Sharing our Daily Market Overview with you, ensuring that you do not miss out on any important market changes!
International Market Update
- European stocks closed higher on Tuesday as positive corporate earnings gave a tailwind to global markets. The pan-European Stoxx 600 closed 0.8% higher, with stocks in the travel and leisure sector up 1.9%, sending most sectors and major bourses higher. Swiss bank UBS beat analysts’ expectations in the third quarter thanks to a boom in wealth management, reporting a net profit attributable to shareholders of $2.3 billion. UBS shares were up 1.3% by the close. Swiss-American computer peripherals maker Logitech reported a rise in second-quarter sales on Tuesday, driven by rising demand from home workers.
- US stocks climbed to record highs on Tuesday as major companies continued to report solid quarterly results, but the major averages closed below their highs of the day, with some big tech names toppling. Nearly 30% of S&P 500 companies reported earnings and more than 80% of them beat Wall Street expectations, according to CNBC calculations. S&P 500 companies are expected to increase their third-quarter earnings by about 35.6%.
- Shares in the Asia-Pacific region slipped this morning, although Wall Street’s major indices hit new record highs again overnight. Australian shares slipped and the S&P/ASX 200 fell 0.22%. Australia’s consumer price index rose 0.8% in the September 2021 quarter, data from the Australian Bureau of Statistics showed. The reading for quarterly consumer price inflation was in line with expectations in a Reuters poll. Meanwhile, industrial profits in China rose 16.3% in September from a year earlier, according to data released by the National Bureau of Statistics on Thursday.
In International news
Alphabet reports better-than-expected quarterly profit and revenue
Alphabet reported third-quarter profit and revenue that beat analysts’ estimates. The company’s shares were little changed after the report was released. Google’s advertising revenue rose 43% to.$53.13 billion, compared with $37.1 billion at the same time last year and slightly higher than the previous quarter. YouTube’s advertising revenue rose to $7.21 billion, up from $5.04 billion a year ago. Earnings per share (EPS) amounted to $ $27.99 per share vs $23.48 per share, according to Refinitiv estimates. Revenue in Google’s cloud division climbed 45% to $4.99 billion, while operating loss narrowed to $644 million from $1.21 billion.
Microsoft beats revenue expectations, reporting 22% growth Microsoft shares edged 2% higher in extended trading
Tuesday after the software and hardware maker reported fiscal first-quarter earnings that exceeded analysts’ estimates. Earnings was recorded at $2.27 per share, adjusted, vs. $2.07 as expected by analysts, according to Refinitiv. Revenue came in at $45.32 billion, vs. $43.97 billion as expected. Total company revenue climbed almost 22% year over year, according to a statement. That’s the fastest growth since 2018. Revenue grew 21% in the previous quarter. Microsoft reported $20.5 billion in net income, growing 48%. With respect to guidance, Microsoft called for $50.15 billion to $51.05 billion in fiscal second-quarter revenue. That works out to $50.60 billion at the middle of the range, passing the $48.92 billion consensus among analysts polled by Refinitiv.