reply DEFENSE NAMES BUCKED THE TREND AS LOCKHEED MARTIN AND RTX RAISED SALES FORECASTS, INTEL'S STRONG OUTLOOK AIDED CHIPS AND AMD LAUNCHED NEW AI CHIPS, WHILE THE DOLLAR ROSE AND CRYPTO FELL.
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Morning all!
- The US and Iran exchanged strikes for the 12th consecutive night; US President Trump said Iran is getting hit so hard and that they want to make a deal.
- Yemeni Houthis targeted two Saudi oil tankers in the Red Sea, while reports noted that at least 9 ships have stopped passing through Bab al-Mandeb, following the blockade on Saudi ports by Houthis.
- Alphabet (GOOGL) shares fell -3.3%, Tesla (TSLA) slipped over 4%, and IBM (IBM) was modestly softer post-earnings.
- APAC stocks were predominantly in the green, DXY mildly softened, 10yr UST futures lingered near the prior day's trough, and crude futures extended gains.
- European equity futures indicate a slightly lower cash market open, with Euro Stoxx 50 futures down 0.3%.
- Looking ahead, highlights include Canadian Retail Sales (May), US Initial Jobless Claims (Jul/18), Chicago Fed National Activity Index (Jun), EU Consumer Confidence Flash (Jul). Policy Announcements from the ECB, CBRT, and SARB. Comments from ECB President Lagarde. Supply from the UK & the US. Earnings from Intel, Blackstone, Lockheed Martin, RTX, TotalEnergies, Thales, SAP & Repsol.