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Charting the Markets: 2 February

FTSE 100, DAX and S&P 500 in strong form following FOMC meeting. EUR/USD, EUR/GBP and GBP/USD rally post US Fed 25 bps rate hike. And gold boosted by weak dollar, as Natural gas and Brent crude prices head lower.

Shaun Murison | Senior Market Analyst, Johannesburg | Publication date: Thursday 02 February 2023

 

 

 

 

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Look Ahead to 03/02/23: US jobs; Caixin; US ISM non-manufacturing PMI; SASY earnings

After the Fed, ECB and the Bank of England all raised interest rates, traders turn their attention to the keenly watched US jobs report. We’ll get live coverage and reaction to the NFPs from IG’s Angeline Ong and Joshua Mahony.

Plus, look out for ISM non-manufacturing PMI data for more hints on the health of the US economy, and earnings from French healthcare company Sanofi (SASY).

 

Angeline Ong | Presenter, Analyst and Content Editor, London | Publication date: Thursday 02 February 2023

 

 

 

 

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

Volatility now at 15mth lows as traders keep up risk exposure 

Indices: Equity mkts push up. Europe expected to open higher again. Wall St yesterday S&P & NDAQ each went into bull mkt last night on 24hr mkts on hopes rates may be close to peak levels, then came a drop on disappointing tech earnings

FX: Watching the USD again ahead of non-farm payrolls later today

Equities: Earnings SAN. Last night AMZN AAPL GOOG F all down all-sessions after earnings

Commods: Gold had its biggest single day slide since July ’22. NY Orange juice record high after crop failure & disease (Florida production lowest 90 yrs). Oil down as demand forecasts weaken 

 

 

 

[MongiIG]

Early Morning Call: Nasdaq and S&P 500 enter bull market

The Nasdaq and S&P 500 entered bull market yesterday as investors now consider rates to be close to peak levels.

 Jeremy Naylor | Writer, London | Publication date: Friday 03 February 2023 

Equity market overview

APAC equity markets were mixed overnight. Hong Kong and China mainland indices were the underperformers, despite positive data. Caixin services PMI climbed back up in expansion territory, after four months below the 50 mark. The index rose to 52.9 in January, from 48 in December.

European indices opened higher this Friday, remaining on their upward trend after the Bank of England (BoE) and European Central Bank (ECB) decided on interest rates. As expected, both central banks raised rates by 50 basis points yesterday. The BoE's main interest rate is now at 4% and the ECB's main refinancing rate stands at 3%.

And as expected, messages from the respective governors were different. BoE governor, Andrew Bailey, said the tightening in pace since the end of 2021 is likely to have an increasing impact on the economy. This should help bring inflation to around 4% in 2023. Previously the BoE's economic projection showed inflation at around 5% this year. "Since the November monetary policy report we've seen the first signs that inflation has turned the corner," said Bailey in his comment following the decision, but added that "it's too soon to declare victory just yet, inflationary pressures are still there."

As for the ECB, it explicitly signalled at least one hike of the same size at its next meeting in March. "... the Governing Council intends to raise interest rates by another 50 basis points at its next monetary policy meeting in March and it will then evaluate the subsequent path of its monetary policy," the ECB said. And Christine Lagarde insisted at the press conference: "We know that we have ground to cover, we know that we are not done".

In the US, Nasdaq and S&P 500 entered bull market yesterday as investors now consider that rates may be close to peak levels.

The US dollar recouped Wednesday's losses sending gold back down to the low $1,900. Yet, the dollar basket could still record a fourth straight weekly loss. It now all rests on January’s non-farm payrolls data. Economists anticipate 185,000 job creations, following 223,000 in December. The unemployment rate should rise one notch to 3.6%, and average hourly earnings 0.3% month-on-month (MoM) and 4.3% year-on-year (YoY).

A bit later at 3pm, ISM services PMI for the month of January is expected to rise to 50.4, after 49.6 in December.

Earnings

Apple pared earlier gains last night after the company's fiscal first quarter (Q1) earnings. The group posted earnings of $1.88 per share, a 10.9% drop compared to the same quarter last year. Analysts had expected $1.94. Revenue fell by 5.5% to $117.15 billion, the first year-over-year sales decline since 2019. $121.88Bln was expected.

In detail, iPhone and Mac revenue came in short of estimates, down 8.2% and 28.6% respectively. iPad revenue rose 29.7%, above forecasts. Apple CEO Tim Cook said three factors impacted the results: a strong dollar, production issues in China affecting the iPhone 14 Pro and iPhone 14 Pro Max, and the overall macroeconomic environment.

Amazon shares were quite jittery in extended trading last night. The internet giant missed earnings estimates, posting earnings per share (EPS) of three cents, compared to 17 cents forecast by analysts. Revenue was better than expected: $149.2bn versus estimates of $145.8bn.

Investors were taken aback by the group’s guidance. Amazon said its operating profit could fall to zero in the current quarter as savings from layoffs do not make up for the financial impact of consumers and cloud customers clamping down on spending. Amazon forecast it would earn between $0 and $4 billion in operating income this quarter, compared with the $4.04 billion that analysts were expecting.

Additionally, the company believes sales growth in its long-lucrative cloud business will slow for the next few quarters. In Q4, Amazon Web Services sales reached $21.3bn, versus $21.76bn expected.

Alphabet missed on both top and bottom lines for its Q4. Google's parent company posted earnings of $1.05 per share, on revenue of $76.05bn. Analysts anticipated EPS of $1.18 and $76.53bn in revenue. Alphabet suffered from a pullback in advertising revenue. Advertisers have cut their budgets as rising inflation and interest rates fuelled concern over consumer spending.

The company said it would take a charge of between $1.9 billion and $2.3 billion, mostly in the first quarter of 2023, related to the layoffs of 12,000 employees it announced in January.

Ford Motor reported lower than expected earnings. Ford posted earnings of 51 cents, compared to analysts' expectations of 62 cents. Revenue came broadly in line with expectations, at $41.8bn. Ford predicted a difficult year ahead, blaming chip shortages and other supply chain issues, production "instabilities" that raised costs, along with lower-than-expected volumes.

In 2022, the company recorded an adjusted profit of $10.4bn, short of Ford's own forecast of $11.5bn. Ford expects 2023 adjusted pretax earnings of $9 billion to $11 billion.

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Charting the Markets: 3 February

S&P 500, Nasdaq 100 and Dow rally ahead of US non-farm payrolls. EUR/USD, GBP/USD and USD/JPY head lower after central bank volatility. And gold, oil and coffee prices drop back.

Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Friday 03 February 2023

 

 

 

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

Indices: Europe expected down today after FT100 record on Friday. Techs biggest decliners on Wall St

FX: USD holds recent gains after very strong NFP data on Friday. Traders working out this week’s direction. UK GDP on Friday possibly the big data of the week 

Equities: Earnings begin to slow down…this week DIS & UBER the big ones

Commods: Gold up after 2 heafty days of declines

 

 

 

 

 

[MongiIG]

Early Morning Call: FTSE 100 opens lower, after setting new all-time high

In Europe, indices opened lower, consolidating after a positive weekly performance.

 Jeremy Naylor | Writer, London | Publication date: Monday 06 February 2023 

Equity market overview

Equity markets were mixed this morning in the APAC region.

The Nikkei outperformed as the yen lost ground against all major currencies. Hong Kong’s Hang Seng was the worst performer in the region, dragged down by tech stocks.

On Friday, US indices ended the session lower following a strong non-farm payrolls (NFP) report that sent the US dollar higher. More than half a million jobs were created in January, when the market expected 185,000. The December number was also revised upwardly to 260,000, from a previous estimate of 223,000.

And the unemployment rate fell to 3.4% from 3.5% the previous month. Economists anticipated a rise to 3.6%.

In Europe, indices open lower, consolidating after a positive weekly performance. On Friday afternoon, the FTSE 100 set a fresh all-time high, and France’s CAC 40 traded above 7,200 points, for the first time since January 2022.

In Germany, factory orders rose by 3.2% in December month-on-month (MoM), after a 5.3% decline the previous month, and beating market expectations of a 2% rise.

At 10am, we await Eurozone retail sales for the month of December. Economists expect a 2.5% fall compared to November 2022, down 2.7% year-on-year (YoY).

Earnings season

We have now passed the peak of the US earnings season. The market is still awaiting a few big names over the next three weeks.

As for this week Hertz Global Holdings is scheduled to report tomorrow, followed on Wednesday by Walt Disney and Uber Technologies, and on Thursday by Philip Morris International, PepsiCo, and Lyft.

Walt Disney’s results, to be published on Wednesday after US market close, will mark the first quarter with Bob Iger back at the helm. On November 20, Iger was called back by the Disney board, following the immediate dismissal of Bob Chapek. Iger had previously served as CEO of the group from 2005 to 2020. Analysts expect earnings of 79 cents per share on revenue of $23.43 billion. Subscription numbers for Disney+, Hulu and ESPN+ will again be in focus.

The group's parks and recreation services had a phenomenal return to growth in 2022, and markets will be looking to see whether the group managed to keep the momentum going.

Uber Technologies, also set tot report on Wednesday, recorded a net loss of $1.2 billion in the third quareter (Q3) of 2022, $512 million of which was attributed to revaluations of Uber's equity investments. However, the company beat analysts' estimates for revenue, which grew by 72% year over year, and reported adjusted EBITA exceeded its guidance of $440 - $470 million.

As for the fourth quarter, the market expects a loss per share of 18 cents, and revenue of $8.47bn. The market will also be closely looking for the number of monthly active users, the number of trips, and the number of customers who have subscribed to Uber One.

Commodities

Oil prices posted a second weekly decline in a row, accentuated on Friday by NFP data.

Last week, The Baker Hughes total rig count fell by 12 to 759, at its lowest since the end of July 2022. The number of oil rigs in operation fell by 10 to 599.

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Charting the Markets - February 6, 2023

FTSE 100, DAX and S&P 500 tiptoe lower following strong US jobs report. EUR/USD and GBP/USD are topping out while EUR/GBP rallies. And gold, Brent crude, and natural gas head lower, as payrolls strengthen the dollar.

 

 

 

 

 

 

 

 

 

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Look Ahead to 07/02/23: RBA; GB Retail Sales; BP, BNPP earnings

Australia’s central bank is likely to deliver a fourth consecutive quarter-point interest rate hike, after further tightening by the Fed, the ECB and the BoE. Brace for UK retail, earnings from BP (BP) and BNP Paribas (BNPP).

Also, look out for US trade balance figures and Halifax house price data ahead of key UK growth data out later in the week.

 

 Angeline Ong | Presenter, Analyst and Content Editor, London | Publication date: Monday 06 February 2023

 

 

 

 

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage: 

Indices: At best holding Monday’s losses. Expecting Europe to be down at the start

FX: USD breaks resistance sending EURUSD down to near 1mth lows. AUD climbs vs other G7 currencies after the RBA raised rates and says more to come.  GBP up as BRC sales monitor says retail sales climbed but rate of climb has slowed. Awaiting UK Halifax house prices

Equities: Earnings – BP SSE BNP. BBBY up 92% on hopes bankruptcy can be avoided

Commods: Gold little moved, base metals little moved, oil up for a second day. Another new record high for NY orange juice

 

 

 

[MongiIG]

Early Morning Call: AUD jumps as RBA raises cash rate to 3.35%, signals more hikes to come

The Australian dollar climbed versus other G7 currencies after the Reserve Bank of Australia raised rates and indicated there is more to come.

 Jeremy Naylor | Writer, London | Publication date: Tuesday 07 February 2023 

Equity market overview

Equity markets are pointing to a positive session today, following yesterday’s consolidation.

In the APAC region, the Australia ASX 200 fell the most, after the Reserve Bank of Australia (RBA) raised its cash rate by 25 basis points to 3.35%, a 10-year high, as expected. This was the ninth hike since last May, lifting rates by a total of 325 basis points.

The RBA reiterated that further increases would be needed. Core inflation has been higher than expected in the fourth quarter (Q4), accelerating to 6.9% from a year ago, above the central bank's previous forecast of 6.5%. The Australian dollar jumped against all major currencies.

Also in Australia, trade surplus narrowed to A$12.23 billion in December, below market forecasts of an A$12.5bn surplus. Exports dropped 1.4% from a month earlier while imports rose 1%. This means that in 2022, Australian trade surplus increased to A$139.50bn, around A$20bn higher that in 2021.

According to the BRC and KPMG, UK retail sales rose 3.9% on a like-for-like basis in January year-on-year (YoY), after a 6.5% rise in December. UK head of retail at KPMG Paul Martin said: "As we head into a difficult time for consumers, the short-term outlook for the retail sector remains challenging." He added that "with the last interest rate rise and utility price increases heading our way, shrinking household incomes means we will continue to see a shift in what consumers buy and where they buy from."

The Halifax house price index remained unchanged in January compared to the previous month. The market expected a decline of 0.8% YoY, however, the index unexpectedly rose by 1.9% against expectations of a 0.3% fall.

In Germany, industrial production fell more than anticipated, by 3.1% in December month-on-month (MoM). Economists expected a 0.7% decline.

Earnings

Profits at BP have doubled to a record $27.7bn lifted by a surge in energy prices since Russia's invasion of Ukraine. In the fourth quarter, underlying replacement cost profit, the company's definition of net income, reached $4.8bn, compared with forecasts of a $5bn profit in a company-provided survey of analysts.

Ironically these oil companies are now benefitting from a lack of investment over the last few years to pacify the green lobby which has managed to persuade big oil to invest in renewables. This has led to a lack of new oil coming onto the market which has supported prices.

BNP Paribas posted a lower-than-expected net profit in the fourth quarter. Net income fell by 6.7% from a year earlier to €2.15bn, missing the €2.37bn mean estimates compiled by Refinitiv. BNP Paribas posted a 44% rise in FICC trading revenue, and an 18.2% increase in revenue in its corporate and investment banking division in Q4.

But this performance was hampered by the fact the bank had to set aside €773 million for bad loans, up nearly 52% YoY. Still, BNP Paribas raised its 2025 targets and announced a €5bn share buyback program in 2023.

US earnings expected today include Hertz Global Holdings, Chipotle Mexican Grill and Prudential Financial.

Bed Bath & Beyond seemed to have managed to delay bankruptcy. Yesterday, its shares almost doubled after the group said it was planning to raise some $1 billion through an offering of preferred stock and warrants.

Overnight, the Wall Street Journal revealed BBBY got investor backing for $1.025bn equity raise.

Commodities

Oil prices are rising this morning for a second day. Operations at Turkey's oil terminal in Ceyhan have been halted after the earthquake that hit the region. The facility can export up to one million barrels per day of crude.

Oil prices are also lifted by hopes that demand in China will increase. The IEA expects half of this year's global oil demand growth to come from China.

Yesterday, Goldman Sachs raised its forecast for China's oil demand in 2023 by one million barrels.

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Charting the Markets - February 7, 2023

EUR/USD and GBP/USD drop back while USD/JPY bounce stalls. And WTI rallies while gold holds and aluminium slips.

Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Tuesday 07 February 2023 

 

 

 

 

 

 

 

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Look Ahead to 08/02/23: Oil inventories; TTEF, DIS, UBER and BDEV earnings

Oil, tech, and the consumer are set to dominate the markets on Wednesday, with earnings from TotalEnergies (TTEF), EIA data, and results from Walt Disney (DIS) and Uber Technologies (UBER).

Angeline Ong | Presenter, Analyst and Content Editor, London | Publication date: Tuesday 07 February 

 

 

 

 

 

 

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

Indices: European mkts expected up. FTSE100 24hr mkts another new record high

FX: Little move despite Powell saying more US rate rises needed to combat inflation

Equities: Earnings this morning - BDEV PZ SVT TTE.  VOW last night a disappointment. This evening - UBER DIS. ZOOM announces 15% cut in global workforce

Commods: Gold up for third day.  Oil up after API drop in inventories. NY orange juice another new record high  

 

 

 

[MongiIG]

Early Morning Call: Jerome Powell warns inflation fight will take "quite a bit of time"

Federal Reserve chair, Jerome Powell, acknowledged yesterday before the Economic Club of Washington that interest rates may need to move higher than expected.

 Jeremy Naylor | Writer, London | Publication date: Wednesday 08 February 2023 

Equity market overview

It was a mixed session overnight in the Asia-Pacific region, after gains for US indices yesterday.

In Europe, equity markets opened higher, the FTSE 100 having set a new record high earlier this morning on the IG 24-hour market.

Fed

Federal Reserve (Fed) chair, Jerome Powell, acknowledged yesterday before the Economic Club of Washington that interest rates may need to move higher than expected. He refused to say that the 517,000 jobs created last month would necessarily force the Fed's benchmark interest rate higher than the 5% to 5.25% range currently anticipated but admitted he didn't expect it to be this strong.

Powell said policymakers were open to shocks in either direction - ready to approve even tighter monetary policy if continued strong job gains lead to higher wages and prices.

Earnings

Barratt Developments, Britain's largest house builder, flagged persisting market uncertainty as high mortgage rates weigh on demand. The group posted a half-year (H1) pretax profit of £501.5 million, compared with £432.6m.

TotalEnergies posted a record adjusted net profit of $36.2 billion in 2022, double the level of a year earlier. TotalEnergies' fourth quarter (Q4) adjusted net income was $7.6bn. A year earlier, the group posted a net income of $6.8bn.

The company said it would propose a dividend of €2.81 per share, up 6.4% from a year earlier and on top of an already announced €1 per share special payout.

Société Générale posted a higher-than-expected profit in the fourth quarter, driven by the strong performance of its corporate and investment banking division. The third largest French bank reported net income of €1.16bn, beating analyst's consensus of €834m. This was, however, 35% lower than the same period a year ago, as the bank's hiked provisions for failing loans was up fivefold to €413m.

Volkswagen pushed out its preliminary figures for the year. It said that its full-year (FY) adjusted operating profit was €22.5bn, missing analysts' expectations of €22.96bn. The German automaker generated a net cash flow of around €5 billion in fiscal 2022, falling short of its self-imposed target of achieving net cash flow at the level of the previous year of €8.6 billion.

The company said the shortfall was due mainly to an unstable supply chain throughout the year and disruptions in the logistics chains, particularly at the end of 2022. As a result, working capital and in particular inventories of finished goods, raw materials and supplies at the end of the year were significantly higher than expected.

Current planning for 2023 suggests that this year-end 2022 increase in working capital will largely reverse during the year.

In the US, Walt Disney is scheduled to post quarterly earnings tonight after the US closing bell. The upcoming results that will mark the return of Bob Iger at the helm. On November 20, Iger was called back by the Disney board, following the immediate dismissal of Bob Chapek.

Analysts expect earnings of 79 cents per share on revenue of $23.43bn. Subscription numbers for Disney+, Hulu and ESPN+ will again be in focus.

The group's parks and recreation services had a phenomenal return to growth in 2022, and markets will be looking to see whether the group managed to keep the momentum going.

Uber Technologies is also set to report tonight after market close. In the third quarter (Q3) of 2022, Uber recorded a net loss of $1.2 billion, $512 million of which was attributed to revaluations of Uber's equity investments. However, the company beat analysts' estimates for revenue, which grew by 72% year-over-year (YoY), and reported that adjusted EBITA exceeded its guidance of $440 - $470m. As for the fourth quarter, the market expects a loss per share of 18 cents and revenue of $8.4bln.

The market will also be closely looking for the number of monthly active users, the number of trips, and the number of customers who have subscribed to Uber One.

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Charting the Markets: 8 February

FTSE 100 near record high, DAX 40 and S&P 500 also higher on Fed chair's speech. EUR/USD, GBP/USD and AUD/USD prices oversold in uptrend. And gold and oil prices rally, as lumber drops back.

Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 08 February 2023

 

 

 

 

 

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Look Ahead to 09/02/23: US Initial jobless claims; AZN, ULVR, LYFT earnings

Hot on the heels of surprisingly strong US jobs numbers, we get initial jobless claims data. AstraZeneca’s (AZN) pipeline will be in focus. Plus, Unilever (ULVR) Credit Suisse (CSGN) and Lyft (LYFT) also report.

Angeline Ong | Presenter, Analyst and Content Editor, London | Publication date: Wednesday 08 February 2023

 

 

 

 

 

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

Indices: Europe expected up despite losses on Wall St yesterday and across some of Asia overnight – today dominated by earnings

Equities: Earnings – AZN ULVR BATS RDW BWY SIE CSGN ACA  MT. Tonight after the close - PYPL LYFT. Last night SIE raised its FY outlook. Last night DIS up 5% & UBER up 3%.

FX: EURUSD up (slightly) for the first day in 6 ahead of preliminary German inflation data

Commods: Gold & oil both up for a 4th day. OJ another record high just below $250 

 

 

 

[MongiIG]

Early Morning Call: FTSE 100 in the limelight as AstraZeneca, Unilever, British American Tobacco report earnings

AstraZeneca posted adjusted earnings of $1.38 per share on revenue of $12.2 billion.

 Jeremy Naylor | Writer, London | Publication date: Thursday 09 February 2023 

UK housing market

The Royal Institution of Chartered Surveyors (RICS) says Britain's housing market suffered the most widespread price falls since 2009, in January, as the run of interest rate increases over the past year weighed on would-be buyers.

RICS house price balance, which measures the gap between the percentage of surveyors seeing rises and falls in house prices, fell to -47, the lowest since April 2009, from -42 in December. The institute said all the indicators point to a further slowdown in the housing market in the coming months, as borrowing costs have risen sharply and household incomes are squeezed by the cost of living crisis.

Earnings

AstraZeneca posted adjusted earnings of $1.38 per share on revenue of $12.2 billion. For AstraZeneca CEO Pascal Seuriot, "2022 was a year of continued strong company performance and execution of our long-term growth strategy."

The group expects to see another year of double-digit revenue growth in 2023, excluding Covid medicines.

Unilever rose 9.2% in the fourth quarter (Q4), beating company-provided analyst estimates of a 8.2% increase.

Redrow posted a revenue similar to its record first half last year at £1.031bn. Operating margins fell 20 basis points to 19.3%, and profit before tax decreased by 2.5% to £198 million.

After the European close last night, the German manufacturing giant Siemens reported better-than-expected quarterly results in its industrial business, and it raised its full-year (FY) sales guidance, boosted by a strong start to its 2023 fiscal year.

The builder of trains and industrial software reported profit at its industrial business of 2.7 billion euros in the fiscal first quarter, beating forecasts for 2.50 billion euros. Revenue rose 8% to €18.1 billion, matching estimates. Siemens said it now expects full-year revenue growth of 7% to 10%. Previously it had expected an increase of 6 to 9%.

Credit Suisse reported its worst annual loss since the 2008 global financial crisis. Credit Suisse posted a FY pretax loss of 1.3bn Swiss Francs, beating estimates of a 3.4bn Swiss Francs loss. Revenue was short of estimates: 14.92bn Swiss Francs , missing expectations of 15.01bn Swiss Francs.

Credit Agricole reported a net income of €1.56bn, up 9% in the fourth quarter. Revenue rose by 2.7% to €5.97bn. The French bank also plans to pay dividend of €1.05 er share.

Walt Disney shares rose 5.5% in extended hours after posting better than expected earnings and revenue, as well as a restructuring plan. Disney reported adjusted earnings per share of 99 cents, ahead of the average analyst estimate of 79 cents. Revenue reached $23.51bn, ahead of Wall Street estimates of $23.4 billion.

Walt Disney announced a restructuring plan, the third one in five years. As part of it, 7,000 jobs will go, that's about 3.6% of the group’s workforce, in an effort to save $5.5 billion in costs and make its streaming business profitable. Under a plan to cut costs and return power to creative executives, the company will restructure into three segments: an entertainment unit that encompasses film, television and streaming; a sports-focused ESPN unit; and Disney parks, experiences and products.

CEO Bob Iger said streaming remained Disney's top priority. Disney+ lost 2.4 million subscribers in the last three months of 2022, its first quarterly decrease, and the streaming media unit lost more than $1 billion in the period.

Walt Disney also vowed to reinstate a dividend for shareholders. Chief Financial Officer Christine McCarthy said the initial dividend would likely be a "small fraction" of the pre-Covid level with a plan to increase it over time.

After Uber yesterday which posted a surprise EPS of 29 cents for the fourth quarter, it is Lyft's turn to post its quarterly earnings. The market expects earnings of 15 cents per share on revenue of $1.15bn.

Paypal Holdings is scheduled to report Q4 earnings tonight after the US closing bell. Analysts forecast earnings of $1.20 on revenue of $7.39bn. In Q3, Paypal earnings and revenue topped expectations, but Q4 guidance was below estimates.

The company forecast will again be investors' main focus, especially expectations for new customer additions. In the first nine months of 2022, PayPal reported net new active accounts of 5.7 million, and forecast 3- to 4 million new active accounts for Q4 2022.

Commodities

US crude inventories rose by 2.4 million barrels, their highest level since June 2021.

US gasoline and distillate inventories also rose last week as demand remained weak. Gasoline stocks rose by five million barrels while distillate stockpiles rose by 2.9 million barrels.

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Charting the Markets: 9 February

FTSE 100, DAX and S&P 500 make fresh push higher. EUR/USD and USD/JPY hover above this week’s lows while EUR/GBP slips. And gold on the rise, as Brent crude and natural gas show signs of impending weakness.

Shaun Murison | Senior Market Analyst, Johannesburg | Publication date: Thursday 09 February 2023

 

 

 

 

 

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

Indices: Europe expected down after a late sell-off last night on a return of concerns about rates. Asia mixed as China inflation picks up

FX: Watching UK GDP as Q4 data is released. USDCNH up after China inflation climbed

Equities: Earnings last night saw LYFT crashed 33% on dire guidance & PYPL down 2.6%. ADS may fall at the open after warning it may slide to a loss this yr after ending Kanye West deal 

Commods: Gold new recent lower low. OJ new record high now above $250/lb. Oil up but no firm direction

 

 

 

[MongiIG]

Early Morning Call: UK narrowly avoids recession but shows no Q4 growth

Britain's economy showed zero growth in the final three months of 2022, which means it narrowly avoided falling into the technical definition of a recession.

 Jeremy Naylor | Writer, London | Publication date: Friday 10 February 2023

Equity market overview

Equity market performance was mixed overnight in the APAC region, following a negative session in the US. Hong Kong’s Hang Seng was the worst performer.

In China, consumer price index (CPI) rose 2.1% in January year-on-year (YoY), up on the 1.8% annual gain seen in December, but just shy of the 2.2% increase expected by economists. CPI was boosted by a seasonal surge in spending over the Lunar New Year festival, with airfares, movie tickets, and travel prices up 20.3%, 10.7% and 9.3% respectively.

China's January factory gate prices fell more than economists expected. The producer price index (PPI) was down 0.8% on a year earlier, extending the 0.7% drop the prior month and faster than the 0.5% fall.

Britain's economy showed zero growth in the final three months of 2022, which means it narrowly avoided falling into the technical definition of a recession. Fourth quarter (Q4) GDP growth rate was flat compared to Q3, in line with expectations.

Earnings

Lyft shares dropped over 30% in extended hours, after posting a surprise loss in Q4 and forecast current-quarter profit far below Wall Street targets. Lyft reported adjusted EBITDA of $126.7 million, above analysts' forecasts, but after setting aside $375 million for increasing insurance reserves, the group posted a loss of 74 cents per share, to be compared with earnings per share (EPS) expectations of 15 cents.

In an interview, the group's president John Zimmer said they wanted to strengthen their insurance reserve to prevent that type of volatility going forward. Active riders rose 8.7% to 20.36 million for the fourth quarter, Lyft said, above the FactSet estimate of 20.30 million.

As for the current quarter, Lyft forecast adjusted EBITDA of between $5 million and $15 million. The average analyst target was $81.1 million. Lyft also forecast revenue of about $975 million, below analyst estimates of $1.09 billion.

On an adjusted basis, PayPal earned $1.24 per share in Q4, beating analyst estimates of $1.20 per share. Revenue rose 9% to $7.4 billion, broadly in line with expectations. In terms of guidance, PayPal said it expects full-year (FY) adjusted profit of roughly $4.87 on a per share basis. Analysts on average had expected $4.75 per share.

The group said it will not provide a forecast for full-year revenue growth. Profit expectations are above Wall Street’s estimates but Paypal warns that macroeconomic pressures have begun to hurt American consumers, particularly those in the lower income bracket. Note that Chief Executive Dan Schulman announced he will retire at the end of 2023.

Commodities

Oil prices this morning are down, but still heading for weekly gains after a fortnight of losses.

Last week, the Baker Hughes total rig count fell by 12 to 759, at its lowest since the end of July 2022. The number of oil rigs in operation fell by 10 to 599.

Precious metals are set for another week of declines. Gold saw a second week of losses, while silver and platinum are on track to record a fourth and fifth week of losses respectively. Silver trades at a 10-week low, platinum at a three-month low.

NY Orange Juice was meanwhile by far the best performer this week, for a second week running, now trading above $2.50 per pound.

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Charting the Markets: 10 February

FTSE 100 comes off record high, DAX 40 and Euro Stoxx 50 one-year highs amid risk repricing. Fading dollar demand sees EUR/USD and GBP/USD rise, as USD/JPY reverses lower. And gold, oil and orange juice all move higher.

Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Friday 10 February 2023

 

 

 

 

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

Indices: Europe expected mixed after a down week last week on fears that rates are still rising past forecasts  

FX: USD at a 5wk highs traders await tomorrow’s US CPI and retail sales data expected to shape a more hawkish outlook to US rates 

Equities: Earnings begin to abate this week today we have CAR before mkt opens on Wall St. FT reporting META preparing fresh round of job cuts 

Commods: Gold remains under the USD cloud at Friday’s 5wk lows. Oil down after climbing last week 

 

 

 

[MongiIG]

Early Morning Call: USD at 5-week high ahead of US CPI and retail sales data

The US dollar has hit a 5-week high and traders are eagerly awaiting tomorrow's US CPI and retail sales data, which could have an impact on the outlook for US rates.

 Jeremy Naylor | Writer, London | Publication date: Monday 13 February 2023

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Charting the Markets: 13 February

FTSE 100, DAX and S&P 500 edge higher in Monday trading. EUR/USD, EUR/GBP and USD/JPY stabilise ahead of US CPI data release on Tuesday. And gold consolidates as Brent crude and natural gas rally into Fibonacci resistance.

Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Monday 13 February 2023

 

 

 

 

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

Indices: Another record high for UKX (24hr mkts), Europe expected to open up after gains cross Wall St and Asia

FX: Watching USD ahead of CPI data today, GBP ahead of Jobs data and EUR ahead of Q4 eurozone GDP

Equities: Earnings today from TKA TUI KO ABNB. Watching VOD after Liberty Global buys 4.92% stake  

Commods: Gold up off 5wk lows but downtrend remains the dominating feature. Oil up close to 3wk highs  

 

 

 

[MongiIG]

Early Morning Call: UKX reaches another record high in 24-hour markets

The UKX reaches another record high in the 24-hour markets, and Europe is predicted to follow suit with gains seen across Wall Street and Asia.

Jeremy Naylor | Writer, London | Publication date: Tuesday 14 February 2023 

 

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Charting the Markets: 14 February

FTSE, DAX and Nasdaq on the rise ahead of US CPI data. EUR/USD, GBP/USD and USD/JPY all move higher as markets await US CPI figures. And all eyes are riveted on US inflation data with regards to WTI, gold and copper.

Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Tuesday 14 February 2023

 

 

 

 

 

 

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Look Ahead to 15/02/23: UK CPI; US retail sales; BARC and KHC earnings

Brace for UK inflation figures a day after US CPI showed the annual rise in consumer prices was the smallest since late 2021. Trading opportunities include US retail sales and earnings from Kraft Heinz (KHC) and Barclays (BARC).

Angeline Ong | Presenter, Analyst and Content Editor, London | Publication date: Tuesday 14 February 2023