Episodes
Some major earnings misses and a disappointing private sector jobs report in the U.S. weigh on the S&P 500 and Dow, and Fed vice-chairman Richard Clarida says price rises may delay a hike in rates until 2023. Italian bank Intesa San Paolo plans a €3.3bn dividend as it reports shrinking loan losses amid the pandemic recovery. Uber records an earnings beat but losses widen as the ride-hailer spends big on driver incentives. And, from the platform to the object - Robinhood becomes a meme...
Published 08/05/21
The S&P 500 hits a new record high, shrugging off concerns about the spread of the Delta variant in the U.S. as the White House advances its vaccination drive. The head of the U.S. SEC has called on Congress to clamp down on the ‘Wild West’ of cryptocurrency markets. In autos news, Toyota sees net profit soar by 500 per cent and it reaffirms FY guidance. Service sector growth in China picked up last month but new outbreaks in the south of the country could undermine economic recovery. And...
Published 08/04/21
Standard Chartered announces it will be resuming its interim dividend and buy back $250m of shares after H1 profits soared by 60 per cent. French lender Société Générale reports €1.4bn net income for the second quarter. Delta variant spikes in the U.S. weigh on markets Stateside. We hear from the Fed’s Christopher Waller who says the economy is ready for tapering. And in China, online gaming stocks fall after state media attacks the industry as ‘spiritual opium’.
Published 08/03/21
It’s another big day of earnings on both sides of the Atlantic. E-retail titan Amazon misses quarterly revenue forecasts for the first time in three years, warning that the slowdown is set to continue. Cosmetics giant L’Oréal is buoyed by make-up and perfume sales to reach a Q2 beat as economies re-open. Swiss building materials firm Holcim has posted record results for H1 and margins are up across all of its units. We also hear from Schneider Electric and SNAM. Unicredit is holding exclusive...
Published 08/03/21
It’s Super Thursday for many European corporates, including Volkswagen, Shell and Diageo. Credit Suisse releases a scathing report following an internal investigation into the bank’s failure to manage risk in the wake of the Archegos scandal. The Swiss lender’s investment bank revenues plunge by 40 per cent. Meanwhile, Airbus is buoyant, raising its guidance for deliveries and operating income. In the U.S., Facebook shares fall in after-hours trading despite beating Q2 earnings expectations....
Published 07/29/21
Apple smashes Q2 expectations with every product line hitting double-digit growth and Chinese sales soaring by 60 per cent. The stock, however, is down as CEO Tim Cook warns of continued semi-conductor shortages. Deutsche Bank swings back into profit despite reporting trading headwinds in the second quarter. We also hear from the CFO of Santander after the bank posts a €3.6 bn H1 profit and says it will outfperform its 2021 targets. Plus, Gucci products drive French luxury firm Kering, which...
Published 07/28/21
Tesla posts a record second quarter profit with net income of more than $1bn. However, CEO Elon Musk admits that the global semi-conductor shortage is causing serious problems for the company. Luxury giant LVMH sees sales soar by 80 per cent as economies reopen. Louis Vuitton and Dior are the standout brands in the quarter. French tyre maker is upping its full-year guidance after a strong H1 sales but supply chains concerns still remain. And in China, food delivery platforms are targeted by...
Published 07/27/21
Major Chinese markets slump on the back of Beijing’s continuing regulatory crackdown, with billions wiped from tech, education and property stocks. After a volatile week, the Dow breaks through the 35k level. Investors await mega-cap tech earnings as well as the Fed rate decision later this week. In Germany, the continent’s largest real estate deal faces new uncertainty as Vonovia says it may fail to reach the 50 per cent acceptance threshold for its merger with Deutsche Wohnen. And there are...
Published 07/26/21
Twitter shares soar as it posts its fastest quarterly revenue since 2014, citing a successful advertising revamp. Intel beats on Q2 forecasts but remains cautious on the year ahead, due to supply chain and price constraints. U.S. airlines are buoyant with American Airlines and Southwest posting profits as travel demand soars Stateside. And Tokyo is set to open the 2020 Olympic Games amid a slew of political scandals and Covid infections. NBC hears exclusively from Japanese PM Yoshihide Suga,...
Published 07/23/21
U.S. markets finish in the green for a second day running with earnings in full swing. Up to 88 per cent of S&P 500 companies having already beat Q2 expectations. Bitcoin is buoyed by comments from Tesla CEO Elon Musk who has suggested that the electric car maker is likely to reinstate the cryptocurrency for payments. The U.S. and Germany have agreed on the completion of the Nord Stream 2 pipeline but the move has been slammed by Ukraine which fears Russia could weaponise the deal. And in...
Published 07/22/21
U.S. markets rebound from Monday’s plunge with the Dow posting its biggest session jump in a month. Small caps also surge while treasury yields calm. Meanwhile, streaming giant Netflix falls short on Q2 expectations as disappointing post-lockdown customer growth weighed on its outlook. In aviation news, a domestic U.S. resurgence buoys United Airlines which expects to log profits for the rest of the year, despite a sixth-straight quarter of losses. And we have a slew of European earnings...
Published 07/21/21
The Dow posts its worst session since October, while the 10-year Treasury yield hits a five-month low amid continued Covid concerns. UBS beats Q2 forecasts with a $2bn net profit on the back of favourable market conditions and client activity. The U.S. State Department raises a travel advisory for the UK over increasing Covid cases but Prime Minister Boris Johnson says the time for the country to reopen was right. Billionaire investor Bill Ackman tells CNBC exclusively that the SEC drove a...
Published 07/20/21
The UK drops almost all Covid-related restrictions despite rising infection rates. In Asia, renewed virus fears force equities into the red as global infections near 200 million. Up to 180 people have died and hundreds more remain missing across western Germany and Belgium following last week’s deadly flash floods. In energy news, Opec+ nations end their stalemate over supply, sending crude prices down.
Published 07/19/21
U.S. Treasury Secretary Janet Yellen tells CNBC that price pressures are likely to remain in the short term, sending Treasury yields lower and the S&P 500 into the red. Morgan Stanley beats Q2 earnings forecasts on strong results in its investment bank arm, capping off a good week for U.S. banks. There are more than 50 people dead and at least a thousand missing as devastating flash floods hit Germany’s North Rhine-Westphalia state and the Benelux region. This, as German Chancellor Angela...
Published 07/16/21
Chinese economic growth cools in Q2 at 7.9 per cent, however, retail sales and manufacturing still outperform forecasts for the quarter. U.S. Federal Reserve Chairman Jerome Powell insists to Congress that inflation remains transitory but that the central bank is ready to act should this change significantly. U.S. banks continue to beat earnings expectations with Bank of America, Citi and Wells Fargo in the spotlight but low rate concerns and inflation weigh on shares. In autos, Daimler has...
Published 07/15/21
US markets are jittery after inflation rises 5.4 percent – its fastest pace since 2008. San Francisco Federal Reserve President Mary Day tells CNBC that history suggests the current price hikes will be temporary. JPMorgan sees quarterly profit double, prompting the lender to release provisions, while Goldman Sachs enjoys its second-highest quarterly revenue ever. In Germany, VW has launched plans to transition to 50 percent EV sales by 2030.
Published 07/14/21
Chinese exports in June surge on increased global demand and import data is also higher than expected. EU nations agree to suspend plans for a digital services tax and the Eurogroup is joined by U.S. Treasury Secretary Janet Yellen as part of her continuing global corporate tax campaign. In commodities news, lumber gains are pared back while oil is up as U.S. inventories fall, outweighing fears the Covid Delta variant may upset the global recovery. The UK moves to reopen on Monday 19th July...
Published 07/13/21
G-20 nations endorse a landmark global corporate tax deal and pledge to support the Covid recovery. Italian central bank governor Ignazio Visco tells CNBC that the ECB’s inflation policy is justified. Asian equities are up after another record-breaking session on Wall Street and new policy support from China. Beijing is also increasing its crackdown on tech companies launching its pre-IPO security checks. Chinese authorities are also blocking Tencent’s $5.3bn merger with video game streaming...
Published 07/12/21
Wall Street closes firmly to the downside. The 10-year Treasury note slumps to its lowest point for almost 5 months with continued Covid recovery fears weighing heavily. Investors look to safe havens like the Swiss franc and the Japanese yen while gold is set to post its third straight week in the green. The ECB sets out its first strategic policy review in nearly two decades, announcing a 2 per cent inflation target. Airbus enjoys a 52 per cent increase in H1 deliveries and is set to hit its...
Published 07/09/21
Taper talks begin in earnest, but the latest Fed minutes reveal policy-makers the economic recovery is not strong enough yet to take an action. G20 finance ministers meet in Venice ahead of this weekend’s summit. Talks centre on endorsement of the global corporate tax deal. The ECB is set to announce the result of its first strategic review since 2003 where it is expected to redefine its inflation target. And in tech news, Google faces several anti-trust law suits as well as legal action from...
Published 07/08/21
Chinese ride-hailing app Didi Chuxing has sparked a sell-off on its first trading day in New York after Beijing authorities ordered a cyber security review into the company. We hear from French Economy Minister Bruno Le Maire who voices confidence that the new global corporate tax deal will be endorsed and welcomed across both Europe and the U.S. The Pentagon annuls a deal with Microsoft secured during the Trump administration. The Jedi Cloud contract, worth $10bn, will now spark a bidding...
Published 07/07/21
Oil hits a three-year high as OPEC+ members fail to agree on output hikes. The U.S. has called for a “compromised solution”. Tech fears affect Asian markets after reports suggest that Beijing had asked ride-hailing app Did Chuxing to delay its NYSE IPO. In the UK, Prime Minister Boris Johnson announces plans his government will end nearly all Covid restrictions by July 19th but does warn that virus cases and hospitalisations continue to grow.
Published 07/06/21
The UAE rebels against an Opec+ supply agreement. We hear from the country’s energy minister Suhail Al Mazrouei who says the current deal on the table “is not good for us.”. Markets in Asia are mixed despite Friday’s strong U.S. jobs data, while PMI numbers reveal a slowdown in Chinese services activity. Beijing suspends ride-hailing app Didi Chuxing over privacy concerns just 4 days after the company lists on the NYSE. In retail news, UK supermarket chain Morrisons agrees to a £6.3bn...
Published 07/05/21
Up to 130 nations representing 90 per cent of global GDP have become signatories to a minimum corporate tax rate. The International Monetary Fund has hiked its growth forecast for the U.S. to 7 per cent but has warned that the recovery could be lopsided. Meanwhile, markets await U.S. jobs data with non-farm payrolls expected to rise by 700k and jobless claims set to hit a fresh pandemic low. The labour market could be in for more long-term changes according to U.S. Commerce Secretary Gina...
Published 07/02/21
China celebrates the centenary of the Communist Party with President Xi Jinping offering a thinly veiled warning to foreign nations about Beijing’s positioning on the global stage. Meanwhile, Hong Kong marks the 24th anniversary of its handover from British to Chinese rule with strict measures in place to curb any potential protests across the city. In IPO news, Chinese ride-hailing app Didi Chuxing soars up to 30 per cent on its New York debut, but then wipes out nearly all those gains to...
Published 07/01/21