Markets are still finding their feet this week in light of the uncertainty surrounding the democratic nominee and the upcoming US election. Rather than dwelling on politics, traders are turning their attention towards earnings season, which has already seen the likes of Tesla and Alphabet publish their quarterly reports after hours on Tuesday. Missed earnings estimates for the electric car manufacturer caused Tesla (TSLA) shares to decline in after-hours trading, although the company’s revenue came in higher than expected. Alphabet (GOOGL) also fell after the closing bell, despite beating earnings and revenue estimates.
The National Association of Realtors in the US revealed a surprising drop in home sales in June, with existing home sales falling 5.4% MoM compared to a consensus of a 3% rise. Median house prices on the other hand hit a new all-time high of $426,900.
Currencies have remained quite stable over the last two days, with the Dollar displaying a slight show of strength over most of its competitors. The Australian Dollar continued to perform poorly due to falling base metal prices, whereas the Japanese Yen has been showing strength versus the Dollar as expectations of a Bank of Japan rate hike rise ahead of next week’s decision.
Besides earnings reports from many large companies this week, the economic calendar still has a lot to offer. Services and manufacturing PMIs from the UK and the EU will be released in the next few hours, and those from the US later on in the day. Jobless claims, durable goods orders and Q2 GDP figures all follow on Thursday, before the core PCE price index, the Federal Reserve’s favourite, graces the newswires on Friday.
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