Market Round Up: All eyes on EU, Goldman’s deejay, Amazon’s Prime Day shop block
Europe has a number of fights on a number of fronts. Brexit with the UK, the Russian gas pipelines and the division its sowing between Germany and some of its single currency partners, the Trump trade wars and the immigration issues. It’s no wonder that repairing the regions balance sheet has not been at the forefront of the news wires lately.
Consumer price index data (CPI) to be released today is expected to show a minor positive revision back to 2% year on year. Significant revisions like this often lead to a shift in market sentiment, but with the European Central Bank (ECB) suggesting that it is on the path of reducing quantitive easing, while keeping interest rates low, the market shouldn’t be too phased by an upside revision.
The other major event due today is the German 30 year Bund auction. Strong demand for it will be an indicator of still weak risk sentiment. A drop in demand would strengthen the argument that the market is becoming a little more buoyant.
Goldman’s gets a deejay and heats up the party
Goldman Sachs has hired David Solomon as its board chair and CEO, succeeding Lloyd Blankfein.
Solomon is an investment banker, marking a sharp change in direction for a bank that has long been dominated by traders. Solomon is also a yoga practitioner and plays electronic dance music as DJ D-Sol.
On the same day, it announced a profit surge of 40 percent to $2.57 billion in the second quarter, exceeding market expectations on better-than-expected revenue from every division other than trading. The stock price still slipped as the company said legal and regulatory costs increased.
Amazon Prime Day shop block
Jeff Bezos may have hoped for a better company birthday present. Unfortunately, no one told his workers in Germany.
Amazon staff in Germany went on strike yesterday, adding more problems to the biggest annual promo event. This follows similar action by staff in Spain and web outages in the U.S. Meanwhile, some products promoted at a discount during the big event turned out to be more pricey than they were a week ago.
Still, none of these negative points seem to have deterred people from shopping, turning this event from a rummage sale to a must-shop annual event. Amazon’s stock price ended yesterday nearly 2% up.
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