May 16, 2022

First-quarter earnings enter their busiest week

First-quarter earnings enter their busiest week

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From Nestle and Volvo in Europe to Apple and Pepsi Co. on Wall Street, as many big firms and leading banks will detail first-quarter earnings

Experts expect big tech companies – all FAAMG – Apple [AAPL], Amazon [AMZN], Microsoft [MSFT], Facebook owner Meta [FB] and Google’s parent Alphabet [GOOGL] to perform weaker than a year ago.

Macron’s win in the French presidential election offered some relief to edgy European financial markets. His relatively small poll lead over his far-right rival, Marine Le Pen concerned investors. 

The news has failed to boost the euro, French bonds and stocks. Ιnvestors’ fears about global growth outweighed their relief. Markets appear concerned about new lockdowns in China, Fed monetary tightening, and their impact on the economy.

Now focus will shift to the outlook for tighter ECB policy and the French parliamentary elections outcome in June.

Elon Musk clinched a deal to buy Twitter for $44 billion cash in other news. The transaction will shift control of the social media platform populated by millions of users and global leaders to the world’s richest person.

We can also expect updates on the U.S. housing market and the preliminary estimate for first-quarter GDP growth. 

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*PLEASE NOTE The information above is not investment advice.

Sources: Reuters, Investing, CNN money