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Find out what to expect from Coinbase’s earnings results, how they will affect the Coinbase share price, and how to trade Coinbase’s earnings. Source: Bloomberg Shares Coinbase Price Cryptocurrency Volatility Market sentiment When is Coinbase’s results date? Tuesday, August 9, after the market close, is when we get the 2022 second quarter results for Coinbase. Coinbase share price: forecasts from Q2 results All eyes are on whether Coinbase will negatively surprise once more after its first-quarter results where expectations of a positive reading suffered a loss of $1.98 per share. Revenue was a miss at $1.17bn instead of an expected $1.5bn. The total trading volume dropped massively, suffering a drop in retail monthly transaction users, yet it remained optimistic and 'focused on the long-term' and not just on aspects of crypto trading, with hopes it would emerge as a key and trusted player regardless of the path the overall segment takes. Costs will remain an item in focus, even after Coinbase announced layoffs thus altering its prior plans for an increased headcount and signifying a phase of slower growth if not contraction as the sphere remains in a ‘crypto winter'. Crypto prices are trading at lower levels since mid-May and Coinbase’s share price though little changed after the big plummet following its 2022 first-quarter earnings release. Such is the nature of Coinbase's share price. It can experience significant moves based on not just where the overall cryptocurrency market moves but on how immune it is to what have been successive stories of failures, concerns over liquidity, and withdrawals for financial institutions within the crypto sphere. Investors can breathe a sigh of relief following Coinbase's clarification in July regarding its lack of exposure to insolvencies among clients and counterparties. Coinbase's financing book hasn’t recorded any losses, and it isn’t falling into the trap of lending out customer funds. It might not mean as much for the retail sector which accounts for a clear portion of its revenue, but is a crucial one for institutions looking for trust and reliable counterparties who lead on volume. That news was followed by negatives with reports of an SEC investigation being dropped from the ARK fund. While investors will be noting any plans in light of the crypto atmosphere and given that Coinbase is trading amongst the crypto majors that drive its revenue, investors are worried over how Coinbase will fare against rising competition from crypto exchanges attempting to move up the volume rankings. With news in June that Binance.US was cutting fees for plenty of Bitcoin trades to zero, and worries that it’ll eventually carry over into other exchanges over time if it causes an exodus of traders. In all, monthly transacting users might find it more difficult to transact when prices are in retreat, as profits usually drive more trading, and losses mean they’re in a wait-and-see mode. Lower crypto prices combined with expectations of lower participation and trading sizes can only translate into lower fees that the crypto exchange can take in (and taker/maker fees as a percentage), and given it makes the bulk of its revenues means it’s expected to be much lower this time around at around $830m. As for earnings, expectations are for another loss, and for it to widen to -$2.68 per share, an estimate that’s suffered lower revisions over the past few months. Longer-term estimates are usually more difficult as it requires a more stable underlying crypto market. As for analyst ratings, it remains the majority buy amongst them, with the notable downgrade from Goldman Sachs shifting from neutral to sell in late June. The average target price is still very much above its current share price. Coinbase weekly chart with key technical indicators Source: IG Trading Coinbase’s Q2 results: technical overview and trading strategies A glance at the chart above (and that of nearly anything crypto-related on the weekly time frame really) and it doesn’t take much to realize that even after oscillations over a couple of months or so and it’s still a bearish picture, with prices at the upper end of its long-term bear trend channel. When it comes to its DMI (Directional Movement Index), its DI- is still above its DI+ by a healthy margin, but that margin is dropping, and so too is the ADX (Average Directional Movement Index). The reading is still in trending territory but past its peak figure can be found around mid-July. Positives include its RSI (Relative Strength Index) is no longer in oversold territory, and prices are moving closer to the middle of the Bollinger Band and away from the lower extremes. Since the weekly time frame incorporates historic bearish moves that we saw in March through mid-May, the technical narrative gets less negative when zooming into shorter-term time frames like the daily. With prices recently coming off the upper end of far more narrowed Bollinger Bands in that time frame where they’ve ‘acclimatized’ to more rangebound sessions since the last earnings release, and a positive DMI here as opposed to negative on the longer-term weekly time frame. Classifying the technical overview depends on which time frame you’re looking at, with the daily more ‘consolidation – volatile’ (volatile on any underlying updates that include next week’s earnings, but moving back towards an average absent), while the weekly thus far averaging lower, provided its bear trend channel can hold. That makes it a bit more bear average than a bear trend (an ADX reading in trending territory usually gives more weight to a trend, but a wider channel combined with weeks of oscillations means trend-like moves haven’t been the rule rather the exception), but as always it needs pointing out that we’re looking at technicals ahead of a major fundamental event that can easily cause prices to experience more volatility even in the ‘safest’ of more established companies. There’s also the matter of levels, with an RSP (Relative Starting Point in the table below) to 1st level difference that’s over 20% of the value of the RSP. A common theme amongst prices of cryptocurrencies and crypto-related shares where higher historic pricing means emulating average weekly moves that now constitute a larger percentage of current lower prices becomes a more difficult task. A $15 move when it was $300 translates into a 5% price change, but the same $15 price change on a lower $70 is over 21%. The daily time frame’s RSP to 1st level difference where it doesn’t incorporate the price action pre-June is only $3. Source: IG IG Client sentiment* and short interest for Coinbase shares Retail trader bias remains in extreme buy territory, dropping a notch from 88% two weeks ago to 87% as of this morning. As for short interest, it’s at over 22% with 33m shares shorted of roughly 148m floating. In comparison, the companies where we’ve done earnings previews usually have sub-1% short interest readings. Source: IG *The percentage of IG client accounts with positions in this market that are currently long or short. Calculated to the nearest 1%, as of today morning 8am for the outer circle. Inner circle is from two weeks prior. Monte Safieddine | Market analyst, Dubai 02 August 2022

Hi @ArturG, Thank you for your post. This particular ETF is on Closing only as they are not providing a Key Information Document. "Regulation (EU) No 1286/2014 (the PRIIPs) regulation states that all retail clients must be provided with a Key Information Document (KID) prior to the purchase on any security (PRIIP) within the scope of the regulation." Therefore, we are unable to offer this market to open. Thank you for your understanding. All the best - Arvin

Hi @MrMark123, Thank you for your post. MT4 is a third party software, we do not have control over the security of MT4. Could you please confirm that you used the link on the IG website to download MT4? From this page: https://www.ig.com/au/trading-platforms/metatrader-4/download-mt4 Thank you - Arvin

High quality and defensive companies can help protect wealth during a market downturn. Source: Bloomberg Shares Stock Investment Dividend Company Microsoft The economic and investment backdrop is shifting, pushing investors to reallocate capital and rotate their portfolios to adjust. Today, we look at the case for investing in ‘quality’ and ‘defensive’ stocks as a way of protecting or growing wealth in the current market environment. What is a quality stock? Quality stock is a stock belonging to a company of higher quality. When it comes to assessing whether a stock fits this bill, an investor must know what it means for a company to be ‘quality’. The term is commonly referred to in factor-investing. According to the website Investopedia, quality stock is one with ‘low debt, stable earnings, consistent asset growth, and strong corporate governance’. Typically, these companies are large-cap (or even mega-cap) and have strong stable cash flow generated from their operations, a highly sophisticated and competent management team, and often a large ‘moat’ that gives them dominance in their market. In the US, big tech-names like Apple, Amazon, Microsoft, and Alphabet are synonymous with quality. In Australia, a company like CSL is often said to fit the bill. What is a defensive stock? As the name suggests, a defensive stock is one that defends an investor’s portfolio. But what is an investor trying to defend themselves from? Generally, defensive stocks refer to ones that either maintain their value during an economic downturn – or sometimes thrive within it. Investopedia defines a defensive stock as one that ‘provides consistent dividends and stable earnings regardless of the state of the overall stock market’. For this reason, defensiveness refers to the performance of a company in the context of the economic cycle – and therefore may be contrasted with cyclical stocks, which outperform in stronger economic environments. These companies are found in the health care, utility and consumer staples sectors - or areas of the market that derive profits from things consumers can’t easily go without. Why look at these companies now? Investing in defensive and quality companies is becoming more popular now because of changes in the economic cycle. After a period of very strong growth powered by the extraordinary amounts of stimulus pumped into the global economy during the pandemic, a subsequent period of high inflation has forced central banks to begin the process of slowing the economy by aggressively raising interest rates. In addition to several economic shocks, including the war in Ukraine and rolling COVID-19 lockdowns in China, which are leading to rising business costs, the global economy is confronting a period of weakness and tighter financial conditions. This environment is seeing investors seek out relatively less risky investments and are more likely to protect wealth from any downturn. Three quality or defensives stocks to watch Source: Bloomberg CSL CSL is one of the largest companies on the ASX with a market capitalization of around $140 billion. It sits in the healthcare sector and specialises in the research, development, and manufacturing of biotechnology products. Being in the healthcare sector, the company fits the bill of a defensive stock but also possesses several features of a quality company. It also gets tagged with the label of ‘growth’ company due to its long-term growth prospects. The company is a leader in the market and boasts a strong balance sheet with $US6.3 billion in cash and cash equivalents. CSL’s earnings did take a hit during the pandemic, and its revenue growth slowed due to difficulty collecting plasma for the company’s immunoglobulin product during the COVID-19 pandemic. However, the company managed to remain cash flow positive and maintain low debt levels throughout that period, with recent updates from management suggesting collections are normalising. The outlook for CSL is looking more promising going forward as the world exits the pandemic. Current multiples are around long-term averages, with a P/E multiple hovering just below 40. But data according to Reuters suggests that the company is likely to increase its dividend by 16% from an estimated $1.05 this financial year to $1.22 the financial year after. Analysts remain very optimistic about the stock according to Reuter data, with 14 out of 15 covering it ascribing a ‘buy’ rating. The current consensus price is $319. Source: IG Transurban Transurban is an ASX20 stock which builds and operates toll roads. It has a market capitalization of around $44 billion, and although is classified within the industrials sector, is considered a stock with strong defensive qualities. The major appeal of Transurban is its market dominance and ability to pay out a predictable and consistent dividend to shareholders. As a toll road operator, it has strong pricing power and the ability to pass on higher costs to customers. The company’s management is also committed to paying out a dividend to shareholders. Despite the company posting a loss in its 2020 and 2021 financial years as revenues collapsed because of mobility restrictions during the pandemic, it still managed to pay out dividends of 46 cents and 30 cents respectively. According to data compiled by Reuters, Transurban ought to pay out a dividend of 40 cents this financial year and increase that by approximately 50% to 59 cents the following. Transurban generally won’t deliver strong capital gains for investors like some ‘quality’ stocks might. However, its relative lack of share price volatility is a part of its appeal as a place for investors to park money in an uncertain economic environment. The company’s shares have traded in a tight $2.50 range throughout the most part of the post-pandemic period, with the price nearer to the top of the range at present. According to data compiled by Reuters, analysts are lukewarm towards the stock. Of 14 brokers surveyed, seven recommend buying, but six suggest holding, and one selling. The share is trading relatively rich versus the consensus price estimate of $14.19. Source: IG Microsoft Microsoft is a ubiquitous name in the business world. One of Wall Street’s largest tech players, Microsoft is often labelled as simultaneously defensive, quality and growth. Technology shares have dropped considerably from the record highs registered in 2021. The combination of the so-called ‘reflation trade’ that saw long-dated bond yields rise and money flow into cyclical stocks hammered the sector and sent the NASDAQ deep into a bear market. Despite Microsoft’s investment appeal, it was no exception to this dynamic, losing nearly 30% of its value, from peak to trough. However, with the shift in the macroeconomic environment, the company’s share price is showing signs of recovery, with tighter financial conditions, a potential recession in the US, and falling long-term bond yields pushing money towards many of Wall Street’s old reliables. Microsoft’s products are embedded in most people’s lives, while the shift towards cloud computing means the company maintains strong growth prospects and stickiness amongst existing customers. From a financial standpoint, Microsoft couldn’t be more secure. It boasts $US104 billion of cash on its balance sheet. And although its cash position has been worn down in the past 12 months, much of that is to do with generous share buyback programs that the company has implemented to return money to shareholders. Debt to equity remains very low at roughly 0.3. Much like its fellow Wall Street tech counterparts, the appeal of a stock like Microsoft is not only its quality and defensiveness but also its long-term growth prospects. Despite missing earnings and revenue in its recent results, Microsoft’s management painted a positive picture of the company’s outlook, with growth in its cloud computing arm Azure a large driver of this. That has analysts expecting a nearly $US2.60 full-year dividend from the company come next financial year. Out of 52 analysts surveyed, 49 rate it either a buy or a strong buy, with the remaining three favouring a hold. The consensus price target is at a nearly 15% premium to its current price at $350 per share. Source: IG Summary Investors are confronting a more challenging financial and economic environment. As a result, understanding where money might be best allocated given this backdrop gives an investor the best opportunity to ride out this period of weaker growth. Companies that have qualities such as stable earnings and dividends, competent management, and strong balance sheets often outperform in times like these. While there’s never a guarantee any investment will deliver its desired outcome, defensive and quality stocks can protect or even grow wealth during a market downturn. Kyle Rodda | Market Analyst, Australia 02 August 2022 This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Centamin, Greggs, and easyJet shares are three FTSE 250 stocks to buy in August as inflation starts to bite. Source: Bloomberg Shares Commodities Greggs EasyJet Inflation Centamin Some of the best FTSE 250 stocks appear to be trading at a discount relative to their true value right now. These include Centamin, Greggs and easyJet. Of course, CPI inflation is at 9.4% and rising. The bank rate is at 1.25%, and Bank of England governor Andrew Bailey has cautioned another 50-basis points rise is ‘on the table’ for August. BFY has warned annual energy bills could hit £3,850 in January, and EON CEO Michael Lewis has warned that 40% of households could be in fuel poverty by winter. Simultaneously, current PM favourite Liz Truss is promising policies that the Institute for Fiscal Studies warn could send inflation even higher. Further, the International Monetary Fund thinks that the UK will experience the lowest growth of G7 members in 2023. Investors are no longer in a bull market. After the initial pandemic crash, it was arguably difficult for diversified investors to lose money. But this is no longer true; and the due diligence required to pick out the best FTSE 250 shares has increased dramatically. However, it’s also true that a down market is often the best time to invest in solid companies that have been hit by the wider market rout. Source: Bloomberg Best FTSE 250 shares to buy now 1) Centamin (LON: CEY) One of the best FTSE 250 shares to buy now, Centamin represents a contrarian choice for the investor with a healthy risk appetite. Investors have used gold, and gold miners by proxy, as an inflation hedge since investing began. While many gold miners have performed well in 2022, Centamin reported a big decline in profit in 2021, due to lower revenue and impairment of assets in Burkina Faso. But the spot gold price is at a near-record high, and only likely to rise as the recession worsens. For perspective, Centamin expects full-year production of between 430,000 oz and 460,000 oz, above the 415,370 oz it mined in 2021. And in Q2, production rose by 11% year-over-year to 110,788 oz. Moreover, it’s taken over as owner-operator of the Sukari underground, the largest gold mine in Egypt, saving $19 million a year in operating costs from 2023 onwards. The miner spiked to a record 220p in August 2020, as investors fled to the safety of gold in the wake of the pandemic crash. Now down to 83p, Centamin shares could see a similar spike if investor fears further begin to recrystallize. And currently boasting an 8.6% dividend yield, it’s a FTSE 250 share to buy. 2) Greggs (LON: GRG) Reporting earnings on 2 August, Greggs shares are down 39% year-to-date to 2,044p. But in anticipation of results, the high street baker’s share price has risen by 13% over the past month. And a further recovery could be imminent. In its May trading update, Greggs saw 27.4% like-for-like sales growth in the first 19 weeks of the year. While this was due to a strong pandemic era comparable, it expects this figure to ‘continue to normalise’ as time goes on. With a ‘strong pipeline’ of openings, Greggs also opened 43 net shops, bringing its total to 2,244. And while it’s seeing ‘cost pressures increasing,’ it was trading in line with previous full-year expectations. This indicates the share price crash is not a fair reflection of the company’s true value. Greggs does generate a significant proportion of its income from office workers, and the long-term trend towards hybrid working means ‘sales levels in larger cities and in office locations continue to lag the rest of the estate.’ According to the ONS, ‘the proportion of workers hybrid working has risen from 13% in early February 2022 to 24% in May 2022.’ But Greggs noted it had already ‘made a good start to 2022, with sales in line with our plan.’ While cost pressures and decreasing customer discretionary income were noted as ‘considerable uncertainties’ for H2, Greggs could stand to benefit from cash-strapped consumers as an excellent value choice. And it helps to have an on-the-ball PR team, whether with advertising staff bonuses, the vegan sausage roll launch, or Primark tie-up. 3) easyJet (LON: EZJ) easyJet is August’s final FTSE 250 stock to buy. Demoted from the FTSE 100 during the worst days of the pandemic, the airline almost made a comeback to the premier index earlier this year before Russia’s invasion of Ukraine brought volatility back into the market. At 399p, easyJet’s share price is now worth less than a third of its pre-pandemic value. Of course, the promised summer boom hasn’t gone exactly to plan. Striking staff in Spain, the loss of COO Peter Bellew in July, and the ongoing airport chaos have all seen the stock driven to its lowest in a decade. However, this could also be an exceptional price point. In its Q3 update last week, the FTSE 250 airline posted a headline loss before tax of £114 million, down significantly from £318 million a year ago. And as it lost £133 million to staff shortages and disruption, and £36 million from balance sheet FX revaluations, its profitability looks much worse on paper than in reality. Revenue rose to £1.755 billion, up from just £213 million in Q3 2021. And easyJet flew 22 million passengers, representing 87% of pre-pandemic capacity levels. Further, Q4 is already 71% booked, and 83% hedged for jet fuel. And despite the disruption, it’s worth noting that the airline operated 95% of its planned schedule last quarter. CEO Johan Lundgren argues ‘we have taken action to build the additional resilience needed this summer and the operation has now normalised. Despite the loss this quarter due to the short-term disruption issues, the return to flying at scale has demonstrated that the strategic initiatives launched during the pandemic are delivering.’ With net debt of only £200 million, ‘one of the lowest net debts in European aviation,’ this FTSE 250 stock may not be this cheap for long. Charles Archer | Financial Writer, London 01 August 2022

Please see the expected dividend adjustment figures for a number of our major indices for the week commencing 1st August 2022. These are projected dividends and likely to change. IG cannot be held responsible for any changes made. Dividends highlighted in red include a special dividend, therefore some or all of the amount will not be adjusted. Amount in brackets is the expected adjustment after special dividends excluded (where shown on major indices). Dividend adjustments due to be posted on a bank holiday will usually be posted on the previous working day. If you have any queries or questions on this please let us know in the comments section below. For further information regarding dividend adjustments, and how they affect your positions, please take a look at the video. NB: All dividend adjustments are forecasts and therefore speculative.A dividend adjustment is a cash neutral adjustment on your account. Special Dividends Index Bloomberg Code Effective Date Summary Dividend Amount N/A Special Div How do dividend adjustments work? This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

It was a stunning quarter from a company that two weeks ago was looking at what it was doing and whether it was going to have to shed 8,000 staff. Shares Ford Motor Company Electric vehicle Trade Automotive industry Inflation With the move to electric vehicles (EVs) it makes sense to shift the focus from building combustion engines to EVs, but last night's second quarter (Q2) earnings came as a pleasant surprise. Ford shares soar following Q2 earnings In extended trade last night on the IG platform, Ford MotorFord Motor Co (All Sessions) saw its shares rise around about 10% as a result of earnings coming through for the most recent quarter, which impressed investors. Let's take a look at the numbers we saw: $0.68 per share at the earnings per share (EPS) level. That was against an estimate of $0.45, beating that up from $0.12 last year. Automotive revenue came through at $37.9 billion, also beating estimates of $34.3 billion, which is a tripling of its profit line because according to the company's statement it was able to deliver more of its products to customers. But the company said as well that inflation, specifically higher prices for key commodities and transportation, offset some of those gains. Nonetheless, it was a good night last night. Ford's share price chart Let's take a look at the share price chart, which is down from the highs that we saw back in January this year. That was at a 21-year high for Ford Motor. Since then, we've seen this pullback because of concerns once again about what's happening with supply chains and, of course, the war in Ukraine keeping a lot of the automotive products out of Ukraine, which is a big supplier of a lot of rubberised items especially, and plasticised items that the auto sector uses. But since then, we've seen Ford source more of its products from other areas, and we've seen this rebound. That trade last night was extended trade up, and indeed, significantly, it rose above the highs that we saw back on the 3rd of June to take us to levels there not seen since the first couple of weeks of May this year, and we're building on that today. All-sessions on the IG platform this morning it was up a further 1.3%. So, we're gaining across the board for Ford Motor to stop looking as though it could well rise at the start of today's cash session on the New York Stock Exchange. Jeremy Naylor | Writer, London 29 July 2022

Lloyds Banking Group has generally pleased investors while EU pressures have been highlighted by Deutsche Bank as it warned about an incoming drop in investment banking profits. Credit Suisse has issues all of its own. Shares Bank Credit Suisse Switzerland Lloyds Banking Group Deutsche Bank European banks outlook European banks were in the crosshairs today. Traders on the IG platform have been watching for any signs that a weaker economy, higher interest rates and the war in Ukraine are weighing on any of their operations. One of the best performers has been Lloyds Banking Group PLC here in the U.K. It's domestically orientated, so pretty much insulated from what is happening further east across Europe. But despite setting aside £377 million to cover a possible bad debt pile, it said pre-tax profits came in at £3.7 billion at the first half, better than forecast, but down from last year's £3.9 billion. Lloyds share price Let's take a look at what's happened to the share price, because it has been one of the best performers in the European market. It's currently up 3.8%, we're off the highs. But interestingly enough, we have risen past this prior line of resistance which was established as a line of support back in December last year at 44.3 pence, currently trading at 45.23. I was talking about this in the Early Morning Call this morning about going along with a stop-loss below the 40. And that so far is making money. Deutsche Bank Meanwhile Deutsche Bank AG - ADR also posted a better-than-expected earnings number a 51% rise in second quarter profit as investment banking revenues rose, though the lender was less optimistic about the division's prospects for the full-year and warned about the economic outlook. German banks are feeling the heat of the geopolitical environment more than others across the EU because of the historical ties Germany has had with Russia. Also the country particularly is dependent on Russian energy and so its economy will be hit hard by any supply shortages. A quick update on its trading pattern that we've seen so far today. On the IG platform. Deutsche Bank is currently losing 3.2% on its way down to this line of support at 752, currently down at 789. Credit Suisse Finally, Credit Suisse, the Swiss banking giant, has all sorts of problems. It posted a mammoth second quarter loss on this 1.6 billion CHF. And the immediate resignation of the chief executive, Thomas Gottstein, who will be replaced by asset management CEO, Ulrich Körner, but the outlook is very unclear with the bank still facing higher litigation provisions. One positive is that the company has confirmed that there are no plans to merge with another bank - that was taken positively in the market this morning. Speculation had been in the markets that the US bank State Street may be lining up an offer for the business. Let's take a look at what's happening with Credit Suisse, which in the session today is only up by a margin of 0.6%, but I think the fact it has risen is interesting, bearing in mind the recent declines, you see not too far away from a line of support at 498. The stock is currently trading at 520 on the Swiss markets. Jeremy Naylor | Writer, London 28 July 2022

Despite a drop off in digital advertising at Snap, Google’s ad revenue held up and the stock rose in extended trade. Microsoft's stock also closed higher all-session despite some volatility, after it delivered a positive outlook. Shares Google Microsoft Revenue Stock Advertising (Video Transcript) Tech earnings Tech earnings got underway last night. MicrosoftMicrosoft Corp (All Sessions) said it sees double-digit growth this fiscal year as it continues to benefit from the shift to hybrid work models that have accelerated during the pandemic. Despite the positive forecast for this new fiscal year, Microsoft's two full results missed expectations. We saw earnings per share (EPS) of $2.23, $0.06 lower than forecast. And while revenue rose 12% year-over-year (YoY) to $51.8 billion, which is driven by Microsoft's cloud computing division, that, too, came in short of estimates of $52.4 billion. This is mainly due to PC shipments experiencing a big decline in the recent quarter - nearly 13% according to Gartner. It's the sharpest decline in nine years, thanks to geopolitical tensions, inflation and continued supply chain challenges. Let's take a look at all-sessions trade on the IG platform. We're currently down one third of 1%. But you can see yesterday, all sessions late last night, we saw a considerable amount of volatility in the share price for Microsoft, which at one point it was very close to disappearing below this line of support, taking us there on this down to levels not seen since May 2021, but recovery underway and shares pretty much holding on to where they ended out yesterday's session. Google Meanwhile, Google's owner Alphabet Inc - C (All Sessions) also rose in extended trade despite earnings and revenue missing estimates. Let's take a look at the numbers: EPS at 1.21 against the 128 expectation, revenues also falling short just shy of $70 billion with investors reacting positively to the news that sales at Google Search, the group's biggest moneymaker, beat expectations. Travel and retail advertisers also drove an increase in nearly 14% in search ad sales for Google during the second quarter which at $40.69 billion beat FactSet estimates of $40.15 billion. The result was nonetheless quite underwhelming. YouTube ad revenue interestingly rose $7.34 billion. We have been looking for $7.5 billion so that was short of forecasts. Alphabet share price Let's take a look at the share price for Alphabet, which owns Google, and we are trading pretty much in the middle of this band that we've got here between $102 and $120 currently trading at 10909. Yesterday we saw a rise in extended trade around about two-and-a-half percent. But since then we've seen a little bit of an easing back. But the broad message is that we've got a continuation of this trend trading that we've seen between those two extremes. Jeremy Naylor | Writer, London 28 July 2022

Market sentiment swings as FOMC and other high-impact events near; Australian inflation data may see AUD rally if it supports RBA rate hikes and NZD/USD may fall after multiple failed attempts to clear Fibonacci level. Source: Bloomberg Forex Shares United States NZD/USD United States dollar New Zealand dollar Wednesday’s Asia-Pacific outlook Asia-Pacific markets face a mixed open after US stocks fell during regular trading hours. However, a set of rosy earnings reports from Alphabet Inc. and Microsoft saw US stock futures climb early this morning. The Federal Reserve is slated to deliver a 75-basis-point rate hike at Wednesday’s FOMC meeting. A hawkish tone from Mr. Powell’s central bank may see the US dollar gain further. Australia’s second-quarter inflation data is seen crossing the wires at 6.2% today. That would be up from 5.1%. The Australian dollar fell against the US dollar but rose against the New Zealand dollar overnight, suggesting underlying strength in the Aussie dollar. An Aussie dollar rally would likely occur if today’s inflation data beats estimates, especially if market sentiment improves. China’s Covid cases climbed for Monday, according to CCTV. The Chinese news station said new Covid cases increased to 868 for Monday, up from 680 on Sunday. Officials in Shenzhen ordered new restrictions, telling companies to limit workers to those who are in bubbles, being those who do not have much contact with the general public. Those companies include Foxconn, a major iPhone manufacturer. China’s industrial profits data for June are expected out at 01:30 GMT. European and US natural gas prices rose. US prices are up as weather forecast for the continental United States sees seasonally elevated temperatures over the next ten days. EU prices climbed after Gazprom, Russia’s natural gas company, further reduced flows through the Nord Stream 1 Pipeline despite EU countries agreeing to scale back demand by 15%. Notable events for July 27 Japan – Coincident Index Final (May) Japan – Leading economic Index Final (May) NZD/USD technical outlook NZD/USD struggled to hold above its 38.2% Fibonacci retracement level, falling back below 0.6250. The past three trading sessions have seen intraday attempts fail above that Fib levels showing a significant amount of selling pressure around the price level. A drop to the 20-day Simple Moving Average and 23.6% Fib level may be on the cards after the repeated failed attempts. NZD/USD daily chart Source: TradingView Thomas Westwater | Analyst, DailyFX, New York City 27 July 2022 This information has been prepared by DailyFX, the partner site of IG offering leading forex news and analysis. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

AUD/USD trades to a fresh monthly high to largely track the advance across the commodity bloc currencies, but the exchange rate may mirror the price action from last month as it struggles to hold above the 50-Day SMA. Source: Bloomberg Forex Shares Commodities United States dollar Australian dollar AUD/USD AUD/USD is likely to face increased volatility over the coming days as Australia’s Consumer Price Index (CPI) is expected to widen for three consecutive quarters, with the headline reading projecting to increase to 6.2% from 5.1% per annum in the first quarter. Source: DailyFX Evidence of rising inflation may generate a bullish reaction in the Australian dollar as it puts pressure on the Reserve Bank of Australia (RBA) to further normalize monetary policy over the coming months, but the market reaction may end up being short lived as the Federal Reserve is anticipated to deliver another 75bp rate hike. The Federal Open Market Committee (FOMC) rate decision may ultimately sway the near-term outlook for AUD/USD as the central bank shows a greater willingness to carry out a restrictive policy, and the exchange rate may struggle to retain the advance from the yearly low (0.6681) should the central bank unveil plans to implement higher interest rates throughout the remainder of the year. As a result, AUD/USD may mirror the price action from last month as it struggles to hold above the 50-Day SMA (0.6969), but a shift in the Fed’s forward guidance may fuel a larger recovery in the exchange rate if Chairman Jerome Powell and Co. deliver a dovish rate hike. In turn, AUD/USD may continue to retrace the decline from the June high (0.7283) if the central bank plans to take a break from its hiking cycle, and a further advance in the exchange rate may lead to a flip in retail sentiment like the behavior seen earlier this year. Source: DailyFX The IG Client Sentiment report shows 55.76% of traders are currently net-long AUD/USD, with the ratio of traders long to short standing at 1.26 to 1. The number of traders net-long is 6.72% higher than yesterday and 6.74% lower from last week, while the number of traders net-short is 11.19% lower than yesterday and 5.15% higher from last week. The number of traders net-long is 3.89% lower than yesterday and 23.45% lower from last week, while the number of traders net-short is 30.23% higher than yesterday and 45.55% higher from last week. The drop in net-long position comes as AUD/USD trades to a fresh monthly high (0.6983), while the rise in net-short interest has alleviated the crowding behavior as 59.11% of traders were net-long the pair last week. With that said, the Fed rate decision may undermine the recent recovery in AUD/USD if the central bank stays on track to implement a restrictive policy, and the exchange rate may mirror the price action from last month as it struggles to hold above the 50-Day SMA (0.6970). Source: TradingView David Song | Analyst, DailyFX, New York City 27 July 2022 This information has been prepared by DailyFX, the partner site of IG offering leading forex news and analysis. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

A fundamental and technical outlook on the Barclays and Lloyds share price. Source: Bloomberg Shares Lloyds Banking Group Barclays Bank Price Market trend Lloyds Bank and Barclays side-by-side With Lloyds Banking Group (LSE: LLOY) about to publish its first half (H1) earnings results on Wednesday 27 July and Barclays PLC (LSE: BARC) its H1 earnings on Thursday 28 July 2022, which is the better share to buy? Both Lloyds and Barclays banks have strong balance sheets, a high earning yield and a well-covered cash dividend but the latter has an investment banking division, whose earnings can be profitable but also volatile. Having said that, under its new CEO, Charlie Nunn, Lloyds bank announced it is going to start expanding its wealth management and investment banking divisions which will give it more international exposure and additional sources of income, but this may also lead to more share price volatility. Lloyds Banking Group, which incorporates Halifax, the Bank of Scotland, and Scottish Widows, amongst others, is seen as a good proxy for the UK economy because of its 30 million customers and exposure to British consumers. With UK house prices for now not seeming to slow down despite headwinds such as soaring inflation, rising interest rates and the cost-of-living crisis, the UK’s biggest mortgage lender should continue to benefit from this growth. Furthermore, the bank’s new venture Citra Living, which will see Lloyds trying to buy 10,000 homes by 2025 and 50,000 over the next decade, would make it the UK’s largest landlord with a £4 billion portfolio, larger than the current biggest, Grainger PLC, which has a portfolio of just over £2bn. Just like for its competitor, rising UK interest rates could provide a boost to the Barclays share price, especially since its recent acquisition of Kensington Mortgages for £2.3 billion at a time of intense competition in the mortgage market, could bolster the bank’s profits. The Bank of England’s (BoE) fifth rate hike since December 2021 by a quarter point to 1.25% in mid-June, should benefit both lenders, provided that the housing market remains buoyant, and that the UK economy doesn’t slide into a recession. Further rate hikes are expected to be seen in August while the BoE is trying to stifle soaring inflation which hit a 40-year high of 9.4% in June. According to Reuters, Lloyds Banking Group’s second quarter pre-tax profit is expected to come in at £1.67 billion, down from £1.99 billion in Q2 2021, whereas for Barclays these numbers come in at £2.07 billion for Q2, down from £2.64 billion a year earlier. The earnings per share (EPS) for both banks are expected to be lower than a year ago at 1.59p (-50.9%) for Lloyds and 7.57p (-40.3%) for Barclays. From a fundamental point of view both banks’ shares look undervalued with a Reuters Refinitiv poll of top analysts showing five ‘strong buy’, eight ‘buy’ and nine ‘hold’ and a median long-term price target of 237.5 pence, up by 50% from current levels for the Barclays share, and four ‘strong buy’, 12 ‘buy’, five ‘hold’, three ‘sell’ and a median price target of 60 pence, up 38% (as of 26 July 2022), for the Lloyds Banking Group share. Technical analysis outlook on the Barclays and Lloyds share price Is the Barclays share a technical buy? Year-to-date the Barclays share price has underperformed the FTSE 100 and is currently down by around -19.5% whereas the Lloyds share price trades around 13% lower (as of 26 July 2022) than at the start of the year, compared to less than -2.5% for the FTSE 100. It is interesting to see that the Barclays share price trades back around the 55-day simple moving average (SMA) at around 157 pence and is currently being capped by its breached May-to-June uptrend line, which, because of inverse polarity, is acting as a resistance line at 161p. If it and the mid-June high at 163p were to be exceeded, a bullish continuation of the Barclays share price’s advance from its mid-July low at 145p, made marginally above the March-to-May lows at 142.1p to 140.1p, is expected to unfold. Source: ProRealTime In this scenario the mid-March, late May and early June highs as well as the 200-day SMA at 173p to 178p could be reached over the summer months, a rise of around 11% from current levels (as of 26 July 2022). If overcome, a long-term bottoming formation would be confirmed with the January peak at 214.6p being back in the limelight, some 36% above current levels (as of 26 July 2022). Only a currently unexpected bearish reversal and fall through the 142.1p to 140.1p support area would negate the current short-term bullish outlook and may lead to a sell-off taking the share to the 129.5p to 125.1p region which consists of the June 2020 high and January 2021 low and is also where the 61.8% Fibonacci retracement of the 2020-to-2022 advance can be found. What about the Lloyds share price? The mid-July Bullish Engulfing pattern on the daily candlestick chart, where the 15 July bullish candle ‘engulfed’ the previous day’s bearish candle, pushed the Lloyds share price up by around 7% to its 2022 downtrend line which capped it at 44.45p last week and again this week. Source: ProRealTime For the Lloyds share price to gain traction, a rise and daily chart close above the current July high at 44.45p needs to be seen, in which case the June high and 200-day SMA at 46.16p to 46.30p would be in focus. Further up beckon the March high at 49.17p and the January and February highs at 52.90p to 54.31p in this scenario. It will remain valid as long as the current July low at 40.89p isn’t being slipped through. Failure at 40.89p would probably push the March low at 36.98p back to the fore and also target the June 2020 high at 35.90p. From a fundamental and technical point of view it may make sense to buy both shares with stop-losses placed below the most recent significant lows, in case of Lloyds below 40.89p and Barclays below 140p. Axel Rudolph | Market Analyst, London 27 July 2022

Hi @peterjull, I believe that your position was closed by a Dealer due to Margin call. https://www.ig.com/au/help-and-support/cfds/margin/what-is-margin-call If your account equity drops beneath 50% of your margin requirement you will be in margin call. Thank you - Arvin

Hi @eurochez, Our US All sessions stocks are marked as All sessions as they are tradeable on extended hours: You can find more information here. On the deal ticket the you can find the total amount in USD if trading US shares, and in GBP. Keep in mind that in incorporates a FX conversion fee. Thank you - Arvin

US dollar pullback pauses multi-month copper breakdown ahead of FOMC; copper production unlikely to increase as miners squeezed by low prices and copper prices susceptible to more losses if flag support breaks. Source: Bloomberg Forex Shares Commodities Copper United States dollar United States Copper prices recorded their first weekly gain since May last week, and prices may extend higher if the USD softens further. Still, the red metal is down nearly 10% this month as August approaches. Copper prices lost just over 20% from April to June, the largest quarterly drop in over ten years. Traders turned bearish on the metal as economic indicators across the United States, Europe and Asia worsened during that time. Are copper prices simply oversold at these levels, and are we seeing a relief rally currently? The pullback in the US dollar explains some of the strength, as a weaker USD makes it cheaper for foreign buyers to purchase the metal, which is traded largely in the US currency. If so, this week’s FOMC meeting and the US advance second-quarter GDP print may influence prices. An overly hawkish Fed or weaker-than-expected GDP figure could spur USD strength through safe-haven flows. That would likely weigh on prices. Another point to consider is China’s economic situation, with the Asian country being the world’s biggest copper consumer. Economic expectations for China turned overwhelmingly bearish in the first half of 2022, weighed down by Covid lockdowns and a fragile property sector. But those expectations may have bottomed out, and Chinese policymakers look ready to provide more support to meet growth targets in the coming months. The production targets of copper miners are also telling regarding prices. Freeport-McMoRan Inc., one of the largest public copper miners, posted a disappointing earnings report last week. The steep price drop weighed on the company’s fiscal position despite healthy demand and a tightly supplied market. CEO Richard Adkerson stated that the copper market remains tight on a call with investors. Mr. Adkerson also said that new mining ventures are unlikely, given the low prices. Assuming demand remains healthy, that would keep the physical market tight, perhaps leading to higher prices. Rio Tinto, a major Anglo-Australian mining company, is set to report results later this week. Copper technical outlook A bear flag pattern has taken shape over the past several weeks following months of declines with nearly no interruption. That suggests prices may continue to fall if the flag’s support line breaks. Meanwhile, prices are trading just below the 20-day Simple Moving Average while the MACD and RSI oscillators improve. Overall, the chart is slightly bearish. Copper daily chart Source: TradingView Thomas Westwater | Analyst, DailyFX, New York City 26 July 2022 This information has been prepared by DailyFX, the partner site of IG offering leading forex news and analysis. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Will recession fears weigh on WTI? Crude oil prices are firming as tight supply woes remain a concern; the Federal Reserve is set to hike, but the degree of a slowdown is unknown and if backwardation remains high, where will WTI crude end up? Source: Bloomberg Commodities Petroleum WTI Recession Price of oil Federal Reserve Crude oil started the week on a positive note ahead of the Federal Reserve meeting this Wednesday, where the market anticipates that they will raise rates by 75 basis points (bps). The rhetoric from the Fed to quell damaging inflationary outcomes appears certain to lead toward an economic slowdown. The debate is centred around the potential recession and its scope and depth. Such a slowdown in the world’s largest economy would normally see crude come under selling pressure with dwindling demand. Due to supply side constraints, WTI has remained relatively buoyant, and this is the dilemma for oil traders. An indication of underlying supply and demand dynamics within the oil market is backwardation. It occurs when the contract closest to settlement is more expensive than the contract that is settling after the first one. It highlights a willingness by the market to pay more to have immediate delivery, rather than having to wait. Backwardation had been rising prior the Russian invasion of Ukraine along with the price of oil. The chart below illustrates that the current level of backwardation remains at an elevated level and could be an indication that supply frailties remain more of a concern than the impact of a recession. Volatility in the oil market, as measured by the OVX index, has been relatively benign and may reveal that the market is not overly concerned with current pricing.   WTI crude oil, backwardation and voltility (OVX) Source: TradingView Daniel McCarthy | Strategist, | Publication date: Tuesday 26 July 2022 15:25 This information has been prepared by DailyFX, the partner site of IG offering leading forex news and analysis. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

The S&P 500 ekes out small gain; Nasdaq 100 falls for the second day in a row; Microsoft and Alphabet’s earnings to steal the spotlight on Tuesday and the FOMC monetary policy decision will take the center stage on Wednesday. Source: Bloomberg Indices Shares Nasdaq Microsoft S&P 500 Federal Open Market Committee U.S. stocks were mixed on Monday amid cautious sentiment in a session devoid of major drivers or extreme volatility ahead of key corporate earnings from big tech names and high-impact economic events, such as the July FOMC monetary policy decision (Wednesday) and the U.S. second-quarter gross domestic product report (Thursday). At the closing bell, the S&P 500 advanced 0.13% to 3,966, with the energy sector outperforming across the board on the back of a solid rally in oil and natural gas prices. The Nasdaq 100, for its part, declined 0.55% to 12,328, losing ground for the second day in a row, dragged down by rising U.S. Treasury yields and a sharp decline in Nvidia, Meta Platforms and Adobe share prices. Looking ahead, there are several catalysts to keep an eye on that that could spark volatility in the equity space this week. On Tuesday, traders should parse financial results from two heavy hitters: Microsoft and Alphabet, Google’s parent company. Both companies, with a combined market capitalization in excess of $3 trillion, are heavily weighted in the S&P 500 and Nasdaq 100, meaning that their stock performance could set the tone on Wall Street. For Microsoft (MSFT), analysts forecast EPS of $2.28 on sales of $52.87 billion. Meanwhile, Alphabet (GOOGL) is seen reporting earnings per share of $1.28 on revenue of $70.78 billion. While quarterly execution will certainly matter, it is pivotal to pay closer attention to profit guidance to see if these large technology firms are preparing for a significant downturn, considering that they have eased up on hiring. On Wednesday, all eyes will be on the FOMC interest rate decision. The Fed is expected to raise interest rates by 75 bp to 2.25%-2.50% as it presses ahead with aggressive monetary tightening to curb inflation. This move is fully priced in, so traders should focus on Chair Powell’s comments during his press conference. With U.S. consumer prices expected to cool in the coming months following the recent sell-off in commodity prices and growing recession risks, Powell is unlikely to drop any new hawkish bombshells.This scenario may be somewhat favorable for equities, although earnings and economic activity developments may prove more important for risk assets in the short term. NASDAQ 100 technical analysis The Nasdaq 100 rallied strongly early last week, but the upside momentum faded after prices failed to break above resistance near 12,600. From those levels, the index has begun to pullback, falling for two straight sessions on Monday. If selling interest accelerates in the coming days, initial support rests at 12,250. On further weakness, the tech benchmark could slide towards the psychological 12,000 mark, challenging its 50-day simple moving average. On the flip side, if buyers regain control of the market and trigger a bullish reversal, the first resistance to consider appears around the 12,600 area. If this ceiling is breached, we could see a move towards the 13,000 zone. NASDAQ 100 technical chart Source: TradingView This information has been prepared by DailyFX, the partner site of IG offering leading forex news and analysis. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. Diego Colman | Market Analyst, New York 26 July 2022

Hi @Skate666, Thank you for your post. Could you please reach out to helpdesk.uk@ig.com. Our team will be able to investigate and adjust your balance, as it seems that there is no orders on your account, therefore it should reflect in available funds. Thank you - Arvin

Hi @Mojo and @RJo, I will ask for an update on MT5 later this year. From the feedback I had, it's unlikely that it will be available this year. Thank you - Arvin

Is the BP share price dip an excellent FTSE 100 buying opportunity, given that it staged a recovery rally this week and evolves in a long-term uptrend? Source: Bloomberg Indices Shares Commodities BP Price Share price Is BP a good investment? Despite BP's share price dropping by around 20% from its 456p June high, roughly in line with the fall in the oil price, it remains within its late 2020-to-2022 uptrend channel and above the 200-week simple moving average (SMA) at 353p, both of which means that the long-term uptrend remains intact and that the share is ultimately still bullish and worth buying, especially at current levels of around 382p. Source: IT-Finance.com The stock has dropped since June as investors are increasingly worried about the possibility of a recession later in the year. Nonetheless BP is expected to post second quarter (Q2) 2022 revenue of $47.98 billion, a 31.5% year-on-year (YoY) increase on its first quarter (Q1) 36.47 billion with earnings per share (EPS) expected to come in at $0.33, more than double its Q1 2021 EPS of $0.14. According to Refinitiv Eikon 20 analysts rate BP as a ‘buy’ or ‘strong buy’, seven as a ‘hold’ and one as a ‘sell’ with a median price target of 500p, some 30% above current levels (as of 21 July). Source: Refinitiv The British oil and gas company has had a strong start to the year on the back of high global demand following the invasion of Ukraine, with its share price rising by close to 40% to its 456p June high and, despite its around 15% drop since then, is still up close to 9% year-to-date, outperforming the FTSE 100 by approximately 13%. At the same time, BP has suffered because the war in Ukraine saw it report a $20.4 billion loss in Q1 after it had taken a $24.4 billion hit from exiting its 19.75% stake in Rosneft. A third of BP’s oil came from Russia last year, as well as a significant portion of its income. The FTSE 100 operator also had to endure the UK Chancellor Rishi Sunak’s additional 25% ‘energy profits levy’ on North Sea gas and oil operators, until ‘normal’ prices return or until the end of 2025. However, he included a ‘super-deduction’ from this additional tax, worth 91p on every £1 of investments in the North Sea. While rapidly changing its oil-producing mix, BP has a long-term ambition to hit net zero by 2050. What does the technical outlook say about the BP share price? When analysing a weekly BP chart going back to 2020, it becomes clear that despite the June share price sell-off, it remains within a clearly defined uptrend channel and also above the 55- and 200-week SMA at around 353p. While this remains the case and while the next lower March low at 341.6p isn’t giving way, the long-term uptrend remains entrenched. The fact that on the daily chart the relative strength index (RSI) didn’t confirm the recent lower lows seen on the BP chart, and instead made a series of higher highs, created positive divergence, a more often than not reliable signal of at least a short-term trend reversal being witnessed. This is exactly what has taken place in the course of this week with the BP share price rising by around 7% within four trading days and once more trading above its 200-day SMA, having briefly dipped below it last week. Source: IT-Finance.com For the long-term uptrend to properly resume, a rise and daily chart close above the 55-day SMA and the late June high at 406p to 408.3p would need to be seen. In this case, the June high at 456p would be back in the limelight with the 500p region being eyed as well. Only a currently unexpected, continued descent and fall through the March low at 341.6p would negate the long-term bullish technical view and probably provoke a sell-off to the November 2021 low at 310.55. Axel Rudolph | Market Analyst, London 25 July 2022

Where to next for the easyJet share price as Ryanair posts its first post-pandemic profit? Source: Bloomberg Shares Ryanair EasyJet Airline Price Peter Bellew Ryanair posts first post-pandemic profit On Monday Ryanair Holdings PLC (LSE) presented its results for the first quarter (Q1) of its fiscal year 2022 in which the airline reported a net profit of £170 million, its first post-Covid-19 pandemic profit. The company’s chief executive officer, Michael O’Leary, said he is confident of a full earnings recovery, but is unsure whether that positive result will come in 2023 or 2024 as the war in Ukraine, soaring operating costs, the volatility in the price of jet fuel, recession fears and the latent threat of new Covid-19 restrictions make it difficult to make projections. Ryanair's chief financial officer, Neil Sorahan, said the airline will focus on reducing debt over the next two years rather than paying dividends which didn’t go down well with investors and led to an initial drop in Ryanair’s share price. He also stated that "air traffic control disruptions all across Europe" represent the biggest hurdle for the firm, with staffing failures across airports and air navigation service providers stifling the ability to deliver on resurgent demand. While many expect to see a strong bounce back for airlines once these post-lockdown issues are ironed out, investors will also be wary over the potential demand implications for Ryanair once inflationary pressures drive their pricing out of the ‘budget’ category. Will easyJet follow Ryanair and swing into profit? According to Refinitiv Eikon five out of 21 analysts polled see easyJet PLC as a strong buy, 11 a buy, two a hold and two a strong sell, which makes its share still a buy on average with a median price target of 650 pence, 71% above current levels (as of 25 July 2022). Source: Refinitiv With the airline having axed thousands of flights in recent months, including many on the day they were scheduled to depart, easyJet has often been mentioned in the press and not for the right reasons. At the beginning of the month, the airline’s chief operating officer, Peter Bellew, was forced to resign amid growing anger over last minute flight cancellations. He had only been at the company since 2019, having previously held the same role at Ryanair. With easyJet's reputation having taken a beating and travellers being put off by stories of lost luggage, long security queues and delayed flights, it isn’t clear whether easyJet can swing back into the black at its third quarter (Q3) trading statement, out Tuesday. Technical outlook for easyJet easyJet's share price declined by around 38% year-to-date compared to Ryanair’s 31% and in early July fell to 338.2p, to a level last seen in March 2012, and thus below its pandemic low. Source: TradingView and ProRealTime Since the recovery from the 338.2p low looks like an Elliott wave A, B, C zigzag correction, and, as such, is corrective in nature, the odds favour a continuation in the easyJet share price’s descent as long as no unexpected bullish reversal takes it above the 21 June high at 448.6p. A drop below the 338.2p recent low would target the psychological 300p mark and perhaps even the April and July 2011 lows at 268.5p to 252.7p. Source: TradingView and ProRealTime Axel Rudolph | Market Analyst, London 26 July 2022

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Alphabet will report its Q2 earnings on 26 July after the market closes. The focus will be on Google’s advertising revenue which is suffering strong headwinds as the economy slows down. Source: Bloomberg Shares Google Advertising Revenue Recession Risk When is Alphabet’s earnings date? Alphabet will report its second quarter (Q2) earnings on July 26th, after the market closes. The report will be for the fiscal quarter ending June 2022. Alphabet earnings: what to expect? Earnings per share at $1.3, 5% decline year-on-year but marginally up from the previous quarter Revenue of $70.25 billion, up 13% YoY and from the 68.01 billion in Q1. Alphabet fundamental and valuation To many people’s surprise, the search engine giant missed the expectation in its opening quarter of the year despite total revenue surging 23% year-on-year to $68 billion. The market believed the business would regain its growth path in the third quarter, implying thar second quarter earnings are more than likely to be lacklustre. Source: Nasdaq Nevertheless, Alphabet's fundamental goal remains solid as the search engine king continues to pursue growth in diverse segments like cloud, subscriptions, advertising, and hardware. The Google Cloud department performed well in all business segments as Q1 revenue rocketed 43.8% to $5.8 billion year-on-year. In terms of margin, its gross and operating profit margin remained steady year-over-year at 43.5% and 29.5%, respectively. These are encouraging growth rates and impressive metrics for a company of Alphabet's size. At this stage, Alphabet's latest twelve months p/e ratio is 20.2x, well below its five-year average ending December 2017 to 2021 of 32.4x. Alphabet faces challenges ahead Google recently confirmed it is slowing down its hiring process. The move has sparked fear that the tech giant is facing challenges stemming from a decelerating economy and is in turn, preparing for a tough time. Source: SeekingAlpha In the scenario of a recession, the advertising segment would be the first sector to feel the pain. In the first quarter of 2022, 80% of Google’s total revenue came from Google advertising, including revenue from Google search, ads on YouTube, and the Google network. Although the Q1 advertising revenue has shown a 22% robust growth from the previous year, the pace is expected to slow from the second quarter as the global economy loses steam without the pandemic support. Source: eMarketer AlphabetAlphabet Inc - C (All Sessions)Alphabet Inc - A (All Sessions)It must be said that even in an economy brimming with uncertainty and risks, shareholders should still keep good faith with Alphabet’s capability to navigate through the tough time's thanks to its exceptional balance sheet. According to the Q1 financial report, the search engine operator boasted $20.9 billion in cash and cash equivalents and an enviable free cash flow (FCF) of $69 billion over the past 12 months. Therefore, even under pressure, an economic slowdown and soaring interest rates, the company’s first-class balance sheet and cash-generating capability will undoubtedly provide a safety net for the business to overcome economic changes. Alphabet share price: technical analysis Alphabet's shares price has hit a roadblock by falling 23% since the start of the year. Last week, shares of companies dependent on online advertising fell sharply after Snap reported disappointing second-quarter results. Alphabet’s stock also suffered a hit by falling more than 5%. Based on its daily chart, the price of Alphabet has been moving along with the ascending tunnel connected with higher lows. However, the price looks to be at risk of breaking through the tunnel's lower boundary which could spark a new round of decline. The next support can be found from the level of $105 which represents the lowest level in two months. On the flip side, the next pressure level should look at the 20-day moving average, around $113. Alphabet daily chart Source: TradingView Take your position on over 13,000 local and international shares via CFDs or share trading – and trade it all seamlessly from the one account. Learn more about share CFDs or shares trading with us, or open an account to get started today. Hebe Chen | Market Analyst, Melbourne 25 July 2022

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