Within about 10 hours, earnings from UBS, Google, Microsoft, GE, Visa, and Adidas gave investors a snapshot of the global economy and financial markets.
Ten lessons for investors about the state of the global economy and financial markets.was the perfect way to get a snapshot across a wide range of sectors.The overwhelming mood was one of caution about an environment that has changed markedly from that at the pandemic’s worst. But there is underlying resilience in many pockets of the global economy; how long it can last as interest rates keep rising is another question.
with June quarter earnings of $US2.1 billion below analysts’ expectations for $US2.4 billion. UBS has two key issues. First, shaky global markets are keeping clients in its wealth division on the sidelines; CEO Ralph Hamers called the June quarter “one of most challenging periods for investors in the last 10 years” and isn’t expecting a rapid turnaround. Second, deal flow has fallen off a cliff, with a 57 per cent fall in its mergers and underwriting business as IPOs and deals dried up.
But tread carefully: CEO Sundar Pichai remains very cautious, citing uncertainty about conditions in geographical areas and industry verticals.The payment giant’s profits jumped 32 per cent during the period, boosted by an expected surge in spending from travellers. But the most interesting titbit came from Visa’s US numbers, where spending remains strong and purchases sizes remain 15 percentage points above pre-COVID-19 levels.
is a Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine.
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