Earnings Bonanza Over? Highest Percentage Of Negative EPS Preannouncements Since Q1 2016

After a spectacular Q1, and a Q2 earnings season that blew away expectations, corporations are turning decidedly sour on their own prospects, and according to FactSet data, as companies head into the end of the third quarter 98 S&P 500 companies have issued EPS guidance…

Oracle Shares Tumble After Revenue Miss

Despite beating EPS expectations (+71c vs +68c exp), ORCL shares are tumbling over 5% after hours following a top-line miss (Q1 $9.20bn vs $9.26bn exp). Goldman said, before the results hit, that the company needed to have a “clean” earnings report and forecast to ease…

UMich Sentiment Soars As Economic Optimism Hits 14 Year High

Led by a jump in both current conditions and consumer expectations, University of Michigan’s Sentiment Survey jumped from 96.2 to 100.8, handily beating expectations of a 96.6 print, and the second highest level since 2004-only behind the March 2018 reading of 101.4. A snapshot of…

ECB Preview: Taper On Autopilot As Growth Is Downgraded

Unanimous expectations for tomorrow’s ECB policy decision – due at 7:45AM ET with a press conference at 8:30AM ET – is for the central bank to leave its three key rates and tapering schedule unchanged, while macroeconomic projections are set to see a minor downgrade…

Gallup Shows How Much Americans Really Care About The “Situation With Russia”

While ever-hope-filled expectations among the left are for a ‘blue wave’ in the Mid-term elections, we suspect things may not turn out quite as planned given the last week’s “crisis”. Even before President Trump had set foot in Helsinki, the left and the media were…

Don’t Tell Trump, But The Atlanta Fed Just Slashed Q2 GDP

Just two days after Donald Trump Jr slammed “the experts” and crowed of expectations for a 4.5% Q2 GDP print, The Atlanta Fed took an ax to its forecast this morning following disappointing spending data… The GDPNow model estimate for real GDP growth (seasonally adjusted…

Consumer Confidence Disappoints In June, But Hope Remains Near 17-Year High

While confidence in the ‘Present Situation’ drooped to its lowest since Dec 2017, ‘Expectations’ for the future remains just shy of its highest since March 2001, but was not enough to lift the headline index which disappointed. Conference Board Consumer Confidence printed a slightly lower…

WTI/RBOB Drop After Huge Gasoline Build

Last week saw API and EIA disagree but WTI rallied into the API print tonight amid expectations for a 2.1mm crude draw. However, the biggest gasoline build since the first week of Jan sparked selling in both WTI/RBOB.   API Crude -2.28mm (-2.1mm exp) Cushing…

EU Rages At “Unacceptable” US Tariffs, Vows Retaliation “In Coming Hours”

Confirming expectations, Wilbur Ross announced the steel, aluminum tariffs exemptions were lifted on EU, Mexico, and Canada. This prompted angry responses from the head of the EU bloc’s executive Jean-Claude Juncker who said that the European Union will impose counter measures immediately. “This is a…