A grand tour of Chichester

From the cathedral to Goodwood, the West Sussex city of Chichester has much to offer, says Matthew Partridge

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How to avoid a wage spiral in your business

Demands for higher pay are spreading. How should small business owners react?

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How Wise is profiting by slashing foreign exchange costs

Wise – formerly known as Transferwise – is a fast-growing disruptor in the fragmented foreign-exchange market. It’s doing very well for itself, says Rupert Hargreaves, and there’s plenty of scope for growth.

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USDJPY – A reversal signal before the BOJ meeting?

USDJPY, H4

The USDJPY pair has eased from the high seen last week at 139.38 ahead of the Bank of Japan (BOJ) interest rate decision meeting on Thursday. The bank is expected to maintain the ultra-low interest rate that has been in place since January 2016 at -0.1%, while other major central banks are using aggressive interest rates to curb rising inflation. Although the Japanese government has begun to express concerns about the sharp decline in the Yen, it has declined to comment on intervention.

In addition to keeping the interest rate negative, efforts to curb bond yields near 0% at 0.25% were evident during the second quarter of 2022, when Japan’s 10-year Treasury yields swung up and down in the 0.25% zone, another factor that put pressure on the Japanese Yen. Meanwhile, Japan’s inflation rate rose for the ninth straight month to a seven-and-a-half-year high of 2.5% in April and May, and its GDP growth rate in Q1 contracted to -0.1% from 1% in Q4.

However, the BOJ’s interest rate decision meeting may be in the spotlight for the short term. If the market finds no surprise or interference from the Japanese government they will turn their attention to the next Fed rate decision meeting that is taking place next week. The Fed is expected to raise interest rates another 0.75% after a major rate hike of 0.75% in June too.

The USDJPY started the week with a correction above 138.00, while in the larger timeframe saw a rising wedge reversal pattern in the H4 timeframe that has been forming since May. This is accompanied by the bearish divergence signal seen in the Day timeframe, with support at 137.00, 136.30 and the next support at the 134.80 zone. The uptrend sees the possibility of a hidden bullish divergence that could encourage the pair to swing further in the rising wedge, which has first resistance at the previous high at 139.38 and the psychological figure of 140.00.

Click here to access our Economic Calendar

 

Chayut Vachirathanakit

Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

 

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Is the eurozone heading for another crisis?

The eurozone avoided breakup when Greece couldn’t repay its debts after the 2008 financial crisis. Now it’s in trouble again, says John Stepek. And this time the focus is on Italy – a much bigger economy than Greece.

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Market Spotlight: Apple Shares Fall on Hiring News

Apple Hiring News Hits Sentiment Shares inUS tech giant Apple fell sharply yesterday amidst reports that the company willscale back hiring and spending into 2023, citing concerns over the economy. Accordingto a Bloomberg report which ran yesterday, sources at the company confirmedplans to reduce expenditure in certain teams next year, in light of the projecteconomic downturn facing the US and the ongoing surge in inflation which iseating into costs. A growing number offirms, mainly in the tech sector, have highlighted similar plans as a defensivemove in the face of the anticipated recession across year-endApple is scheduledto report second quarter earnings next week and the market is looking for bothEPS and revenues to have fallen back from Q1. Apple will no doubt have beneimpacted by the return of lockdowns in China over recent months and, with fearsof further lockdowns to come, Apple is suffering disruption in one of its keymarkets.TechnicalViews AAPLFollowingthe latest rebound off the 133.11 level, Apple shares have since broken outabove the bearish trend line from YTD highs and have been grinding higherwithin a corrective bull channel. Price has now stalled into the 151.36resistance and, while this holds, the risk is that downside resumes, puttingthe focus back on 133.11. If Apple shares can break current highs, however,focus will shift to 167.45 next.

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The IndeX Files 19-07-2022

US Stocks Fall on Apple Hiring & Spending NewsWe’veseen a mixed start for equities across the European open on Tuesday. While thecurrent correction lower in USD is broadly supportive of risk appetite, thereare still offsetting factors stopping equities markets from taking full advantageof a softer US Dollar.US stock marketsslipped lower yesterday, giving back initial gains, in response to news thatApple plans to scale back spending and hiring into 2023. This comes on the backof similar news recently from other leading tech firms such as Meta Platformsand Tesla, and has been taken as the latest warning sign over the projectedhealth of the US economy. With recession fears building on the horizon later inthe year, the tech sector is likely to be among the worst hit from any slowdown,hence these defensive moves we are seeing.Indeed,while the US Dollar is softening currently, expectations of further tighteningfrom the Fed next week look set to create headwinds for equities traders. Aheadof the FOMC, we’ll have the July ECB meeting this week which is widely expectedto see the bank hike rates for the first time in over a decade, adding to the waveof central bank tightening we are seeing.TechnicalViews DAXThe DAXcontinues to hold within the recent 12462.59 – 13067.45 range which has framedprice action over July. The market is still holding also within the larger bearchannel, keeping the focus on an eventual break lower, unless bulls can breakback above the channel top, putting focus on 13672.31 next.S&P500Themarket continues to hover below the 3910 resistance, following the rebound offthe 3613.50 lows. With both MACD and RSI bullish, the focus is on a breakhigher here and a run up to the 4153.50 level next unless bears can drive pricebelow the 3613.50 level.FTSEThe FTSE isholding around the 7213.9 level currently, sitting about midway in the rangebetween the 6990.4 and 7362.6 level. While both MACD and RSI are turned higherhere, given the declines prior to the recent range, focus is on a break lowereventually with 6822.4 the broader target for bears unless bulls can break theupper range level near-term.NIKKEITheNikkei continues to hold within the large falling wedge pattern which hasframed price action recently. The market has been grinding higher off the25595.3 lows but is yet to break the 27422.9 level. While this level holds as resistance,further ranging action is expected.

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Investment Bank Outlook 19-07-2022

Credit Agricole- The EUR faced some selling interest last week, predominantly driven by IMM flows. Our FX flow data points at corporates and hedge funds inflows, as well as banks and real money investors outflows. All in all, the EUR is now in oversold territory. n The JPY experienced fresh selling interest last week, predominantly driven by Risk Reversals flows. Our FX flow data points at banks inflows, as well as corporates, hedge funds and real money investors outflows. All in all, the JPY remains in overbought territory.- The CHF saw new buying interest last week, predominantly driven by IMM flows. Our FX flow data points at hedge funds and real money investors inflows, as well as banks and corporates outflows. Ultimately, the CHF remains in overbought territory.- The USD remains the biggest long in the G10 FX at present despite new selling interest last week, predominantly driven by Crédit Agricole CIB flows. Our FX flow data points at banks, hedge funds and real money investors inflows, as well as corporates outflows.- The GBP returned as the biggest short in the G10 FX after fresh selling interest last week, predominantly driven by algo trading flows based on FX technicals signals. Our FX flow data points at corporates and hedge funds inflows, as well as banks and real money investors outflows.- The AUD saw new buying interest last week, predominantly driven by IMM flows. Our FX flow data points at corporates and hedge funds inflows, as well as banks and real money investors outflows. The NZD saw some buying interest, predominantly driven by IMM flows too. Our FX flow data points at banks, hedge funds and real money investors inflows, as well as corporates outflows.- The CAD experienced some selling interest last week, predominantly driven by IMM flows. Our FX flow data points at corporates and hedge funds inflows, as well as banks and real money investors outflows.- The NOK faced some selling interest last week, predominantly driven by Risk Reversals flows. Our FX flow data points at corporates and real money investors inflows, as well as banks and hedge funds outflows. The SEK saw new buying interest, predominantly driven by Risk Reversals flows. Our FX flow data points at banks inflows, as well as corporates, hedge funds and real money investors outflows.EUR/USD’s fair value has declined from 1.0517 to 1.0460 on the back of a renewed widening of peripheral bond yield spread to Bunds and a further dip of the EUR-USD rate spread deeper into negative territory. The moves reflected growing political risks in Italy as well as persistent worries about the Eurozone growth outlook that could complicate the ECB’s policy normalisation plans. Despite the latest dip in its short[1]term fair value, EUR/USD remains more than two standard deviations undervalued. Subsequently, the FAST FX model has triggered a buy EUR/USD trade with a stop-loss of -2.55% and a take-profit level of 1.0460.

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Daily Market Outlook, July 19, 2022

Daily Market Outlook, July 19, 2022 Overnight Headlines IBM Shares Slide After Hours After Company Trims Cash Flow Forecast Russia's Gazprom Tells Europe Gas Flow Halt Is Beyond Its Control Biden Could Declare Climate Emergency As Soon As This Week: WaPo Oil Prices Fall; Gold Subdued As Firmer US Dollar, Yields Dent Appeal Rishi Sunak Tops Tory Leadership Poll, As Tom Tugendhat Out Of Race House Speaker Pelosi To Visit Taiwan Next Month Amid China Tensions Senate To Vote Today On Slimmed-Down China Semiconductor Bill Russian Missiles Strikes Cities Across Ukraine, Gas Supplies In Focus Chinese Covid Cases Jump To Almost 700 As Shanghai Widens Testing RBA’s Bullock: Households Can Withstand Further Rate Hikes Asian Equity Markets Mostly Lower; US Equity Futures Edge HigherThe Day Ahead Equity markets are mostly lower, led by technology stocks, as the risk tone turned cautious on concerns about the global economic outlook and reports of rising Covid cases in China. Japan’s Nikkei rose, catching up after the long weekend. In Europe, concerns about Russian gas supplies increased. Media reports suggest that the European Commission is preparing voluntary targets for member states to reduce gas consumption. The UK labour market report released this morning were mixed. It showed unemployment unchanged at 3.8% in the three months to May, in line with expectations. Employment rose by a robust 296k in the latest three months, but the timelier payrolled employees measure rose by less than expected at 31k in June and the prior month was revised down as well. Regular pay growth (excluding bonuses) edged up to 4.3% from 4.2%, as expected, while total pay growth was weaker than expected, falling to 6.2% from 6.8%. In real terms after adjusting for inflation, wage growth is falling, including a record fall in real regular wage growth. The number of unfilled vacancies remained high at 1.3 million but appears to have topped out. Later this morning, Eurostat’s final release for Eurozone June CPI inflation is expected to confirm the earlier flash estimate of 8.6%y/y which was stronger than predicted. The release comes ahead of the ECB’s expected announcement on Thursday for the first increase in interest rates for eleven years. The relatively quiet US calendar this week includes housing reports. Housing starts and building permits data will be released this afternoon. Yesterday’s NAHB survey of homebuilders confirmed slowing activity in the sector as interest rates rise. Attention returns to the UK this evening. A further vote in the Conservative leadership contest is expected to whittle down the number of candidates to the three. The scheduled TV debate this evening will not now take place. Markets will be more focused on BoE Governor Bailey’s Mansion House speech, as speculation grows on whether interest rates may be raised by 50bp in early August rather than 25bp. New Chancellor of the Exchequer Zahawi will also address the event. More UK data will be released at 7am tomorrow. Look for an annual headline CPI inflation to increase for a ninth straight month, to 9.3% in June from 9.1%, lifted by higher fuel prices. The core measure (excluding food and energy), however, is expected to fall for a second month, to 5.7% from 5.9%, but it will still be at an elevated level.FX Options Expiring 10am New York Cut EUR/USD: 1.0100 (562M), 1.0150-55 (1.31B), 1.0200-05 (892M) USD/JPY: 136.00 (1.3B), 138.00 (2.72B), 138.50-55 (939M), 138.75 (555M) USD/JPY: 139.25 (537M), 140.00 (1.53B). AUD/USD: 0.6750 (797M) GBP/USD: 1.1900 (534M), 1.2120 (370M), 1.2280 (405M), 1.2310 (324M) GBP/USD: 1.2350 (780M), 1.2395 (520M)Technical & Trade ViewsEURUSD Bias: Bearish below 1.0350 EUR/USD cautious in Asia after failing to sustain rally above 1.0200 Monday Growing concerns that Russia will use energy as weapon against Europe weigh Fears heightened as Gazprom declares force majeure on gas supplies to Europe Planned reopening of Nord Stream 1 gas pipeline, ECB meeting Thursday eyed Cooling Fed rate bets & lower inflation expectations limit EUR downside Resistance 1.0200-05, 1.0225-30, support 1.0100-05, 1.0070-75 20 Day VWAP is bearish, 5 Day bearishGBPUSD Bias: Bearish below 1.2150 Cable rises to 1.1973 intra-day high on better than expected UK jobs data Employment +296k in 3mths to May vs 170k f/c; jobless rate 3.8% vs 3.9% f/c 1.1926-1.1964 was Asian session range (pre-UK jobs data) 1.2034 was Monday's one-week high, before U.S. stocks sagged Strong UK jobs data supports case for 50 bps BoE rate hike on August 4 BoE Governor Bailey to deliver Mansion House speech at 1745 GMT. 20 Day VWAP is bearish, 5 Day bearishUSDJPY Bias: Bullish above 134 USD/JPY steadies after push down yesterday to 137.90 EBS Asia 137.98-138.39, bid into Tokyo fix, off in afternoon trading Below ascending 100-HMA at 138.20 but support to 137.90 Overall bias remains up despite bouts of retracement Underlying support at 137.35 daily Ichi tenkan Nearby option expiries today include massive $2.7 bln at 138.00 Below 137.40-50 $540 mln, above 138.15/30 $717 mln, 138.50-55 $939 mln US yields steady into FOMC next week 20 Day VWAP is bullish, 5 Day bullishAUDUSD Bias: Bearish below .7050 AUD/USD eyes higher levels on Central Bank comments drive rally AUD/USD extends higher as market digests RBA comments Attempting to push past 21 DMA resistance 0.6846 Tues close above will clear the way higher in near term Technical pivot at 0.6903 will inspire bulls to add to bets Closing above engages daily VWAP uptrend channel RBA sees a fair bit more tightening till neutral. 20 Day VWAP is bullish, 5 Day bullishBTCUSD Bias: Bearish below 22k BTC surged as much as 9.4% to reach $22,760, last sub 22k again Sudden strength followed Wall St lead, but US stocks faded Crypto assets broadly higher with tentative risk-on Support seen at 19k then 18300 the base of the daily VWAP bands failure here opens a retest of lows Concerns regarding increasing Crypto player forced liquidations leave BTC vulnerable Additional pressure seen from BTC miners liquidating positions on declining profitability 20 Day VWAP is bullish, 5 Day bearish

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Market Update – July 19 – USD & Stocks Cool ahead of Central Banks

USDIndex continued last week’s slip and tested 106.80, before recovering. US Stocks dropped into close following +1% on open (NASDAQ -0.81%) after a plunge in the NAHB home builder index. Goldmans & Bank Of America, beat expectations but saw profits down -47% & -37%, respectively. IBM beat after hours, but shares fell -4.32%. Apple (-2.06%) warned of hiring freeze. Asian markets are choppy, (Hang Seng -0.82%, Nikkei +0.70%). European FUTS also mixed. Yields are up +1.72% & the rate curve is still inverted. Oil holds $100, Gold down to $1710 BTC holds at $22k. Gazprom warns of European supply issues and 700 new Covid cases reported in China, weigh on sentiment.

Week Ahead – ECB & BOJ Rate Decisions, RBA Mins, a raft of CPI & Retail Sales data and Earnings Season still has more Banks, Johnson & Johnson & Netflix today,with Tesla, Twitter & Snap later in the week.

• USDIndex slides further to test 106.80 and rotates around 107.00 now as expectations of a 100bp rate hike next week evaporate. AUD outperforms in Asian session.   
• Equities – USA500 closed -0.84%, 32.31pts (3830), US500FUTS at 3850 now. A strong +1% opening rally was wiped out following weak Housing data and the Apple news.
• Yields 10-year yield higher, into close at 2.986%, trades at 2.96% now. 
• Oil & Gold had volatile sessions last week – USOil trades up back under $100 now from a test of $102.00 yesterday. Gold tested to $1724 yesterday but back to $1707 now. 
• Bitcoin rallied to $22.8K yesterday and holds $22k now, on more chatter of major investments coming.
• FX Markets – EURUSD remains pressured but tested 1.0200 yesterday & back to 1.016 now and USDJPY is down again to 137.85 now. Cable tested back to 1.2000 from 1.1760 lows last week. Race to be new PM is reduced to two contenders this week. New PM Sept 5. 

Overnight – RBA Minutes – “committed to doing what is necessary on inflation” no new insight, UK Earnings (6.2% vs. 6.8%) & Payrolls are weaker and CHF Trade Balance lifted 70 bln CHF.

Today EZ CPI (Final), Speech from BoE’s Bailey. Earnings – J&J, Lockheed & Netflix.

Biggest FX Mover @ (06:30 GMT) AUDUSD (+0.60%). AUD continues to recover from last weeks 0.6680 low and no surprises today from RBA Minutes. Next resistance 0.6850 & 0.6900. MAs aligned higher, MACD histogram & signal line higher, RSI 67 & rising, H1 ATR 0.00124, Daily ATR 0.00908.

Click here to access our Economic Calendar

Stuart Cowell

Head Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

 

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RBOB GASOLINE FUTURES (RB1!), H4 Potential For Bullish Rise

Type: Bullish RiseKey Levels:Resistance: 3.3488Pivot: 3.2843Support: 3.1886Preferred Case:On the H4, with prices moving above the ichimoku cloud and along the ascending trendline , we have a bullish bias that price will rise to the pivot at 3.2843 in line with the swing high resistance, 50% fibonacci retracement and 78.6% fibonacci projection . Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 3.3488 in line with pullback resistance, 61.8% fibonacci retracement and 161.8% fibonacci extension .Alternative Scenario:Alternatively, price may drop to the 1st support level at 3.1886 in line with the pullback support.Fundamentals: Investors are worried interest-rate hikes will slow the economy as central banks get aggressive in combating inflation , giving us a lower demand for gasoline and resulting in a bearish view on gasoline. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.

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Swiss Franc Futures ( 6S1! ), H4 Potential For Bullish Rise

Type: Bullish RiseKey Levels:Resistance: 1.04505Pivot: 1.03010Support: 1.02000Preferred Case:On the H4, with price moving in an ascending trendline, we have a bullish bias that price will continue to rise from the entry at 1.03010 in line with the pullback support, 23.6% fibonacci retracement and 61.8% fibonacci projection to the take profit at 1.04505 at the pullback resistance in line with the 61.8% fibonacci retracement.Alternative Scenario:Alternatively, price may reverse off the entry and drop to the top loss at 1.02000 at the swing low.Fundamentals:No major news

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Micro CAD/USD Futures (MCD1!), H4 Potential For Bullish Rise

Type: Bullish MomentumKey Levels:Resistance: 0.7798Pivot: 0.7715Support: 0.7657Preferred Case:On the H4, with price recently breaking the descending trendline and RSI showing a bullish divergence, we have a bullish bias that price will rise from the pivot at 0.7715 at the overlap resistance in line with the 100% fibonacci projection to the 1st resistance at 0.7798 at the swing high in line with the 38.2% fibonacci retracement.Alternative Scenario:Alternatively, price may reverse off the pivot and drop to the 1st support at 0.7657 at the overlap swing low in line with the 61.8% fibonacci projection.Fundamentals:No major news

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Major Bank Earnings Miss, What About the Tech Sector?

Earnings reports from JPMorgan, Morgan Stanley and other banks missed market expectations and have set a weak tone ahead of scheduled reports for Bank of America and Goldman Sachs.

JPMorgan Chase & Co. reported last week that diluted earnings per share (EPS) for the second quarter of fiscal 2022 totaled $2.76, down 27% from the same period last year. Net revenue reported in Q2 2022 was $30.7 billion, 1% more year-on-year, while net profit plunged 28% year-on-year to $8.6 billion.

Meanwhile, Morgan Stanley’s net income in the second fiscal quarter of 2022 fell 10.8% year-on-year to $13.1 billion, well below market expectations. Net income in Q2 2022 fell 28.6% y/y to $2.5 billion, while diluted earnings per share stood at $1.39, down 24.9% over the same period in 2021. By segment, Institutional Securities earnings stood at $6.1 billion, down from $7.1 billion a year earlier. Wealth and Investment Management revenues also shrunk compared to the same period in 2021, to $5.7 billion and $1.4 billion, respectively.

BlackRock reported EPS of $7.06, down 21% y/y. Revenue for the same quarter fell 6% from $4.8 billion to $4.5 billion, with operating income of $1.7 billion, down 14% over the same period last year.

Wells Fargo and Co revenue for Q2 2022 was $17.03 billion, down 15.9% over the same period last year. Net income was almost twice lower year on year, down about 48% to reach $3.11 billion in the last quarter of 20221, with diluted earnings per share also down 46% to $0.74 per year.

Its earnings for Q2 2022 Citigroup Inc. grew 11% year-on-year to $19.6 billion. Net income was $4.5 billion, down 27%, while earnings per share (EPS) fell 23% year-on-year to $2.19. The decline in revenue was driven by higher cost of credit and higher expenses, but was partially offset by an increase in revenue.

Bank of America maintains its buy rating ahead of Monday’s Q2 earnings report, although the longer-term price trend is still down. For the quarter to be reported, the Zacks Consensus EPS Forecast is at $0.77, recording a double-digit decline of 25% in year-over-year quarterly revenue. Additionally, six analysts have lowered their quarterly outlook over the past 60 days, with the Consensus Forecast Trend down 5%. The reported EPS for the same quarter last year was $1.03. Bank of America is currently at Zacks Rank #3 (Hold). In Q1 2022, the market especially reacted badly to the quarterly results. However, quarterly earnings forecasts show top-line strength; Estimated quarterly revenue of $23 billion recorded a solid 7% growth in sales from last year’s quarter.

Meanwhile, Goldman Sachs Group, Inc. will also report earnings on the same day, before the market opens. According to Zacks Investment Research, based on 9 analyst forecasts, the consensus EPS forecast for the quarter was $6.99 reflecting a 53.46% year-on-year decline. The reported EPS for the same quarter last year was $15.02. For their most recent quarter, The Goldman Sachs Group reported earnings of $10.76 per share, beating the Zacks Consensus Estimate of $8.61 per share. This reflects a positive earnings surprise of 24.97%.

Meanwhile, Tesla will reveal how a tough Q2 affected revenue and how upgrades at its factories are progressing. CEO of Tesla Inc. Elon Musk said last Friday that the company could lower the price of electric vehicles if inflation eased. Musk wrote the comments in a tweet in response to user questions about whether Tesla has plans to lower its price due to problems with the supply chain. Earlier this month, Tesla said June was the most successful month in its history in terms of production, despite ongoing problems with the supply chain that resulted in temporary closures and layoffs at some of its plants. Tesla, Inc. expected to report earnings on Wednesday, after market close. Zacks’ Consensus estimates for earnings and quarterly earnings to be reported are pegged at $1.91 per share and $17.48 billion, respectively. Tesla reported revenue of $18.76 billion in the last reported quarter, representing a +80.5% year-on-year change. EPS $3.22 for the same period compared to $0.93 last year. Compared to the Zacks Consensus Estimate of $17.28 billion, the reported revenue represents a +8.57% surprise.

While Twitter’s earnings report is likely to be overshadowed by the ongoing dispute with Elon Musk. Twitter, Inc.’s board of directors. asked the company’s shareholders to approve the takeover of the company by the CEO of Tesla, Inc. Elon Musk’s $44 billion as the final step towards a deal. On Tuesday, Twitter initiated a lawsuit against Elon Musk in Delaware Cancer Court, after he ended a $44 billion deal to buy the social media company. Elon Musk has officially asked for more time to prepare for the Twitter, Inc. lawsuit. regarding its withdrawal from a $44 billion agreement to take over the company. Twitter, Inc. expected to report earnings on Friday before the market opens. The instant messaging service is expected to post quarterly earnings of $0.16 per share in its forthcoming report, which represents a year-over-year change of -20%. Revenue is expected to be $1.33 billion, up 11.8% from last year’s quarter.

Netflix will be put to the test once again as investors brace for more subscribers this quarter. Netflix Inc. announced last week that it would partner with Microsoft on a new ad-supported subscription plan for clients, in addition to its existing ad-free basic, standard and premium plans. The statement was published a day after the Wall Street Journal reported that Netflix was talking to several Hollywood studios about changing agreements to allow streaming companies to offer their content on ad-supported versions of the platform. And this effort, will not affect the earnings report this time. Netflix, Inc. expected to report earnings on Tuesday, after market close. Zacks’ Consensus forecast for earnings is currently pegged at $2.90 per share, down 2% over the past 30 days. The figure represents a 2. 36% decline from the figure reported last year’s quarter. Netflix expects total revenue to increase 9.7% year over year to $8.053 billion

Source : Zacks Investment Research

Ady Phangestu

Market Analyst – HF Educational Office – Indonesia

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