Premarket: Stocks rise ahead of Big Tech earnings

Global shares rose on Tuesday, driven by a recovery on Wall Street, where investor focus is pinned on earnings reports from the U.S. megacaps, while the yen hit a new 34-year low against the dollar, prompting a warning from Japanese officials.

Investors are less concerned right now about the threat of a major re-escalation of tension in the Middle East and more focused on earnings. The U.S. dollar retreated from its recent highs, but is comfortably supported by the view among investors that no rate cuts will be forthcoming any time soon from the Federal Reserve and by the climb this month in Treasury yields to their highest since November.

“Odds are the earnings reports that we see over the next few weeks will be positive, but obviously there’s still issues around what the Fed will do the next,” said Shane Oliver, chief economist at AMP. “It’s too early to say that problems in the Middle East have gone away.” Traders now expect the first Fed rate cut to come most likely in September and just 40 basis points worth of cuts, compared with expectations for 150 bps of cuts at the beginning of the year.

The yen slid to another 34-year low on Tuesday, but recovered modestly to trade flat at 154.85 to the dollar.

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