📆 Wednesday, May 8
► European stocks ticked higher on strong corporate earnings reports. The Stoxx 600 index rose by 0.3%, driven by a 4% rally of beer giant Anheuser-Busch InBev on better-than-expected North American sales, and an 11% surge in Siemens Energy after raising its guidance. Unlike other European auto stock, BMW was able to beat expectations and trades 1% higher post earnings report. However, gains were tempered by a cautious sentiment as traders awaited more firm evidence of an earnings recovery. German industrial production data for March showed a 3.4% decline month-over-month, significantly worse than expectations of a 1.3% drop, indicating a slowdown in Europe's largest economy.
► The US markets remain unchanged in view of the prospect of interest rate cuts by the Federal Reserve and strong earnings reports – with sentiment remaining slightly positive, but continuing to wane. The USD advanced for a third consecutive session with also US Treasury yields stabilizing after the recent slide. Minneapolis Fed President Neel Kashkari indicated that the central bank is likely to keep rates steady for an extended period due to concerns about inflation. Markets await the release of earnings reports from companies like Uber, Airbnb, and Shopify.
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