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5 Things to watch in this week’s markets

Published by

July 25, 2024 2:51 PM
(GMT+2)

Although data on inflation might be the highlight for investors in the week ahead, several companies are still set to report earnings this week. Here are 5 (five) key things to watch in this week’s markets:1. CoinbaseCoinbase, a trusted and easy-to-use platform for accessing the broader crypto-economy is expected to report earnings this week. The crypto-platform started in 2012 with the idea that anyone, anywhere should be able to easily and securely send and receive Bitcoin.Since then, Coinbase has not only become a bullish signifier for crypto in general, but also a leading crypto exchange Coinbase (COIN).Looking at a consensus breakdown, over the coming months, Coinbase shares are anticipated to stay range-bound, given the average price target currently at $355.56, a 3% increase above current levels. 2. PaypalPaypal, the leading global payments company, will post earnings of $1.07 per share in the third quarter, more or less in line with the readings seen in the same period a year ago. The company estimates revenues of about $6.15 billion to $6.25 during the third quarter of 2021, up by 13-14% from the previous quarter.Paypal is the preferred digital wallet option for non-Amazon retailers and its efforts to offer a seamless and secure checkout experience ties its TPV (Total Payments Volume) growth with the secular growth of eCommerce. 3. BioNTechBioNTech SE, a biotechnology company, develops and commercializes immunotherapies for cancer and other infectious diseases and is more well-known for the Phizer vaccine against COVID-19 and Influenza.After Phizer announced positive results from a phase 3 study of its COVID-19 pill, shares of BioNTech plunged 19.8% last week as investors fear that the pill could hurt demand for BioNtech’s COVID vaccines.However, investors can look forward to the company potentially providing some good news of its own when BioNTech announces its third-quarter results this week. 4. Inflation DataData on producer price inflation for October is scheduled for release on Tuesday. The Federal Reserve stuck to its view that high inflation would prove “transitory” at its latest meeting and is not likely to require a rapid increase in interest rates.CPI (Consumer Price Index) numbers are expected to hit their highest levels post-pandemic, with economists forecasting an increase of 0.6% month-on-month and 5.8% year-on-year.Core Inflation, excluding food and energy costs, is expected to rise 4.3% annually. 5. Top Cryptocurrencies In the past two weeks, Bitcoin’s dominance has dropped from about 48% to 42.3%. Meanwhile, the total crypto market capitalization has continued an upward trend. This indicates that the price action has shifted from Bitcoin to altcoins, and Bitcoin reserves across exchanges have continued to decrease indicating, a strong appetite from buyers.The top five cryptocurrencies to watch this week include BTC, DOT, LUNA, AVAX, and EGLD. To invest in stocks, visit MEXEM today.

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