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Spreadex Market Update

Thursday, July 23, 2015 - Evening Market Update
Connor Campbell - Market Analyst at Spreadex

Rate hike alarm rings following best jobless claims for over 4 decades; Amazon eyeing $500 ahead of Q2 results

Of course, the dollar had a field day on this news, exacerbating the pain felt by the pound (which was already suffering after this morning’s weak UK retail sales). What is good for the dollar is bad for the Dow, with the flagship US index slipping to mild losses after the bell. Yet more important than the market reaction is what this jobless figure means for the Fed rate hike debate; it adds to the growing calls for a September lift-off, and gives the central bank even more to chew on ahead of its second quarter report next week.

The weakening of copper and the continued losses for BP meant the FTSE couldn’t escape the day’s flatness, with little to lift it away from its 10 day lows. The DAX and CAC, meanwhile, struggled to post anything more than mild gains as the euro gobbled up most of investors’ good will towards the region.

The Golden Arches only had a light glow coming off of them this afternoon, as McDonald’s reported a slower than expected drop in profit and revenue, but a speeding up of the decline in US and global sales, with the former falling by 2% whilst the latter tumbled by 0.7%. Given how contradictory many of McDonald’s product promotions have seemed of late it is unsurprising that they couldn’t entice customers, regardless of CEO Steve Easterbrook’s best attempts at making the institution a ‘modern, progressive burger company’.

Post-close brings with it another US mega-stock this Thursday, with Amazon aiming to emulate Netflix, not Apple, with its Q2 results. Following the spectacular Prime Day performance, which the company claims was more successful than its 2014 Black Friday, Amazon is expected to post a 16% increase in revenue to $22.4 billion. Of course, as Apple found out, un-met expectations can be a terrible thing in the eyes of the markets. However, given that the company has seen a near 15% climb in the aftermath of both its last 2 quarters, if Amazon meets its estimates market fireworks could be in store, as the online seller aims to break $500.

Recent Posts:
Stock of the day 23/07/2015 - Anglo American PLC
Afternoon Market Comment 23/07/2015
Morning Market Comment 23/07/2015
Evening Market Comment 22/07/2015
Stock of the day 22/07/2015 - Inc

The Trading Day and Week Ahead

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