July 22, 2024
United States:
Flailing Stock Market to Get a Lifeline From Earnings, Survey Shows
Despite the recent stock market slump that has some Wall Street pros bracing for a summer correction, respondents to Bloomberg’s Markets Live Pulse survey expect the latest round of corporate earnings to reinvigorate the S&P 500 Index.
As the reporting season ramps up, with results from headliners like Tesla Inc. and Google-parent Alphabet Inc. on deck in the coming days, nearly two-thirds of the 463 respondents to the questionnaire expect earnings to boost the US equities benchmark. About half of the participants predict that Corporate America’s scorecard will be better in the coming months than it was in the first half of the year.
Europe:
ECB Should Fix Leveraged Loans Probe If Flawed, Official Says
A top regulator said the European Central Bank should “correct” its large-scale investigation into risky lending if criticism from banks that the watchdog’s approach was too blunt proves justified.
The ECB is set to delay the findings of the probe in response to an unusual level of criticism from banks, Bloomberg reported last week. The decision means lenders will have to wait until at least September for the final results and is a tacit admission that regulators see some merit in the complaints, according to people familiar with the matter.
Asia:
China Surprises With Rate Cut After Xi’s Big Meeting Disappoints
China increased support for the economy with surprise interest-rate cuts, seeking to prop up growth after a lack of short-term stimulus from a major Communist Party meeting disappointed investors.
The People’s Bank of China on Monday cut the seven-day reverse repo rate, a key short-term policy rate, in the first reduction in almost a year. Chinese banks followed the move about an hour later by lowering their main benchmark lending rates, making it less costly to borrow for mortgages and other loans.
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