020 7898 0500The Nasdaq stock index hit a high at the start of trading in New York yesterday, as news that Alphabet shares were expected to jump by 4% filtered through to traders. Google’s parent company posted revenues of $26.24 billion in the last three months, which beat expectations of $25.5 billion. That’s up from $20.9 billion a year earlier. Profits dipped to $2.8 billion, but that is including the European Union’s $5 billion fine. Impressive.
The dollar lost some ground against sterling yesterday and just about held its own against the euro. Composite, manufacturing and services PMI readings came in a bit mixed, with services disappointing the most. However, the reading of 56.2 still shows a robust rise in service sector output, with a sharp rise in new business being the main reason.
Today we will have new home sales for June, as well as mortgage applications. However, attention will likely be trained on Trump’s meeting with Juncker and whether or not they can agree on the next steps in trade discussions.
