markets
New York (AFP) - London's stock market bucked the trend in reaching another record high on Thursday, but Wall Street and eurozone equities fell as tech shares sank after Meta signaled an AI spending spree and data showed slower US economic growth. The US growth figures surprised analysts who have been reassured by robust US labor and retail sales data, prompting a resumption of selling that has taken hold of the market in April. US gross domestic product grew 1.6 percent in the first quarter, much slower than anticipated as consumer spending and exports decelerated. "The GDP miss likely took i...
AFP
On a big week for banks with numerous lenders posting financial results, BNP Paribas updated investors too on Thursday with its latest first-quarter earnings, which beat analyst estimates. BNP Paribas said net income for Q1 was down 2.% to €3.1 billion. However, it was well ahead of the €2.48 billion that analysts polled by Bloomberg had expected. The bank said this was helped by lower than expected provisions and a decline in expenses. Overall revenue, meanwhile, fell 0.4% to €12.5 billion but topped the €12.2 billion expected by the market. BNP Paribas bids farewell to EgyptBNP Paribas caugh...
Euronews (English)
Equities were mixed Thursday as investors turned cautious after the past three days' sizeable gains, with Meta's warning that it will spend far more than expected this year fuelling worries that the latest tech-led rally may have gone too far. Traders also kept an eye on Japan as the yen wallowed at a fresh three-decade low above 155 per dollar, a level many observers saw as likely to see authorities intervene in currency markets. They were preparing for the release of key US inflation data Friday that could have a bearing on the Federal Reserve's plans for cutting interest rates ahead of its ...
IBTimes
Fund managers are meant to be focused on value creation, and paid to make decisions that financially benefit the firm they invest in and, by consequence, the fund they manage. Yet, recent research suggests that’s not always the case and that, in the United States at least, their decisions can actually be driven by political motivations. What’s more, these managers then look to hide that bias by engaging in “signal jamming” to avoid any potential backlash for breaching their fiduciary duties. Not all behaviour is as expectedThis conclusion is based on an analysis of the proxy voting behaviour o...
Euronews (English)
Tesla reported its first-quarter (Q1) earnings results that significantly missed analysts’ expectations. However, the company’s shares jumped more than 10% in after-hours trading in the US as CEO Elon Musk indicated that the mass production for affordable EVs would possibly be launched sooner than expected. He also expressed optimism towards the energy storage expansion and the development of AI training for self-driving. Tesla posts the deepest revenue drop in over a decadeIn the first quarter, Tesla's revenue came in at $21.3 billion, falling short of the estimated $22.3 billion, marking a 9...
Euronews (English)
At the time of writing, the FTSE 100 in the UK, which measures the performance of the 100 largest companies traded on the London Stock Exchange, was up 0.32% on the day at 8,049.70 points. Earlier in the trading session it reached 8,075.68 - a fresh record for the blue-chip index. "No sooner had the FTSE 100 hit a new record closing level, the blue-chip index has now scored another goal by achieving a new intraday high at 8,075. This positive showing is exactly what's needed to help repair the reputation of the UK stock market. It's going to be a slow process but every little helps," Russ Moul...
Euronews (English)
Asian markets mostly rose Tuesday, with hopes for earnings this week from tech titans helping to offset worries about the Federal Reserve's interest rate plans ahead of the release of key US growth and inflation data. The apparent easing of Iran-Israel tensions after the rivals launched missile attacks against each other continued to weigh on oil prices, while the yen inched slightly higher as Japan again warned authorities had the room to intervene to support the currency. Investors are a little more upbeat this week after last week's struggles fuelled by dimming hopes for US interest rate cu...
IBTimes
Netflix (NDX: NFLX) reported first-quarter earnings that blew away analysts' forecasts in all aspects. The positive earnings result did not bolster its share prices, however, due to disappointing guidance for the current quarter. Netflix’s shares fell more than 4% in after-hours trading at Nasdaq, indicating a lower open for the stock today. Netflix’s subscriber growth acceleratesThe company added 9.33 million users in the first quarter, bringing its total subscribers to 296.6 million, further solidifying its leadership in the streaming market. The figure almost doubled analysts’ forecast of 4...
Euronews (English)
Both oil benchmarks gained in early trading, initially jumping over 3% on news of explosions in Iran. Global benchmark Brent traded 1.73% higher at $88.62 a barrel after topping $90 earlier, while US West Texas Intermediate (WTI) rose 1.75% to $84.1 per barrel. The price of gold also rose to a fresh all-time high of $2,411.09 per ounce, as investors turned to the deemed safe haven asset. "Financial markets had a rough week amid escalating tensions in the Middle East after reports of explosions and a possible Israeli airstrike in Iran. This added to investor concerns following disappointing cor...
Euronews (English)
New York (AFP) - The dollar pushed higher Thursday behind a series of comments from Federal Reserve officials, dimming hopes for imminent interest rate cuts while US stocks finished mostly lower. Statements over the last day or so from New York Federal Reserve Bank President John Williams and Fed Governor Michelle Bowman have helped lift US Treasury yields as investors bet that the Fed will cut interest rates fewer times, if at all, in 2024, than was initially expected. Boris Kovacevic, global macro strategist at Convera, said it has become "a perfect environment for the Greenback to shine," a...
AFP
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