FT News Briefing A glimmer of hope for the global economy
Jul 26, 2023
Alphabet surprises with strong earnings, signaling optimism in the global economy. The IMF sees a brighter future despite looming challenges. Meanwhile, PacWest merges with Banc of California as regional banks navigate turmoil. In Israel, businesses are joining protests against judicial reforms, raising questions about government response and public dissent. The landscape is complex, balancing economic resilience and social unrest.
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Tech Earnings Roundup
- Alphabet's Q2 earnings exceeded expectations, driven by strong performance in Google Cloud, Ads, and YouTube Ads.
- Microsoft also beat revenue projections, but its cloud service, Azure, experienced slower growth.
Global Economic Outlook Improves
- The IMF upgraded its global economic outlook, citing resilient consumer spending and stable labor markets.
- However, core inflation remains high, and the full impact of interest rate hikes is yet to be felt.
PacWest Merger
- PacWest Bank, significantly impacted by the regional banking crisis, agreed to merge with Bank of California.
- Both banks saw their share prices rise after the merger announcement.