Key facts
- Global stocks traded with little momentum.
- Investors await the Federal Reserve's policy decision.
- Key tech earnings reports are also anticipated.
- European shares saw modest gains.
- Technology shares declined after SK Hynix's quarterly results missed expectations.
- UBS reported a second-quarter net profit of $2.8 billion.
- UBS plans to repurchase up to $3 billion in shares by mid-2025.
- Standard Chartered reported a 9% rise in first-half pretax profit to $4.78 billion.
- Standard Chartered lifted its full-year income growth target to the middle of a 5-7% range.
- Electrolux reported a second-quarter operating profit of 1.2 billion Swedish crowns.
- Electrolux noted deteriorating conditions in its North American market.
- The S&P 500 has struggled since its June peak.
Global stock markets traded with little momentum as investors awaited the Federal Reserve's policy decision and key tech earnings. European shares experienced modest gains, with commodity stocks providing support, while technology shares saw a decline. This dip in tech was partly attributed to SK Hynix's quarterly results falling short of high investor expectations.
In the banking sector, UBS reported a second-quarter net profit of $2.8 billion, surpassing analyst expectations. The bank's strong performance was driven by its wealth management and investment banking divisions. Following this success, UBS plans to repurchase up to $3 billion in shares by mid-2025.
Standard Chartered announced a 9% rise in its first-half pretax profit, reaching $4.78 billion, which also exceeded analyst estimates. The bank subsequently lifted its full-year income growth target to the middle of a 5-7% range, citing robust performance in wealth management and global banking.
Meanwhile, appliance maker Electrolux reported a second-quarter operating profit of 1.2 billion Swedish crowns, surpassing analyst forecasts of 617 million. However, the company noted deteriorating conditions in its key North American market.
The broader U.S. stock market, represented by the S&P 500, has struggled since its June peak, with the "Magnificent Seven" megacap stocks experiencing declines. Despite this, other market segments have demonstrated strength, suggesting a potential broadening of the bull market. This trend will be further tested by upcoming earnings reports from key technology companies.