![]() The June quarter earnings season started off on a positive footing but as it has progressed, we have started to see more companies miss quarterly expectations and in some cases deliver softer than expected guidance. ![]() European markets are up in midday trading except for Ireland and the Nordics and U.S. Australia’s ASX All Ordinaries closed flat, with a 0.05% gain, while Taiwan’s TAIEX rose 0.28% and India’s SENSEX closed 0.71% higher as Banking names were bid up. ![]() Japan’s Nikkei fell 1.23% as semiconductor chip stocks came under pressure, while China’s Shanghai Composite dropped 0.92%, South Korea’s KOSPI declined 0.31%, and Hong Kong’s Hang Seng gave back 0.13%. retailers grew by less last month than economists expected, marking a slowdown from May’s growth.Asia-Pacific equity markets finished the day mixed. Reports on the economy Tuesday came in mixed. The biggest question is whether the economy can avoid a long-predicted recession after the Federal Reserve cranked up interest rates to fight inflation. Wall Street’s reporting season is just ramping up as companies tell investors how much profit they earned from April through June. Masimo, which makes medical equipment and also runs a consumer audio business home to the Bowers & Wilkins and Denon brands, tumbled 20% after it said it expects to report weaker-than-expected revenue for the spring in part because of fewer patients at U.S. It was one of several big financial companies to report better results than forecast, including Bank of America and Morgan Stanley. Charles Schwab jumped 12.6% after reporting stronger profit and revenue for the spring than analysts expected. Stocks in the financial industry also drove the market higher.
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