on High Oilfield Services Demand：it expects growth in its international business this year, but North American revenue will likely remain flat due to weak demand for drilling./The decline in natural gas prices to near three-and-a-half-year lows has operators in the U.S. curtailing activity, further hurting demand for drilling services.
#DGX Q1 2024 Earnings: Aligns with Analyst EPS Projections, Raises Full-Year Guidance
〇$KMB Announces First Quarter 2024 Results and Raises 2024 Outlook：characterized by positive volume and mix gains driven by pioneering, innovative new products, leveraging continued productivity momentum for strong earnings growth versus the prior-year period.Net sales of $5.1 billion were down 1 percent, with organic sales growth of 6 percent versus the prior year.Gross margin was 37.1 percent, up 390 basis points versus the prior year, driven by organic net sales growth and gross productivity gains. Organic sales were up 6 percent, driven by a 4 percent increase in price, 1 percent favorable product mix and a 1 percent increase in volume. Price-led gains reflected necessary pricing actions to address higher local costs in hyperinflationary economies, mainly in Argentina.
#PM Reports First-Quarter 2024 Results and Updates Full Year Guidance
#SHW earnings missed by $0.05, revenue fell short of estimates：Consolidated net sales decreased 1.4% in the quarter to $5.37 billion/Paint Stores Group sales were up slightly against a strong double-digit comparison, driven by a modest contribution from our February 1 price increase which will reach greater realization in the second quarter./In Consumer Brands Group, North America DIY paint demand remained soft, which was partially offset by international growth./
#RTX profit jumps 20% on aviation strength, military demand
#GE Aerospace Surpasses Q1 Revenue Estimates and Raises Full-Year Guidance：GE Aerospace on Tuesday raised its full-year profit forecast even as it continues to wrestle with supply-chain challenges to keep up with strong demand for jet engines./benefiting from a surge in demand for after-market services as a strong rebound in travel and a shortage of aircraft due to production and engine issues has forced carriers to keep older jets in the air for longer
#LMT reports higher sales on strong defense demand
$FCX beats quarterly profit estimates on strong production：benefited from strong prices of gold, which it produces as a byproduct from its key Grasberg mine in Indonesia.
$PEP Earnings Beat Estimates As International Demand Boosts Sales：SSSincreased 2.7% in the quarter. But the company’s volume is still under pressure. Pepsi, along with many of its rivals, has seen its volume fall in response to higher prices for its Gatorade, Fritos and other products in its portfolio. Pepsi’s other North American divisions also reported weaker volume. Volume in its beverage unit fell 5% in the quarter, while Frito-Lay North America reported a 2% decline in its volume.month"
$TSLA：*TESLA TO ACCELERATE LAUNCH OF MORE AFFORDABLE MODELS/Global EV sales continue to be under pressure as many carmakers prioritize hybrids over EVs. While positive for our regulatory credits business, we prefer the industry to continue pushing EV adoption, which is in-line with our mission...We recently undertook a cost-cutting exercise to increase operational efficiency./"We have updated our future vehicle line-up to accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025.Automotive gross profit margins, excluding regulatory credits, came in at 16.4%, down from almost 19% a year ago./Operating profit per vehicle came in at about $3,000, down almost 50% year over year. Costs associated with ramping up Cybertruck production and artificial intelligence-based research and development projects contributed to the decline./Tesla Model 2 Timeline Is 'as Fast as Possible'/ Musk Says Sales Will Grow This Year
#TXN ：Revenue decreased 16% from the same quarter a year ago and 10% sequentially, as revenue declined across all end markets/gave a bullish revenue forecast for the current quarter, indicating that a slump in demand for industrial and automotive components may be easing./suggests that customers have begun to resume ordering chips after working through stockpiles of components/

#V results beat estimates on resilient consumer spending/U.S. consumer spending has remained remarkably resilient despite higher-for-longer interest rates, with Americans still looking to spend on big-ticket purchases and international travel/Consumer spend across all segments from low-to-high spend has remained relatively stable. Our data does not indicate any meaningful behavior change across consumer segments
#ENPH Misses Revenue Estimates, Reports Net Loss
#STX No Surprises In Seagate Technology's Q1 Sales Numbers, Provides Encouraging Quarterly Guidance：as we benefit from improving cloud demand, our strong operating discipline and price execution. This combination sets the foundation for a return to target margin performance as the markets recover,Data-Center Demand Picks Up
#STLD Compared to Estimates
#MAT Earnings: Narrower Losses and Margin Expansion Despite Sales Dip

マクロ・債券
(米国)
$11 Million Options Play Targets US 10-Year Above 5% in a Month: BBG
US Mfg PMI 49.9, Exp. 52.0, Last 51.9
US Services PMI 50.9, Exp. 52.0, Last 51.7
RICHMOND FED COMP. INDEX ACTUAL -7 (FORECAST -8, PREVIOUS -11) $MACRO
New Home Sales 693K, Exp. 669K, Last 662K
JPMORGAN CEO DIMON ON A SOFT LANDING: PUT ME ON THE CAUTIOUS SIDE OF THAT ONE.
(欧州)
GERMAN COMPOSITE PMI FLASH ACTUAL 50.5 (FORECAST 48.4, PREVIOUS 47.7) $MACRO
BREAKING: GERMAN MFG PMI FLASH ACTUAL 42.2 (FORECAST 42.7, PREVIOUS 41.9) $MACRO
GERMAN SERVICE PMI FLASH ACTUAL 53.3 (FORECAST 50.5, PREVIOUS 50.1) $MACRO
EUROZONE COMPOSITE PMI FLASH ACTUAL 51.4 (FORECAST 50.7, PREVIOUS 50.3) $MACRO
EUROZONE MFG PMI FLASH ACTUAL 45.6 (FORECAST 46.5, PREVIOUS 46.1) $MACRO
EUROZONE SERVICES PMI FLASH ACTUAL 52.9 (FORECAST 51.8, PREVIOUS 51.5) $MACRO
UK MFG PMI FLASH ACTUAL 48.7 (FORECAST 50.4, PREVIOUS 50.3) $MACRO
BREAKING: UK SERVICES PMI FLASH ACTUAL 54.9 (FORECAST 53, PREVIOUS 53.1) $MACRO
UK COMPOSITE PMI FLASH ACTUAL 54 (FORECAST 52.6, PREVIOUS 52.8) $MACRO

(その他)
経団連十倉会長、今の円安は行き過ぎ－介入は政府・日銀が適切に判断

コモディティ
Oil Takes a Breather as Geopolitical Risk Eases
-燃料油が供給制約とアジアの発電需要で需給タイト化
-ディーゼルクラックは下落したが、製油所の再開によるもの