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Market Recap – Microsoft earnings

Thursday, July 18, 2019 11:12 AM GMT

Despite the fact that US banks, with the exception of Citigroup, have generally beaten earnings expectations, have all passed the recent stress tests carried by the FED and are all set to return cash to their investors (via dividents), the upcoming rate cuts are putting pressure to their profitability and their stocks do not look attractive. The cloudy sentiment has been additionally intensified by Netflix that reported the first ever quarter of subscribers reduction is the USA and a total international subscribers’ increase of 2.7 million, way lower than the 5 million subscribers increase goal. Today is the turn of Microsoft and Morgan Stanley, to release their earnings.

The UK’s Office of Budget Responsibility is expected today, to predict that the UK economy will fall into recession (-3% GDP growth) in the event of a no-deal Brexit. Their macroeconomic models are the same as the ones used by the IMF.

The G7 finance ministers are ending their two days summit. Taxes on tech giants like Google and Amazon, contrary to the US objections were on the agenda.

Macro releases: UK’s retail sales are expected at 9.30GMT

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