Equity Briefing: ASOS, TSMC and US banks

Online fashion retailer ASOS is scheduled to release a trading update this morning, semiconductor firm TSMC will publish second-quarter results, and Morgan Stanley, US Bancorp and the Bank of NY Mellon round-off the earnings season for US banks later today.

Stocks (2)

Want the latest news to come to you?

You can get the latest market-moving news and incisive insight sent straight to your inbox every day, including the Equity Briefing, by subscribing to receive our market commentary updates.

Click here to subscribe.

ASOS

Online fashion retailer ASOS will report a trading statement covering the four months to the end of June this morning. Expectations are high following the company’s record first-half performance that saw revenue and profits surge. The update will focus on revenue figures but should also provide some commentary on margins and the outlook for the remaining two months of the financial year. The biggest threats to growth going forward are any loss of sales from rivals reopening physical stores and the fragile economic outlook for its 20-something clientele. Investors will also be cautious about how higher levels of investment will impact its profitability going forward.

Taiwan Semiconductor

TSMC, the world’s leading semiconductor foundry churning out chips for companies spanning Apple to Intel, will release second-quarter results later today. The company’s guidance is targeting net revenue of between $12.9 billion and $13.2 billion, and analysts are expecting it to report toward the top end of that range. That would compare to the $10.38 billion revenue booked the year before. Analysts are expecting diluted earnings per American Depositary Receipt of $0.93 compared to $0.78 the year before.

US banks

US banks have smashed expectations since the start of the second-quarter earnings season thanks to the release of funds set aside for bad loans and the improving economic picture. Morgan Stanley, US Bancorp and Bank of NY Mellon will round off the week when they report results before US markets open today. Analysts are expecting Morgan Stanley’s diluted EPS to drop to $1.65 from $1.95 the year before following its record results in the first quarter. US Bancorp is expected to book diluted EPS of $1.14 compared to just $0.41 the year before. Meanwhile, Bank of NY Mellon is forecast to report EPS of $1.00, broadly flat from $1.01 the year before.

How to trade top stocks

You can trade a variety of stocks with City Index by following these four steps:

  1. Open a City Index account, or log-in if you’re already a customer.
  2. Search for the company you want to trade in our award-winning platform
  3. Choose your position and size, and your stop and limit levels
  4. Place the trade 

More from Equities

Disclaimer

This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

StoneX Financial Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.