Micron earnings ☔ Bond rise, stocks fall💡 In focus: EU CPI, US ISM 🚦

FlowBank's hand-curated fresh financial news [header_noDither] 01.07.2022 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [shutterstock_1267530541] Micron Technology the largest US maker of memory chips fell more than 8% after providing weak guidance, anticipating consumers to cut back on spending on computers and smartphones. The chip maker sees sales to be around USD7.2 billion in its fiscal fourth quarter (vs consensus of USD9.14 billion). In the face of this weaker demand, the company plans to use stockpiles to fill orders, rather than increasing its production and intends to spend less on new plants and equipment. [Start Trading](113/cXx8Z04/VWVdmY8MLf0cW1_BYK41Hns1sW8_npSB4LZ9zNN2H2jzt3q3n_V1-WJV7CgJ6VW6mj5M34ctrX4W8w3bqF3h3RclW71c-W48Rf6DMVvRXqL5kbj7tW4v8tQv1K8JYcW8rVtyb6v89zyW1M6HL15f_SHVW5dbc2x8vLnDmN3N_KK2Gb7FQW2CD30_7gF7bwW51N9n054wcchW7_VvRY54kpGTW26j8QF2FYFNRW38f25S89GN9gW5R11H05d3ZJXVWjjky3FRSLlW7nKbjY4QSZrtW8dWjHv4K2QjqW92Xnkx7Ts3RqW9hXJlk3NNMTrW4x7bFJ5QvfNnW6q952b1s8-1HN7vb5FCV9M8LW78Cq2d7T2r5RW6mDlpL3-DCfrW2PhxXx5CPdk83k661) Trader's Corner In focus • Traders will be watching the US ISM manufacturing PMI print for clues into the strength of the US economy. Stocks could surge should the data come in stronger than expected. • The euro-dollar will be in focus as markets will receive the eurozone CPI for the month of June. • And investors will be watching equity indices' reaction to Micron's earnings, in particular Semi stocks. Economic data • US ISM manufacturing PMI and employment, construction spending, • EU CPI, HICP, Manufacturing PMI • UK Manufacturing PMI, BoE consumer credit Earnings • Sodexo Crypto • Cryptocurrency-related stocks tumbled as the price of Bitcoin (-6%) slid below USD19,000 amid a broader pullback in risk assets. • The digital-asset exchange FTX is nearing an agreement to buy BlockFi after extending a credit line to the beleaguered crypto lending platform. [Screenshot 2022-06-30 at 01.22.49] [Start Trading](113/cXx8Z04/VWVdmY8MLf0cW1_BYK41Hns1sW8_npSB4LZ9zNN2H2jzt3q3n_V1-WJV7Cg-ZzW6vZ2WS24fbcLW1ThX3q58z4ptW6_hS6q9lLKQpW7tHgZ63JpQTBW3HNT-K62kbfHW90z5v98wWl91N6bw-YW2rrFxW9l3Bd63gNLGMN69___BGwBVVN8TvXWgG3-TkW3FNN0J5zY9kJN7nnrcj1s--SW1srYWk6v5-k8Vw7mgh3GFllcW55wbKx5Z4glCW99_lXD72dVQrN4kGlGHyQKnfN1sffRk_3_MJW79GpL_7gkgpVW3JrHPV1drV78W5WvBRD4qcZGbW5vcWtp4NLzV4W4Ckdj159M-76W5Ptq7B53VjykW7dnh928n13HgW8xxJMB3_h_tl3lF61) Market Recap Stocks extended losses while Treasuries rose, with 10-year yields briefly sliding below 3% thanks to softer US consumer spending data. The S&P500 dropped, sealing its worst first half since the 1970s. Cyclicals continued to underperform, with materials leading losses. US Crude plummeted to below USD106, recording its first monthly slide in 2022 as investors became concerned about the health of the economy. Gold fell too and the dollar posted its best quarter since 2016. This morning, the sentiment is deteriorating following Micron's earnings. Futures contracts are lower despite 10-year Treasury yields below 3%. US crude is back to retest a key support level (100-day) and EURUSD is headed lower after failing to break its 1.0490 resistance level. Chart Of The Day Bitcoin is on track for its worst quarter in more than a decade, as more hawkish central banks and a string of high-profile crypto blowups hammer sentiment. [btc-2](113/cXx8Z04/VWVdmY8MLf0cW1_BYK41Hns1sW8_npSB4LZ9zNN2H2jyV3q3npV1-WJV7CgG5ZW7vyNNS1yK12hW4gxV2029bftMW8zxFkP408XzZVMgmcm25fP50VkddZB91c9qbW5tFnGc8vpQNQW8Wj7W56Nfl9qVrvk_53wl0MTW7X3BKq4PkKSjW1pstTp8YjB1GN9lCqVzLsqGQVskJXX7ZWvbDW2HKFHX192mbvW1cXTlF8hHdPYW1m8TX28Vx-QjN60mwzjbh1BgW7Jsh-S3dg2F3W4Sx2lf2fhVSxW4X0zvH7dRYcNW180Xxp14D7BRW4yXcZy89Dnz3W7s7KMX931hXY3p6W1) FlowBank Blog MonthlyFlow - July 2022 [Screenshot 2022-06-30 at 01.31.01](113/cXx8Z04/VWVdmY8MLf0cW1_BYK41Hns1sW8_npSB4LZ9zNN2H2jzt3q3n_V1-WJV7CgDmCW7rpxKk44xh3WVlrV--4BxYctW85fq6d98CPyJW56z9Dk5M0zVDW7Fjwlx7JQD9KV1gCkW5ftRSgW1J5XLC7B26dlW7l2b9h39c6RQW5-VPp57849NvVGTxv83ZXxvtMPQxl5tYTfFW8KmyxQ5BwcpnW3QcWN73RGFG-W2cRcGG1pC1G7N38mBtKMmPzXW6R7stb1y7HGfW1Yx6bW3XcrDyW7mH0xC8nJV8_W2YNBH42WxQr1W4FdY7m7RCBJwW6srbWb5wX1gCVyXzY47hsFHsW8VmFHG78WSyVW6l2z2d4llwzLW40mgjg6kgfH-W1RXdz_86y4_t34D61) Markets remain laser-focused on inflation and ensuing tightening risks to growth. 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