Microsoft, Alphabet Beat Quarterly Estimates; Germany Faces Recession; US May Need to Raise Taxes; Xi Jinping Visits China's Central Bank
Microsoft's Azure cloud business and Alphabet's double-digit revenue growth drive earnings; Germany's recession led by four-month manufacturing contraction; and the unprecedented visit to China's Central Bank by President Xi Jinping amidst economic challenges; US faces potential tax hikes to cover $1.7 trillion deficit.
- Microsoft and Alphabet have exceeded quarterly estimates, with Microsoft's Azure cloud business showing substantial growth and Alphabet recording double-digit revenue growth.
- Germany is facing a recession; business activity in the country has contracted for the fourth consecutive month, with manufacturing numbers suggesting this trend.
- China's President Xi Jinping made an unprecedented visit to the nation's central bank. This visit comes amidst economic challenges and a weakening consumer market in China.
- The US might have to increase taxes to address the nation's $1.7 trillion deficit. With federal outlays down by 2% in 2023, the country's deficit issue seems more tied to falling revenue.
- Despite the technical recession in Germany, Europe's largest economy, and financial headwinds in China, tech giants, Microsoft and Alphabet, post positive financial results with growth in key areas of their businesses.
