Recent Decisions On Interest Rates (ECB,BoJ) | Big Oil Earnings
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An ugly week of Big Tech earnings is coming to an end, having wipe out hopes of seeing earnings boost gains across the stock markets.
Yesterday, Meta plunged more than 24%; Nasdaq 100 lost almost 2%.
And today won’t be any better, as Apple and Amazon also lost in the afterhours trading. Amazon lost up to 20%!
US Big Tech
US Big Tech rather killed joy this week, so all eyes are on Big Oil to reverse mood. Exxon Mobil and Chevron will be reporting earnings this Friday and are expected to announce stunning earnings.
US GDP data
On the data front, investors didn’t know what to do with the mixed US GDP data yesterday. The latest GDP update showed that the US economy grew 2.6% in the Q3, exports boosted the headline figure, while imports fell - meaning that the domestic demand from the US weakened despite a significant appreciation of the US dollar.
The central banks
On the central banks front, the European Central Bank (ECB) hiked the interest rates by 75bp at yesterday’s meeting, as the stubborn Bank of Japan (BoJ) maintained its interest rate unchanged at -0.10% at today’s meeting, while revising the 2022 inflation forecast significantly higher from 2.3% to 2.9%.
What ahead
Today, investors will be watching one last thing on the macro front before the weekly closing bell – and that’s the September PCE index, along with the personal income and spending data. Any weakness could further weigh on the dollar before we close the week, and before next week’s FOMC meeting.
Watch the full episode to find out more!
- 0:00 Intro
- 0:41 Big Tech selloff continues as Amazon & Apple fail to convince
- 2:23 Watch Big Oil earnings: Exxon & Chevron are due to report today.
- 4:17 US GDP data was mixed!
- 6:16 ECB hiked 75bp, but euro slipped
- 7:46 BoJ stood pat, while revising inflation forecast!
- 8:35 Watch US PCE index, personal income & spending
Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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