22 July 2022 - Earnings Optimism, ECB | Tesla Turning Global markets were higher overnight, as US markets (S&P 500 Index, +1%) continued to rebound as investors assess better than expected earnings. So far 90 companies in the S&P 500 have reported earnings to date for the second quarter, and 78% reported above analyst expectations. Technology stocks rose strongly, with the NASDAQ tech index up +1.4% on the back of a better-than-expected result from Tesla, and a weaker USD which translates to better earnings for tech stocks which make a significant portion of their earnings offshore. It wasn’t all good news, AT&T (-7.6%) was down after lowering its full-year free cash flow guidance. Travel stocks were also down on weaker earnings or guidance: American Airlines (-7.4%), United Airlines (-10.2%), and Carnival (-11.2%).  US jobless claims also continued an upward trend 251,000 claims for the week, marking its third...