Lagarde: Price Pressures Remain Strong. Decline in Inflation Rate Mostly Due to Energy.
Lagarde: Risks to Growth Outlook Have Become More Balanced. The energy shock could fade faster and companies could adapt more quickly.
Apple call:
Cook says Apple saw revenue growth in Canada, Spain and other smaller markets. He’s now going through why the quarter was down significantly.
Cook now says iPhone revenue would have been flat year over year, not a major decline, on a constant currency basis.
Cook says Apple saw revenue growth in Canada, Spain and other smaller markets. He’s now going through why the quarter was down significantly.
Cook now says iPhone revenue would have been flat year over year, not a major decline, on a constant currency basis.
Apple call:
Cook says the 8% revenue decline for Wearables, Home and Accessories was due to foreign-exchange headwinds and the macroeconomic environment.
Cook says the revenue growth in services topped internal expectations. He says there were records in cloud and payment services.
Apple has more than 935 million paid subnoscriptions, Cook says.
Cook says the 8% revenue decline for Wearables, Home and Accessories was due to foreign-exchange headwinds and the macroeconomic environment.
Cook says the revenue growth in services topped internal expectations. He says there were records in cloud and payment services.
Apple has more than 935 million paid subnoscriptions, Cook says.
Apple call:
Cook says Apple is always looking forward and focused on the next challenge after one of its worst quarterly results ever. He says he is more confident about the future of Apple than he has ever been.
Cook says Apple is always looking forward and focused on the next challenge after one of its worst quarterly results ever. He says he is more confident about the future of Apple than he has ever been.
Apple CFO:
Maestri is sticking to the party line, saying that Apple actually grew revenue on a constant currency basis.
services faced foreign exchange headwinds but grew 6% to a record anyway. This includes December quarter records for the App Store and AppleCare.
Maestri is sticking to the party line, saying that Apple actually grew revenue on a constant currency basis.
services faced foreign exchange headwinds but grew 6% to a record anyway. This includes December quarter records for the App Store and AppleCare.
Apple CFO:
The iPhone install base is at an all-time high in all regions. The base grew by double digits in emerging markets, he says. That includes record switchers in India.
Operating expenses were significantly below guidance range “as we took actions to respond to the current macro environment.”.
The iPhone install base is at an all-time high in all regions. The base grew by double digits in emerging markets, he says. That includes record switchers in India.
Operating expenses were significantly below guidance range “as we took actions to respond to the current macro environment.”.
Apple CFO:
Mac revenue was down nearly 30% year-over-year due to the tough comparison from last year (new MacBook Pro in October 2021), the macro-environment and significant foreign exchange headwinds.
iPad sales looked good because the December quarter in the prior year had supply-chain issues, driving that number down in Q1 2022. That created a good comparison for Q1 2023.
Mac revenue was down nearly 30% year-over-year due to the tough comparison from last year (new MacBook Pro in October 2021), the macro-environment and significant foreign exchange headwinds.
iPad sales looked good because the December quarter in the prior year had supply-chain issues, driving that number down in Q1 2022. That created a good comparison for Q1 2023.
Apple is not giving revenue guidance, but it is giving some directional insights.
Apple call Market Reaction:
07:07 - The stock down 4%.
07:09 - Stock now down 3.8% after Cook mentions the next-generation Home Pod.
07:33 - The stock is jumping between a decline of 2% and 3% as the CFO speaks on margin growth.
07:35 - The stock paring some losses a little amid Cook’s comments about the December uptick in China.
07:37 - The stock is now at a 1.5% decline as Cook addresses demand in emerging markets.
07:41 - The stock is now close to erasing its decline as Cook discusses AI.
07:07 - The stock down 4%.
07:09 - Stock now down 3.8% after Cook mentions the next-generation Home Pod.
07:33 - The stock is jumping between a decline of 2% and 3% as the CFO speaks on margin growth.
07:35 - The stock paring some losses a little amid Cook’s comments about the December uptick in China.
07:37 - The stock is now at a 1.5% decline as Cook addresses demand in emerging markets.
07:41 - The stock is now close to erasing its decline as Cook discusses AI.
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• Things to Know
‘Markets Play Game of Chicken With Central Banks on Pivot Bets.’
시장 참여자들은 중앙은행과 치킨게임을 하고 있음. 중앙은행은 인플레이션이 통제될 수 있는 충분히 제한적 영역의 금리에 이르려면 몇 차례 추가적인 금리인상이 필요하다 했지만, 시장 참여자들은 파월 의장의 발언(the disinflationary process has started.)에 더욱 주목하면서 올해 대다수 중앙은행이 금리인하를 할 것에 베팅을 하고 있음.
영화 이유없는 반항에서 치킨게임이 등장하는데, 게임에서 이기는 자와 지는 자의 득실 차이가 매우 큼. 중앙은행과 투자자들이 어떤 종류의 게임을 하고 있는지 명확하게 알고 시장을 대응하는 것이 도움이 될 것임.
‘Markets Play Game of Chicken With Central Banks on Pivot Bets.’
시장 참여자들은 중앙은행과 치킨게임을 하고 있음. 중앙은행은 인플레이션이 통제될 수 있는 충분히 제한적 영역의 금리에 이르려면 몇 차례 추가적인 금리인상이 필요하다 했지만, 시장 참여자들은 파월 의장의 발언(the disinflationary process has started.)에 더욱 주목하면서 올해 대다수 중앙은행이 금리인하를 할 것에 베팅을 하고 있음.
영화 이유없는 반항에서 치킨게임이 등장하는데, 게임에서 이기는 자와 지는 자의 득실 차이가 매우 큼. 중앙은행과 투자자들이 어떤 종류의 게임을 하고 있는지 명확하게 알고 시장을 대응하는 것이 도움이 될 것임.
Bottom-line: 지표 중 유일하게 위안 삼을 것은 시간 당 임금 상승률임.
The one bit of solace here is that hourly earnings are coming in on target, at 0.3%.
The one bit of solace here is that hourly earnings are coming in on target, at 0.3%.
Bottom-line: 금번 고용에 있어 최고 추정치도 32만건으로, 51만 7천건은 큰 폭의 예상치 밖 결과임.
They exceeded economist estimates by a longshot. The highest forecast called for a gain of 320,000.
They exceeded economist estimates by a longshot. The highest forecast called for a gain of 320,000.
Market Reaction: 예상을 뛰어넘은 고용 지표에도 지수 선물은 곤두박질 친 뒤 소폭 회복 중임. 강세론자들은 인플레이션 하락에 따른 중앙은행의 역할 종료, 다수 대기업의 해고에도 강한 고용시장을 긍정적으로 해석하려는 모습임.
Stock futures are coming up off the lows a bit. The bulls aren’t ready to surrender their comforting narrative that inflation is coming down and the Fed is near done. Still, this job report really showcases that, for all the layoff announcements we’ve been getting from the big tech companies, the underlying economy here is still quite strong.
Stock futures are coming up off the lows a bit. The bulls aren’t ready to surrender their comforting narrative that inflation is coming down and the Fed is near done. Still, this job report really showcases that, for all the layoff announcements we’ve been getting from the big tech companies, the underlying economy here is still quite strong.