📆 Wednesday, February 21
► European stocks retreated from near-record highs, with the Stoxx Europe 600 slipping 0.2% amid mixed earnings reports. HSBC tumbled over 6% after reporting an 80% drop in Q4 earnings, leading the banking sector's decline. Glencore and Rio Tinto also saw shares fall due to profit slumps. European optimism faces tests with rising bond yields hinting at potential headwinds. Analysts from the big investment houses, however, suggest a near-term consolidation for European stocks. By contrast, our Chief Analyst Robert Lindner sees more and more obstacles for the European stock market indices to reach new highs and anticipates limited upside potential in the first half of 2024.
► US equity futures are slightly lower ahead of the Federal Reserve meeting minutes and upcoming Nvidia earnings (today after NYSE closing). The tech giant's performance is highly anticipated, with AI developments in focus. The 10-year Treasury yield and the USD index remained stable. Yesterday, Walmart reported strong earnings, while Palo Alto Networks cut its revenue forecast – which resulted in a more than 23% crash in pre-market trading.
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