Spreadex Market Update
Bored investors see no reason to buy as focus turns to post-close earnings releases
A slight improvement in Brent Crude and the maintenance of mild growth in copper wasn’t enough to push the FTSE into the green this afternoon. The Eurozone, meanwhile, had an every tougher time of it, with the euro strength against the dollar and the pound putting the DAX on the path to 3 digit losses with the CAC similarly despondent.
Things will hopefully be a bit livelier tomorrow as the Greek parliament votes on the second tranche of reforms specified by the country’s creditors, something required before third bailout negotiations can fully get underway. If these measure pass, which they are expected to do, Greece is aiming to have a third bailout signed, sealed and delivered by August 20th at the latest, incidentally (or not) the date of the country’s next ECB repayment.
The US markets were similarly shoddy this afternoon despite some giveback from the dollar. This did, however, leave earnings season firmly in focus as investors sought out any morsel of news they could. Verizon Communications fell by nearly 3% this afternoon, despite bested EPS estimates and a 2.4% rise in quarterly revenue, as its customer growth slowed. In contrast Harley-Davidson revved investors’ engines with an announcement that, whilst seeing net income fall by 15% year-on-year, wasn’t as bad as expected, pushing the stock 3.7% higher in the process.
However this was mere foreplay for the post-close main event, with Microsoft, Yahoo, GoPro and Chipotle all vying for investors’ attentions. Yet, of course, the main focus isn’t these on these companies, but Apple; the super-stock has beaten estimates in 19 of the past 22 quarters, and could boost the markets as a whole tomorrow, like Google and Netflix did last week, if it can manage that feat once again.
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