Reported 19 days ago
Following Donald Trump's election victory, financial markets reacted dramatically with rising US stocks, a strengthening dollar, and soaring Bitcoin prices. Investors anticipate that a second Trump administration will pursue familiar economic policies that could generate growth but also raise inflation concerns. While many sectors are expected to benefit, there are warnings about the potential impact of rising Treasury yields and the future viability of Trump's agenda, making it crucial for markets to determine the longevity of this post-election optimism.
Source: YAHOO
Reported 19 days ago
Lulu Retail Holdings Plc’s $1.72 billion IPO in Abu Dhabi has garnered an impressive $37 billion in orders from global investors, including Vanguard and GIC. The company sold a 30% stake at 2.04 dirhams per share, aiming for a market cap of 21.1 billion dirhams. Initially targeting a smaller offering, the strong demand led Lulu to boost the IPO size, making it the largest in the UAE for the year. Lulu plans to expand significantly in the Gulf, particularly in Saudi Arabia and the UAE.
Source: YAHOO
Reported 19 days ago
British retailer Marks & Spencer reported a 17% increase in first-half profits, sparking optimism for Christmas trading. Under CEO Stuart Machin, the company has implemented a turnaround strategy focusing on enhancing food and clothing quality, store upgrades, and improved technology. This has led to an 80% rise in shares over the past year, despite some challenges ahead with inflation and tax increases. M&S is confident of continued progress as customer spending is expected to increase during the festive season.
Source: YAHOO
Reported 19 days ago
Tesla's stock rose nearly 15% after Donald Trump won the presidency, significantly benefiting CEO Elon Musk due to their close ties. Trump, a prominent supporter of Musk during the campaign, plans to tap Musk for a government efficiency commission, further enhancing Musk's influence over policies related to electric vehicles and other industries. Analysts believe that Trump's proposed tariffs on Chinese imports and a deregulatory approach could offer Tesla a competitive edge over its rivals.
Source: YAHOO
Reported 19 days ago
Following Donald Trump's victory in the U.S. presidential election, commodity markets experienced significant shifts. Metals, particularly gold and copper, suffered considerable losses, while oil and agricultural prices made a recovery from earlier declines. Analysts suggest that Trump's policies may lead to a new wave of trade tensions and tariffs, impacting U.S. agricultural exports, especially soybeans to China. As traders adjust to the implications of his election, the overall outlook for commodities remains uncertain.
Source: YAHOO
Reported 19 days ago
Puma's sales in Q3 did not meet expectations due to weak demand and unfavorable currency conditions, leading to a revenue of 2.31 billion euros, below the 2.36 billion euros forecasted. CEO Arne Freundt expressed confidence in improved holiday sales, citing positive signals from recent shopping periods in China and the upcoming holiday season in Europe and the U.S. Despite an overall growth in footwear sales, regional performance varied, with EMEA growing only slightly while the Americas and Asia-Pacific saw stronger gains. Puma is also preparing to launch the relaunch of its 'Speedcat' shoe, aiming to boost its presence in the market.
Source: YAHOO
Reported 19 days ago
Trump Media & Technology Group's stock (DJT) surged up to 25% in after-hours trading after Donald Trump defeated Kamala Harris in the presidential election, ultimately closing around 6% higher. With Trump's victory in Wisconsin, he secured enough electoral votes to win, marking him as both the 45th and 47th president of the U.S. Despite previous volatility leading to the election, traders reacted positively to the news, although analysts suggest uncertainty lies ahead for the stock's performance.
Source: YAHOO
Reported 19 days ago
UniCredit announced an increase in its profit outlook and plans to distribute half of its net income to investors starting next year, after reporting a net profit of 2.51 billion euros for the third quarter, surpassing forecasts. The bank has raised its 2024 profit target to over 9 billion euros and intends to maintain similar results in 2025 and 2026. CEO Andrea Orcel highlighted a strategic investment in Commerzbank and confirmed a rise in cash payouts from 40% to 50% of net profit.
Source: YAHOO
Reported 19 days ago
Novo Nordisk reported better-than-expected sales for its Wegovy weight-loss drug in the third quarter, calming investor fears about declining demand in the competitive obesity drug market. Despite a 48% increase in Wegovy sales compared to the previous quarter, overall sales fell slightly short of analyst expectations due to weaker Ozempic sales, prompting concerns about future growth. The company now forecasts 2024 sales growth between 23% and 27%, reflecting ongoing pricing pressures and investment costs.
Source: YAHOO
Reported 19 days ago
Source: INVESTORS
Reported 19 days ago
BMW reported a staggering 61% drop in its third-quarter profit, failing to meet analyst expectations largely due to declining sales in China and brake system issues affecting over 1.5 million cars. The company's shares hit a two-and-a-half year low as competition in the Chinese market intensified amid a weak economy. Despite challenges, BMW's CEO remains optimistic about the U.S. market and forecasts a rebound through higher deliveries and an improved product mix.
Source: YAHOO
Reported 19 days ago
Toyota reported a significant drop in profits for the July-September quarter, earning 573.7 billion yen, less than half compared to the same period last year, due to a production halt following a certification scandal and vehicle recalls. Despite a slight increase in sales revenue, the automaker's vehicle sales declined globally. Toyota plans to enhance investments in human resources and production methods, and aims to sell 10.85 million vehicles this fiscal year while continuing to address manufacturing and certification challenges.
Source: YAHOO
Reported 19 days ago
Commerzbank AG has reported better-than-expected third-quarter profits, bolstered by its growth strategy in the face of potential merger efforts from Italy's UniCredit. While UniCredit raised its profit outlook and highlighted the benefits of a possible merger, Commerzbank remains focused on strengthening its position against a takeover, raising its own financial targets. Both banks aim to showcase their financial strength as they navigate ongoing discussions about a possible deal.
Source: YAHOO
Reported 19 days ago
A Turkish gas trader, Bosphorus Gaz Corporation, has initiated a currency exchange program to enable trade between Turkey and Russia, circumventing complications from Western sanctions. The firm allows Turkish exporters to receive payments in euros for rubles owed by Russian customers, which can then be used to pay for gas from Russia's Gazprom. This initiative, aimed at addressing payment delays and high banking fees, reflects the ongoing adaptation of businesses to navigate the complexities introduced by sanctions following Russia's invasion of Ukraine.
Source: YAHOO
Reported 19 days ago
German software firm TeamViewer has revised its annual adjusted core profit margin outlook upward after reporting better-than-expected performance in Q3, following a scaled-back sponsorship deal with Manchester United. The adjusted EBITDA margin rose to 48%, but the company has lowered its revenue expectations for 2024 due to foreign exchange pressures, now predicting between 662 million and 668 million euros. While its SMB segment saw a decline in billings, the enterprise segment experienced significant growth. CEO Oliver Steil noted that customer purchasing slowed amid U.S. election uncertainty but expects potential improvements ahead.
Source: YAHOO
Reported 19 days ago
Commerzbank AG has increased provisions for bad loans and revised its lending income forecasts, complicating CEO Bettina Orlopp's efforts to defend against a takeover bid from UniCredit. Despite better-than-expected profits in Q3 and a new share buyback plan, the bank's outlook for net interest income in 2025 has been downgraded, creating challenges for its independence strategies as it aims to enhance capital efficiency and maintain investor confidence.
Source: YAHOO
Reported 19 days ago
Hurricane Rafael is rapidly intensifying as it approaches the Gulf of Mexico, potentially bringing damaging winds and heavy rainfall to areas from the Cayman Islands to South Florida. Currently a Category 2 hurricane with winds reaching 100 mph, it is forecasted to make landfall in Cuba and may regain strength before hitting the Gulf. While localized flooding and tornadoes are expected in the Florida Keys, the storm's future path remains uncertain, prompting evacuations from some oil platforms as a precaution.
Source: YAHOO
Reported 19 days ago
Barry Callebaut, the Swiss chocolate manufacturer, has reported annual profit growth despite ongoing high cocoa prices, but expects another year of flat sales volumes. The company's struggles with rising cocoa prices, which have nearly doubled in the past year, have led to increased borrowing and a significant rise in net debt. While revenues increased by 22.6%, net profit saw a substantial decline due to one-off costs. The firm is implementing a savings plan aimed at reducing costs, having already closed several plants to navigate the challenging market.
Source: YAHOO
Reported 19 days ago
Credit Agricole's shares dropped nearly 6% following the release of mixed quarterly results, highlighted by record investment banking sales but disappointing revenues from consumer finance and insurance. The bank's Q3 revenue missed estimates at €6.49 billion, with a notable 1.2% decline in insurance revenue tied to crop production policies. Despite a 4.7% decrease in net profit to €1.67 billion, the bank maintains confidence in meeting its 2025 financial targets early.
Source: YAHOO
Reported 19 days ago
Chancellor Olaf Scholz struggles to maintain credibility for his three-party ruling coalition in Germany as they confront significant internal disputes and an impending budget shortfall. With rising tensions from the geopolitical landscape, especially in light of Donald Trump's potential victory in the U.S. presidential election, the coalition must find common ground or risk a collapse before the next federal election, currently scheduled for September 2025.
Source: YAHOO
Reported 19 days ago
Bitcoin reached a new all-time high of $75,000 following positive results in the US Presidential election for Donald Trump, spurring hopes for friendlier regulations. As polls closed, the US dollar experienced its largest gain since February 2023, and stock futures increased significantly, while investors await the Federal Reserve's upcoming policy meeting.
Source: YAHOO
Reported 19 days ago
The yuan recorded its largest decline in two years and Chinese stocks suffered significant losses due to escalating concerns over Donald Trump's potential return to the presidency. Traders reacted to fears of heavy tariffs on Chinese goods, which could further weaken the economy and disrupt supply chains. The Hang Seng index dropped 2.6%, while investors now look for Beijing's policy response amid rising market volatility, which may influence long-term economic stability.
Source: YAHOO
Reported 19 days ago
Traders have reduced their expectations for Federal Reserve interest rate cuts in 2025 as early results from the U.S. presidential election emerge. While they still anticipate a quarter-point reduction this week and in December, they now expect the Fed to halt further cuts after two additional reductions in the first half of 2025, bringing the rate to the 3.75%-4% range.
Source: YAHOO
Reported 19 days ago
Source: BARRONS
Reported 19 days ago
US stock markets surged to record levels, with the Dow Jones up 3.5% and the S&P 500 rising 2.5%, after Donald Trump won the presidential election against Kamala Harris. Investors responded positively to his victory, which is perceived as favorable for the financial sector. Stocks like Tesla saw significant gains, while clean energy shares faced declines due to Trump's stance on climate policies. The results have led to expectations of a Federal Reserve interest rate cut, which further fueled market optimism.
Source: YAHOO