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Wall Street finished mixed overnight, as financials and tech stocks lifted the S&P into positive territory, whilst the Dow closed less than 0.1% lower. Asian markets have since charged higher, with the positive sentiment transferring over to Europe where bourses are expected to lift on the open.
Tech shares are expected to be in demand on Tuesday following an impressive set of results from Google parent Alphabet. Reporting after the bell on Monday, shares jumped higher after the firm topped expectations for both earnings and revenue.
Earnings of $11.25 per share
It wasn’t just the headline figures impressing traders, but also a surprise drop in costs reported by Alphabet. Costs had been increasing at a concerning rate over previous quarters as Alphabet played catch up in areas such as developing its cloud business and consumer business. These higher costs had been squeezing margins causing concern
Oil Extends Losses Overnight
Oil surged up to 2% higher early on Monday, lifted by Trump’s threats on Iran; however,
Will Eurozone PMI’s be hit be trade tariffs?
With the ECB set to take its monetary policy decision later this week, the euro is under the spotlight as Eurozone PMI ‘s will be this morning, the last piece of evidence before the ECB meeting on Thursday. Investors will be keen to see whether the slowdown registered in the first quarter is continuing. Recent data has shown an unevenness in eurozone economic growth and increased trade tensions are expected to have done more damage.
June’s manufacturing PMI was the weakest since January 2017, as it contracted for its 6th straight month as businesses expectations regarding future production deteriorated. July is expected to show a continuation of the same story, with the manufacturing
June’s disappointing PMI’s sent the euro lower versus the dollar. Should July’s