Ipek Ozkardeskaya
Swissquote Bank Ltd
Big Tech investors weren’t disappointed on Tuesday, as Alphabet announced better than expected results after the bell, but news at AMD were not enchanting, they gave a lacklustre revenue forecast for the current quarter, a message that raised worries about potentially slowing AI sales. Today, it’s Microsoft and Meta’s turn to reveal how well they did last quarter. The earnings announcements will continue with Apple and Amazon on Thursday – and Exxon and Chevron on Friday.
But the latter may be less enthusiastic than the tech peers. BP yesterday announced the slowest profit growth in nearly four years due to weak oil prices.
Speaking of oil prices, the barrel of US crude remained under a selling pressure yesterday, and is slightly better bid this morning on the back of a small decline in US oil inventories (API) but trend and momentum indicators remain tilted to the downside and strong resistance is eyed near the $70pb psychological level.
On the data front, the first glimpse at the US jobs numbers were soothing for the Federal Reserve (Fed) doves. Today, all eyes are on the US ADP report, Australian and Eurozone inflation numbers and the UK’s budget announcement!
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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