Market Pulse: Week 30 Recap

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Dear Money Master,

Welcome to our latest financial roundup! This week, we cover Ryanair's profit drop, China's rate cuts, and strong Q2 earnings from American Express and Chipotle. We also have news on Revolut's UK banking license and the Fed's inflation gauge pointing to a possible rate cut.

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📰 Your Daily Financial Digest - July 26th, 2024

Money Masters August Rewards:

🌍 Economics & Finance

1. U.S. GDP Q2 2024: Economic Activity Stronger Than Expected with 2.8% Growth 📈 The U.S. economy grew at a 2.8% annualized rate in Q2, driven by strong consumer spending, government expenditures, and inventory investments. Read More

2. PCE Inflation Eases in June, Paving the Way for Potential Fed Rate Cut 📉 The PCE price index increased by 0.1% in June and 2.5% year-over-year, potentially setting the stage for a Federal Reserve interest rate cut in September. Read More

3. China Cuts Key Rates to Support Weak Economy📉 China lowered key short-term policy and benchmark lending rates to boost growth, following weaker-than-expected Q2 economic data. Read More

4. Berkshire Trims Bank of America Stake for the First Time Since 2019 🏦 Berkshire Hathaway sold 33.9 million shares of Bank of America, marking its first reduction in the stake since late 2019, following a strong rally in the bank’s stock. Read More

5. Coinbase UK Unit Fined $4.5 Million Over High-Risk Customer Breaches💰 British regulators fined Coinbase’s U.K. arm for onboarding and serving high-risk customers in violation of a voluntary agreement with the Financial Conduct Authority. Read More

💻 Technology

1. Ether ETFs Set to Launch on Tuesday, Six Months After Bitcoin Funds Debut📊 The SEC has approved exchange-traded funds holding ether, with trading expected to begin on Tuesday, following the successful launch of bitcoin ETFs. Read More

2. Wiz Walks Away from $23 Billion Google Deal, Plans IPO Instead🚀 Wiz declined a $23 billion acquisition offer from Google and will pursue an IPO, citing antitrust and investor concerns as reasons for the decision. Read More

3. Revolut Clinches UK Banking License, Ending Three-Year Wait🇬🇧 Revolut received a restricted U.K. banking license from the Prudential Regulation Authority, allowing it to build up its banking infrastructure before an official launch. Read More

💹 Earnings:

1. American Express Raises Full-Year Profit Forecast Amid Strong Q2 Earnings💳 American Express reported better-than-expected Q2 profit and raised its full-year earnings forecast, driven by affluent customers’ spending on travel and entertainment. Read More

2. Ryanair Shares Fall on Lower Fares, Drop in Quarterly Profit✈️ Ryanair's Q1 2024 profit after tax fell 46% to 360 million euros, with lower-than-expected fares impacting earnings despite a 10% increase in passenger traffic. Read More

3. Southwest Airlines Q2 Earnings: Record Revenue but Profit Drops Over 46%🛫 Southwest Airlines reported a record Q2 revenue of $7.35 billion but saw a significant profit drop, attributing the decline to internal and external challenges. Read More

4. Verizon Misses Q2 Revenue Estimates Due to Slow Phone Upgrades📱 Verizon's Q2 revenue fell short of expectations as price-conscious customers delayed phone upgrades, despite strong growth in wireless subscribers. Read More

5. Stellantis Reports 48% Drop in H1 Net Profit Amid Reduced Volumes and Operational Issues🚗 Stellantis’ first-half net profit dropped 48%, with the company citing reduced volumes, temporary production gaps, and lower market share in North America. Read More

6. Chipotle Mexican Grill Q2 Earnings Top Expectations, Driven by Higher Traffic🌯 Chipotle exceeded Q2 earnings and revenue expectations with higher traffic at its restaurants, despite concerns about portion sizes and industry slowdown. Read More

   

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Disclaimer: This information is for educational purposes only and should not be construed as financial advice. Always conduct your own research or consult with a financial advisor before making investment decisions.