Gold Passes $2,000 An Ounce For First Time In History As Investor Fear Grows

In earnings news, The Walt Disney Company (DIS) reported a quarterly loss of $5bn, but its shares jumped 5% in late trading after revealing it now has 100 million streaming subscribers across its platforms, including 60 million Disney+ subscribers. The firm had originally set a goal of 60 to 90 million subscriptions by 2024. Theme parks were a major drag on the company’s results, with revenue down 85% to $983m.

S&P 500: +0.4% Tuesday, +2.3% YTD

Dow Jones Industrial Average: +0.6% Tuesday, -6% YTD

Nasdaq Composite: +0.4% Tuesday, +21.9% YTD

Metro Bank reports sizeable H1 loss

With shares down 12% this morning, beleaguered UK lender Metro Bank has reported a £240 million loss for the first half of 2020. This is due to provisions to cover loan losses as a result of Covid-19 completely wiping out its profits. The company was in the process of a turnaround plan after an ‘accounting error’ has seen shares in freefall for some time now and this latest setback will be another blow for long-suffering shareholders.

Yesterday, BP dominated business headlines in the UK, with the firm’s share price closing 3.4% higher. The share price pop helped the FTSE 100 over the line to deliver a 0.1% daily gain. Turnaround specialist Melrose industries led the index, gaining 9.4%, followed by BT Group on 8.2% and International Consolidated Airlines Group on 7.1%. In the FTSE 250, easyJet jumped 8.8% after announcing that it has increased its flight schedule to meet growing demand from British holidaymakers.

FTSE 100: +0.1% Tuesday, -20% YTD

FTSE 250: +0.9% Tuesday, -20.9% YTD

What to watch

Square (SQ): Merchant services and mobile payments firm Square actually ended up reporting its earnings numbers a day earlier than planned following a leak from a media outlet, but will still be hosting its earnings call on Wednesday. The firm’s stock jumped more than 10% after the numbers were released, as it reported a 64% spike in second-quarter revenue year-over-year. Analysts will likely probe management on how the merchant services business is faring as economies re-open – as Square offers contactless payment terminals that are likely to be popular among businesses adapting to Covid-19 safety measures. The stickiness of new customers to its mobile payments, and merchants using its e-commerce services, are also likely topics of discussion.

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