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Quarterly reports of U.S firms move markets
Tue, Jul 22 2008, 09:37 GMT
by Adam Narczewski
European indices began Tuesday’s session in red. That is no surprise after yesterday’s bothering news from American companies (American Express, Texas Instruments, Apple, SanDisk) that were published after the session on Wall Street ended.
After-session trading index dropped almost 2.5%, which can be a prelude for today’s decrease of U.S stock indices. Surprisingly, Asian markets did not react strong to bad quarterly reports, dropping just slightly and the Japanese Nikkei 225 even advancing almost 3.0%. European investors reacted in a different way. Most indices are in red including the French CAC40 (at -0.75%), the German DAX (at -0.77%) and the British FTSE (at -1.50%).
The markets are waiting for more quarterly reports from American companies. We can expect a reaction as we did on Friday (Citigroup) and yesterday (Bank of America). Indices increased recently so we can expect realization of profits. Investors might wait till the afternoon when companies like Halliburton, Wachovia, Du Pont, Lockheed Martin, and Caterpillar will publish their reports. I think that we should pay the most attention to Wachovia, the fourth largest bank in the U.S. The financial sector was hit the most in the first 6 months of 2008 and analysts are waiting for any signs of recovery. Citigroup and Bank of America provided bad, but better than expected numbers. How did Wachovia do in the last quarter? The answer to this question can decide on the direction of the market.
Published on Tue, Jul 22 2008, 09:37 GMT
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