DAILY MARKET UPDATE

July 26, 2021

The broader Asia Pacific stock markets were largely lower in Monday trade, with mainland Chinese tech and education stocks plunging on regulatory pressure. China’s antitrust regulator ordered Tencent to give up its exclusive music licensing rights and slapped a fine on it for anti-competitive behavior, marking yet another development in Beijing’s ongoing crackdown on its domestic internet titans. Shares of private education firms listed in Hong Kong also tumbled as Chinese authorities also stepped up restrictions on the sector. European bourses closed slightly lower on Monday, tracking lackluster global sentiment as investors monitored corporate earnings and looked ahead to a key meeting of the U.S. Federal Reserve. North American stock markets eked out gains for the day as investors look towards a slew of major corporate earnings this week. Treasuries finished on a mixed note, with the real yield on the 10-year falling to a record low, while the dollar gave back some ground. Bitcoin hit the $40,000 level again for the first time since June amid reports that Amazon could enter the digital currency space, but fell lower afterhours when Amazon denied those reports. The July Dallas Fed reading missed consensus, though the raw materials prices paid sub-component fell month-on-month.

Markets:

* Nikkei +1.04%

* Shanghai Composite -2.34%

* Hang Seng -4.13%

* DAX -0.32%

* FTSE -0.03%

* CAC +0.15%

* DJIA +0.24%

* S&P 500 +0.24%

* Nasdaq +0.03%

* Russell 2000 +0.33%

BSD Global Tech Hedge Fund -0.46%

After Market Movers:

* CERC Announces positive initial Phase 1b results for CERC-002 in moderate to severe Crohn’s disease patients; Cohort 2 (3.0 mg/kg dose) fully enrolled and anticipates complete data in 2H21; +15% afterhours

* UHS Reports Q2 $3.76 v $2.75e, Rev $3.20B v $3.02Be; +6% afterhours

* FFIV Reports Q3 $2.76 v $2.47e, Rev $652M v $637Me; +4% afterhours

* TSLA Reports Q2 $1.45 adj v $0.90e, Rev $12.0B v $11.4Be; While we saw ongoing semiconductor supply challenges in Q2, we were able to further grow our production; +1% afterhours

* AXTA Reports Q2 $0.48 adj v $0.46e, Rev $1.13B v $1.08Be; -3% afterhours

* IRT Reports FFO Q2 $0.20 v $0.17 y/y, Rev $57.3M v $52.1M y/y; files offering; -3% afterhours

* MEDS Reports Q1 -$0.32 v -$0.07 y/y, Rev $1.9M v $6.6M y/y; -10% afterhours