European stocks start in a downpour, ING pre-earnings note and exciting gas market

It’s that time again, the earnings season will start this week and it promises to be a bit more exciting than usual. It is mainly Wall Street that kicks off with a good number of financials this week.

In our own country only one pre-earning note from ING Group (today) and later this week figures from Just Eat Takeaway, real estate fund NSI and TomTom.

• European futures point to markedly lower open (-1%)
• Futures are 0.5 – 0.9% lower on Wall Street
• In Asia, the picture is divided with higher Japan but firmly lower China (lockdown fear)
• The VIX remains slightly nervous around 29 . on stand
• US dollar well on its way to parity with the euro
• Ten-year yields in both Europe and the US are virtually flat
• Gold is stable, oil loses a percentage
• Bitcoin Drops A Few Percent But Remains Above $20k

gas concerns

Apart from the explosion of figures, Europe is preparing for a great chance that Russia will turn off the gas tap completely. Nord Stream 1 will be closed for ten days for maintenance. There are fears that this is a harbinger of a definitive cut-off of Russian gas to Europe.

Shaking hands with Putin threatens to end up with forced partial closures of factories: especially in Germany, the worst is feared for large consumers such as BASF.

News, advice, shorts and agenda

The most important news from ABM Financial News:

• 07:01 European stocks are expected to open lower
• 07:58 AEX probably starts trading week in the red

The AFM reports these shorts (July 7†

Analyst Opinions

• ArcelorMittal: €30.50 from €48 and to like to buy – JPMorgan
• Ahold: to €27.50 from €29 and keep – Goldman Sachs
• Carrefour: to €20 from €17 and keep – Goldman Sachs
• LVMH: to €700 from €674 and buy – Goldman Sachs

The agenda

00:00 Ex-dividend listing JDE Peet’s
00:00 Ex-dividend Holland Colors
00:00 Pre-earnings note ING Group
11:30 Industrial production Belgium – May

And then this

French industry is already switching from gas to oil:

Japan is also concerned about the gas supply:

IMF criticizes world’s lax attitude towards debt:

ECB bluff poker:

Certainly not a strange thought, but we will never know (for sure):

And the Norwegians are also struggling with (too) high inflation:

Good luck today!