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🌎 Latin American markets closed mixed:
In Latin America, some markets benefited from the rally that continues on Wall Street, with the exception of the main indexes of the stock exchanges of Argentina (MERVAL), Brazil (IBOV) and Mexico (MEXBOL), which fell 0.80%, 0.55% and 0.35%, respectively.
Meanwhile, the market that led the region’s gains - and appreciated above the Wall Street indexes - was Chile’s selective index of the Santiago Stock Exchange (IPSA), which rose 0.54% to 6,320.48 points.
For the first time, the Chilean market surpassed 6,300 points, its fourth new high.
In Chile, the news of the day for the markets was the placement of bonds in pesos linked to sustainability, maturing in 2037. The new debt is expected to be priced on Thursday, while initial talks suggest a yield in the high 5% segment, according to a Bloomberg report.
On the Ipsa, the best performing stocks on the day were those of companies such as Viña Concha y Toro (CONCHA), up 5.19%; Embotelladora Andina (ANDINAB), whose shares rose 4.94%; and Colbún (COLBUN), up 4.11%.
The Colombian Stock Exchange (COLCAP) also rose Wednesday, boosted by the shares of Grupo de Inversiones Suramérica (GRUPOSUR) and Corporación Financiera de Colombia (CORFICOL), while the Peruvian market (SPBLPGPT) gained 0.08% despite ongoing social unrest
🗽On Wall Street:
US stocks rose on Wednesday as investors cheered cooling inflation in the UK and looked ahead to a kickoff in tech earnings due at the close of New York trading.
After hours, shares of Netflix Inc. fell after a third-quarter sales forecast missed estimates. Tesla Inc. (TSLA) wavered after a second-quarter earnings beat. And International Business Machines Corp. initially fell after missing sales estimates.
During the regular session, Apple Inc. had gained after a Bloomberg report on its efforts to build AI tools, while Alphabet Inc. and Microsoft Corp. fell. Elsewhere, a profit slump at Goldman Sachs Group Inc. stood in contrast to beats earlier in the week from peer investment firms.
In bonds, US Treasuries joined a worldwide rally as price pressures in the UK dropped to the lowest in 15 months. The lateast inflation report bolstered hopes central banks can go easier on raising interest rates. However, shaky economic data have made clear the Federal Reserve is far from claiming victory. The price of commodities, including wheat, spiked midday on Wednesday after a warning from Russia that any ships to Ukraine would be seen as carrying arms.
“The risk of recession has receded dramatically,” said Neil Dutta, head of economics at Renaissance Macro Research, on Bloomberg TV. “I think the markets are right to allocate a little bit more to the soft landing story, but I think you can make a good case that maybe we’re getting a little bit over our skis here and we should probably put some more potential on the resurgence of the inflationary-boom scenario.”
Carvana Co. gained 40% after the used-car retailer reached a deal to restructure its debt and filed to sell as much as $1 billion in stock.
AT&T Inc. rose 8.5% after the telecommunications company reassured investors by saying less than 10% of its nationwide copper-wire telecom network had lead-clad cables.
And Kering SA rose 7.0% in New York after it was said to be speaking to defense advisers as activist investors including Bluebell Capital Partners circle the French luxury group.
In Asia, shares in Hong Kong and mainland China fell while the offshore yuan slid to the weakest level in more than a week.
Investors see no easy fix to China’s economic slump, with fresh signs of financial stress among the nation’s dollar-bond issuers. Meanwhile, Rio Tinto Group said second-quarter shipments of iron ore fell 1% from a year earlier, as China’s faltering economic recovery continued to weigh on demand.
Gold declined, the dollar strengthened and WTI crude fell after earlier gains.
- The Bloomberg Dollar Spot Index rose 0.3%
- The euro fell 0.2% to $1.1204
- The British pound fell 0.8% to $1.2937
- The Japanese yen fell 0.6% to 139.69 per dollar
🍝 For the dinner table debate:
Tesla’s profits declined in the second quarter of the year. The drop in profitability for Elon Musk’s company illustrates how months of price cuts are undermining its margins, which rank as the highest in the industry.
The Musk-led company said its operating margin was 9.6% in the review period, the third consecutive decline. Beyond that, its revenue beat expectations.
Its second-quarter profit, excluding some items, was 91 cents per share, above the $0.81 Wall Street estimated. Revenue rose 47% to $24.9 billion, Tesla said Wednesday in a letter to shareholders. Analysts had expected sales of $24.5 billion.
Paola Villar S, a content producer at Bloomberg Línea, and Emily Graffeo and Jennifer Bissell-Linsk of Bloomberg News, contributed to this report.
