News / Uncategorized
[Platinum Insights] (8.8.23)
[Platinum Insights] (8.8.23)
August 22, 2023
Good morning.
Futures are down this morning this morning as fresh worries about China’s economic rebound and the state of U.S. banks weighed on sentiment.
Moody’s Investors Service lowered credit ratings by one notch for 10 small and midsize U.S. banks late Monday and indicated the possibility of downgrading major lenders, including U.S. Bancorp, Bank of New York Mellon Corp., State Street Corp., and Truist Financial Corp. The agency cautioned that the credit strength of the sector might face challenges due to funding risks and weaker profitability. “Many banks’ second-quarter results showed growing profitability pressures that will reduce their ability to generate internal capital,” Moody’s said in a note.
China’s imports and exports fell much faster than expected in July, data on Tuesday showed, with imports down 12.4% year-on-year, missing a forecast fall of 5% in a Reuters poll and off a 6.8% decline in June.
Meanwhile, a surprise 40% levy on banks’ extra profits imposed by the Italian government also weighed.
WTI crude futures fell to $81 per barrel. Gold held below $1,940 an ounce while government bond yields around the world retreated, with the US 10-year Treasury note yield falling below 4%, the lowest in near a week, as concerns about the banking sector re-emerged.
On the earnings front, major companies like Eli Lilly (LLY), United Parcel Service (UPS), Zoetis Inc (ZTS), and Duke Energy (DUK) are slated to release their quarterly results today.
Have a great day!
Share this article:
More in Uncategorized:
Hedge funds and banks typically use multiple time frames for intraday trading
Hedge funds and banks typically use multiple time frames for intraday trading, as this allows them to gain a comprehensive...
Trent Grinkmeyer
August 30, 2024
Nvidia Earnings Call: A Record Quarter with a Twist
Nvidia’s Q2 earnings call was a mixed bag, with the company reporting a record quarter but also revealing a drop...
Kerry Grinkmeyer
August 29, 2024
Nvidia Earnings: A Critical Moment for Big Tech
As we approach Nvidia’s earnings report, the tech world holds its breath. This isn’t just about one company’s performance; it’s...
Trent Grinkmeyer
August 28, 2024
The Sleeping Giant: Why Intel is an Undervalued Stock
As the world’s largest semiconductor company, Intel (INTC) has long been a household name in the tech industry. However, despite...
Kerry Grinkmeyer
August 23, 2024
The Trillion Dollar Addiction...
The Trillion Dollar Addiction That Amazon, Google, Meta and Microsoft Will Be Selling Next Year As I discussed in my...
Kerry Grinkmeyer
August 19, 2024
What is an AI Agent? What Can It Do For You? Where Can You Get One?
As I discussed with my tribe during our recent stock talk, I’m excited to share with you the concept of...
[Platinum Insights] (8.8.23)
August 18, 2024