China growth disappoints as focus shifts to US earnings! | MarketTalk: What’s up today? | Swissquote

The Chinese economy grew slower-than-expected in Q2. The kneejerk reaction in markets was unenthusiastic. American crude extended retreat below the $75pb, after hitting and bouncing lower from the 200-DMA, that stands near $77pb last week. The rejection was expected, and the selloff could deepen toward the 100-DMA, near $73.50 level. Copper futures are also down this morning and testing the 100-DMA following a 7% rebound since the start of the month. Iron ore futures remain under pressure, and the Aussie is down nearly 1.30% against the US dollar, after forming a double top near the 69 cents level last week, on the back of a broad-based dollar weakness.

Zooming out, the US dollar is not further sold across the board this Monday, but the dollar index consolidates near the lowest levels since April 2022, and is below the 100 mark and is expected to further cool down.

This week, all eyes are now turning toward the US companies’ earnings this week. The first earnings from the bis US banks came in better-than-expected last Friday and added to the overall investor enthusiasm after the US inflation data confirmed an encouraging easing in the US inflation, which in return softened the hawkish Federal Reserve (Fed) expectations and fueled a rally in both stock and bond markets.

Other big US banks, Netflix, Tesla, IBM, TSM, American Airlines and American Express will go to the earnings confessional this week. Overall, analysts project that S&P 500 companies will see the biggest contraction in earnings growth during the second quarter, where profits are expected to fall by 7-9% year-over-year.

Watch the full episode to find out more!

0:00 Intro
0:29 China growth disappoints, again
1:54 … oil, metals & Aussie down
3:06 USD consolidates losses
3:56 US earnings season kicks off!

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.

#earnings #season #Tesla #Netflix #JPM #Citi #WFC #China #growth #USD #AUD #Crude #Oil #copper #ironore
#SPX #Dow #Nasdaq #investing #trading #equities #stocks #cryptocurrencies #FX #bonds #markets #news
#Swissquote #MarketTalk #marketanalysis #marketcommentary
_____
_____
_____
Let's stay connected:

[saeedranjbar]

Dear friends esp. Dear IPEK, Absolutelly Helpfull and Insightful! Thank ypu all in Swissquote!

[giorgiosanguineti]

Hello Ipek, could you please offer us your comments on Natural Gas? Thank you, Giorgio

[samthedoor]

What I don't understand is why is 6.3% so bad? Sure it's below expectations of 7.3% but it's still a strong number is it not? And 0.8 is a lot better than 0.5 expected for QoQ? And Industrial Production is good. What am I missing?