European stocks set to open lower
Due to the European stock markets opening lower, there was some commotion in the pre-market because of the US credit rating downgrade. The stock markets in Asia had also gone down after Fitch downgraded the US.
Market overview
The European stock markets were going to start the day a little lower. And JP Morgan's CEO said that the downgrade of the US didn't really matter. But the big news of the day was the Bank of England, which was going to raise interest rates to 5.25%. It is also important to keep an eye on like Shogun, Adidas, Apple, and Amazon.com.
The European stock markets
Before the European stock markets opened, there was some commotion in the pre-market because of the US credit rating downgrade. The stock markets in Asia had also gone down after Fitch downgraded the US. The major stock indices in Wall Street also ended up lower because of this news.
JP Morgan
Some people were worried about the downgrade because it showed that the US had some financial problems. But others, like the CEO of JPMorgan didn't think it was a big deal because borrowing costs are really determined by the market, not by ratings agencies. There were also a lot of reports about how companies were doing.
BMW
BMW had made more money thanks to their business in China and higher sales and prices.
Adidas
Adidas, on the other hand, had projected that they would lose money this year, but they actually made a profit by selling a surplus of their Yeezy shoes. French bank Stachan had lower earnings, but their car leasing unit did well. The company is set to have a new plan in September.
Apple and Amazon
People are really interested to see how Apple and Amazon were doing. This begs the question of whether or not people will be spending less money because of high prices on things.
Amazon
Another intresting thing is how Amazon's cloud business is doing. Both of these companies had done really well lately. It is also worth mentioning that a few other companies like Moderna, Airbnb, and ConocoPhillips had that report too.
Oil overview
The market was waiting to see what would happen with oil prices. The prices hadn't really changed much recently, but there were concerns because of the US downgrade. However, the prices were still staying high because there wasn't a lot of oil available.
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