We expect some consolidation into August for Equities. Indeed, Risk/Reward seems momentarily stretched on the S&P500 Index, while the EuroStoxx 600 could be eying a second leg down into August. Following that, these trends should resume up possibly from late August / early September into October.
On Thursday, the US Dollar was driven by bulls that pushed the given currency through the 100– and 55-hour SMAs and the monthly PP. Nevertheless, a resistance cluster formed by the weekly PP and the 200-hour SMA proved to be a solid upper limit that reversed the rate down to a relatively similar level as on Thursday morning. The failure to reach the upper boundary of the symmetrical triangle indicates that this pattern may not be strong enough any longer to confine the pair in its bounds. Thus, it is quite likely that the current momentum downwards is to persist until the weekly S1 at 110.48, possibly. Meanwhile, the upper limit could be the 100-hour SMA and the monthly PP or in case of solid upside risks resulting from US fundamentals —even the aforementioned 200-hour SMA circa 111.70.
Amazon's second-quarter report fell well short of Wall Street's expectations. The company's earnings missed analysts' forecasts by more than a dollar a share. It also offered a disappointing outlook for the third quarter. The Seattle tech giant posted net income of $197 million in the second quarter, or 40 cents per diluted share, on revenue of $38 billion. A year prior, the company reported earnings of $1.78 per share on revenue of $30.4 billion. Wall Street was looking for earnings of $1.42 per share on revenue of $37.2 billion. "Our teams remain heads-down and focused on customers," CEO Jeff Bezos said in a statement.
Dealing a serious blow to President Donald Trump's agenda, the Senate early Friday rejected a measure to repeal parts of former President Barack Obama's health care law after a night of high suspense in the U.S. Capitol. Senate Republicans failed to pass their pared-down Obamacare repeal bill on vote of 49-51 in a dramatic late night vote that caps a months-long process of trying to fulfill a seven-year promise to repeal the Affordable Care Act.
UBS kept a cautious outlook on the second half of 2017 on Friday after it reported an unexpected rise in second-quarter net profit, boosted by higher earnings at its flagship wealth management business. UBS said net income was 1.17 billion Swiss francs ($1.21 billion) during the second quarter, up from CHF1.03 billion a year earlier and far overshooting the average forecast in a Reuters analyst poll for 879 million francs. Operating income fell slightly to CHF7.3 billion from CHF7.4 billion a year earlier.
Howard Marks, one of the most respected value investors out there, starkly warned his clients to avoid high-flying digital currencies. Marks, who runs Oaktree Capital and manages around $99 billion in assets, wrote in the investor letter Wednesday. "In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it."
Sweden's government faces mounting political pressure over its handling of a huge leak by one of its agencies of sensitive data, including potentially the identities of covert defence and intelligence personnel on overseas missions. What began as a scandal earlier this month over an IT outsourcing deal between the Swedish Transport Authority and IBM in 2015 has turned into a full-blown political crisis for the government as the extent of the confidential data leak has become known.
It is a widely accepted postulate that excessive debt slows growth while lowering interest rates is a remedy applied to stimulate growth. The most recent US economic recovery has registered unusually slow growth in a low interest environment marked by a sharp increase in debt. The US national debt doubled in the course of the Obama administration over eight years. Deficit spending is thought to be a measure conducive to stimulating a sluggish economy. A combination of low interest rates and budget stimulus should have produced strong growth and not growth rates remaining under 2% for years on end.
Facebook reported its second quarter earnings on Wednesday, and the results were predictably positive. The social network passed 2 billion monthly users earlier this summer, with over 1.3 billion using its software every day. The company parlayed that audience into $9.3 billion in revenue and $3.89 billion in net income. That’s a 71 percent higher profit than it reported for this same period last year. "I want to see us move a little faster here but I'm confident that we're going to get this right over the long term," Zuckerberg said in a conference call with analysts.
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