The S&P 500 and the Nasdaq are set to end their second consecutive week in the red as investors continue to move away from the major tech stocks. U.S. GDP data surprises to the upside in Q2, with the economy growing close to 3 per cent and business investment reaching its fastest pace in almost a year. In luxury news, French designer Hermes bucks the downturn in the sector, posting a 13 per cent sales surge in the second quarter. Ray-Ban maker Essilor Luxottica sees revenue jump by 5 per cent in Q2 despite slowing growth in North America. The company confirms that Facebook parent Meta may ..read more

The S&P 500 and the Nasdaq post their worst session since 2022 as tech stocks continue to slide. Asian equities suffer as a result. Lacklustre demand for luxury goods in China impacts Kering’s quarterly sales with further declines expected in H2. French autos giant Renault notches record H1 numbers on the back of strong EV sales and cost-cutting measures. The firm has backed its FY guidance. However, Ford has posted its biggest earnings miss in 2 years with guidance further disappointing investors. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art ..read more

Alphabet sees its shares slide as YouTube ad revenue comes in soft. Tesla stock is also down as the EV maker notches its fourth earnings miss in a row. CEO Elon Musk, however, remains bullish about the company’s self-driving USP. Luxury giant LVMH misses topline quarterly forecasts as Chinese consumers pare back spending . The French group is the latest victim of a larger slowdown within the sector. In banking news, German lender Deutsche Bank posts a narrow Q2 beat on the topline, coming after its second quarter of double-digit growth in commissions and fee income. Spanish bank Santander hike ..read more

U.S. Vice-President Kamala Harris strengthens her position as the frontrunner for the Democratic nomination, gaining the backing of a majority of pledged delegates. U.S. stocks rally with mega-caps clawing back some recent losses ahead of key earnings today. CNBC learns that cloud security firm Wiz has spurned Google’s $23bn takeover bid and may instead focus on listing. SAP posts a 25 per cent jump in Q2 cloud revenue, bringing the firm’s backlog to $14.8bn. And in auto news, Porsche cuts its FY sales guidance due to faltering Chinese demand and possible impairment charges linked to supply sh ..read more

U.S. President Joe Biden drops out of the 2024 race for the White House and endorses Vice-President Kamala Harris for the Democratic nomination. Harris gains some early backing since yesterday’s announcement but key Congressional figures and former President Barack Obama stop short of endorsing her candidacy. In China, the PBOC surprises markets by cutting rates, increasing support for the country’s flagging economy. In aviation news, Boeing forecasts the global passenger and freight fleet will double in the next 20 years. This, as near-term production and delivery delays dog the U.S. plane ma ..read more

Wall Street is split, with the Nasdaq recording its worst session since December 2022 while the rotation away from tech stocks continues, helping the Dow to close above the 41,000-point mark for the first time. President Biden pulls out of an event in Nevada after testing positive for Covid while at the RNC in Milwaukee, Ohio Senator JD Vance invokes the words of JFK during his formal acceptance of the GOP vice-presidential nomination. We are live in Frankfurt where it remains all but certain the ECB will keep rates steady, with the possibility of one more cut later this year. Swedish-Swiss ro ..read more

Semi-conductor earnings are in focus with ASML earnings due while shares in TSMC slump after GOP presidential nominee Donald Trump says he would demand Taiwan pays for American protection against China. The Dow rallies more than 700 points to close at a new record high on new optimism over Fed rate cuts. HSBC appoints Georges Elhedery as its new group CEO. He is due to take up the position in September. And Adidas notches a Q2 earnings beat and hikes its full-year guidance after strong sales of its retro trainer range. See Privacy Policy at https://art19.com/privacy and California Privacy Noti ..read more

Donald Trump selects Ohio senator JD Vance as his running mate for November’s presidential election, just two days after the weekend assassination attempt in Pennsylvania. U.S. President Joe Biden defends his mental acuity in an NBC interview while warning that the threat from his opponent is too serious to ignore. German clothing brand Hugo Boss slashes its sales forecast for the second time this year, adding to Burberry and Swatch’s warnings for the luxury sector. And the impasse deepens in France among the victorious far-left faction with talks over naming a new prime minister breaking down ..read more

Former U.S. President Donald Trump survives an assassination attempt while speaking at a campaign rally in Butler, Pennsylvania ahead of his formal presidential nomination at the GOP convention in Milwaukee. President Joe Biden makes a televised address to the nation condemning the shooting, asking Americans to ‘cool down’ political rhetoric. In China, Q2 GDP falls short of expectations slowing to 4.7 per cent amid lingering consumer demand weakness. Google parent Alphabet is reportedly in advanced talks to swoop for cyber security firm Wiz for approximately $23bn, which would be its largest e ..read more

President Biden remains defiant in the face of top Democrats’ calls to step down from the presidential nomination following his latest string of gaffes during last night’s NATO press conference. The S&P 500 and the Nasdaq are both down from recent record highs as the U.S. inflation print for June comes in as the weakest monthly reading in 4 years. Tesla shares nosedive following reports that its robo-taxi rollout has hit another delay due to prototype building. In Japan, the yen sees a sudden surge overnight fueling speculation an intervention by the BoJ could be imminent. The Nikkei ..read more