(Boursier.com) — Wall Street continued to climb at the start of the session, with the latest producer price figures confirming the fact that inflation has undoubtedly peaked in the United States, even though it should remain high for many more months. the Dow Jones wins 0.84% at 33,590 points, while the S&P500 advance of 0.81% to 4,244 points. the Nasdaq gained 0.71% to 12,947 points.
The producer price index therefore fell by 0.5% in July compared to the previous month, where the consensus was positioned at +0.2%. Excluding food and energy, the index posted an increase of 0.2% over one month and 7.6% over one year. Levels lower than the previous month and the expectations of economists. Despite this lull on the inflation front, several institution officials – from the “hawk” Neel Kashkari to the “dove” Mary Daly – have left no doubt that the Fed will continue to tighten monetary policy until inflationary pressures subside for a long time.
“Despite unwavering Fed rhetoric, this release has given investors hope that the pace of U.S. rate hikes will slow and the legendary soft landing may be less elusive than expected. “, explains to ‘Bloomberg’ Lewis Grant, head of global equities at Federated Hermes.
According to the CME Group’s FedWatch barometer, the market now estimates the probability of a 50 basis point rate hike at the end of September at 67.5%, and at 32.5% that of a rate hike of 75 bps (between 2.75% and 3%). On the bond markets, the rates evolve in dispersed order. The yield on the 10-year American 10-year rose by 6.5 basis points to 2.84% while that of the two-year, more sensitive to changes in the Fed’s rate, dropped 2.5 bp to 3.19%. The dollar lost another 0.4% against a basket of currencies.
Still on the macro front, jobless claims rose less than expected last week in the United States. The US Department of Labor has indeed announced, for the week ended August 6, that jobless claims reached 262,000, up 14,000 from the previous week. The consensus was counting on 265,000 new registrations. The four-week average is 252,000, up 4,500. Finally, the number of unemployed people receiving benefits for the week ended July 30 reached 1.428 million, an increase of 8,000 over seven days (1.420 million consensus).
Bitcoin climbs 2.5% over 24 hours to $24,660 on Coindesk. Finally, a barrel of WTI crude for September delivery is currently up 0.6% to 92.5 dollars on the Nymex and an ounce of gold is up 0.1% at $1,791.
Values
* waltz disney soared by more than 7%, driven by better-than-expected quarterly results, the recruitment of 14.4 million new subscribers for its Disney+ services (vs. 9.8 million expected) and the announcement of a price increase access to Disney+ ad-free by 38% in December. Walt Disney had a total of 221.1 million subscribers for its streaming platform at the end of the third quarter, a number higher than that recently announced by Netflix, which lost customers during the last quarter. To attract new subscribers, Disney will offer an ad-supported Disney+ package in December for $7.99 a month, the same price it currently charges for the ad-free version, the company said. The prices to access the Hulu platform will increase by 1 to 2 dollars per month in December. The company expects Disney+ to become profitable in fiscal 2024.
The group, however, lowered its long-term subscriber forecast for Disney+ customers, due to the loss of cricket broadcasting rights in India. Chief Financial Officer Christine McCarthy told investors on a conference call that the company now expects to have between 135 million and 165 million “core” Disney+ customers and up to 80 million Disney+ customers. Disney+ Hotstar product in India by the end of FY2024, a maximum of 245 million. A figure lower than the 230 to 260 million previously estimated. In its third fiscal quarter, the entertainment giant reported adjusted earnings per share of $1.09 (96 cents consensus), up 36% year-on-year, thanks to the resumption of attendance at its theme parks. Sales jumped 26% to $21.5 billion, driven by soaring park revenue and beating analysts’ expectations of $21.5 billion.
* boeing takes 0.8% after delivering its first 787 Dreamliner since May 2021 on Wednesday. American Airlines is the proud owner of this aircraft, which has encountered numerous production problems in recent months. The American aircraft manufacturer confirmed the resumption of deliveries following “extensive technical analysis, verifications and rework activities to ensure that all aircraft meet Boeing’s rigorous specifications and regulatory requirements”.
The FAA last month approved Boeing’s inspection and modernization plan needed to meet certification standards. Deliveries of Boeing’s jumbo jet were disrupted when problems first emerged about two years ago, and were halted by the FAA in mid-2021 after other small flaws were discovered by Boeing engineers. The Seattle group has about 120 787 models awaiting delivery.
* T-Mobile USA (steady). Deutsche Telekomfirst shareholder of T-Mobile USA with 48.5% of the capital, expects to become a majority shareholder well before 2024. The American operator, which represents three-fifths of the German group’s turnover, has gained subscribers after its merger with Sprint and the deployment of its 5G service. In the last quarter, T-Mobile acquired 1.7 million customers, bringing its total base to 110 million. DT chief executive Timotheus Hoettgas said acquiring a majority stake in T-Mobile US was the group’s most important strategic project at the moment.
* Bumble yields 1%. The online dating application publisher has revised down its annual revenue forecast and unveiled quarterly results below expectations.