Banks' earnings outperform expectations
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The Numbers: The Stoxx 600 hit a 14-month high on Tuesday and currently sits at 468.62, slightly below its 52-week high of 469.81. Recent Performance: The index has gained 10.29% in 2023 but just 1.91% in the last 52 weeks after falling last summer and fall. National Performances: U.K. stocks have lagged behind those in EU countries. While the CAC 40 in France is up 15.53% and the DAX 30 in Germany has gained 13.51%, the FTSE 100 in the UK has risen just 6.14% year to date.
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US Markets Stock futures were flat overnight after markets ended in the green on Tuesday. - Netflix shares fell despite better-than-expected earnings after the streamer announced it plans to delay efforts to prevent password sharing.
- Western Alliance gained nearly 15% overnight after the regional bank said that its deposits and withdrawals had stabilized following turmoil in the banking sector last month.
- The current 10 Year U.S. Treasury yield is set at 3.59470%
| Dow Jones | 33,987.18 | 0.30% | | S&P 500 | 4,151.32 | 0.33% | | Nasdaq | 12,157.72 | 0.28% | | Russell 2000 | 1,802.84 | 1.22% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Canadian Markets Short-seller Spruce Point Capital Management is targeting Canadian fintech company Nuvei, citing concerns about transparency regarding its acquisitions and business partners. - Spruce Point said that Nuvei's investment deal with Ryan Reynolds should not distract from the company's underlying problems. The short-seller quesitoned the authenticity of the deal, saying that Reynolds may have been given shares in exchange for promotional work to lift the company's public profile.
- Nuvei's stock fell 8.3% on the Toronto Stock Exchange after Spruce Point's report was published before rebounding to finish the day in the green.
- Spruce Point released another report denouncing Nuvei's lack of transparency back in 2021.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets European markets rose on Tuesday as investors reacted positively to corporate earnings. - The Stoxx 600 closed up 0.4% after hitting an intraday high before falling in the afternoon.
- Bank stocks gained 1.3% after U.S. banks outperformed their earnings expectations.
- Telecoms stocks fell 0.7%, dragging down markets.
| Euro STOXX 50 | 4,393.95 | 0.60% | | UK (FTSE 100) | 7,909.44 | 0.38% | | Germany (DAX) | 15,882.67 | 0.59% | | France (CAC 40) | 7,533.63 | 0.47% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Markets in Asia were mixed on Tuesday, with Japanese stocks rising while other countries saw small declines. - Japanese stocks are now on an eight-day winning streak.
- Stocks fell in China despite the economy growing 4.5% in the first quarter of 2023, above the 4% growth expected by a Reuters poll.
- Chinese EV stocks continued to rise after Xpeng's U.S.-listed shares gained 13% on Monday, creating momentum for the industry before trading opened in China.
| S&P Asia 50 | 4,727.48 | -0.18% | | Japan (Nikkei 225) | 28,658.83 | 0.51% | | South Korea (KOSPI) | 2,571.09 | -0.19% | | China (Hang Seng) | 20,650.51 | -0.63% | | India (SENSEX) | 59,727.01 | -0.31% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices were flat on Tuesday despite official data showing that the Chinese economy is growing faster than expected. - Brent crude gained $0.01 on Tuesday and U.S. West Texas Intermediate crude rose $0.03.
- Analysts remain concerned about the possible impact of another interest rate hike by the Federal Reserve.
- Markets seem to hedge on forecasts in demand as investors already know that supply will be declining in the second half of the year.
| Oil (NYSEARCA:OIL) | 30.73 | 0.33% | | Gold (NYSEARCA:GLD) | 186.25 | 0.39% | | Silver (NYSEARCA:SLV) | 23.15 | 0.56% | | Corn (NYSEARCA:CORN) | 25.48 | 0.59% | | Lumber (NASDAQ:WOOD) | 72.54 | -0.12% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar fell on Tuesday, following the publication of new data showing that the economies of China and Europe are on good footing. - The U.S. Dollar rose against Mexican Peso and the Canadian Dollar.
- The Australian Dollar saw gains after the Reserve Bank of Australia released minutes from its last policy meeting, showing that the bank was considering future rate hikes following last month's pause.
- Investors estimate an 83.4% chance of an interest rate hike at the U.S. Federal Reserve's next meeting.
| UK(GBP) | £0.80 | -0.21% | | Europe (EURO) | €0.91 | 0.10% | | Canada (Canadian Dollar) | $1.34 | 0.17% | | Japan (Yen) | ¥134.04 | 0.05% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | Liam Gill is a lawyer who raised $250k with just an idea and turned it into a $35M tech startup.
He now teaches entrepreneurs how to Pitch, Negotiate and Strategize so they can do the same.
Let's Connect |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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