Commodities Driving Global Markets Lower... | Amazon Announces Record Profit Post Market .... | Happy Friday... |

Good Morning, Markets have largely been weak over the past few days, mainly due to weakness in commodities (iron ore, copper at 6 year lows, gold at 8 year lows, oil at $48.00/barrel. However, it will be the AUS reporting season that kicks off next week, which will really be the main catalyst for our markets… There will be companies that report strongly (mainly due to falling AUD and earnings upgrades in their US operations)….There will be companies that miss guidance (growing competition, poor sales growth). And a large theme of the reporting season will be on-market share buy backs as acquisitions become harder to quantify. Overnight, US stocks fell (Dow down 121 points) as initial jobless claims fell, however, Amazon reported after market… NASDAQ will run again; The SPI is pointing to a 21 point fall this morning
Niv Dagan

Peak Asset Management

Market Wrap United States US stocks fell, extending declines for a third day, as results from 3M and Caterpillar disappointed investors and commodities continued to slide. On positive though came after the closing bell when reported a surprise profit. was bolstered by higher sales in North America, its biggest market, and continued growth in its Amazon Web Services unit. It had a profit of $US92 million, or 19 cents per share, for the second quarter ended June 30, compared with a loss of $US126 million, or 27 cents per share, a year earlier. Revenue rose to $23.19 billion from $19.34 billion. While there have been some misses by some of the top corporates, overall earnings are proving somewhat better than initial expectations. Analysts now call for a 5.3 per cent drop in second-quarter profit for S&P 500 companies, shallower than July 10 estimates for a 6.4 per cent decline. European Wrap European stocks fell for a third day as a decline in energy shares outweighed better-than-expected results from Credit Suisse Group and Unilever. Oil-and-gas stocks contributed the most to the Stoxx Europe 600 Index's drop, with BP retreating 1.4 per cent. Credit Suisse rose 6.2 per cent after quarterly profit beat estimates. Unilever climbed 1.6 per cent after the maker of Magnum ice cream reported higher-than-forecast sales growth. Pearson, an education company, is selling its Financial Times newspaper division to Japanese publisher Nikkei for 844 million pounds. It's the latest major newspaper to change hands since the Washington Post was sold to Jeff Bezos, the billionaire founder of, for $US250 million two years ago. Greece's creditors prepared on Thursday for the start of bailout talks in Athens, after lawmakers adopted a second package of reform measures before dawn despite a left wing rebellion that may bring early elections. In a sign of how the goal of coming to grips with the country's debt is swiftly sliding even further away, Greece's most influential think tank predicted a sharp drop back into recession.

Niv Dagan
Niv Dagan
Executive Director
Peak Asset Management

Prior to founding PEAK Asset Management, Niv headed up HC Securities, spent three years growing Halifax Investments capital markets division and also worked on the wholesale desk at Macquarie Bank, servicing a wide range of institutional,...


No areas of expertise

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.


Please sign in to comment on this wire.

trending on livewire
Get the best of Livewire by signing up to our popular daily newsletter