Spreadex Market Update
Dollar damaged by retail sales miss; Netflix to reveal Q3 results after markets close
After a set of third quarter target misses from JPMorgan on Tuesday sparked banking sector jitters this morning, it was the turn of Bank of America and Wells Fargo this afternoon. With its legal costs fading into the distance Bank of America posted a $4.1 billion net profit in Q3, up from the settlement-hit $470 million loss seen at this time last year, helping the stock jump 2% after the bell. Wells Fargo, meanwhile, saw its first profit increase for three quarters overshadowed by a 2.7% slide in its mortgage banking revenue to $1.59 billion, pushing the stock lower by around one percent.
Arguably the biggest earnings release of the day comes after the markets close, as the world’s premier streaming service asks investors to Netflix and chill. Analysts are expecting Netflix to surpass the 3.55 million new subscribers estimate provided by the company itself, with special attention paid to its international growth, with in-house forecasts suggesting a 2.4 million increase after expanding into Japan (which has reportedly adopted the service more slowly than the company would like), Spain, Italy and Portugal in Q3. Like its tech-cousin darlings Amazon, Alphabet and Apple an earnings release from Netflix carries with it weighty expectations, so the stock could either hit a new record high or dip below $100 dependant on the relationship between its subscriber growth forecasts and the number it produces this evening.
The Dow’s negative open couldn’t do much for the European indices this afternoon; despite a slight improvement in its commodity stocks the FTSE failed to shrink its 60 point loss as the day went on. The DAX fared a bit better, turning the 120 point drop it saw soon after the bell this morning into around a 70 point fall; crucially, however, that still leaves the German index below 10000.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
