Uber Technologies (-5.7%) posted its first-ever operating profit in the second quarter, a milestone in its long-term efforts to stem losses in its businesses carrying people and delivering food. The results for the three months through June were driven by solid growth in both of Uber’s core businesses, as the number of rides in the U.S. and Canada surpassed prepandemic levels for the first time and demand for delivery stayed strong despite restaurant reopenings. Uber on Tuesday posted a profit of $394 million during the second quarter, compared with a loss of $2.60 billion a year earlier. That came in better than the $18 million loss that analysts polled by FactSet had expected and was driven predominantly by its operating profit, which totaled $326 million. Uber’s revenue rose 14% to $9.23 billion. Its gross bookings, or the total value of transactions on its app, grew 16% to $33.60 billion. Bookings are indicative of consumer demand, while revenue refers to Uber’s cut from it. Uber projected gross bookings between $34 billion and $35 billion in the current quarter. Analysts polled by FactSet expect third-quarter bookings of $34.09 billion. Uber has cut hundreds of jobs this year, including in its overseas food-delivery operations.

Looking for New Structured Product Ideas?
https://en.swissquote.com/trading/investment-products/yield-boosters

Switzerland celebrated its Swiss National Day on 01 August 2023. The Swiss stock market recorded slight losses on 31 July 2023 amid low volume trading. The SMI lost 0.1 per cent to 11,309 points. Among the 20 SMI stocks, there were eleven price losers and nine price gainers. A total of 18.07 (previously: 16.22) million shares were traded. Novartis led the SMI with a plus of 0.9 per cent. In addition, Roche (+0.4%) also recorded gains. Swiss Re lost 2.7 per cent and Zurich Insurance 1.5 per cent. Holcim (-2.1%) was also among the particularly weak stocks. On the other hand, Kühne + Nagel were in demand with gains of 0.7 per cent as well as Sonova, which rose by 0.3 per cent. Richemont and Swatch were also up. Chinese economic data provided support here, keeping alive hopes of stimuli from Beijing.

Stocks in Europe were lower on Tuesday as investors weighed another batch of corporate earnings as well as the latest news on the Chinese economy. The Stoxx Europe 600 index closed down 0.9% at 467.2 points. In Paris, the CAC 40 and SBF 120 lost 1.2% each. The DAX 40 in Frankfurt gave up 1.3%, while the FTSE 100 in London shed 0.4%. Atos finished down (-4%) having performed strongly in early trading. Active pharmaceutical ingredients manufacturer Euroapi (+17.1% to €12.42) reported higher-than-expected first-half results and tightened its guidance range for its 2023 operating margin. BP (-0.3% in London) revealed an underlying profit below analysts' expectations for the second quarter. However, the oil group increased its quarterly dividend to 7.27 cents per share from 6.01 cents a year earlier and announced a $1.5 billion share buyback programme. HSBC (+1.3% in London) published better-than-expected results for the three months from April to June and raised its ROTE and net interest income forecasts for 2023 and 2024. BMW (-5.4% in Frankfurt) recorded a decline in its operating margin in the second quarter, due in particular to rising supplier costs and supply difficulties. Nevertheless, the German manufacturer has raised its full-year margin forecast for its automotive division.

Asian stock exchanges are in a hangover mood on Wednesday, with the indices falling quite heavily across the board. On the Chinese stock exchanges in Hong Kong and Shanghai, the leading indices drop by 2.0 and 0.8 per cent respectively. In Japan, the Nikkei-225 declined by 2 per cent - weighed down by concerns about the economy. Nomura Holdings' first quarter figures are not well received, the share price plunges by 8.3 per cent. The South Korean Kospi loses 1.8 per cent. Still supported by news of a possible takeover by HD Korea Shipbuilding & Offshore Engineering, STX Heavy Industries rises by another 8.3 per cent.

Fitch Ratings on Tuesday became the second major credit firm to cut the U.S. government’s top AAA rates to AA+, a move that was swiftly condemned by the White House and the Treasury Department. The 10-year Treasury note yield gained 8 basis points to 4.038%. The 2-year Treasury note yield added 4 basis points to 4.895%.

Fitch Ratings on Tuesday became the second major credit firm to cut the U.S. government’s top AAA rates to AA+, a move that was swiftly condemned by the White House and the Treasury Department. The 10-year Treasury note yield gained 8 basis points to 4.038%. The 2-year Treasury note yield added 4 basis points to 4.895%.

Berenberg downgrades Inficon to Hold (Buy) - Target 1,222 CHF

Stifel cuts AMS-Osram target to 13 (13.50) CHF - Buy

Berenberg lowers VAT target to 365 (412) CHF - Hold

Produced by MBI Martin Brückner Infosource GmbH & Co. KG on behalf of Swissquote. All news is acquired with journalistic accuracy. No liability is assumed for delays or errors.