Insightful Crypto News Recap 📰
Stay informed with the latest developments in the crypto market and beyond. Here’s a round-up of some of the top stories:
Tesla’s Recent Performance and Future Plans
• Tesla reported a disappointing fourth quarter of profits, falling short of estimates.
- Operating income was $1.6 billion, below the expected $1.8 billion.
- Elon Musk announced a delay in unveiling the highly anticipated Robo taxi until October, with only a prototype to be showcased.
Alphabet’s Strong Revenue Growth
• Google’s parent company, Alphabet, exceeded revenue expectations in the second quarter, driven by demand for Cloud services and search advertising
- Cloud revenues surpassed $10 billion, showcasing growth in AI infrastructure and generative AI.
- Despite YouTube missing sales estimates, Alphabet’s overall performance was strong.
LVMH’s Sales Amidst Luxury Spending Slump
• Luxury conglomerate LVMH reported muted sales in the last quarter, primarily due to a slump in luxury spending in China.
- Organic revenue in the fashion and leather goods unit rose by only 1%, below analyst expectations
- While Chinese sales plummeted, strong spending by Chinese travelers overseas partially offset the decline.
Bumper Earnings from BMP Paribas and Santander
• French bank, BMP Paribas, beat estimates with net income of €3.4 billion in the second quarter, driven by surging equities trading revenues.
- The bank’s profit exceeded estimates by €450 million, signaling a strong quarter for the company.
- On the other hand, Spain’s largest lender, Santander, surpassed profit expectations in the second quarter despite a slowdown in net interest income.
Deutsche Bank’s Earnings Underwhelm
• German lender Deutsche Bank reported second quarter earnings below expectations, with pre-tax profit falling short of estimates.
- CEO Christian Sewing remains optimistic about meeting the bank’s 2025 goals despite challenges in fixed income trading revenue.
- The bank’s performance is closely watched within the financial sector.
Kamala Harris’ Political Rally and Joe Biden’s Campaign Funding
• Democratic nominee Kamala Harris held her first campaign rally in Wisconsin, vowing to present a strong contrast to President Trump’s agenda.
- Focusing on healthcare and childcare, Harris aims to strengthen the middle class if elected.
- The Trump campaign raised concerns about the transfer of Joe Biden’s campaign funds to Harris, sparking legal challenges.
Labour Party Politics in the UK
• Labour Party leader Keir Starmer suspended seven MPs for rebelling on a key vote, indicating a strong stance against internal dissent.
- His meeting with 150 Business Leaders aimed to promise stability and forge a new partnership with the private sector.
- Starmer’s actions reflect efforts to solidify his position as party leader amid internal challenges.
For more in-depth insights on these stories and other vital news, tune in to Bloomberg Daybreak for the latest updates and analysis to keep you ahead in the world of finance.
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