What to watch
General Mills: General Mills is the firm behind brands including Cheerios, Haagen-Dazs and Betty Crocker. The company’s share price is up 15.1% year-to-date, thanks to expectations of elevated demand for household staples driven by the pandemic. The $37bn market cap firm reports its latest set of quarterly earnings today. On the company’s earnings call, analysts are likely to probe for information on whether elevated demand is continuing, and what organic growth the company is generating beyond panic buying. Analysts expect the company to deliver an earnings per share figure of $1.06 for the quarter, up from the $0.96 they were anticipating three months ago.
Constellation Brands: Also reporting earnings today is Constellation Brands, the company behind alcoholic drink brands including Corona and Modelo. The picture for the company is more mixed than General Mills — while more people stuck at home has likely driven sales of beer at supermarkets, the mass closure of restaurants and bars nationwide is a major headwind. Analysts will likely be aiming to understand the balance of those two forces on the company’s earnings call. Constellation’s share price is down 7.8% year-to-date. Currently, 12 Wall Street analysts rate the stock as a 12, two as an overweight, six as a hold and one as a sell.
US economic data: A raft of interesting data points will be released in the US today. Payroll service provider ADP will release its private employment report for June, which is expected to show job additions in the private sector. Additionally, June motor vehicle sales will be reported, plus the ISM manufacturing index for June.
Crypto corner: 2.6 million UK consumers have bought cryptoassets
An estimated 2.6 million UK consumers have bought cryptoassets at some point, according to new FCA research. That is a 1.1 million increase since the FCA completed a face-to-face survey on the same topic last year.
Of the 1.9 million that still hold their cryptoassets – such as Bitcoin, Ripple or Ether – half have more than £260 invested. The research forms part of the FCA’s work alongside the Government and Bank of England to understand market size, consumer profiles and attitudes towards cryptoassets.
Bitcoin has near doubled from a low point earlier this year, trading at $9,100 currently. However, it remains below its previous year-to-date high of over $10,000, and well off peaks seen within the last 12 months when it topped out at $12,155.
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