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This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.
Accenture reported earnings this morning and cut its full-year revenue forecast. Its quarterly bookings fell 2% and the stock crashed 18%. Accenture is the largest IT services company in the world, so when it reports weak demand, every other company in the sector falls with it. Cognizant fell nearly -8%. Wipro fell nearly -8%. Capgemini fell -8.4% to its lowest price in a year. IBM fell -4%. EPAM dropped to near a 52-week low. Two things are driving the selloff. Companies are spending less on IT consulting as the economy slows, and the market now believes AI is starting to do the work these companies used to charge billions for. Both pressures hit the same business model at the same time. This is a direct problem for India. Indian IT has been one of the only sectors holding up the Nifty. TCS, Infosys, HCLTech, and Wipro have been carrying the index. These companies run on the same model as Accenture and earn most of their revenue from US and European clients. Accenture's results are treated as a preview of what is coming for TCS and Infosys. Their US-listed shares already fell 3 to 5% tonight. No surprise Indian markets are getting hit... Source: Bull Theory
Over $1.74 TRILLION has been wiped out from precious metals in the last 24 HOURS. Gold is down -4.75%, wiping out $1.41 trillion from its market cap. Silver is down -9%, wiping out $327 billion from its market cap. Source: Bull Theory
The setup has echoes of the 2020/21 consolidation, when an extended period of range trading eventually gave way to a powerful breakout higher. Importantly, the dollar is also trading comfortably above its 50-week moving average, reinforcing the improving medium-term trend. A decisive move through the 100.5 area would strengthen the breakout case. After spending more than a year coiling inside the current range, a break higher risks creating a vacuum move as traders scramble to adjust to a regime shift in the dollar. Source: TME LSEG
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