Eventful week for the international markets - Weekly Review – July 13-17

Eventful week for the international markets - Weekly Review – July 13-17

The earnings season made the markets go up.

Monday: The American markets ended the day in the red after the number of COVID-19 cases spiked. USA500 dropped by 0.94%, while TECH100 lost 2.13%.

Gold traded 0.7% higher and settled at $1,814.10 per ounce.

The European benchmarks traded higher by more than 1%: UK100 added 1.2%, while Germany30 gained 1.1%.

Despite the new wave of infections, Japan225 went up 2.2%.

The week debuted with an acquisition. Analog, one of America's most crucial semiconductor manufacturer, announced that it would buy Maxim Integrated Products Inc for $20 billion. The move is a way for Analog to secure a closer position to the market leader – Texas Instrument Inc. After the announcement, Analog closed the session by 0.20% higher.

Fiat Chrysler Automobiles recalled more than 1.2 million vehicles worldwide due to a faulty airbag. The potentially loosened clips related to the airbag allegedly caused 14 injuries. After the news, FCA stock traded roughly at 2%.

PepsiCo posted $19.95 billion in revenue, a 3.1% drop, as the pandemic affected the sales. The stock price gained more than 2%.

Alibaba founder, Jack Ma, sold part of his stake in the company. Specialists believe that given the current trading price, Ma cashed out around $8.2 billion.

Tuesday: The market focused on the earnings season and the OPEC+ meeting. The benchmarks gained up to 2.13%, as was the case for USA30.

Brent Oil added 0.4% to $42.90, while Oil went up 0.6% to $42.29 per barrel.

The Chinese TikTok was under scrutiny after Wells Fargo banned the app use from company devices due to security reasons. This move came after Amazon sent and afterward, canceled an email that was ordering the removal of the app from the company's devices.

Daimler announced that it would cut more than 15,000 jobs that were already on the line to reduce costs and stay afloat. After the news, the stock fell by 1.30%.

Some of the biggest banks in America released their financial reports. JP Morgan Chase outperformed the expectations and posted a revenue of $33.82 billion.

Citigroup reported revenue of $19.8 billion, and the shares traded 1.5% higher.

Wells Fargo didn’t live up to analyst expectations with a revenue of $17.8 billion. Also, it is the only bank that had to cuts its dividends by 41 cents.

Wednesday: The markets were pushed by the positive data from Moderna about the vaccine against the virus. USA500 added 0.93%. UK100 and France40 gained 0.90%. Singapore entered a technical recession after it posted a Q2 economic shrinkage of 12.6%. During the first two quarters of this year, the GDP contracted by 41.2% due to the pandemic.

Along with Ireland, Apple won an appeal against the European Commission, after the EC stated in 2016 that the American company received preferential treatment regarding tax payments. The European Union's general court concluded that the EC was short on supporting the accusation.

After the news, Apple’s stock price traded 1.90% higher.

Goldman Sachs’ financial report exceeded analysts' expectations. Compared to last year, the revenue increased by 41% and reached $13.3 billion. The stock price gained 4% after the results.

Thursday: Although China posted economic growth of 3.2%, its benchmark, HongKong45, fell 1.41%.

The “wait and see” scenario adopted by the European Central Bank made the markets fall. Europe50 and UK100 lost 0.9% each.

GBP/USD slid 0.3% to 1.2544. Johnson & Johnson had good financial results, with revenue of

$18.3 billion, even though the sales in the medical devices business dropped due to the pandemic.

The weekly unemployment claims came in higher than expected, at 1.3 million. Now, the overall number of people who file for unemployment because of the pandemic exceeded 51 million.

Friday: Netflix released good results for the second quarter. The revenue came in at $6.15 billion. Moreover, the subscriber numbers increased to 10.1 million. Until now, the stock price gained 64%.

The Chinese economy started to rebound after the pandemic. In the second quarter, the GDP grew by 3.2%.

BlackRock posted higher-than-expected Q2 earnings. The revenue reached $3.65 billion, while the income from managing assets reached $7.32 trillion.

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Sources: marketwatch.com, cnn.com, finance.yahoo.com


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