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Daily Briefing – Wednesday, July 19, 2017

US

US indexes continue to soar, with the Nasdaq up nearly ½% on Netflix’s excellent quarterly earnings result on Monday.

 

 

 

Europe

ZEW sentiment indexes yesterday were all down, as the European Central Bank announced its corporate holdings had topped 100 billion Euros – equal to Japan’s entire GDP or Kuwait’s entire economic output. Meanwhile, the Italian national statistics agency revealed that the number of Italian citizens living below the poverty line has tripled over the past decade.

 

Asia

With all major benchmarks in the red this morning, the Bank of Japan yesterday laid out plans to abandon its inflation target – especially as an excuse to cease quantitative easing. Despite continued economic recovery, prices remain low as retailers slash prices to compete with online rivals.

 

Shares

IBM bested expectations again yesterday despite revenues that have been falling for over 5 years thanks to creative tax reporting. Netflix continues to celebrate Monday’s results with a 14% spike in shares, propelling the FANG to record highs. Today’s reports include major aluminum supplier Alcoa and leading online payment system PayPal, which is expected to post $3 billion in revenues. Last quarter’s EPS exceeded expectations by 3 cents, with Q2 expectations to be in the 39-44 cent region, as well

 

Commodities

WTI continues roller-coasting after last night’s 1.6mB inventories build based on API numbers dropped prices nearly 1/3%.

 

Today’s Events

10 AM GMT

UK: Inflation Report

11 AM GNT

US: Mortgage approvals followed at 2 by housing starts & building permits

2:30 PM GMT

EIA Crude Oil Stocks Change

11:50 PM GMT

Japan: Trade Balance followed at 1:30 by BoJ Interest Rates

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