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Economic Updates
Equities, gold, crypto and oil soar, Dollar dumps as Powell tilts dovish
As expected, the Federal reserve hiked rates 75bp on Wednesday as the Fed battles to control record inflation whilst attempting to avoid a deep recession. Markets were relatively behaving as expected on the decision and statement up until the Fed chair Powell’s presser anyway. Whilst Powell reiterated the Feds mission to tame inflation stateme...
Wall St tumbles on recession fears, the Fed in focus
US equities sold off throughout the session in risk-off trading with a backdrop of corporate warnings from heavyweights Walmart (WMT) and McDonalds (MCD) , weak economic figures and a downbeat tone from Europe as their gas squeeze continues. A larger than expected decline in U.S consumer confidence, down for a third straight month, saw the narra...
Tech and Bitcoin drop, Oil and Gas jump in mixed US session
US stocks were mixed in a quiet session, the Dow and S&P 500 eked out small gains whilst against a backdrop of a the Federal Reserve meeting on Wednesday, the Tech heavy Nasdaq saw a modest decline. With a news quiet Monday behind us, there is a full calendar ahead with a slew of corporate earnings and of course the big one, the FOMC policy ...
The Week Ahead – The FOMC, inflation and growth all in the spotlight
After a turn around in equity markets last week, where the S&P 500 was up over 2%, The Federal reserve will take centre stage this week along with a slew of inflation and growth figures coming out of developed economies looking to set the market tone. It’s a big week ahead for the US with the July FOMC meeting being the highlight, but also...
Wall st rallies on tech lead, ECB turns hawkish, kind of
Tech stocks led US equities higher overnight, the Nasdaq rallied 1.3% making it three up sessions on the trot, led by tech heavyweights Amazon (AMZN) and a blockbuster session from Tesla (TSLA) which finished up almost 10% after a positive earnings report. Weak US figures saw a drop in Treasury yields as rate hike expectations took a d...
US equities rally despite European pessimism , BOJ, ECB preview
The short squeeze continued in the US overnight as equites were well bid during the cash session seeing a second straight rise as slowly improving investor sentiment seeing the S&P 500 close up 23 points or 0.6%. In Europe, things were not so rosy , with political issues in Italy and fears of Russian gas being curtailed after the Nord Stream...
Tesla delivers in Q2
Tesla Inc. (TSLA) announced its latest financial results after the market close on Wall Street on Wednesday. World’s largest automaker reported solid results for Q2 of 2022. Revenue reported at $16.934 billion vs. $16.539 billion expected. Earnings per share also exceeded Wall Street expectations at $2.27 per share vs. $1.81 per share es...
Sour Apple wrecks tech as recession fears see USD soften
US stocks took a sharp dive at the end of their session with the Nasdaq swinging from +1.5% to -1% on the day, the move lower conincided with a report on the newswires the Apple plans to slow hiring and curb spending next year to prepare for a possible recession. This is being taken as a sign that the Federal Reserve’s tightening plans are sta...
The Week Ahead – Central banks in focus, can the ECB or BOJ surprise?
Friday’s session saw a big rally in US equities as rate markets pared back some the pricing in of a 100bp hike at the next FOMC meeting after the red hot CPI figures on Wednesday. Fed hawks Waller and Bullard both hinted they favour a 75bp hike, and with the Fed blackout meeting now in effect until the meeting on July 27, this looks like a don...
Morgan Stanley results announced
Morgan Stanley (MS) reported its latest financial results for the second quarter before the market open in the US on Thursday. The US financial services company reported revenue of $13.132 billion in Q2 which did not meet analyst forecast of $13.386 billion. Earnings per share also missed expectations at $1.44 per share vs. $1.56 per share es...
JPMorgan falls short in Q2
JPMorgan Chase & Co. (JPM) reported its latest financial results for Q2 before the opening bell on Wall Street on Thursday. World’s largest bank reported revenue of $30.715 billion, falling short of analyst estimate of $31.806 billion. Earnings per share reported at $2.76 per share vs. $2.89 per share expected. CEO of JPMorgan, Jamie...
Australian employment figures see a big beat as unemployment hits an historical low
Australian employment figures saw 88,000 new jobs created in June, a huge beat of the expected 30k analysts had forecast. The unemployment rate also dropped to a level not seen since 1974 , coming in at 3.5% , well below the forecasted 3.8%. With the number of unemployed now almost level with job vacancies the figures today showed how ...
PepsiCo tops Q2 estimates
PepsiCo Inc. (PEP) reported its Q2 earnings results before the opening bell on Wall Street on Tuesday. The US beverage and food company reported revenue of $20.225 billion for the quarter vs. analyst forecast of $19.513 billion. Earnings per share also reported above analyst expectations at $1.86 per share vs. $1.74 per share estimate. ''W...
Market Update – The week ahead
Equity Indices saw some positive price action over the last week. The US continued to rally, albeit with a sense of unsurety. The S&P 500 finished Friday in a flat session as it saw close to a 4% rise for the week. The NASDAQ and the Dow Jones both followed similar patterns as the market determines its next course of action. From a technical pe...
Electric cars, space travel… and Twitter – Elon Musk becomes the largest shareholder
On 25th March, Elon Musk asked his 80.6 million followers on Twitter whether ''free speech is essential to a functioning democracy'' and if people ''believe Twitter rigorously adheres to this principle''. He followed up the tweet with ''The consequences of this poll will be important. Please vote carefully'' and he wasn’t joking… ...