At 11:00 GMT Bank of England decided on the Official Bank Rate. Official Bank Rate has been decreased by 0.25%. BOE rate is 5.00%.
The Bank of England has reduced its Official Bank Rate from 5.25% down to 5.00%. This rate cut was expected by the market analyst consensus forecasts. The GBP is reacting to the rate cut with a decline. However, since the cut was already expected, the Pound already declined during the morning hours.
The stock price of Meta is set to start the day's trading with a $33.66 or 7.09% gap up. The gap up will occur due to the company reporting higher than expected quarterly financial results.
The Italian luxury car producer has announced that its Dutch parent Ferrari N.V. has joined an Italian tax compliance programme, which includes pre-emptive and regular checks.
The US electric vehicle producer Tesla has announced the recall of 1.8 million vehicles due to a software issue. EV software has been reportedly failing to detect an unlatched car hood.
Merck & Co have revealed higher than expected second quarter financial results. Earnings are attributed to Keytruda, the cancer immunotherapy drug.
Due to an increase in conflicts across the globe, the defence contractor Leidos has increased the firm's 2024 profit targets, demand for weapons continues to increase.
Meta Platforms has announced that the firm will introduce a new software AI Studio that allows users to create personalized AI chatbots.
The US Federal Reserve has just published its Federal Funds Rate and the Federal Open Markets Committee Statement. The FED has kept interest rates at 5.50%.
Due to a price war with Chinese automakers, in June, Toyota has experienced a fifth straight month of global output decline.
Semiconductor giant Advanced Micro Devices reported quarterly results after yesterday's US market close. In general, the firm has managed to beat quarterly expectations, which is causing a surge. The news are the reason for $10.88 or 7.84% gap up of the stock price.
The stock price of Microsoft has started the day's trading with a drop, despite beating quarterly earnings expectations. In general, the company has given up most of its revenue gains to higher costs, due to which the profit increase has been minor.
Market consensus was that the European CPI would show a reading of 2.5%. Actual number is 2.6%. Meanwhile, Core CPI showed a reading of 2.9% instead of 2.8%. The numbers signal that the ECB might have been too early to cut interest rates.
As the US Federal Reserve considers decreasing rates, the Bank of England being set to cut this week and the European Central Bank already have cut rates, the Bank of Japan faces a different situation and has raised base interests rates. The event has caused a move of the USD/JPY rate to the 150.00 mark.
The Japan's largest investment bank and brokerage Nomura Holdings has revealed first quarter profits. Nomura has reported a 195% increase in quarterly profits, as the global stock surge and high inflation has caused major demand for investing and wealth management services.
UBS has reported that the banking group expects Australian firm corporate profits to drop in 2024, as firms are experiencing a decline of earnings since the Covid pandemic.
An economist survey done by Reuters has revealed that official Purchasing Managers Index has revealed that the sector is set to decline, as the July reading is expected to decrease to 49.3, compared to 49.5 in July.
The US Commerce Department has revealed forecasts that in the second quarter of 2024 the US economy has grown and inflation has declined.
Market research firm Canalys has revealed that the US tech giant Apple has lost two percent of its Chinese market share to its rivals.
Business sentiment data from the IFO institute has revealed that in July the pessimism among German firms has increased.
The Consumer Board Consumer Confidence index and the Job Openings and Labor Turnover Survey Job Openings number have been released at 14:00 GMT. The released numbers did not make a significant impact on the financial markets, despite being considered high importance.
Despite hold ups in delivery times, the top airplane producers have been receiving orders for new jets, as airlines continue to demand new aircraft.
For the first time in three years, the global sales of McDonald's have declined. In addition, the company has missed its quarterly earnings expectations.
United Parcel Service recently lowered its 2024 margins due to an inflow of new customers that have flooded the shipping firm with low profit shipments.