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Money market traders are betting September's hike was the last, with almost 90 basis points of rate cuts priced by the end of 2024. European shares underperforming their U.S. counterparts was a common expectation amongst the survey's European respondents as the robust American economy looks more likely to achieve a 'soft landing' than Europe. European shares are much cheaper than those in the U.S., possibly reflecting the worse economic outlook. The STOXX Europe 600 trades at over 12 times 12-month forward earnings, a 35.6% discount to the S&P 500 (.SPX). "Still, as the broader economic slowdown takes hold of the continent's markets, we expect to see a rather challenging second half of 2024."

Persons: Chris Beauchamp, Thomas Monteiro, Germany's DAX, Fiona Cincotta, Cincotta, Investing.com's Monteiro, Monteiro, Samuel Indyk, Danilo Masoni, Pranoy Krishna, Rahul Trivedi, Sarupya Ganguly, Jason Neely Organizations: IG, European Central Bank, ECB, Investing.com, FTSE, Bank of England, Thomson Locations: Europe, Germany, riskier, U.S, Bengaluru

☆ Snap sees upbeat fourth quarter as new ad features start to pay off
▼ + stars: | 2023-10-24 | by ( Khushi Mandowara | ) www.reuters.com time to read: +2 min

Revenue for the third quarter ended September rose 5% to $1.19 billion, beating analysts' expectations of $1.11 billion, according to LSEG data. For the fourth quarter, the Santa Monica, California-based company expects revenue to be between $1.32 billion and $1.38 billion. Snap, however, said it saw a risk to its sales in the fourth quarter as a war in the Middle East could tamp down spending from a large number of brand-oriented advertising campaigns. Daily active users on Snapchat were 406 million, beating Wall Street expectations of 405.7 million. Snap's net loss widened to $368 million in the quarter from $360 million a year earlier.

Persons: Dado Ruvic, Scott Kesler, Evan Spiegel, Thomas Monteiro, Khushi, Anil D'Silva Organizations: REUTERS, Revenue, Meta, Investing.com, Thomson Locations: Santa Monica , California, Bengaluru

☆ Nvidia results burnish AI rally, lift global tech shares
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +3 min

Nvidia's shares rose to $510.14 in premarket trading, set to surpass a record high of $481.87 hit earlier this week. That represents another three-fold increase in the stock's value from current levels. Elsewhere, shares of Taiwan Semiconductor Manufacturing Co (TSMC) (2330.TW), which supplies to Nvidia, rose 2.2%. A lot rested on Nvidia posting strong results, as most of the S&P 500's over 15% year-to-date gains have come from the AI-driven rally in Nvidia and other Big Tech stocks. Investing.com analyst Thomas Monteiro said Nvidia's results validated "the narrative that has been propping tech stocks in general this year."

Persons: Ann Wang, ”, Hargreaves, Sophie Lund, Yates, Elazar, Bernstein, Stacy Rasgon, Ipek Ozkardeskaya, Thomas Monteiro, Susan Mathew, Chavi Mehta, Varun Organizations: REUTERS, Nvidia, Elazar Advisors, Rosenblatt Securities, Devices, Micron Technology, Broadcom, Marvell Technology, Taiwan Semiconductor Manufacturing, ASM International, BE Semiconductor, Aixtron, Swissquote Bank, Big Tech, Thomson Locations: Taipei, Taiwan, Bengaluru

For the second quarter, Amazon's revenue grew 11% to $134.4 billion, beating estimates of $131.5 billion from analysts polled by Refinitiv. In recent months, Amazon Web Services (AWS) saw its sales growth slow as wary businesses scrutinized their cloud bills. The unit beat estimates of around $21.7 billion in second-quarter cloud sales, increasing them 12% to $22.1 billion. Its rivals posted bigger jumps off smaller bases: 28% growth in Alphabet's June-quarter cloud revenue and a 26% quarterly increase for Microsoft's Azure. Longer-term, Amazon aims to turn one unit, its $35 billion in yearly gross business-to-business e-commerce sales, into $100 billion, Jassy told analysts.

Persons: Pascal Rossignol, Brian Olsavsky, Olsavsky, Andy Jassy, Arun Sundaram, Sundaram, Jassy, Thomas Monteiro, Investing.com, Monteiro, Refinitiv, Chavi Mehta, Jeffrey Dastin, Noel Randewich, Arun Koyyur, Aurora Ellis, Chris Reese Organizations: REUTERS, Amazon.com Inc, Amazon, Google, Microsoft, Refinitiv, Amazon Web Services, CFRA Research, Reuters, Thomson Locations: Lauwin, France, Alphabet's, Bengaluru, Jeffrey Dastin San Francisco

☆ The responsible investing boom is over. Can anything replace ESG?
▼ + stars: | 2023-07-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Environmental, social and corporate governance, or ESG, investing is on a downward spiral. But in 2022, the pace of inflows quickly eased as a confluence of political, geopolitical and market events severely damaged interest in ESG investing. ESG investing took off and became a buzzword — the “artificial intelligence of six years ago,” said Jenkins. Alphabet reported revenue of $74.6 billion, marking a 7% jump compared to last year and beating Wall Street’s estimates. Banc of California reported a much smaller decline in net income of $2.4 million last quarter.

Persons: ESG, Larry Fink, ”, Robert Jenkins, Jenkins, “, ” Jenkins, he’s, What’s, Clare Duffy, Catherine Thorbecke, Wall, ” Thomas Monteiro, —, Elisabeth Buchwald, Jared Wolff, Wolff, PacWest Organizations: CNN Business, Bell, New York CNN, BlackRock, CNN, Lipper, Pleiades Strategy, Google, Microsoft, Wall, Bancorp, Western Bank, Beverly, Santa, Bank Locations: New York, YOLO, Ukraine, Banc, California, Santa Ana, United States

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