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Last week was a painful one for multi-assets portfolios: it was the worst week in four for Treasuries, the worst for commodities since June and the worst for stocks since March
Over the week, the 2s10s curve steepened by 19 bps, a 2.3 standard deviation move. As a consequence, the sectors that slid the most were those that are most exposed to bond yields, ie the long-duration stocks (Communications & Tech despite earnings beats by Apple and Amazon but also Utilities). Energy gained as Saudi Arabia said it would extend production cuts to prop up prices. Source: Bloomberg, J-C Gand.
Amazon reported second-quarter earnings on Thursday that sailed past analysts’ estimates and issued guidance that points to accelerating revenue growth
The stock rose more than 10% in extended trading. AMZN Amazon Q2 FY23: • Revenue +11% Y/Y to $134.3B ($3B beat). • Operating margin 6% (+3pp Y/Y). • FCF $7.9B TTM. • EPS $0.65. AWS: • Revenue +12% Y/Y to $22.1B. • Operating margin 24% (-4pp Y/Y). Q3 FY23 Guidance: • Revenue ~$140B ($2B beat). Source: App Economy Insights, CNBC
Apple beat earnings estimates but fell after-hours
Apple reported fiscal third-quarter results that beat Wall Street expectations for both earnings and sales, driven by stronger services sales that grew 8% on an annual basis. Overall sales still fell 1% year over year, however, and revenue in the company’s iPhone, Mac, and iPad lines were all down from a year earlier. Apple shares fell more than 2% in extended trading. $AAPL Apple Q3 FY23: • Revenue -1% Y/Y to $81.8B (in-line). 💳 Services +8% Y/Y to $21.2B. 📱 Products -4% Y/Y to $60.6B. • Operating margin 28% (flat Y/Y). • EPS $1.26 ($0.07 beat). • Over 1B paid subscriptions. Source: App Economy Insights, CNBC
With 46% of companies reported, S&P 500 Q2 GAAP earnings per share are up 7% over the last year, the highest YoY growth rate since Q4 2021.
Source: Charlie Bilello
LVMH, the world's top luxury group, said Tuesday it enjoyed an excellent first half with net profits soaring by 30 percent to 8.48 billion euros thanks to strong growth in Asia and Europe.
Sales at the group whose brands include Louis Vuitton, Dior and Tiffany, rose 15 percent during the January-June period compared with last year, to hit 42.2 billion euros. ONE BUG SURPRISE -> LVMH reported a surprising drop in U.S. sales in the second quarter, as its chief financial officer said “aspirational customers are not shopping as much as they used to.“ LVMH’s U.S. sales slid 1% in the second quarter from the prior-year period. The disappointing results in the U.S. market came after Cartier owner Richemont earlier this month reported a 4% decline in U.S. sales. Richemont shares fell 10% on the news, pressuring other luxury stocks throughout the week as analysts braced for a potential U.S. luxury slowdown. Here are the details by App Economic Insights - LVMH Louis Vuitton Moët Hennessy H1 FY23 Revenue +15% Y/Y to $42.2B. Wines & Spirits -4% to €3.2B. Fashion & Leather goods +17% to €21.1B. Perfumes & Cosmetics +11% to €4.0B. Watches & Jewelry +11% to €5.4B. Selective retailers & other +26% to €8.4B. Source: App Economy Insights, Barron's, CNBC
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