Economy on 02.11.2023...
The day after FED! Paypal and Qualcomm delivers Zahlen⤵️
Yesterday it was then again so far. The Fed has announced that the interest rates currently remain stable and will not be further increased for the time being. But they also said that they now want to think again from meeting to meeting and reassess each time. The goal with the 2% inflation, remains further the goal.
19:00 - The Fed leaves the key interest rate as expected in the range of 5.25-5.5 percent.
19:40 - Fed Chairman Powell calls monetary policy "restrictive." He says the effects of tightening have not yet fully filtered through to the economy.
8:15 p.m. - Powell: Wage growth has cooled significantly over the last 18 months. I don't think wages are a primary driver of inflation.
8:30 pm - Markets are not buying Powell's view that the outcome of the December meeting remains wide open, and are largely pricing out a possible rate hike. According to STIRs, the probability is now only about 17 percent, down from 21 percent before the rate decision and 29 percent yesterday.
So interviews, by the members of the FED, would again speak out for interest rate hikes, the markets again tremble. This has happened in the past more often and it was thought that there could be further increases this year. Now the market is probably pricing this out....
Let's look at the most important quarterly figures from yesterday. There were again a few important ones:
$PYPL (+2.85%)
PayPal Holdings beat analyst estimates of $1.23 in the third quarter with earnings per share of $1.30. Revenue of $7.42 billion above expectations of $7.38 billion.Revenue is up, but margins are down a bit again and so is the number of active users. So I value these numbers, very mixed, but also believe that you have reached the bottom there now as well. The numbers are now not so bad that it would justify another wave of sales.
$QCOM (+1.51%)
Qualcomm exceeds analyst estimates of $1.91 in the fourth quarter with earnings per share of $2.02. Sales of $8.67 billion above expectations of $8.51 billion.
$SEDG (+11.14%)
SolarEdge Technologies misses analyst estimates of $0.83 in the third quarter with earnings per share of $0.55. Revenue of $725.31 million below expectations of $769.19 million.
$KHC (+2.62%)
Kraft Heinz Co. the third-quarter earnings per share of $0.72 beat analyst estimates of $0.66. Revenue of $6.57 billion below expectations of $6.72 billion.
$ETSY (+1.93%)
Etsy beat analyst estimates of $0.50 in the third quarter with earnings per share of $0.64. Revenue of $636.3 million exceeded expectations of $631.27 million.
$CVS (+2.17%)
CVS Health Corp. third-quarter earnings per share of $2.21 beat analyst estimates of $2.13. Revenue of $89.76 billion exceeded expectations of $88.29 billion.
And today we continue with exciting numbers. Let's take a step-by-step look at the trading day:
Economic Data
08:00
- DE: Employment September
08:30
- CH: Consumer Prices October Forecast: +0.1% yoy/+1.7% yoy Previously: -0.1% yoy/+1.7% yoy
09:45
- IT: Purchasing Managers' Index/PMI Manufacturing October Forecast: 46.3 Previous: 46.8
09:50
- FR: Purchasing Managers' Index/PMI Manufacturing (2nd release) October Forecast: 46.3 1st release: 42.6 Previous: 46.8
09:55
- DE: Labor Market Data October Unemployment Rate seasonally adjusted Forecast: +15,000 yoy Previous: +10,000 yoy Unemployment Rate seasonally adjusted Forecast: 5.8% Previous: 5.7%
09:55
- DE: Purchasing Managers' Index/PMI Manufacturing (2nd release) October Forecast: 40.7 Previous: 39.6
10:00
- EU: Purchasing Managers' Index/PMI Manufacturing Eurozone (2nd release) October Forecast: 43.0 Previously: 43.4
10:30
- UK: Purchasing Managers' Index/PMI Manufacturing (2nd release) October Forecast: n/a 1st release: 45.2 Previous: 44.3
13:00
- UK: BoE, Outcome and Minutes of the Monetary Policy Council Meeting and Monetary Policy Report Bank Rate Forecast: 5.25% Previous: 5.25%
13:30
- US: Initial jobless claims (week) Forecast: 214,000 Previous: 210,000
- US: Productivity ex agriculture (1st release) 3Q Annualized +4.3% yoy 2Q: +3.5% yoy Unit labor costs +0.7% yoy 2Q: +2.2% yoy
15:00
- US: Industrial new orders September Forecast: +2.5% yoy Previous: +1.2% yoy
ex-dividend individual stocks
RENISHAW PLC 0.6833 EUR
Quarterly figures / Company dates USA / Asia
12:00 $SBUX (+3.28%)
Starbucks annual results
13:00 Conocophillips quarterly figures
13:30 Eli Lilly quarterly figures
14:00 Intercontinental Exchange Group quarterly figures
21:00 $BKNG (-0.07%)
Booking Holdings
22:00 Expedia Group quarterly figures
21:30 $AAPL (+1.26%)
Apple annual results
Quarterly figures / Company dates Europe
06:45 Adecco quarterly figures
07:00 Deutsche Lufthansa | Fresenius SE
07:00 Axa | ING Groep Quarterly Figures
07:30 Hugo Boss | Scout24 | Novo Nordisk
07:30 Andritz | Bike24 | Cliq Digital | Drägerwerk
07:30 Pfeiffer Vacuum | SGL Carbon Quarterly Figures
07:55 PVA TePla Quarterly Figures
08:00 Deutsche Beteiligungs AG| Verbund | BT Group
08:00 Shell | Washtec Quarterly Figures
08:00 DE: Employment September
09:00 Zalando PK on quarterly figures
(09:30 Analyst conference)
11:00 Heidelberg Materials quarterly figures
(14:00 analyst conference)
14:00 Ferrari quarterly figures
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