European stocks started Monday 29 July 2024 on a bullish note as the markets look forward to the week’s central bank meetings and the publication of more earnings reports.
European Stocks Start Week On A High
Based on Bloomberg data, the Stoxx Europe 600 Index was already 0.4% up when the clock struck 8:07am in London. Seventeen of its 20 industry groups were in the green at this time. The shares of Dutch medical equipment manufacturer Royal Philips (PHI1.HA) spiked by more than 9% after the company reported an increase in orders.
Heineken (HEIA.AS), however, took a knock on the back of a drop in value in its stake in China’s foremost brewer. The company was down almost 9% approximately an hour before market close.
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The third week in July 2024 buzzed with the publication of Q2 earnings reports. All eyes are now on the big tech giants, which are due to publish their Q2 results during the course of this week. Apple Inc. (AAPL), Amazon.com (AMZN) and Microsoft (MSFT) may give the tech-heavy Nasdaq, which recorded losses for three consecutive weeks, a boost.
Analysts indicated that investors are looking for clarity in the wake of contrasting economic movements. Bloomberg stated that global monetary policymakers will meet in Tokyo and Washington on Wednesday 31 July 2024 and in London on Thursday 1 August 2024. Bloomberg cited Florian Ielpo, the head of macro research at Lombard Odier, who commented:
Remarkably, despite the confluence of these potentially market-shifting events, the markets are approaching this juncture with a positive mood – risks rising in the face of a positive sentiment could make of this hot week a difficult sail.
