The US100 and Wall Street as a whole is retreating in the second phase of today's session after very weak results from ASML, LVMH floated on the market. What's more, the selling pressure in the last few minutes is fueled by comments from the Fed's Mary Daly, who communicated that there is still a lot of work to be done in the fight against inflation, and that the Fed's neutral rate itself will not return to historical values, and will most likely now settle around 3%.
In Europe, but also in other markets, downward pressure today was driven by weak results from two key European companies:
LVMH's third quarter figures:
- Revenues: EUR 19.08 billion (estimate: EUR 20.05 billion)
Organic revenue: -3% (estimate +0.93%)
Fashion and leather goods division sales: -5% (estimate +0.48%)
Sales of organic products and spirits: -7% (estimate -2.41%)
ASML third quarter data:
- Orders: €2.63 billion, -53% k/k, estimate: €5.39 billion
- Net revenues: €7.47 billion, +20% k/k, estimate: €7.17 billion
- Gross margin: 50.8% vs. 51.5% k/k, estimate: 50.7%
- Net profit: €2.08 billion, +32% k/k, estimate: €1.91 billion
- Cash and other: €4.99 billion, -0.7% k/k, Estimate: €4.86 billion
ASML shares were losing 15% at the end of the session, while ADRs on LVMH shares are currently losing 10%.
US100 is currently losing 1.3% and going below yesterday's lows. For the moment, however, technically the uptrend is maintained all the time. Source: xStation
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