Twitter swings between gains and losses as Elon Musk’s unsolicited offer to buy the company hit a severe resistance from the board, which launched a poison pill. Elsewhere, the week started quietly on Monday, as many European markets were closed for the Easter holiday. Trading volumes were slim, and the US indices swung between slim gains and losses following a bearish session on Friday which sent the S&P500 1.20% down and Nasdaq more than 2% lower, to a fresh one-month low.
Inflation worries, the hawkish Federal Reserve (Fed) expectations, the intensifying war in Eastern Ukraine and rising energy prices weigh on appetite, while better-than-expected earnings from big US banks, including the Bank of America, Morgan Stanley and Citigroup, hint that the US earnings season could be a positive surprise and confirm that the US economy is resilient to higher inflation, higher energy prices, war disruptions and the Chinese lockdown.
Earnings from big US technology companies should help determining the short-term direction in US equities.
Johnson & Johnson, IBM and Netflix will go to the earnings confessional today. Procter & Gamble, Tesla and United Airlines are due to report earnings on Wednesday, Snap, Dow, American Airlines and Philip Morris International on Thursday and American Express on Friday. In commodities, gold flirted with the $2000 per ounce as crude oil hit $110pb mark on rising tensions in Eastern Ukraine, and unrest in Libya. Bitcoin trades near $40K, as appetite remains limited in technology assets.
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0:00 Intro 0:30 Twitter saga 3:47 Market update 4:49 Are US earnings resilient to inflation, war & China lockdown 5:38 Netflix earnings preview 7:08 Gold up 7:49 Bitcoin down 8:16 Crude oil under positive pressure Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
