Archives of “July 23, 2020” day

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China reportedly blacks out English football amid ongoing spat with the UK

  
  Analysis
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Chinese state media are taking EPL matches off the air

EPL

This being reported by Bloomberg, citing a person familiar with the decision. China state media television, CCTV, holds the rights to broadcast Premier League matches in China but is now said to not show the remainder of the competition.

The match between Liverpool and Chelsea (Pulisic!) yesterday was not aired and the television program schedule are also not including the next set of matches. That said, there’s only one round of fixtures left for the current season.
This comes amid the ongoing spat between China and UK surrounding the Hong Kong issue as well as Huawei, with the UK now detailing the route for Hong Kong citizens to apply for citizenship as well – a move which has angered China even more.

Australia NAB Business Survey – ” largest shock since the 1930s”

  
  Analysis
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Main points from NAB’s assessment of the survey:

  • shows a significant deterioration in both current conditions as well as expected outcomes for activity, capex and employment going forward
  • Current conditions lowest read since the early 1990s
  • weakening was driven by sharp declines across all three sub-indexes and was broad-based across industries
  • decline in confidence was more muted, likely reflecting survey timing, with activity starting to recover with the removal of restrictions and easing in lockdowns
  • The impact of shutdowns is evident in the record decline in capacity utilisation which was also at its weakest level since the last recession. Unsurprisingly given the massive hit to conditions and capacity utilisation, expectations for capex and employment have declined very sharply at both the 3- and 12-month horizons
  • While we know that conditions and confidence saw a rebound late in the quarter, the level of activity remains weak and confidence may remain fragile. These factors pose a risk to a rebound in hiring and investment intentions going forward and warrant close watching. These risks also warrant ongoing government support for a period while the economy recovers from the largest shock since the 1930s.
Bolding mine.

TSLA (Tesla) earnings released, Q2 EOPS

  
  Analysis
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Q2 EPS 50c (vs. loss/share $2.310 y/y)

  • Free cash flow $418m, estimate loss $617.9m
  • revenue $6.04bn, estimate $5.40bn
Says delivering half million vehicles in 2020 remains the target
  • Says its Shanghai factory is progressing as planned
  • remains difficult to predict whether there will be further operational interruptions or how global consumer sentiment will evolve in H2 2020
It appears there is some financial engineering involved in generating that positive EPS number, generated a record amount from sales of regulatory credits of 428m USD

US MARKET : S&P on a 4 day winning streak. Dow on a 3 day streak

  
Analysis, US Market
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NASDAQ pushes higher and erases declines.

The major indices are closing higher on the day with the Dow industrial average leading the way today with a 0.62% gain. IT is the 3rd day in a row that the Dow has moved higher.
The S&P is on a 4 day winning streak. It closed up 0.58%.
The final numbers for the day are showing:
  • S&P index up 18.76 points or 0.58% at 3276.06
  • NASDAQ index up 25.765 points or 0.24% at 10706.12
  • Dpw up 165.33 points or 0.62% at 27005.73
Microsoft has reported better top line and bottom line numbers after the close. The revenues came in at $38.0 billion vs. estimate of $36.54 billion
The earnings-per-share came in at $1.46 vs. estimate of $1.37.
Microsoft shares are trading down 2.19% in early after close trading at $206.65. Shares closed at $211.75.
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