The biggest surprise today was the release of the NY Fed index, which came in at a positive 10.8 points against an expected reading of around -15 points and a previous reading of almost -25 points. This reading shows that the US economy may not be slipping into recession at all, but just got a bit out of breath
The US dollar is making a comeback with rising yields. Hedge funds are reducing short positions on the dollar against other G10 and EM currencies. EURUSD is trading around 1.09.
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WTI crude oil is approaching the US$80 level, significantly reducing last week's gains. Oil is losing after news related to huge exports from Russia and thanks to the release of over 1 million brk of strategic reserves in the US last week. WTI loses almost 2.5% today
Results season is underway. This week we will know the results of other big banks like Bank of America, Goldman Sachs and Morgan Stanley. In addition to Netflix, Tesla or IBM
US500 loses 0.15%, while US100 is down almost 0.5%
Alphabet Inc. (Googl.US) stock price declines nearly 3% due to the concerns raised by the potential loss of revenue from Samsung.
Investors' attention this week is primarily focused on the individual companies' financial results reports for Q1 2023. Soaring sales at companies such as LVMH and Hermes International, benefiting from the return of Chinese consumers, triggered a wave of buying in consumer stocks. On the other hand, BASF's weaker results put pressure on companies in the industrial sector. This week, the focus is primarily on:EssilorLuxottica SA (EL.FR) and L'Oréal SA (OR.FR), EasyJet Plc (EZJ.UK), ASML Holding NV (ASML.NL) and SAP SE (SAP.DE). SAP will report its results on Friday. Overall, it is forecast that the company's profitability should increase due to massive cost cuts and the sale of its stake in Qualtrics. There are also predictions of a planned share buyback.
Bitcoin falls below $30,000 and makes the mood of the crypto market mixed at the opening of the week.
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