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Hello and welcome to our continued coverage of the global economy, financial markets, the euro zone and business.
European investors are now in a good mood, after Google's parent company broke expectations last night. has raised the impact of its penalty for violating European competition rules, posting revenues of $ 26.24 billion in the last three months, exceeding expectations of $ 25.5 billion. Revenues reached $ 2.8 billion, against $ 4.1 billion, but they would have reached $ 7.8 billion, but the $ 5 billion fine imposed by the EU the week last.
Porat said the company had delivered "another quarter of very good performance." Wall Street agreed – Google's shares jumped 4% after trading hours following the results.
Bloomberg
(@ business)The good results of Alphabet strengthen the company's confidence in the face of the $ 5 billion fine https://t.co/ EwMrX7GoJC pic.twitter.com/cg8IXDe62i
This is spreading to Europe this morning, with rising shares in London:
Mike van Dulken
(@ Accendo_Mike)# FTSE100 Index called to open + 30pts to 7685 pic.twitter.com/d0UbEoh0CV
The results showed that the hold Google's on-line advertising remains extremely strong, with 58% of clicks on its mobile and YouTube ads compared to last year.
Non-advertising revenue (mobile applications, cloud computing and Google Home speakers) jumped to $ 4.4 billion from $ 3 billion a year ago
. According to London Capital Group's Jasper Lawler, the "Impressive Results" of Alphabet:
Not only the headlines have impressed traders, but also a surprise drop in costs reported by Alphabet. Alphabet has caught up on sectors such as the development of its cloud business and consumer activities.
These higher costs reduced margins, which particularly worried short-term traders. Lower costs alleviated these fears, which boosted demand for the stock.
Here is our report on the results:
Also coming today
bridges before the summer holidays.
The Swiss bank UBS recorded a 12% increase in pre-tax profits in the last quarter, thanks to its investment banking business. The European automaker PSA announced record results after the takeover of Opel-Vauxhall last year.
But the profits of the Drax British energy producer fell by 15% in the first half of the year, as a result of various blackouts. And among the smaller companies, the tonic and mixer-maker Fevertree recorded a further significant rise in profits – adjusted profit rose 35% in the last six months to £ 34m. More on all pipes soon …
From the economic point of view, we learn how European companies are doing well this month when Markit publishes its "flash" survey among purchasing managers for July. Later, the CBI publishes its health check on British factors – will there be signs that Brexit or commercial tariffs are harmful?
The Agenda
- 9am BST: Flash Eurozone PMI for July
- 11am BST: British-made IWC
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