Japanese bond jitters flag U.S. risk: Here's what to know
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CNBC
9 hours ago
- CNBC
Global week ahead: Banking bellwethers and a tariffs waiting game
Next week, the CNBC teams are back on the road – and it's all about the banks and the ECB. From Frankfurt to Milan, and Paris to London, the financials are in focus. The markets seem to be banking on the financial sector to keep up the positive earnings momentum this quarter. Citi described the first quarter as "remarkably resilient," with analysts now expecting Stoxx 600 earnings-per-share growth to turn positive year-on-year this quarter. Much of that optimism is centered on the big banks, while other sectors like luxury, autos and energy have been plagued by earnings downgrades. Unicredit kicks things off on Wednesday. The Italian banking giant will try to keep investors focused on the numbers, rather than its M&A ambitions. While its moves around Commerzbank have seen it increase its equity stake to 20%, Saxo Bank analysts highlight the uncertainty around its potential takeover of Banco BPM, after an Italian court blocked the move until further conditions are met. The stock is up over 50% so far this year, providing some cheer for CEO Andrea Orcel as he battles to keep his expansion plans on track. French financial BNP Paribas — the euro zone's largest lender by assets — reports earnings on Thursday. Last quarter, the bank soared past expectations driven by performance at its investment bank, but revised its profitability target slightly lower. On the same day, attention will turn to Frankfurt for Deutsche Bank's latest set of numbers. The German lender logged its best profit in 14 years last quarter, benefiting from increased trading volumes around the market volatility. CEO Christian Sewing told CNBC in June that he sees an opportunity for Europe to invest more in its own defense sector as a key growth area. For macro-watchers, the highlight of the week in Europe will come from the European Central Bank. President Christine Lagarde and her fellow policymakers are expected to keep rates on hold at 2% on Thursday. But there is a BIG catch… U.S. President Donald Trump's tariff threats are not expected to derail this meeting's outcome, according to Reuters, citing five ECB governing council member sources. But if Trump does push ahead with 30% tariffs on EU imports, there is a broad assumption the ECB will cut rates in response. Investors will have until Sept. 11 to assess the impact, as the ECB breaks for the summer after this week's meeting. In terms of the underlying economic conditions, Deutsche Bank warns that European inflation risks are "still being underestimated, with a remarkable complacency across key assets," with the tariff impact yet to fully trickle through. The bank's macro strategist also told CNBC's Squawk Box Europe that the Aug. 1 tariff deadline for negotiations between the U.S. and EU sets the stage for a late outcome to trigger a "very sharp market reaction."
New York Times
a day ago
- New York Times
Mike Johnson Would Like You to Know About His Subservience
On Friday, during an interview on CNBC, the House speaker, Mike Johnson, claimed that President Trump was among the most popular people to ever occupy the Oval Office. The president is the most maligned and attacked political figure in the history of American politics. There's no question about it, but he's also the most resilient. And you see at the same time, his approval ratings are skyrocketing. CNN had a story, I think, a day or two ago. He was at 90 percent approval rating. There's never been a president that high. You can decide for yourself if you think this president is 'the most maligned and attacked political figure in the history of American politics' (Abraham Lincoln might disagree), but it is frankly ludicrous to say that Trump's approval ratings are 'skyrocketing' or that he represents a high-water mark of presidential popularity. Recent surveys from YouGov, Quinnipiac University, The Associated Press-NORC and Reuters/Ipsos place Trump at roughly 40 percent approval. CNN, contra Johnson, puts Trump at 42 percent approval and 56 percent disapproval. Overall, according to the Strength in Numbers presidential approval average, 42.6 percent of Americans approve of the president's performance while 53.5 percent disapprove, for a net negative of -10.9 points, a low for his second term so far. But the substance of Johnson's absurd claim about the president's popularity is less interesting to me than the fact that he would even say it. The House speaker's assertion that Trump was at a '90 percent approval rating' is the kind of falsehood you might hear from authoritarian state media. It is a servile display of allegiance as much as it is an attempt to mislead viewers. It's Johnson telling Trump he is his man. In the neo-republican ideology that shaped the American founding, civic virtue is a key part of self-government. A corrupt people cannot, in this vision, form a free government. 'Just as good customs require laws in order to be maintained,' Machiavelli observed, 'so laws require good customs in order to be observed.' For Frederick Douglass — the great abolitionist and thinker whose political philosophy was shaped by republican thinking — virtue includes self-respect, cultivated through education, and self-reliance. 'Liberty has its manners as well as slavery,' Douglass wrote to the Black abolitionist and journalist Martin Delany in 1871, 'and with those manners true self-respect goes hand in hand with a just respect for the rights and feelings of others.' My immediate thought upon seeing Johnson's performance on air was to reflect on this relationship between self-respect and self-government. To tell such egregious lies for the approval of some higher authority is to prostrate yourself — to show, for the world to see, your lack of self-respect. This becomes all the more egregious when one considers that Mike Johnson, as speaker of the House of Representatives, is more an equal to the president, in the American constitutional order, than he is a subordinate. He should have the dignity, at least, to act as a peer and not a supplicant. Want all of The Times? Subscribe.
Yahoo
a day ago
- Yahoo
Analyst Highlights Netflix's (NFLX) ‘Biggest Advantage' – Can The Stock Keep Rising Amid Competition?
Netflix Inc (NASDAQ:NFLX) is one of the . MNTN CEO Mark Douglas recently talked about Netflix during a program on CNBC. He believes Netflix has an edge over its competitors. 'I think the biggest advantage Netflix Inc (NASDAQ:NFLX) always has, it's the first place most people think to go when they turn on their TV. And—and it's just an incredible advantage. We've talked about this before. It allows them to turn like a female fight, which typically in the past hasn't had great ratings, into the one of highest rated fights of all time, another form of their live content. So, as long as you have consumers coming to you first, you want a mixture of these top tier shows, but you also want new content that isn't that expensive to produce, like live programming, like dating shows, like, you know, soccer, football in Europe and things like that that you can produce and put out there and attract those viewers worldwide.' Netflix shares were in the red early Friday despite reporting a strong Q2. Revenue rose nearly 16% year over year and beat estimates, while operating margin climbed to 34.1% from 27.2%. The company raised its full-year revenue forecast to $44.8–$45.2 billion from $43.5 billion to $44.5 billion. The stock is up 44% so far this year. Netflix's P/E ratio of 60 is significantly higher than Disney's and Amazon's. Amid rising competition and high valuation, the stock could struggle to keep momentum in the absence of new catalysts. Photo by Souvik Banerjee on Unsplash ClearBridge Large Cap Growth Strategy stated the following regarding Netflix, Inc. (NASDAQ:NFLX) in its second quarter 2025 investor letter: 'Netflix, Inc. (NASDAQ:NFLX), one of the Strategy's largest active weights, saw its shares rise due to overall continued robust execution with double-digit revenue growth, driven by a balance of subscriber growth and price, and continued margin expansion. We took some profits in the position but remain confident in the company's long-term strategy, strong market position and attractiveness of the global streaming market.' While we acknowledge the potential of NFLX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
