Morning Bites - May 12, 2023

🔮 Welcome back to Finsights, fellow financial wizard. Let’s get you up to speed on the market with a flick of your finger! 🪄

• 🕺Stocks dance higher, while the Fed says it may hike again

• 🎵 Some debt ceiling progress

• 📈 News around the world🌍

• 📉 Earnings season finally winding down

💪 Market Rumble: US equity futures are up like a Monday morning alarm: S&P is hitting +0.48%, Dow +0.49%, and Nasdaq +0.31%. 🚀 Over in Europe, major indices are having a mini-fiesta, jumping around 0.65-0.70%, with luxury, banks, insurance, and utilities leading the party. 🥳 Asia? It's a mixed grill with Japan's Nikkei up 0.9%, while Shanghai Composite is down 1.12%. Bitcoin is more 'drip' than 'crypto', sliding to $26.35K. ⛈️

🏖️ Debt Ceiling Drama: It's like we're all at the beach, the market's a giant beach ball being pushed underwater by this debt ceiling drama. If Washington could just chill and take this off the table, we might see the S&P 500 break free and make a splash past 4200.

📊 Looking ahead: Looking ahead, the Friday calendar's looking a bit empty - we've got import/export prices at 8:30AM ET, Michigan inflation expectations at 10AM ET, and Bullard/Jefferson up for a chat later today. So grab your popcorn and stay tuned for the market show! 🍿

🏦 Get Your Macros: Fed's playing a hot game of inflation and employment 🎯, signalling they may continue hiking rates. On the other side of the pond, the ECB echoes the same sentiment, while UK supermarkets are promising a drop in food prices. Upbeat industrial and manufacturing data in the UK, but GDP is looking soft. 📉 Meanwhile, China's playing peace envoy in Ukraine-Russia tensions. 💼 On the war front, Ukraine gears up for a major counteroffensive. 🎖️ Oh, and some good news for bread lovers, a Ukraine grain export deal is likely to be extended. 🍞

🏡 SHCO (Soho House): It's not just a private members' club, it's a lifestyle! Soho House delivered Q1 revenues that were pretty much in line with expectations, growing by 32.9% to $255.2M. But where they really shone was their EBITDA, hitting a cool $20.1M, surpassing the predicted $13.3M. They even nudged their EBITDA forecast for the year up a notch. Membership numbers were also on the rise, which means more people are enjoying the Soho House experience. 📈

🐾 SPB (Spectrum Brands): Spectrum Brands, the company behind many of your favorite household, pet, and garden products, had a less than stellar FQ2. They reported revenue and EBITDA at $729.2M and $51M respectively, falling short of the Street's estimates of $761M and $56M. They've also dialed back their outlook for the year, now expecting revenue to drop by about 5% and EBITDA to decrease by 1-5%. But don't forget, they're soon closing the sale of their HHI segment, so they're set to pocket a cool $4.3B by the end of June. 🏦

🌯 Small wrap for earnings. Have a fantastic day! 🌯

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