Week in a Glance: Reporting Season, Lira, Evergrande, Crypto ETF
The main result of the past week, perhaps, is the following conclusion: the markets wanted to grow and found reasons for growth. About these occasions and the main events of the past week in today's review.
The US stock market has turned into a real furious bull, which can only be stopped by the Fed. But the next meeting of the FOMC is still a week and a half, so the chances that he will continue to sweep away everything in his path are great.
As the reason for the growth, the reporting season was chosen, which, in fairness, is really great. More than 70 companies from the S&P 500 have already reported and 86% of them exceeded analysts' forecasts. The main fears of the markets that the rise in inflation increased the costs of companies and hurt their profits did not materialize. Profits in the third quarter, according to the Earnings Scout, are expected to rise 35% over last year.
Naturally, the markets did not notice that the damage was avoided by raising prices and, in fact, this is not a solution to the problem, since it shifts the problem from producers to consumers.
Given that this week is the peak of reporting season, when the entire FAAMG is reporting, the chances of further growth in the US stock market are high.
The main surprise of the week was the rate cut by the Bank of Turkey by 2%, which was a painful blow for the Turkish lira, whose prospects for the foreseeable future are extremely gloomy.
Last week could have been the official default for Evergrande. But, apparently, the company was able to repay the payment of 80+ million. However, this week it is necessary to pay off the next many times larger tranche, so it is more than premature to exhale.
The past week has become a real treat for cryptocurrency lovers. The SEC approved the first cryptocurrency ETF, the ProShares Bitcoin Strategy ETF (BITO), which tracks bitcoin futures on the CME. In the cryptocurrency market, this was perceived almost as the recognition of cryptocurrencies as an official means of payment in the United States.
The US stock market has turned into a real furious bull, which can only be stopped by the Fed. But the next meeting of the FOMC is still a week and a half, so the chances that he will continue to sweep away everything in his path are great.
As the reason for the growth, the reporting season was chosen, which, in fairness, is really great. More than 70 companies from the S&P 500 have already reported and 86% of them exceeded analysts' forecasts. The main fears of the markets that the rise in inflation increased the costs of companies and hurt their profits did not materialize. Profits in the third quarter, according to the Earnings Scout, are expected to rise 35% over last year.
Naturally, the markets did not notice that the damage was avoided by raising prices and, in fact, this is not a solution to the problem, since it shifts the problem from producers to consumers.
Given that this week is the peak of reporting season, when the entire FAAMG is reporting, the chances of further growth in the US stock market are high.
The main surprise of the week was the rate cut by the Bank of Turkey by 2%, which was a painful blow for the Turkish lira, whose prospects for the foreseeable future are extremely gloomy.
Last week could have been the official default for Evergrande. But, apparently, the company was able to repay the payment of 80+ million. However, this week it is necessary to pay off the next many times larger tranche, so it is more than premature to exhale.
The past week has become a real treat for cryptocurrency lovers. The SEC approved the first cryptocurrency ETF, the ProShares Bitcoin Strategy ETF (BITO), which tracks bitcoin futures on the CME. In the cryptocurrency market, this was perceived almost as the recognition of cryptocurrencies as an official means of payment in the United States.
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