Reported about 1 month ago
During her speech at the Democratic National Convention, Kamala Harris unveiled her economic plans known as the 'Opportunity Economy.' In a discussion on Yahoo Finance's Capitol Gains, correspondent Ben Werschkul analyzes these proposals, highlighting a mix of popular initiatives that may lack economic sense and critical measures likely to be prioritized, such as child tax credits and adjustments in prescription drug pricing, while questioning the practicality of others like tax credits for housing builders.
Source: YAHOO
Reported about 1 month ago
Birkenstock announced a profit drop in the third quarter, missing analysts' expectations as high costs from its global expansion affect margins. The company's gross profit margin fell to 59.5% despite a 19.3% increase in revenue to 564.8 million euros. Shares dropped 10% in premarket trading, reflecting caution in consumer spending even as demand remains strong across Europe and the Americas.
Source: YAHOO
Reported about 1 month ago
Ulta Beauty is set to report its Q2 results, which are anticipated to show a slowdown in growth, with revenues expected to rise by only 3.4% year-over-year. The stock has experienced a 25% decline this year, attributed to rising competition and changing consumer spending habits. Despite this, Berkshire Hathaway has recently invested significantly in Ulta, indicating potential long-term confidence in the brand.
Source: YAHOO
Reported about 1 month ago
Gap Inc. is set to announce its second consecutive quarter of sales growth, forecasting a revenue of $3.63 billion, up 2% from last year. With observed stock price increases and a focus on brand revitalization, Gap is optimistic about its strategies, despite challenges in the competitive retail market and ongoing economic pressures on middle-income consumers.
Source: YAHOO
Reported about 1 month ago
Best Buy is projected to report a decline in sales as consumers delay purchases in favor of AI-enhanced products. Expected revenue for the quarter is $9.24 billion, reflecting a decrease of 3.62% year-over-year, with same-store sales estimated to fall by 3.17%. Analysts note that ongoing economic challenges and shifts in consumer spending priorities, particularly towards necessities, are contributing factors. However, a resurgence in demand for innovative technology, especially AI products, could provide a boost later in the year.
Source: YAHOO
Reported about 1 month ago
China's commerce ministry declared it will not impose provisional anti-dumping tariffs on EU brandy imports despite findings of significant dumping margins. The decision aims to ease tensions amid ongoing trade negotiations, particularly concerning proposed tariffs on Chinese electric vehicles. While the announcement provided temporary relief for EU brandy exporters, potential future actions remain possible, and concerns persist over the broader implications for French cognac exports amid trade disputes.
Source: YAHOO
Reported about 1 month ago
Futures for the Nasdaq and S&P 500 saw slight gains after Nvidia reported earnings that met expectations, though concerns lingered over the company's future growth amid high market expectations. Nvidia's stock fell 2% in premarket trading despite still showing strong revenue growth, while major tech companies benefiting from AI integration saw increases. Market focus will now shift to upcoming economic data that could influence interest rates.
Source: YAHOO
Reported about 1 month ago
John Podesta, the U.S. senior climate policy advisor, is set to meet with his Chinese counterpart for crucial discussions aimed at reducing global emissions and enhancing financial support for developing nations. The talks, occurring before the COP29 climate summit, will focus on cooperation on energy transition, refining climate commitments, and addressing funding goals post-2025. These discussions are pivotal, given U.S.-China relations under the backdrop of an upcoming U.S. presidential election.
Source: YAHOO
Reported about 1 month ago
Shares of major European spirits manufacturers, including Remy Cointreau and Pernod Ricard, saw significant gains after China's commerce ministry announced it will not impose provisional anti-dumping measures on EU-imported brandy for the time being. This decision came amidst the backdrop of ongoing trade tensions between the EU and China, following the EU's tariffs on Chinese electric vehicle imports. Market analysts view this move as a potential negotiation tactic by China, reflecting the complex interactions between these trading partners.
Source: YAHOO
Reported about 1 month ago
Recession forecasts have struggled to accurately predict downturns due to the complexity of the economy and the influence of unique events like the pandemic. Despite several indicators suggesting a recession, many economists argue these signals often return false positives. Experts reveal that no indicator can claim perfection, emphasizing the inherent uncertainty in economic predictions.
Source: YAHOO
Reported about 1 month ago
A significant rise in millionaire retirement savers has been observed, with Fidelity reporting that the number of IRA account holders with balances exceeding $1 million increased to 398,594 by the end of June, while those in 401(k) plans reached 497,000. This growth is attributed to strong market performance and consistent contributions over time, highlighting the importance of regular savings. Additionally, many IRA millionaires are from Generation X, reflecting a shift in retirement savings dynamics.
Source: YAHOO
Reported about 1 month ago
Spanish inflation has reached its lowest point in a year, with consumer prices rising only 2.4% year-on-year, down from earlier estimates. This decline, attributed to falling costs for fuel, food, and beverages, aligns with expectations for a broader decrease in inflation across the eurozone. As a result, the European Central Bank is increasingly likely to cut interest rates in the near future. Despite governmental efforts to manage high inflation following the Ukraine crisis, Spain's economy remains robust, characterized by strong tourism and employment growth.
Source: YAHOO
Reported about 1 month ago
Aluminum prices have dropped after reaching a two-month high due to worries about the limited recovery of demand in China, while supply levels remain adequate. The price of aluminum fell over 3% recently, and the discount on its spot price indicated sufficient global supply. Other base metals, including copper, tin, and lead, also experienced declines.
Source: YAHOO
Reported about 1 month ago
Japan's government has raised its economic assessment for the first time in over a year, noting a moderate recovery supported by improved consumption. The Cabinet Office reported positive trends in household disposable income and easing supply chain issues, although extreme summer heat affected some sectors. Additionally, the report highlighted an improvement in housing construction assessments after a prolonged slump.
Source: YAHOO
Reported about 1 month ago
The Japanese government has upgraded its economic view for the first time in 15 months, indicating moderate recovery signs in consumer spending and housing construction. This shift, reported by the Cabinet Office, reflects a rebound to growth due to recovering domestic demand and wage growth. The improved outlook supports the recent interest rate hikes from the Bank of Japan, signaling a potential tightening in monetary policy. This positive economic news may also benefit the ruling Liberal Democratic Party ahead of upcoming leadership contests.
Source: YAHOO
Reported about 1 month ago
Thunderstorms are predicted across Europe from Spain to Greece as central regions face soaring temperatures, with heatwave warnings in effect. Climate change is leading to more intense weather events, such as storms and wildfires, particularly in the Mediterranean, which is experiencing record sea temperatures. Severe flooding and drought-related wildfires threaten areas in Greece, while Berlin anticipates record heat, reaching 34°C, significantly surpassing historical averages.
Source: YAHOO
Reported about 1 month ago
US stocks showed signs of recovery as economic data indicated stronger-than-expected growth in the second quarter, despite Nvidia's underwhelming forecast impacting investor sentiment. While the Nasdaq 100 Index rose 0.8%, Nvidia shares fell 2.28%, reflecting a shift from big tech stocks towards sectors likely to benefit from potential interest rate cuts. Other companies like Dollar General and CrowdStrike also faced challenges, showcasing mixed earnings results.
Source: YAHOO
Reported about 1 month ago
Ken Leung, co-head of Bank of America's financial sponsors group in Asia Pacific, has reportedly joined CK Asset Holdings, the conglomerate led by billionaire Li Ka-shing. In his new position, Leung will focus on business development, particularly in mergers and acquisitions. Following his departure, Adnan Meraj has taken over as the sole head of BofA's financial sponsors in the region.
Source: YAHOO
Reported about 1 month ago
Huawei Technologies has reported its sixth consecutive quarter of revenue growth, totaling 239 billion yuan ($33.6 billion) for the June quarter, a 33.7% increase year-over-year. The rise is attributed to its smartphones gaining market share at the expense of Apple, which fell to sixth place in China. Huawei's smartphone shipments surged by 50%, while Apple saw a 6.5% decline in sales. The company is also preparing for the launch of its Mate 70 flagship device, anticipated to showcase advancements in processor technology.
Source: YAHOO
Reported about 1 month ago
Nvidia reported earnings that exceeded Wall Street expectations with over $30 billion in sales and doubled profits, showcasing its continued dominance in AI technology. However, shares fell by about 5% post-report as concerns about the sustainability of AI market growth and a smaller-than-expected earnings beat led to investor skepticism. Despite these, Nvidia's data center sales and ongoing demand for its chips remain strong, suggesting the company's fundamentals could stay solid amid market uncertainties.
Source: YAHOO
Reported about 1 month ago
Nippon Steel Corp. announced plans to invest an additional $1.3 billion in US Steel plants to secure backing from the United Steelworkers union for its $14.1 billion acquisition bid, which faces political obstacles from both President Biden and former President Trump. This investment targets legacy facilities like Mon Valley and Gary Works, where the union has expressed concerns over labor contracts and national security issues related to the takeover.
Source: YAHOO
Reported about 1 month ago
Pernod Ricard expects to return to sales growth next year after experiencing a 1% decline this year, mainly due to challenges in the U.S. and Chinese markets. The company reported a significant downturn in sales in these markets, with net sales dropping by 9% and 10%, respectively. Despite a tough economic environment, Pernod remains optimistic about recovery in other regions and aims to achieve net sales growth in the near future.
Source: YAHOO
Reported about 1 month ago
Malaysia's government is contemplating the reinstatement of a broad-based consumption tax, the Goods and Services Tax (GST), as an alternative to subsidy cuts on fuel, to improve its financial standing. Although there are internal discussions within Prime Minister Anwar Ibrahim's cabinet, the decision is complicated by the political implications and public reliance on affordable petrol. The GST was previously abolished due to its unpopularity following its introduction in 2015, but the government is now faced with the need for increased revenue to address a budget deficit while exploring effective fiscal strategies.
Source: YAHOO
Reported about 1 month ago
German online food delivery service Delivery Hero reported a 7.4% increase in its second-quarter gross merchandise value (GMV), reaching €11.89 billion, exceeding analyst expectations. The strongest growth came from the MENA region with a 28% increase compared to last year. Delivery Hero also plans to launch an initial public offering for its subsidiary Talabat on the Dubai Stock Exchange later this year.
Source: YAHOO
Reported about 1 month ago
Iron ore prices have surged over 10% in just 10 days, exceeding $100 per ton, leading China's metallurgical journal to criticize the hike as 'irrational.' Analysts highlight that fundamentals do not support this rise due to weak demand and abundant supply, suggesting further price corrections are likely as steelmakers struggle with profitability amid slower construction activities and output cuts.
Source: YAHOO