Equities

Two companies from the magnificent 7 release earnings this week. Tesla and Alphabet will release earnings on 23rd July after the close, and Lloyds will kick UK bank's earnings off on Thursday 25th, ahead of the UK open.

Earnings season ramps up this week with banks, airlines, and an early glimpse at chip stocks reporting, as well as Netflix.

The first round of the French election has shown that the far right is unlikely to form an absolute majority. The CAC40 is outperforming, with banks leading the charge. Eurozone inflation data is in focus ahead of Suvday's second round of voting. UK stocks are also gearing up from the UK election on July 4th, with housebuilders such as Visrry and bricks and mortar retailers in focus.

Stocks to watch this week include Apple with the Worldwide Developers Conference, Broadcom as it releases fiscal Q4 and full-year earnings, and Oracle amid the release of Q2 earnings.

GBP/JPY is coiling up and primed to fire, sitting in a strong uptrend while bumping up against horizontal resistance dating back to when the Bank of Japan initiated a record FX market intervention to support the Japanese yen in April.

Chinese stock futures have surged on the resumption of trade on Monday, finding buying support after hitting multi-week lows on Friday. If the gains stick, it points to a potential trend change in both the Hang Seng and China A50. The gains track similar moves across the Asian region and follow a late surge on Wall Street to end May.

Obvious month-end window dressing in Australia and United States stocks drove significant late session rallies on Friday, sending Australian ASX 200 futures surging 1.5% from the lows hit in Asia. But with commodity prices down heavily on Friday including iron ore, whether the gains can stick is questionable.

A UK general election will be held on July 4th. Since the announcement, the FTSE has fallen around 1%, and GBP remains well supported. In short, the market is calm about the prospect of Labour, which is ahead in the polls, winning power. This is because it is expected, and the policies aren't radically different from Conservative policies. The economy as a whole isn't expected to change its course and the timing of the BoE rate cut could be more of a market driver. That said, there are some policies that could affect specific sectors, which we consider below.

Tuesday looms as a potential make-or-break session for Australia’s ASX 200 with futures sitting at a key technical level on the charts ahead of the RBA interest rate decision. One saving grace may be the continued rebound in iron ore futures in Singapore.

With a quieter economic calendar attention will be on earnings. Disney, BP, and Uber are among some of the companies reporting this week.

Earnings drove volatility last week and continue to roll in this week. Attention will be on Amazon, Apple and HSBC. Here we look at what to expect.

The Nasdaq 100 is finally showing signs of breaking down from its 2-month sideways range between about 17,800 and 18,400 ahead of the Magnificent Seven stocks' earnings reports.

While the Nasdaq 100 has broken its 2024 uptrend, traders continue to buy the dip, generating a bullish signal on Thursday. That points to possible upside not only for US tech but also Japan’s Nikkei 225.

US banks kick off Q1 earnings season on Friday, with JP Morgan, Wells Fargo, Citigroup and BlackRock reporting. The results come as the US economy continues to show resilience but as sticky inflation could mean that rates stay high for longer. Delta Airline is also releasing Q1 numbers.

The S&P 500 rose to an all-time high last week. This week, attention will be on US non-farm payrolls, global PMIs, and Gold prices and what they mean for equities such as GE, Nike and Newmont Corporation.

Two very different indices, two similar trading setups. Will traders be willing to continue chasing record highs next week? The unconvincing price action to end the week warns of downside risks.

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