The FTSE 100’s winning streak continues with the index jumping to a fresh record high this morning, rising 0.84 per cent and solidly sitting about the 9,000 mark. It’s the real first day of the summer results season and there are some big risers in the blue chip index, including some in the double digits. There’s a similar vibe on the mainland bourses, with the Dax up nearly 1 per cent, and shares in Paris rising 0.3 per cent. Earlier, the S&P 500 closed up 0.78 per cent for a new all-time closing high, while the Nasdaq composite finished above 21,000 for the first time. This is the melt-up, and we have plenty of bulls with FOMO. 

Hopeful noises on trade with the EU and the US heading towards a Japan-style 15 per cent tariff rate are enough to support the risk-on mood. Gold has come off sharply in the last two sessions, and global stocks are firming up. Meanwhile, US President Donald Trump is going to visit the Federal Reserve today in an unusual move that keeps attention on whether he will fire chair Jerome Powell. Treasury yields ticked up. The European Central Bank is expected to leave rates unchanged later today.

Tesla is transitioning from an “EV leader to AI and robotics leader” but could be in for “a few rough quarters”, according to CEO Elon Musk. Shares in the company fell more than 4 per cent after-hours following a disappointing quarterly earnings update – automotive revenues fell 16 per cent while adjusted earnings were down 23 per cent. Alphabet, as the other member of the Mag Seven, was a lot stronger. It beat earnings expectations and raised its spending forecast. The company increased its capital expenditure forecast for 2025 to $85bn, up $10bn from its February forecast: good news for the chip stocks.

In London, Lloyd’s statutory profit before tax rose 5 per cent to £3.5bn for the first half of 2025, as revenues rose 6 per cent year-on-year to £9.4bn. ITV jumped over 8 per cent as ad revenues fell less than expected and it’s getting a boost from the England women’s football team. Vodafone reported a 3.9 per cent increase in revenues, with service revenue up 5.5 per cent, driven by good growth in Germany. BT shares were up 5 per cent despite a 10 per cent decline in profits. Airtel Africa, one of the year’s big gainers, rose 5 per cent after it reported growth in customer numbers and a 30 per cent increase in quarterly earnings before nasties.

Some notable gainers this morning across Europe: Deutsche Bank rose 5.9 per cent after Q2 earnings beat, adding to its already strong year. BE Semiconductor was up 5.5 per cent and said its second half forecast has improved significantly. Reckitt Benckiser up 9 per cent on better outlook.

Finally, meme stocks are back – Krispy Kreme, GoPro, Kohl’s are now some of the names attracting attention. These are super volatile. Quantumscape is another – down 7 per cent yesterday and 4 per cent after-hours following earnings.

By Neil Wilson, investor strategist at Saxo UK

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