Real-time News

The yield on Japan's 30-year government bonds fell 6 basis points to 3.92%.

On July 29th, Gordon Shannon, co-head of investment-grade at TwentyFour Asset Management, stated in a report that investors should expect the Federal Reserve to adopt a "tightening hold" approach at its meeting, while still maintaining a considerable probability of a rate hike. Although he anticipates a 25-50 basis point rate hike later this year, the moderate CPI inflation in June and weak employment growth suggest the committee can wait for more data.

July 29th - Markets widely expect the Federal Reserve to keep the federal funds rate unchanged, but Paolo Zanghieri, senior economist at Generali Investments, stated in a report that the more important thing will be the message the Fed sends. He anticipates that policymakers will maintain or even strengthen a tightening tone, given persistent inflation, rising oil prices, and internal divisions within the Fed that open the door to further tightening later this year. This aligns with Generali's broader expectation that sticky inflation, despite some easing of overall inflation, will keep central banks cautious. Markets will focus less on the interest rate decision itself and more on any signals regarding the September meeting and the balance between inflation risks and economic growth.

July 29th - Recent high temperatures and drought in Europe have caused the water level of the Danube River, a major river flowing through several European countries, to continue to drop, with the water level in the Budapest section reaching a record low. The latest data released by the Hungarian Water Authority on July 28th shows that the water level in the Budapest section of the Danube has dropped to 27 centimeters, breaking the previous record of 33 centimeters set on October 25, 2018. Due to the extremely low water level, many sections of the Danube are impassable for freight and passenger vessels, and navigation restrictions have been implemented in the Budapest section. Experts warn that if the drought continues, Danube shipping may be forced to a complete halt.

On July 29th, DHF Capital SA economist Bas Kooijman stated in a report that oil price movements have become a key driver of US Treasury yields and market expectations regarding the Federal Reserve's interest rate path. The outlook is likely to change depending on the developments in the Middle East and oil prices. A further sustained decline in oil prices could exacerbate inflationary pressures and dampen expectations of monetary policy tightening, while a renewed escalation of tensions could reignite inflation concerns and push up US Treasury yields.

Italian oil company Eni: Increases share buyback program to €3.4 billion.

Italian oil company Eni reported second-quarter production of 1.79 million barrels of oil equivalent per day, exceeding the company's consensus forecast of 1.74 million barrels of oil equivalent per day.

Italian oil company Eni reported adjusted net profit of €2.33 billion for the second quarter, exceeding the company's consensus forecast of €2.09 billion. The exploration and production business segment reported adjusted EBIT of €4.77 billion for the second quarter.

On July 29th, Daniel Loughney, Head of Fixed Income at Mediolanum International Funds, stated in a report that the Federal Reserve's current signals are somewhat ambiguous. The market interpreted Fed Chairman Warsh's remarks at his first FOMC meeting as tightening, shifting its expectation from rate cuts to rate hikes. We believe the market's interpretation of the Fed's intentions is flawed, and a rate hike is unreasonable. Mediolanum argues that Warsh's stance at the last meeting was neither tightening nor dovish.

Deutsche Bank's European shares rose 1.7% in pre-market trading after the earnings release.

JPMorgan Chase lowered its price target for Corning (GLW.N) from $200 to $170.

According to Interfax news agency, the Russian Ministry of Defense stated that Russian troops attacked two ships carrying weapons bound for the port of Odessa, Ukraine.

JPMorgan Chase raised its price target for Wells Fargo (WFC.N) to $95.5 from $93.5.

Haina International: Raises target price for Visa (VN) from $410 to $427.

Standard Chartered Group (02888.HK) shares rose by 5%.

Deutsche Bank (DB.N): Plans to repurchase €500 million worth of shares in the second half of the year. Revenue targets for 2026 are progressing steadily. Strong operating performance is expected for the full year.

Deutsche Bank (DB.N) reported second-quarter revenue of €8.48 billion, up 8.6% year-over-year, exceeding market expectations of €8.13 billion. Pre-tax profit was €2.68 billion, slightly below market expectations of €2.39 billion. Fixed income, currency, and commodities trading revenue was €2.6 billion, also below market expectations of €2.41 billion.

Standard Chartered (02888.HK) reversed its decline, with its share price rising by more than 2%, after its first-half results exceeded expectations and it announced a new round of share buybacks.

JPMorgan Chase raised its price target for Bank of America (BAC.N) to $68 from $62.50.

JPMorgan Chase raised its target price for Visa (VN) from $400 to $450.