Today's financial news

Friday 21st July

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A bumper week of corporate earnings should close the week on a high for markets

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Amex to kick of today’s corporate earnings

As the Dow Jones reached a record it hasn’t hit since 2017, of nine consecutive days in positive territory, corporate earnings season continues today with American Express and Schlumburger amongst those reporting. Both Netflix and Tesla’s disappointing earnings sent their share prices falling yesterday, dragging both the Nasdaq and the S&P 500 indexes down slightly. It’s hoped that today's earnings announcements will be a little more robust to propel the US markets into a positive end to the week. 

The UK’s sunny retail sales 

Data on June’s retail sales in the UK was released early this morning, showing an increase in spending for the month. This is a relief to those wanting to stimulate the economy, but a little more stress-inducing for those who are trying to tame spending and inflation. It seems that the sunny weather in June sent Brits to the shops to scoop up the latest garden furniture, skimpy summer outfits and cold alcoholic beverage receptacles. As July has been a little greyer, the higher spending levels might not be a feature that is here to stay. 

Japanese inflation up whilst India bans rice exports

It has been a very mixed week on Asian markets, with various economic announcements from China failing to ignite market optimism in the region. Japan is awaiting official data on inflation today, with most expecting a slight uptick in inflation from last month, which will further add to the market woes in the region. India also added pressure to the commodities market, after announcing a ban of exports of non-white basmati rice. This is in an attempt to ensure that there is sufficient supply for local demand following a dreadful monsoon season. 

Sources: IG, Financial Times, AJ Bell, Nasdaq, Yahoo Finance

Zoe Burt