July 23, 2024
United States:
Stocks Edge Up as Earnings Kick Into High Gear: Markets Wrap
Stocks edged higher as traders waded through a deluge of corporate results for clues on whether the market will be able to extend this year’s record-breaking rally.
Companies will have to impress as expectations are elevated, especially for megacap stocks. Though still robust, big tech earnings are projected to slow. Tesla Inc. and Alphabet Inc. will be the first of the “Magnificent Seven” to report earnings after the closing bell.
Europe:
Guindos Says September ‘More Convenient’ for ECB Decision Making
The European Central Bank will be in a better position to decide on interest rates at its next Governing Council meeting in the autumn, Vice President Luis de Guindos said.
“We will have more information in September, and especially new macroeconomic projections, so we will be able to better reassess the monetary policy stance,” he told Europa Press. “Data-wise, September is a much more convenient month for taking decisions than July was.”
Asia:
India Raises Taxes to Curb Retail Frenzy in Equities Trading
India made significant changes to taxes on gains from equity investments and stock derivatives for the first time in decades, seeking to curb the surge in speculative trading in the nation’s $5 trillion market.
The government raised the levy on stocks held for less than 12 months to 20%, the first hike since 2008, and to 12.5% from 10% for those held for more than a year, according to the budget presented in parliament Tuesday. The securities transaction tax on equity options was hiked to 0.1%, and to 0.02% on futures, effective from October.
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