 All right, very good morning to you. Hope you're doing well. It's Wednesday 28th of July and in this briefing I'm going to talk predominantly about the three big mega cap tech names to get really earning season fully underway and These three companies actually constitute around 37% of the entire NASDAQ 100 Index from a market capitalization point of view So really wanted to run through these but before I do that just a very quick Overview of market sentiment and look a couple of charts from a broader cross asset class perspective before we get stuck into some of those line-by-line details on those earnings and as far as the actual NASDAQ Reaction was concerned. We'll talk about the single stock fluctuation that was seen Individually in aftermarket trade, but you can see here some extensions on these wicks but really not too much of a reaction in the NASDAQ future partly because Apple's lower about 2% in aftermarket trade Alphabet was up about 3% and Microsoft was actually pretty unchanged. So all in all kind of netting each other off to some respect So that's that future Has partially recovered that sell-off that we saw commenced through the open of Wall Street yesterday after we saw a rejection Pretty much that triple double top from the all-time highs going into the open and pre the US Open yesterday I should say and so on the upside now any further retracement of that of the keeping an eye really around 14965 you can see here was that previous era of support to price going through the back end of last week and Also was an era of resistance on the recovery that we saw going into the final half an hour of trade on Wall Street And with the post-market futures fluctuation with Asia-packed top following some of those mega cap Earnings so NASDAQ off its highs, but still right up there on a higher time frame perspective Elsewhere the FX markets are pretty quiet overall the dollar index not too much change And that's really reflected in both the major pairs just looking at a 60 minute chart here at the euro From a technical perspective that trend line has been holding up very nicely This is the same one. We've been looking at throughout the course of the last fortnight or so being respected now on the fourth occasion during the late session yesterday pretty much to the tick actually and Just backing off from that initial run-up that we saw during the bulk of yesterday session with some of the on suing Dollar weakness that we were observing at the time so Point of opportunity to just book some profits on that brief run-up that we had in the euro and then for sterling You know despite a lot of the negatives that might be occurring There is a slight update on the COVID side that we'll look at in a moment But still remaining fairly elevated Trend line breaks and pushes seem to be a pretty recurring theme at the moment. You can see that here This is going back through a week-long trend line and then the breakout that we saw This is going back to Monday session and then again short-term breakout multiple tests And then we saw a bit of a lift through through a clock yesterday And then we've just kind of moved right up Toward the highs that we were seeing going back to the 14th 15th of the month in terms of that technical level that was being respected late yesterday and Will be something we'll be keeping an eye on today with the psychological 139 handle also positioned at around the same Kind of area as well Otherwise final charts ready to look at T notes pretty quiet Not really to mention their gold top right just ranging top end of that range I should say up about six dollars this morning and as far as WTI crude is concerned again respecting this kind of consolidation period that we've been in since the end of last week so upside levels keep an arm still 72 33 and that does come With the API all of the trees they were seen last night We had a crude drawdown of four point seven to eight million so slightly deeper Then was expected gasoline particularly bullish There was a heavy drawdown of six point two two six million cushing a drawer as well of a hundred and twenty six thousand So oil just remaining fairly buoyant above 72 bucks for the time being going through the European open this morning So let's get straight into it and talk about some of these earnings then starting off with Apple It's interesting because I was listening to some of the media this morning And they were talking about kind of profit levels and revenue levels and how Astronomically high they are and technology firms have been performing continuously so well The point being here is that you know, that's great apples making a whole bucket of money Fantastic, but the shares fell 2% so context is important And I think you know with someone like Apple I was reading a couple of market commentators last night when this was all coming out and they were kind of saying You know, it's great. Apple are really kind of smashing it on the numbers but it's this kind of outlook really of the longer-term pattern that we've been seeing of Where do they go next with their product line with their innovations as they kind of squeeze the products that they have slightly more longer-term perspective because there are perhaps a more rationale here as to why They did dip so just going through the numbers first see their EPS $1.30 be the expectations revenue smashed it at 81.4 billion against 73.3 billion dollars expected terms of the iPhone revenues obviously a key metric and again smashed it 39.57 billion against 34 billion expected quite a few people were keeping an eye on the iPad and the Mac in Particular given the increase that we'd seen and whether or not they could sustain momentum given the lift that those particular the latter Product was seeing through the onset of the pandemic and the work from home kind of environment and the Mac Revenues were 8.24 billion but they submitted 8.07 billion so all sounds pretty good overall their services Which is the other kind of monster area now of the firm had a 17.49 billion print on revenues above 16.33 Keep in mind as well with a lot of these tech stocks and Apple's a real case in point because it's very usual price activity You tend to get this kind of buy-into earnings and then it's kind of like buy the rumor sell the fact they come in They exceed expectations and then they kind of drop off a little bit Given the pre-positioning that they've seen going into the earnings release The third quarter typically is Apple's slowest period with consumers holding out for the new iPhones Launches which typically historically happened around September, but the 5g iPhone 12 appears to have helped the company buck that trend As I mentioned in yesterday's briefing in the preview quite a few people were commenting on the fact that a lot of the kind of Mobile carriers in America AT&T Verizon and such were putting out some pretty aggressive deals during the period of the pandemic as well They did guide Q4 revenue growth of double digits But below the Q3 growth of 36% They do expect supply constraints in Q4 to be greater than Q3 Which will primarily impact the iPhone and iPad so something to be aware of there Otherwise then in aftermarket. This is what it looked like as I said they were down about 2.1% So you know just kind of fading a little bit nothing too Fantastic though. That doesn't make me feel particularly bearish about the stock or anything like that again It's good to put it in context of recent days price action Microsoft the other big company and actuality if you look at the post-market trade for Microsoft They actually dipped quite badly I mean they were down I think at the time when I was watching maybe two and a half three percent And then they saw this really big rally so when I came in actually this morning I had another check through These price charts and that did shock me a little bit about the recovery which obviously when you see a price Reaction like that has definitely got to be a reason When you see very distinct sharp and immediate price reaction like that It's normally down to a fundamental catalyst and of which there is one and I will cover so it by the numbers EPS 217 Exceeded expectations in 192 revenues 46.2 billion again above expectations by around 2 billion Their intelligent cloud area, which is the one that's closely followed came at 17.4 billion above the expected 16.34 billion Investor optimism was tempered Initially by concerned about slowing growth in their as a cloud computing business So as a sales increased 51% in the period but investors had hoped for a faster rate of growth We're obviously Microsoft's facing very stiff competition at the moment by the kind of industry leader from Amazon's AWS And also Google which ranks quite far in third position Problem is there is the alphabet of pouring in resources into that business to try and catch it up with the likes of Microsoft And Amazon so more increased competition and although I said as a sales increased 51% in the period The market is super hungry investors love to see super bullish figures on that front And so that in fact was a slight disappointment However, as I said in the post-market trade it really ramped back up and in the end with Microsoft They did have in their conference call. They guided Q1 revenues at 43.3 to 44.3 billion and that was above expected 42.2 billion They also see Q1 productivity and business process revenues at a decent rate as to as their Q1 Intelligent cloud revenues at around 16 and a half billion US dollars So on the back of those outlook on the guidance the shares pop back up again and then the final one to talk about is alphabet or Google and actually their shares were Very positive on the back of that at one point They're up as much as four percent kind of flattened out with a gain of about three point two six percent. So their EPS absolutely blue Street estimates out the water twenty seven point two six against nineteen point three four dollars Revenues sixty one point eight eight against fifty six point one six billion In terms of some of the top level Numbers the one that really matters is Google services revenues fifty seven billion above expected fifty two They also had YouTube ad revenue exceed at seven billion against six point three So after digital ad slow down a year ago during the pandemic Google's advertising businesses Rebounding buoyed by marketers spending more on search to convince consumers to travel to go back to shops again Digital spending on online spending and so on and so forth. So yeah really Strong numbers for for alphabet one of the other ones I just wanted to mention because there's a lot of focus on chip makers at the moment given a lot of global supply constraints That's led to some of these transitory inflationary conditions is AMD And in fact AMD did rise about percent in aftermarket trade So their EPS beat their revenues beat and they raised their full year 2021 revenue growth view to 60% year-on-year from previous 50% So good numbers from then and this morning there have been some others I know just as I clicked on the mic to come on live. I've just seen Barclays come out But just going to focus on Deutsche for the time being and so Deutsche Bank have come out earlier this morning They're seeing up around 2% head of the market open again I'm filming this just after 7 a.m. This morning. So another hour or so to the cash market open on the Deutsche force But in general really summarized by the point they weathered a slump in fixed-income trading better than their peers Prompting it to raise its revenue target for next year As the main catalyst for their share price reaction. So a whole tonne of earnings coming out And it's not having too much of a dramatic effect as I said those big mega cap tech earnings have kind of netted each other off from The negative rep price reaction effect from Apple to the very positive In alphabet and then kind of leveled out in the end for MSFT So any price recovery that we see and certainly in the lights of the NASDAQ I'll be keeping an eye on that aforementioned level Which would be around 50% retracement of the sell-off that we had yesterday if we're looking at the day trading environment As far as the DAX is concerned obviously Deutsche pretty pretty decent But you know Deutsche is not as big as companies It used to be in many years gone by but nonetheless a positive kind of force and on the upside here from a technical perspective In the DAX I'll be keeping an eye on 15 577 which you can see was a Inflection point with support resistance going back over yesterday's session Well yesterday and the Asia pack top was at that level and the DAX can really run pretty quickly So I'd be quite keen to watch that as that price develops as we go through the volume push on the cash open later Few other very quickly just going to run over a few other points, but I don't want us to talk too much about it But in Asia a few things to be aware of Chinese stocks obviously very much in focus at the moment in that region given the Beijing crackdown on technology and education seeing tech sector getting absolutely hammered Consecutively in recent sessions, but Chinese stocks actually kind of steadied in overnight trade Elsewhere the BOJ policy makers appearing undeterred by increasing global debate on withdrawing crisis kind of Mode stimulus in their latest debate from their July meeting Some calling for the need to avoid a premature exit of stimulus and we did have some Australian CPI days were overnight Was quite high three point eight percent I mean this is up from one point one, but that three point eight percent was in line with expectations And actually it really reflected the impact of a one-off factor Free care free childcare that fueled the gain Was what lifted that number and the core components stripping out volatility only actually was at one point six percent So no real reaction seen in the Aussie dollar and then also from North Korea something to be aware of Was that there was a headline at North and South Korea in talks to reopen a joint liaison office that Pyongyang Demolished last year and they're going to hold a summit as part of efforts to restore relations according to three South Korean Come sources. So yeah, not not none of what I've just mentioned there I've ran through it very quickly because it's tough to be aware of but nothing that's really constituting What's moving markets this morning or should really be part of a trade strategy in the intraday environment? So just having a quick look at the day ahead Obviously the main thing that most people are looking at is the FMC But as far as this morning is concerned, it's pretty quiet overall You've got some CAD inflation data coming out at 130 You've also got the DOE all infantry numbers to follow if the API is at your regular time of 330 London time And then the Fed at seven o'clock and the Fed Bit of talk around this meeting, but I would say it's a little bit I think too premature for the Fed to really start talking more explicitly about this idea and and that's kind of tactical approach around tapering So I think they're just going to maintain a fairly steady course We've seen COVID cases really started to pick up in the US We've had some gyration in recent economic data points And so I think that constitutes just waiting out until the predefined timeline that most Wall Street banks are looking for Which is more talking about the end of August Jackson Hole Formalized with the latest projections will get in September's meeting rather than this meeting that's going to happen tonight ING analysts note that Powell made it clear in his recent testimony to Congress That he continues to believe inflation pressures will be largely transitory And there isn't any pressing need to signal any imminent shift in policy given the fact that employment levels remain six million Lower than where they were pre-pandemic and I would agree with that Which is why I'm not expecting too much in a way of market reaction to that later on tonight on the COVID side There are a few things just to be aware of the CDC overnight have recommended now fully vaccinated individuals wear masks in public indoor settings to prevent the further spread of the Delta variant Texas in America is posting now its biggest daily jump in new cases and hospitalizations in almost five months In the UK you probably would have read that consistent streak of declining new cases has continued 23 and a half thousand cases were reported in the UK yesterday down for a seventh day But the number of deaths had jumped to a hundred and thirty one Which is the most since the 17th of March But we know that there's kind of a laggard effect between The case rates and the death numbers and so we would anticipate that that number would come down at least For the time being but dependent on where the case rates go from here on out And then Sydney in Australia's months-long lockdown is going to be extended for another four weeks is the current status there as well So still in a global sense Trying to manage this COVID situation at the moment is still very much at the forefront But to summarize overall market sentiment this morning barely neutral dollar flat Equity index futures pretty flat the Nasdaq not seeing much in any outright rural Direction on the back of those earnings even though we're talking about over one-third of the Nasdaq coming reported last night And so really just keeping on those technical levels as that recovery point the range high From the the area that's been holding price in oil range high gold And the FX markets as well from those aforementioned levels I discussed. All right, that is it Gonna let you get on with the day. I hope that was useful any questions at all Feel free to drop a comment. Happy to help and take care. Thanks very much