Europe is still such a happy place to live, at least part of it.
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rssUK car production fell 11% in April – chip shortages, supply issues, Ukraine cited
Reuters report on figures from the UK’s Society of Motor Manufacturers and Traders (SMMT)
- car production fell 11% in April due to persistent chip shortages and supply chain issues, made worse by the Ukraine crisis
GBP ticking a little higher:
Stocks are more than halfway through the week and major indices are higher
The major US stock indices IndicesStock market indices represents an index that measures a particular stock market or a segment of the stock market. These instruments are important i…Read this Term are all closing higher on the day. Moreover, the indices are also higher on the week with 2 days left to go. When the S&P and NASDAQ index are down for 7 consecutive weeks and the Dow is down for 8 consecutive weeks, closing with a positive week is a big thing.
The final numbers are showing:
- Dow Jones, +191.66 points or 0.6% at 32120.27
- S&P index up 37.25 points or 0.95% at 3978.74
- NASDAQ index up 170.3 points or 1.51% at 11434.75
- Russell 2000 rose 34.33 points or 1.95% at 1799.16
After the close Snowflake revenues beat but earnings-per-share were much weaker than expectations:
- Revenues $422.4 million vs. $412.8 million estimate revenues are up 85% year on year
- Earnings-per-share -$0.53 vs. $0.01 estimate
Although the revenues are up strongly and yoy sales gains are impressive at +85%, companies that don’t make any money are having a tough time. Shares of Snowflake are down -11% in after-hours trading.
Nvidia are expected to be released at 4:20 PM ET with earnings expected at $1.29/$0.67 GAAP on revenues of a $8.12 billion
UPDATE Nvidia:
- EPS $1.36 vs $1.29
- Rev 8.29B vs 8.12B estimate
- Guidance for Revenue is $8.10B vs $8.44B est.
- Shares are down -7%
Thought For A Day
The mistakes Darvas made before he turned his results around.
TAKE PRINT OUT PLEASE
Singapore Q1 economic growth 0.7% q/q (expected 0.8%) and 3.7% y/y (expected 3.7%)
Singapore January to March 2022 GDP
+0.7% q/q
- expected 0.8%, prior 1.4%
+3.7% y/y
- expected 3.7%, prior 3.4%
Singapore’s Ministry of Trade and Industry says its held on to its 3 to 5% GDP forecast for the year, but growth is likely to come in at the lower end of that range.
Nasdaq snapped lower. Dow closes higher
The major US indices are closing mixed with the Dow, closing higher, but the S&P and Nasdaq falling. The Nasdaq snapped sharply lower after SNAP announced that earnings and revenues will be sharply lower than their own expectations released just last month. The shares fell -43.08% on the day.
A look at the closing levels shows:
Other big decliners included: Gainers today included:
Thought For A Day
It is PMI day in Europe
The risk mood will continue to dictate proceedings as we get settled into the new week. There is an element of pushing and pulling in markets after the solid push higher in the dollar and worsening risk sentiment over the past two months. Dollar bets are cooling off and deleveraging and selling pressures are also more contained for now. Call it an overdue correction or retracement but it is what it is.
Looking ahead, the latest PMI readings in Europe are expected to reaffirm roughly similar conditions in April. The focus will continue to reside on inflation pressures and the broadening impact towards businesses and consumers, with the outlook still facing some key risks as such.
0645 GMT – France May business confidence
0715 GMT – France May flash manufacturing, services, composite PMI
0730 GMT – Germany May flash manufacturing, services, composite PMI
0800 GMT – Eurozone May flash manufacturing, services, composite PMI
0830 GMT – UK May flash manufacturing, services, composite PMI
1000 GMT – UK May CBI retailing reported sales
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.