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Baidu (BIDU.O) shares rose more than 5% in pre-market trading after the company reported a 79% year-on-year increase in Q1 smart cloud revenue.According to Hong Kong Stock Exchange documents, Borui Biopharmaceutical (Suzhou) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.Morgan Stanley raised its target price for Nvidia (NVDA.O) from $260 to $285, citing concerns that the rollout of the new architecture and rising input costs could put pressure on gross margins, but strong supply visibility and continued AI demand momentum will offset this.On May 18th, a source close to the US-Iran negotiating teams stated that the US has agreed to grant "waivers" to Irans oil sanctions during the negotiations, meaning the US will temporarily suspend sanctions. Iran has emphasized that lifting all sanctions must be part of a US commitment. However, the US has proposed a temporary waiver by the US Treasury Departments Office of Foreign Assets Control (OFAC) until a final understanding is reached. As of now, neither US nor Iranian officials have confirmed this news.On May 18th, the International Monetary Fund (IMF) raised its forecast for UK economic growth this year, but warned that further “domestic uncertainty” could impact consumption and investment as current political turmoil engulfs the government. The IMF projects the UK economy will grow by 1.0% this year, though this still implies a slowdown from 2025 onwards. In its annual assessment of the UK economy, the IMF stated, “While the UK economy has remained stable in recent years, the wars in the Middle East are weakening its near-term prospects.” The IMF said the upward revision to the 2026 forecast is due to pre-war economic momentum, reflected in recent stronger-than-expected growth and revisions to previous data. The report also stated that UK inflation is expected to rise to slightly below 4% by the end of the year, but assuming energy prices fall as expected, the Bank of England could bring inflation back to its 2% target by the end of 2027 without raising interest rates. However, given the uncertainty surrounding the Iranian conflict, if the second-round effects are stronger than anticipated, the central bank may have to cut or raise interest rates and should be “prepared to act decisively.”

Stock Market Mid-Session Recap for July 19, 2022

Cory Russell

Jul 20, 2022 15:01

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US indices rise, although they are still limited to recent highs.


On Tuesday, major US indexes rose, with the S&P 500 rising over 2.0% to reach new weekly highs above 3,900. The Nasdaq 100 was recently trading in the mid-12,100 range, up around 2.2 percent. Both indexes are now restrained below their most recent highs in the respective ranges of 3,920-3,950 and 12,170ish.


As predicted after scheduled maintenance is finished on Thursday, indications that Russia would resume gas deliveries to Europe through the Nord Stream 1 pipeline eased concerns of a full-blown energy crisis and the ensuing European recession that would be a drag on global economy.

Focusing on earnings, Apple tries to rebound, while Boeing gets a boost

On Tuesday, earnings were once again in the spotlight, with the effect of the recent increase in the US dollar's strength being a major subject. The dollar's increase in value cost IBM (-6.2%) $3.5 billion, according to results reported late on Monday. Johnson & Johnson (-0.3%) had to lower its annual profit prediction, but its share price was still largely supported by the fact that Q2 profits above expectations.


Investors were also keeping a careful eye on changes in the share price of Apple (+1.9%), after prices dropped over 2.0% on Monday on rumors that the firm planned to reduce hiring and expenditure growth in 2023 given an increasingly gloomy outlook. In other stock-specific news, shares of Boeing (+4.1%) increased after private equity group 777 Partners disclosed intentions to purchase an additional 66 Boeing 737 MAX aircraft.


As concerns about the energy crisis ease, the Stoxx 600 spikes to new multi-week highs.


Major European equities indexes broke higher on Thursday on reports that Russia will resume gas shipments via the Nord Stream 1 pipeline into Europe as predicted. The Stoxx 600 index for all of Europe surged through resistance at 420 to reach the 423s, its highest level since June 10. For the first time since mid-April, the index is now decisively back above its 50DMA after closing the day with a 1.4 percent gain.


The French government's plan to buy out EDF for 12 euros per share and assume full control of the firm was the biggest news in European equities markets on Tuesday, apart from a decrease in anxiety about the energy crisis. In order to help France overcome the continuing European energy crisis, the French government seeks more control over the energy industry. Shares of EDF increased by x% as a consequence.

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