Will company profits in the spotlight today but also for the rest of the week: according to LSEG data cited by Reuters, about 169 companies in the S&P-500 will publish their financial statements in the next 7 days. Five of the megacap tech stocks nicknamed the “Magnificent 7” – responsible for pushing Wall Street to record highs this year – will release financial results in the next three days, starting on Today with Alphabet, Google's parent company. Meta and Microsoft will follow on Wednesday, with Amazon and Apple one day later.
Tesla set the tone last week with a bold sales forecast that sent the stock soaring 22%, its biggest rally in a decade. Analysts, however, are wary of Elon Musk’s tendency to overpromise. Nvidia, the model company in the field of artificial intelligence that in recent days has competed with Apple for the primacy of the most capitalized company, will publish its data much later in November. On this topic, however, the results of chip manufacturers in the next few days will give an idea of how intensely the AI frenzy continues to burn: AMD will report today, e Intel will follow on Thursday.
In Europe, the banks they are the center of attention. Santander will report today, except for its U.K. unit, which postponed its results to assess the impact of a court ruling on vehicle financing fees. UBS is on the docket Wednesday. While the banking sector is healthier than at any time since the global financial crisis, investors want to be confident that they can count on earnings over the long term, with the European Central Bank which leads its major global counterparts in cutting rates.
On the contrary, the Federal Reserve may slow the pace of monetary policy easing after a series of solid economic data, particularly on employment. The job market has become the key element for the Fed, so it is not surprising that the dollar and treasury yields have taken a breather near the peaks of the last three months, in view of the Jolts data on today's vacancies, one of the central bank's most closely watched data. Then on Friday, key monthly payroll data will be released, which will set the stage for the Political decision of November 7. Instead, there will be no clues from Fed officials, who are already in the blackout period. The elections US presidential elections on November 5 are expected to be the most significant risk event for global markets this year.
Yesterday the Nasdaq closed up 0,3% in yesterday's session, a new intraday record, while the Dow Jones posted a +0,65%, reversing the trend from the series of five consecutive declines, which began on the 21st of this month. Along the same lines, the S&P-500 is proceeding in small steps, advancing to 5.824 points. Due to thedaylight saving time in Europe, U.S. stock markets temporarily open at 14:30 p.m. Italian time and will close at 21:00 p.m. Italian time until Friday.
Ford Motor. The U.S. automaker reported third-quarter 2024 revenue of $46 billion, up 5% from the same period a year earlier. This marks the company’s XNUMXth consecutive quarter of year-over-year revenue growth, driven by “a compelling new product lineup that offers choice to both retail and commercial customers,” the company said.
Tokyo Stock Exchange digests the vote and gains +0,7%. In China, HSBC shines
This morning in Asia Pacific, the Tokyo Stock Exchange is still leading the way, Nikkei, the benchmark index, gained 0,7%, from +1,1% yesterday. Nippon Paint Holdings was the best performer, jumping 14,29% after announcing that it will acquire 100% of the capital of the U.S. chemical maker, AOC, for more than $2,3 billion (334,08 billion yen). The deal, which is expected to be completed in the first half of fiscal 2025, will be accretive to earnings per share starting in the first year and will be financed through debt. Also in Japan, the government reported that the unemployment stood at 2,4% last month, marking a 0,1 percentage point improvement and the second straight month of recovery. The yen's weakness is helping support Japanese stocks. The yen showed a slowdown in its depreciation this morning to 152,9 from 153,5 at the close. Political instability stemming from the vote on Sunday does not seem to disturb the markets. Yesterday morning, Prime Minister Shigeru Ishiba admitted defeat and took the blame: "We must humbly listen to the voices of criticism," he said during a press conference. Ishiba did not mention the possibility of resigning, a sign that he has not lost the support of the Liberal Democratic Party, his party, in the negotiation phase for the formation of the new government. Since came out weakened With early elections, Ishiba may be forced to heed the demands of other parties, more inclined to provide fiscal support to families. He himself could move to ask for a postponement of rate hike of interest by the Bank of Japan.
The bag of Hong Kong is up 0,3%, from +1% overnight. Index Hang Seng Tech +2%, in the wake of the new Nasdaq record. The Hong Kong stock market stands out HSBC +2,5%. The Anglo-Chinese bank reported better-than-expected quarterly results and unveiled a new mega $3 billion share buyback program. Pretax profit rose 9,9% to $8,48 billion. The bank made headlines last week with a sweeping restructuring and a streamlined executive committee.
The CSI 300 index of the lists of Shanghai and Shenzhen loses 0,7% as traders prepare for next week's meeting of the Standing Committee of the National People's Congress. Lawmakers are expected to approve the stimulus measures eagerly awaited by the market. “China is very likely to increase its fiscal support for growth and incremental policies are coming,” said Shen Fanchao, an analyst at Zheshang International in Hong Kong. “The government has reiterated on many occasions that it will hit its growth target this year. Chinese companies are rising in electric vehicles after state media reported on government measures to support the development of the sector. State-run Xinhua news agency cited a government guideline dated Sept. 27 tonight that said electric vehicles should account for no less than 30 percent of new vehicles purchased annually by state-owned entities for their mobility needs. The guideline also stipulates that the purchase price of each vehicle should not exceed 180.000 yuan ($25.200) and recommends measures such as building charging infrastructure to facilitate the use of electric vehicles.
Il Petroleum WTI is little changed at $67,5 a barrel, from yesterday's 6% drop. Inaugurating the winter session of the Knesset last night, Benyamin Netanyahu announced that "Israel is working on an agreement with Hamas" for the release of "some" hostages in exchange for several days of truce in Gaza, while protests are growing from relatives who are contesting the prime minister's inaction on the fate of their loved ones despite military successes. The Palestinian faction has also shown itself open to reaching an agreement, while reiterating its conditions. While from his seat in Delaware, US President Joe Biden is trying to exercise the power he has left a week before the vote for the White House to speed up negotiations: "The war in Gaza must end," he warned, aware of how crucial the issue is in the election campaign.
Bitcoin Above $71.000 for First Time in 5 Months
Bitcoin has surged above $71.000 for the first time since June, buoyed by inflows into dedicated exchange-traded funds and speculation over the potential outcome of the US election. The largest digital asset rose as much as 2,7% before falling to $70.870 early in London. The digital currency was embraced by Donald Trump in a dramatic way on the campaign trail, when the Republican candidate promised to make the US the crypto capital of the world. Harris has taken a more measured approach, pledging to support a regulatory framework for the sector. Their positions contrast with a crackdown on the sector under President Joe Biden.
European stock exchanges
Future Europe +0,3%. Btp/bund spread at 120 basis points: the center-right wins in Liguria and strengthens the stability of the government. Piazza Affari is expected to rise again in view of the start of trading today. The FTSE Mib is expected to increase by 112,5 points or 0,3% after closing up 0,7% at 35.016,44 on Monday.
Germany. German consumer confidence improved slightly in November. The index compiled by the Gfk research group and the Nuremberg Institute for Market Decisions stood at -18,3 points in November from -21 in the previous survey. The reading is better than expectations, which estimated a figure of -20,5 points.
Volkswagen has announced its intention to close at least three of its plants in Germany, as announced by the company's works council and reported by newspapers such as Bild and Die Welt. At an information meeting in Wolfsburg, the chairwoman of the Group's works council, Daniela Cavallo, announced that none of the VW plants can be considered safe, as a downsizing of all operating sites is planned.
Lufthansa closed the third quarter of 2024 with revenues of 10,7 billion euros, the highest in the history of the group's interim financial statements with a 5% increase year-on-year. This is thanks to the performance of passenger air traffic, but also of Lufthansa Technik, the subsidiary that deals with maintenance, and the cargo sector. The EBIT, in line with the consensus and management estimates, stopped at 1,3 billion, below the 1,5 billion of the same period in 2023. The year-on-year decline is attributed to the increase in costs.
Saipem. Goldman Sachs has a potential stake of 5,500% in the energy and infrastructure services and solutions company. This is what emerges from Consob communications regarding significant shareholdings, where it is reported that the transaction dates back to October 21, 2024. In particular, 0,480% are voting rights referable to shares, 4,830% are shares subject to securities lending contracts without expiration date and with the possibility of repayment at any time, 0,010% are convertible bonds with expiration date 11/09/2029, 0,170% are “Call” and “Swap” option contracts with expiration dates between 14/11/2024 and 3/07/2034.
Campari. Quarterly earnings are due today. Barclays expects the call to address Aperol trends in the U.S. and 2025.
Eni. Egyptian President Abdel Fattah al-Sisi met today in Cairo with Eni CEO Claudio Descalzi to take stock of the oil group's ongoing activities in the country and discuss areas of common interest and collaboration.
Getting very. With reference to the news that have appeared in the press in recent days, the company reports in a press release that it has conducted a whistleblowing investigation following a report received in 2023, and believes it has acted in full compliance with the law and its corporate policies and remains at the complete disposal of the investigating authorities.
Moncler will report its quarterly results today. Barclays estimates revenue of 639 million euros, down 2% year-on-year in constant currency.
stellantis, PirelliThe Italian government has cut over 4,6 billion from the Automotive Fund, intended for the adoption of measures to support the reconversion of the supply chain, according to Anfia, the national association of the automotive industry supply chain.
That has obtained a 500 million euro loan from the EIB and Cdp with the guarantee of Sace for investments in the electricity distribution network.
