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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...
Short Term Break Out on the S&P500
The S&P 500 has been battered and bruised in one of the worst first half of the years in history. However, there are some signs that it may be turning. A short term long buying opportunity on the SPY looks to be apparent. With the recent bullish sentiment due to the market believing that much of the forecast slowing growth and interest rate ...
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...
Is the AUDUSD ready to reverse?
Recent History The USD has been on a tear in recent months as volatile market conditions have sent the currency rocketing. Inflationary pressures and recession fears have seen investors turn to the USD whilst at the same time taking off risk from the AUD. The AUD's drop has also been further is largely due to a decrease in the price of commodities...
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...
ANZ set to acquire Suncorp in mega acquisition
Big 4 bank ANZ is set to takeover Suncorp in a massive buyout. The agreement stipulates that the buyout is only for the banking side of the business with the insurance arm not being apart of the deal. Details of the deal ANZ is set to pay Suncorp 4.9 Billion dollars 1.3 time the current Net Tangible Asset value of Suncorp. The compl...
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...
Oil dips to the bottom of its range as recession fears hit the market.
Oil has seen its first real slip up in price since March. The commodity had been running on the back of high inflation and supply issues stemming from the Russian and Ukraine crisis. During the run Oil peaked at $137 a barrel before entering a period of consolidation. The recent catalyst for the drop was OPEC announcing that 2023 would likely re...
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… ...