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Real-time News
August 3 – Research from the European Central Bank (ECB) shows that eurozone households have cut spending following the outbreak of the war in Iran, appearing more concerned about overall uncertainty than faster inflation. Economists including Neus Dausa i Noguera, Maria Dimou, and Omiros Kouvavas, in an article published this week in the ECBs Economic Bulletin, noted that market confidence declined and consumption momentum weakened significantly as the conflict escalated. They found that the economic slowdown was primarily due to reduced discretionary spending. Nominal energy spending rose, reflecting increased transportation costs, while spending on housing and food remained resilient. The adjustments were most pronounced among high-income households. The researchers stated, "The weakening of nominal consumption appears to be primarily driven by households with unrestricted budgets who chose to postpone spending due to increased uncertainty." They added, "While price increases from the Middle East war may have played a role, the analysis suggests that even after controlling for real income, an emotion-driven channel exists. If households perceive the loss of real income from the conflict as persistent and link it to a decline in real purchasing power, then the initially emotion-driven slowdown may become more entrenched."A German government spokesperson stated that the (Ceuta exclave migrant crisis) highlights the volatility of the situation at the EUs external borders, requiring joint efforts from all European countries.Steffier: Tesla (TSLA.O) saw weaker profitability in the second quarter, with gross margin falling to 16.8% and adjusted EBITDA missing expectations. Nevertheless, he remains optimistic about FSD and Robotaxi, viewing order backlog growth and the launch of Model YL as key long-term catalysts.Steffier: Lowered Tesla (TSLA.O) price target to $491 from $508, while maintaining a "buy" rating.August 3rd - On August 3rd, it was reported that Dark Side of the Moon plans to submit its Hong Kong IPO application as early as this month, potentially raising approximately US$3 billion. Dark Side of the Moon responded that the news was untrue.
