📆 Monday, July 22
► European equity futures rose sharply, with the Euro Stoxx 600 contract up over 0.9% despite a weak performance from Asian equities. In corporate news, Ryanair fell 13% after the company lowered its outlook for ticket prices, indicating cautious consumer behavior. SAP, Germany's most valuable company, publishes its results later in the day.
► US stock futures rose in pre-market trading on Monday, with the S&P 500 trading 0.4% higher and the Nasdaq up over 0.35%, after President Joe Biden withdrew from the 2024 presidential race, which many Democratic leaders wanted, and he endorsed Vice President Kamala Harris. The 81-year-old was the first president in more than half a century not to seek re-election. He withdrew from the 2024 presidential race on Sunday and endorsed 59-year-old Vice President Kamala Harris as the Democratic nominee to run against Donald Trump in less than four months – it will be the shortest presidential race in history. The USD fell, while yields on ten-year government bonds fell by 2 basis points to 4.21%. Tesla and Alphabet will be the first of the Magnificent Seven to report results on Tuesday. Analysts are likely to ask Elon Musk's electric car giant about progress on its robotaxi plans. And investors will be looking at the details of how Google's parent company is boosting sales through artificial intelligence. Investors will now focus on upcoming key economic data, including the second quarter GDP growth rate and PCE inflation.
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