A global stock selloff extended to a sixth day - the longest losing streak since September 2023 - as President Donald Trump announced new tariff rates and two days of solid megacap tech earnings failed to lift sentiment. The MSCI All Country World Index slid 0.1%, while a regional stock gauge for Asia also fell for a sixth straight session — its longest losing streak this year. South Korean shares slumped 3.4%. Contracts for the S&P 500 fell 0.2% and those for Europe declined 0.4%. Trump announced a slew of new tariffs, including a 10% global minimum and 15% or higher duties for countries with trade surpluses with the US. The dollar traded steady on Friday after posting its first monthly gain since Trump took office in January. The Taiwan dollar fell for a seventh consecutive day, the longest losing streak since June 2023, as the island got a 20% tariff rate. The Swiss franc edged lower after Trump put a 39% levy on the country’s exports to the US. The moves signaled that concerns over tariffs and economic growth were starting to outweigh the AI-driven optimism that has buoyed megacap tech stocks. While artificial intelligence remains a pillar of long-term bullishness, investors are bracing for potential trade disruptions as the US and key partners weigh new levies. The White House issued a statement just hours before midnight, the deadline Trump set last month after pausing his country-based tariffs for a second time to allow for negotiations. It was unclear exactly when the new rates would take effect. Some of the tariffs were expected, such as a 25% levy on Indian exports. Others included charges of 20% on Taiwanese products, 39% on Swiss goods and 30% on South African products. Thailand and Cambodia, two countries that were said to have struck a last-minute deal, received a 19% duty. Taiwan and the US haven’t yet held a summary meeting due to scheduling conflicts and the tariff rate of 20% is temporary, according to a statement from Taiwan’s cabinet. Taiwan will work to reach an agreement with the US as soon as possible to seek a further reduction in reciprocal tariffs. US stocks fell Thursday, erasing an initial advance on tech earnings that sent Microsoft Corp. above $4 trillion in market value. Apple Inc. shares rose in after-market trading following a sales beat, while those for Amazon.com Inc. fell as its outlook underwhelmed. Meanwhile, Trump sent letters to 17 of the largest pharmaceutical companies in a bid to lower prices, weakening their shares Thursday. Trump is also asking bank chief executive officers for their pitches on monetizing mortgage giants Fannie Mae and Freddie Mac, including a major public offering of stock, according to people familiar with the matter. The market’s attention will soon turn to Friday’s jobs report for July, which is forecast to show companies are becoming more deliberate in their hiring. Employment likely moderated after a June increase, while the unemployment rate is seen ticking up to 4.2%. US After Hours Busy day for earnings; AAPL +2.6%, RDDT +17.9%, TREE +7.8%, FIVN +7.4%, WEAV +7.1%, APPF +6.6% on upside; AMZN -7%, COIN -8.3%, KLAC -0.9% on downside
Nikkei -0.69% Hang Seng -0.65% CSI -0.58% Shanghai -0.41% Shenzen -0.30%
Eur$ 1.1475 CNH 7.2138 CNY 7.2093 JPY 150.52 GBP 1.3201 CHF 0.8140 RUB 80.5408 TRY 40.6692 WTI$ 69.35 +0.13% Gold 3,294 +0.11% BTC 115,738 -0.65% ETH 3,688.35 -1.26%
S&P -0.19% Nasdaq -0.23% EuroStoxx -0.62% FTSE -0.29% Dax -0.66% SMI
Macro :
- *TRUMP TO IMPOSE 39% TARIFF ON GOODS FROM SWITZERLAND
- Cambodia to Scrap Tariffs, Buy Boeing Jets in US Trade Deal
- Trump Demands Drug Companies Slash US Prices in Blow to Industry
- Trump Demands Drug Companies Slash US Prices in Blow to Industry
- Point72 Preps First Venture Fund for Clients, Focuses on Defense
- Taiwan Says 20% US Tariff Not Final, Also Holds Talks on Chips
Keep an eye on :
Keep an eye on :
- AC FP : Hilton Grand Vacations Shares Drop as 2Q Revenue Misses
- AAPL US : Apple Rises After 3Q iPhone, China Sales Top Estimates (1)
- ATO FP : Atos 1H Operating Margin 2.8% Vs. 2.3% Y/y
- CS FP : AXA Buys 51% of Prima for Consideration of €500M (Axa Said to Near €1 Billion Deal for Italy’s Prima Assicurazioni)
- CS FP : AXA 1H Underlying Profit Beats Estimates
- BAYN GY : Bayer Lifts Outlook on Drugs, Adds €1.7 Billion to Legal Costs
- BA US : Boeing Threatens to Strip $5,000 Bonus If IAM Rejects Offer
- BRNL NA : Brunel 2Q Revenue EU302.8M Vs. EU344.6M Y/y
- CPR IM : Campari 1H Adjusted Ebit Beats Estimates
- CLNX SM : Cellnex 1H Adjusted Ebitda Matches Estimates Cellnex Says Profit Rises as It Develops New Sites
- COFA FP : Coface 2Q Net Income EU62.1M Vs. EU73.8M Y/y
- DTG GY : Daimler Truck Cuts Guidance After US Truck Sales Flag
- EMN US : Eastman Chemical Falls After 2Q Adjusted EPS Misses Estimates
- ENEL IM : Enel 1H Adjusted Net Income Beats Estimates
- ENEL IM : Enel Buys Spain’s Cetasa to Increase Local Wind Capacity
- ENEL IM : Enel Search for Brownfield Deals in EU and US Enters Final Stage
- ENEL IM : Enel Says Spain Blackout Impacts Costs Due to Ancillary Services
- ENGI FP : Engie 1H Ebit Excluding Nuclear EU5.10B Vs. EU5.62B Y/y, Engie 1H Ebit Excluding Nuclear EU5.10B Vs. EU5.62B Y/y
- EQT SS : EQT’s Zelestra Signs Its Largest Order Ever for India Wind Farms
- ERICB S : Ericsson in Talks to Invest in Intel Standalone Network Business
- EBS AV: Erste Raises FY ROTE Guidance, Sees NII Growth on Loans (1)
- ENX FP : Euronext 2Q Adjusted Ebitda Beats Estimates
- EVK GY : Evonik Sees FY Adjusted Ebitda Low End of EU2B to EU2.3B
- SFER IM : Ferragamo 1H Ebitda Misses Estimates
- FER SM : Heathrow Submits Proposal for Privately Financed Third Runway
- FIG US : Figma’s 250% IPO Pop Gives It Edge in Creative AI Software Fight
- FSLR US : First Solar Says Trump’s Tax and Spending Law Makes It Stronger
- Froneri (Ice Maker) Goldman Sachs Set to Buy Into Froneri at €15b Valuation: FT
- FUR NA : Fugro 2Q Adjusted Ebitda Misses Estimates
- G1A GY : GEA Group Hits Record, Boosts FY Adjusted Ebitda Margin Forecast
- GBLB BB : GBL 1H Cash Profit EU320M Vs. EU333M Y/y
- HMSO LN : Hammerson Offering of 48.3m Shares Prices at GBp287/Share
- HOLN SW : Kalahari Cement Offers to Buy 29.2% EAPC of Kenya for KES718.7m
- IBE SM : Cox ABG Agrees to Purchase Iberdrola’s Mexican Energy Business
- IAG LN : IAG 2Q Revenue Beats Estimates
- IR US : Ingersoll Rand Boosts FY Adjusted Ebitda Forecast
- INTC US : Ericsson in Talks to Invest in Intel Standalone Network Business
- JMT PL : J. Martins 2Q Ebitda Beats Estimates
- KER FP : Kering to Award €20 Million Welcome Bonus to New CEO Luca de Meo
- MBTN SW : Meyer Burger Seeks Extension to Disclose 2024 Annual Report
- NESN SW : Goldman Sachs Set to Buy Into Froneri at €15b Valuation: FT
- PLTR US : Palantir Technologies Awarded Army Deal Worth Up to $10 Billion
- PIRC IM : Pirelli 2Q Revenue Meets Estimates, Pirelli Sees Italy Decision on China Role in September: Radiocor
- RNO FP : Renault Buys Nissan’s Remaining Stake in Joint Plant in Chennai
- ROKU US : Roku’s ‘Blowout’ Report Underscores Tailwinds: Street Wrap
- SGO FP : Saint-Gobain Maintains FY Operating Margin Forecast
- TGYM IM : Technogym Shares Rise to a Record as Revenue Beats Estimates
- TEP FP : Teleperformance Forecasts FY Results
- UMG NA : UMG 2Q Ebitda Misses Estimates
- ULVR LN : Unilever Shares Fall as Investors Digest Mixed 2Q: Street Wrap
- UMI BB : Umicore 1H Adjusted Ebitda Beats Estimates
- VSAT US : Activist investor pushes Viasat to split broadband and defence units
- VIRI FP : Viridien 2Q Segment Revenue $274M Vs. $258M Y/y
- VIV FP : Vivendi 1H Adjusted Net Income EU54M Vs. EU141M Y/y
- VIV FP : Vivendi 1H Adjusted Net Income EU54M Vs. EU141M Y/y
- WT US : WisdomTree Assets Under Management Beats Estimates
- XPEV US : XPeng July Vehicle Deliveries 36,717 Units Vs. 11,145 Y/y
>>> Up
* Fodelia Raised to Buy at Inderes; PT 6 euros
* Fortune Brands Raised to Outperform at RBC; PT $65
* Mondelez Raised to Buy at DBS Bank; PT $77
* Nestle Raised to Hold at Jefferies; PT 77 Swiss francs
* NIO Inc. ADRs Raised to Outperform at Macquarie; PT $5.50
* Prysmian Raised to Outperform at Mediobanca SpA; PT 82 euros
>>> Down
* Prysmian Raised to Outperform at Mediobanca SpA; PT 82 euros
>>> Down
* Amazon Cut to Hold at Punto Casa de Bolsa; PT $223.81
* Amazon Cut to Hold at Mirae Asset Securities; PT $252
* Avis Budget Cut to Sell at Goldman; PT $105
* BT Cut to Neutral at Rothschild & Co Redburn; PT 210 pence
* Budimex Cut to Neutral at Citi; PT 576 zloty
* DSV Cut to Hold at ABG; PT 1,550 kroner
* Enel Cut to Equal-Weight at Morgan Stanley; PT 8.40 euros
* FinecoBank Cut to Neutral at Mediobanca SpA; PT 20 euros
* GRK Infra Cut to Reduce at Inderes; PT 14 euros
* JD.com ADRs Cut to Sell at Arete; PT $30
* Just Group Cut to Hold at Deutsche Bank; PT 220 pence
* Just Group Cut to Hold at Deutsche Bank; PT 220 pence
* Just Group Cut to Neutral at BNPP Exane; PT 220 pence
* Lottomatica Cut to Equal-Weight at Morgan Stanley; PT 27 euros
* Pets at Home Cut to Underweight at Barclays; PT 190 pence
* Remedy Entertainment Cut to Accumulate at Inderes; PT 18 euros Inditex Reinstated Buy at Berenberg; PT 52 euros
* Saipem Cut to Sector Perform at RBC; PT 2.75 euros
* Sotkamo Silver Cut to Sell at Inderes; PT 0.80 kronor
* Subsea 7 Cut to Sector Perform at RBC; PT 230 kroner
* Taylor Wimpey Cut to Hold at Peel Hunt; PT 110 pence
>>> Initiation
* H&M Reinstated Sell at Berenberg; PT 112 kronor
* Hochtief Rated New Outperform at Grupo Santander; PT 224 euros
* Inditex Reinstated Buy at Berenberg; PT 52 euros
* UCB Rated New Buy at William O'Neil
>>> Call
* Euronext Earnings Beat; Citi Says Greek Deal Has Sound Logic (1)
* UCB Rated New Buy at William O'Neil
>>> Call
* Euronext Earnings Beat; Citi Says Greek Deal Has Sound Logic (1)
DAX:
- Bayer (BAYN TH) +2%
- Bayer Lifts Outlook on Drugs, Adds €1.7 Billion to Legal Costs
- Porsche (P911 TH) -1%
- Daimler Truck (DTG TH) -6.4%
- Daimler Truck Cuts Guidance After US Truck Sales Flag
MDAX:
- Bechtle (BC8 TH) -1%
SDAX:
- Jenoptik (JEN TH) -1%
- MLP (MLP TH) -1.8%
- PVA TePla (TPE TH) -2%
- Heidelberger Druck (HDD TH) -6.6%
- Cancom (COK TH) -8.5%
- Cancom Cuts FY Revenue Forecast, Misses Estimates
- SFC Energy (F3C TH) -20%
- EQS-Adhoc: SFC Energy AG adjusts its guidance for the 2025 financial year in light of market conditions
- Campari (58H TH) +3.9%
- Campari 1H Adjusted Ebit Beats Estimates
- Bayer (BAYN TH) +1.3%
- Bayer Boosts FY Adjusted Ebitda Forecast, Beats Estimates
- OMV (OMV TH) +1.1%
- Rolls-Royce (RRU TH) +1.1%
- Hensoldt (HAG TH) -1.1%
- BBVA (BOY TH) -1.1%
- Siemens Energy (ENR TH) -1.2%
- Talanx (TLX TH) -1.3%
- Sartorius (SRT3 TH) -1.3%
- Bechtle (BC8 TH) -1.5%
- H&M (HMSB TH) -1.9%
- Roche (RHO5 TH) -2.1%
- Novo (NOV TH) -2.2%
- Watch European Big Pharma as Trump Demands US Price Cuts
- Daimler Truck (DTG TH) -7.5%
- Daimler Truck Cuts Guidance After US Truck Sales Flag
After Hours Summary: Busy day for earnings; AAPL +2.6%, RDDT +17.9%, TREE +7.8%, FIVN +7.4%, WEAV +7.1%, APPF +6.6% on upside; AMZN -7%, COIN -8.3%, KLAC -0.9% on downside
After Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: RDDT +17.9%, CCCS +16.8%, BIO +15.8%, CPS +15.7%, IRTC +12.7% (also partnership with Lucem Health), ATEC +10.7%, BOOT +9.4%, NVST +8.1%, TREE +7.8%, FIVN +7.4% (also CEO to retire), WEAV +7.1%, APPF +6.6% (also names new CFO), BFAM +6%, WK +5.7%, RKT +5.5%, SPXC +5.5%, BJRI +4.8%, MPWR +4.5%, FSLR +4.3%, COHU +4.1%, SNCY +3.5%, FND +3%, PRO +2.9%, AAPL +2.6%, OHI +2.5%, SM +2.5%, WTRG +2.5%, LEG +2.4%, ADC +2.2%, CLX +2.1%, NET +2.1%, DXC +2%, PRDO +1.8% (also authorizes new $75 mln share repurchase program; increases dividend), CPT +1.7%, HURN +1.6% (also acquires Treliant), MTD +1.5%, OLED +1.2%, LPLA +1.1%, ATR +0.6%, EXPO +0.6%, FHI +0.6%, HTGC +0.4%, ILMN +0.4%, AES +0.3%, IR +0.2%, CABO +0.2%, EIX +0.1%, PK +0.1%, KLG +0.1%, SXI +0.1%
Companies trading higher in after hours in reaction to news: FDMT +29.6% (results from the SPECTRA clinical trial), NTZ +7.5% (CEO resigns), AREN +5.4% (authorizes new 3 mln share repurchase program), BCC +2% (increases dividend), EE +1.3% (increases dividend), BBAI +1.2% (collaboration with defense firm DEFCON AI), CHTR +0.8% (CEO purchased 3,670 shares), RARE +0.7% (Phase 3 Aspire study fully enrolled), HUSA +0.7% (files for two offerings by selling shareholder), SIG +0.7% (announces exec appts), INCY +0.6% (Knight Therapeutics submits supplemental application to ANVISA), ALMU +0.6% (files for $100 mln mixed securities shelf offering), REPL +0.6% (Point72 increased passive stake to 5.7%), LENZ +0.5% (FDA approves VIZZ 1.44%), BYON +0.5% (to launch tZERO chain and utility token), SNEX +0.4% (completes acquisition of R.J. O'Brien), NSP +0.4% (unveils updated HR solutions portfolio), NVS +0.4% (FDA approves label update for Leqvio), CSX +0.3% (working with bankers to consider options, according to Bloomberg), CEG +0.2% (partnership with KLIM), UNH +0.2% (names new CFO), AVNS +0.1% (to divest Hyaluronic Acid product line), MODG +0.1% (CEO to step down), KLG +0.1% (to restate select financials), WM +0.1% (files mixed securities shelf offering), CYBN +0.1% (files for $1 bln mixed securities shelf offering)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: MX -18.3%, ENVX -16.6%, DOUG -14.4%, EMN -11.9%, INOD -11.7%, WSC -11.4%, MERC -10.2%, COLM -9.8%, COIN -8.3%, MIR -7.9% (also acquires Certrec), BE -7.2%, RIOT -7.1%, AMZN -7%, OPK -7% (also increases share repurchase authorization by $100 mln), RGA -7%, BZH -6.4%, WT -6.1% (also to acquire Ceres Partners), METC -5.9%, LUMN -5.7%, SYK -5.4%, KWR -3.9%, LIDR -3.6%, CORT -3.5%, ROKU -3.3% (also authorizes new $400 mln share repurchase program), CWST -3.2%, EXPI -3%, AEVA -2.9%, GDYN -2.7%, RYAN -2.6%, ROG -2.6%, MTZ -2.5%, MATX -1.8%, PARA -1.7%, AMH -1.6%, RMD -1.5% (also increases dividend), AEE -1.2%, ES -1.2%, PCOR -1.1%, CUBE -1%, HR -1%, ICFI -1%, KLAC -0.9%, HUN -0.7%, MSTR -0.7% (also announces $4.2 bln STRC ATM program; intends to use proceeds to acquire bitcoin), ZEUS -0.6%, SEM -0.2%, AJG -0.1%, FBIN -0.1%, SVV -0.1%
Companies trading lower in after hours in reaction to news: OBIO -11.4% (secures $70 mln in new capital from LGND and MDT; also stock offering), RGA -7% (RGA closes $32 bln reinsurance transaction with EQH), BDX -1.8% (submits FDA application for at-home HPV test), GRND -1% (CFO to step down), HR -1% (decreases dividend), RKLB -0.9% (announces launch window for its next mission), STAG -0.8% (names new COO), BWXT -0.6% (names new CFO), RTX -0.6% (awarded $3.5 bln Air Force contract action), GTN -0.3% (to acquire SagamoreHill Broadcasting's WLTZ), CRM -0.2% (Genesys announces $1.5 bln in new investment commitments from CRM and NOW), CERT -0.2% (names new CTO), CRM -0.2% (to acquire Bluebirds), WFC -0.1% (to name CEO as Chairman), LMT -0.1% (awarded a $4.28 bln price modification to previously awarded US Air Force contract), INTC -0.1% (ERIC in talks to invest hundreds of millions in Intel's networking unit — Bloomberg)