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Large Bund downside

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The notable downtick in Amazon shares ahead of the open today likely to garner some focus. AMZN reported earnings after-market yday and are lower by over 6% pre-market (their German listing is off 6.5%), set to wipe off over $100bln in market cap at the open. Amazon reported a miss on quarterly sales for the first time in over three years.

  • AMZN sees both net sales and operating income for Q3 considerably lower than market expectations, with expectations of a shift back to hospitality and brick & mortar outlets the main driver.
  • Online retailers across Europe are lower in sympathy, with ASOS, Zalando both sharply lower.