Opening Bell: Stock Bulls Return With Earnings And China’s Stimulus
Pinchas Cohen | Jul 24, 2018 06:30
- Alphabet posts stellar revenues
- Shanghai Composite signals upward reversal after China unveils growth measures
- Yuan extends losses after hitting lowest level in over a year on PBOC loan injection
- Oil remains under pressure as strong dollar offsets Trump’s threat to Iran h2 Key Events/h2
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Earnings season continues:
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AT&T (NYSE:T), due today, after market close, $0.85 EPS forecast, VS $0.79 same quarter the previous year
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Facebook (NASDAQ:FB), due Wednesday after market close, $1.75 EPS forecast VS $1.32 same quarter last year
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Advanced Micro Devices (NASDAQ:AMD), due Wednesday after market close, $0.1 EPS predicted VS $-0.01 same quarter previous year
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Qualcomm (NASDAQ:QCOM), due Wednesday after market close, $0.58 ESP forecast, VS $0.7 same quarter last year
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Amazon.com (NASDAQ:AMZN), due Thursday after market close, $2.49 EPS forecast, VS $0.4 same quarter last year
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Intel (NASDAQ:INTC), due Thursday, after market close, $0.99 EPS forecast, VS $0.72 same quarter last year
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Twitter (NYSE:TWTR), due Friday before market open, $0.07 EPS forecast, VS $-0.02 same quarter last year
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Visa (NYSE:V), due Wednesday after market close, $1.08 EPS forecast, VS $0.86 same quarter last year
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Turkey decides on interest rates on Tuesday
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The European Central Bank’s policy decision comes out on Thursday
- Canada's federal government Budget Balance for April is released Friday.
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US gross domestic product due on Friday is forecast to have increased 4 percent at an annualized rate in the second quarter, the most since 2014.
- Canada's S&P/TSX Composite fell 0.20 percent on Monday.
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The STOXX Europe 600 climbed 0.3 percent.
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Futures on the S&P 500 gained 0.1 percent.
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The MSCI All-Country World Index rose 0.2 percent to the highest level in more than five weeks.
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The MSCI Emerging Market Index gained 0.6 percent to the highest level in more than a month.
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Join the millions of people who stay on top of global financial markets with Investing.com.Download NowThe Canadian loonie was up 0.17 per cent against the U.S. greenback early Tuesday, trading at 0.7604.
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The Dollar Index fell 0.02 percent, giving up a 0.21 advance.
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The euro gained 0.1 percent to $1.1699.
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The British pound climbed 0.2 percent to $1.3122.
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The Japanese yen edged 0.1 percent higher to 111.20 per dollar, reaching the strongest level in two weeks.
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Canada’s 10-year yield was up early Tuesday at 2.234, a 0.54-percent increase.
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The yield on 10-year Treasuries gained one basis point to 2.96 percent, the highest level in almost six weeks.
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Germany’s 10-year yield climbed one basis point to 0.42 percent, the highest level in almost six weeks.
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Britain’s 10-year yield inched three basis points higher to 1.298 percent, the highest level in two weeks.
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The Bloomberg Commodity Index fell 0.1 percent.
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West Texas Intermediate crude dropped 0.1 percent to $67.83 a barrel.
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LME copper gained 0.5 percent to $6,163.50 per metric ton, the highest level in more than a week.
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Gold gained less than 0.05 percent to $1,224.78 an ounce.
European equities and futures on the S&P 500, Dow and NASDAQ 100 took their cue from a bullish Asian session on Tuesday, as a batch of positive company results led by Alphabet(NASDAQ:GOOGL)'s earnings beat helped investor sentiment and China introduced measures to support its economy amid global trade tensions. Should upbeat earnings results resume in the North American session, US stocks may be on track to challenge their record highs.
Google's parent company trounced estimates yesterday as it posted second-quarter revenues of $26.24bn, higher than analysts' forecast of $25.58bn. The internet giant shrugged off the impact of a $5bn fine by EU anti-competition regulators, driving its shares 3.6 percent higher after-hours.
Technically, the price is forming a bullish falling flag, complete with an upside breakout.
The pan-European STOXX 600 climbed higher with miners and banks, as UBS Group (SIX:UBSG) posted a second-quarter profit beat.
The euro was boosted by upbeat Manufacturing PMI figures from Germany (57.3 vs 55.5 forecast), the continent’s economic engine that has so far defied mounting worries of a disruption to trade.
h2 Global Financial Affairs/h2Earlier, Asian trade shifted to risk-on after Chinese officials said they will threatened Iran's President Hassan Rouhani, but was dragged lower by a strengthening dollar.
h2 Up Ahead/h2Stocks
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