Reported about 1 month ago
Electrolux's shares fell over 15% following a disappointing Q3, marked by continuous losses in North America and tough competition from Chinese manufacturers. The company's North American operations reported a loss for the tenth consecutive quarter, heavily impacting overall earnings. Despite improvements in European performance, the outlook remains grim due to high costs and market challenges, prompting plans to refocus U.S. operations toward premium products and increased sourcing from Asia.
Source: YAHOO
Reported about 1 month ago
Latvian central bank governor Martins Kazaks stated that the European Central Bank (ECB) does not need to consider lowering rates below neutral levels at this time, despite the possibility of needing to ease policy faster than previously anticipated. Kazaks emphasized that for rates to fall below neutral, there would need to be a significantly weaker economic baseline and a clear risk of a sustained undershoot of the inflation target, which he does not see at the moment. While inflation may decline faster than expected, Kazaks believes this does not fundamentally alter the economic outlook, and that the ECB should remain cautious with its policy decisions.
Source: YAHOO
Reported about 1 month ago
Morgan Stanley analysts have corrected their earlier assessment of SK Hynix, raising the company's price target by 8% to 130,000 won, just weeks after a downgrade influenced by regulatory scrutiny. Despite strong quarterly results and positive growth expectations for 2024, they maintain an underweight rating due to potential revenue risks, while other firms have also increased their targets in light of the company's robust performance in the memory chip market.
Source: YAHOO
Reported about 1 month ago
A coalition of Japanese companies is urging that discussions around cryptocurrency exchange-traded funds (ETFs) prioritize major tokens like Bitcoin and Ether. They argue that these cryptocurrencies, noted for their substantial market value and stable performance, are suitable for long-term investment. This proposal comes as Japan considers aligning its regulatory stance with international practices, with the Financial Services Agency indicating a potential review of crypto regulations, including tax structures. The group includes notable financial institutions and exchanges, seeking to create a more favorable environment for digital assets.
Source: YAHOO
Reported about 1 month ago
WiseTech Global Ltd.'s shares rose by 13% following CEO Richard White's transition to a new role amidst allegations regarding his conduct with women. This change aims to alleviate the company's recent market slump, with White moving to focus on product and business development while retaining his role as an important asset to the firm. Major investors, including AustralianSuper, expressed support for this decision, considering it a step towards addressing uncertainties surrounding the firm's leadership.
Source: YAHOO
Reported about 1 month ago
Investors in catastrophe bonds remain largely unaffected by Hurricane Milton, which struck Florida as a Category 3 storm. Initial projections suggested potential losses of 15%, but actual losses are anticipated to be around 1%. This positive outcome allows investors to expect returns of up to 12%, with the Swiss Re global cat-bond index increasing over 13% this year. Despite concerns about an active hurricane season, Milton's damage was mitigated by its speed and smaller wind field, leading to a favorable outlook for catastrophe bond funds.
Source: YAHOO
Reported about 1 month ago
Millennium Management and Athos Capital are among hedge funds facing significant losses following the unexpected collapse of a deal involving China Traditional Chinese Medicine Holdings Co., which had seen a sharp decline in stock prices after regulators rejected a privatization bid from China National Pharmaceutical Group. The firms, which had substantial stakes in the company, have since trimmed their holdings as the failed deal affected their portfolios, highlighting the challenges faced by hedge funds specializing in event-driven trading during a volatile market.
Source: YAHOO
Reported about 1 month ago
Holcim reported a third-quarter operating profit of 1.67 billion Swiss francs, surpassing analyst forecasts due to improved profit margins despite a 3% decline in sales to 7.12 billion francs. The company's profitability was bolstered by the sale of more profitable low carbon products and strategic acquisitions, as it continues to plan a spin-off of its North American business. Holcim confirmed its guidance for low single-digit sales growth and an increase in recurring operating profit.
Source: YAHOO
Reported about 1 month ago
Las Vegas Sands has announced plans to invest $8 billion in expanding its Marina Bay Sands resort in Singapore. The project, known as IR2, will feature a new hotel tower with 570 luxury suites, gaming areas, an arena with 15,000 seats, rooftop pools, and extensive exhibition space. This expansion is seen as a significant commitment to Singapore's tourism market, despite the company's recent quarterly profit miss impacted by renovations at its Macau casino and lower income expectations in Singapore.
Source: YAHOO
Reported about 1 month ago
South Korea's Finance Minister Choi Sang-mok stated that the country will maintain strong economic ties and continue investing in the United States regardless of the upcoming election results. He emphasized the ongoing competition between the US and China presents both opportunities and risks for South Korea, which remains focused on supporting its businesses amidst potential trade barriers. While the Korean economy faces pressures from currency fluctuations and a slowing export sector, Choi expressed optimism about future cooperation in high-tech industries and highlighted efforts to manage economic uncertainties.
Source: YAHOO
Reported about 1 month ago
Michael Jeffries, the former CEO of Abercrombie & Fitch, pleaded not guilty to federal charges of sex trafficking and interstate prostitution during a court appearance in Central Islip, N.Y. Jeffries, 80, along with his partner and another man, is accused of engaging in the recruitment of men for drug-fueled sex parties between 2008 and 2015, promising modeling opportunities. Abercrombie responded to the allegations, expressing their disgust and commitment to cooperating fully with the investigation.
Source: YAHOO
Reported about 1 month ago
A judge has halted the merger between handbag makers Tapestry and Capri, siding with the FTC in an antitrust case.
Source: YAHOO
Reported about 1 month ago
A U.S. District judge has stopped the merger between the companies producing Coach and Michael Kors handbags, citing concerns that it would diminish competition and negatively impact consumers.
Source: YAHOO
Reported about 1 month ago
Asian stock markets saw mostly positive movements today, with Japan's Nikkei index experiencing a decline as the nation prepares for elections this weekend. Amidst this, U.S. stocks ended a six-week winning streak, with the Dow Jones Industrial Average and S&P 500 posting losses, while the Nasdaq achieved a minor gain thanks to strong performances from major tech companies. Concerns over high stock valuations and rising Treasury yields influenced market behavior, prompting caution among investors.
Source: YAHOO
Reported about 1 month ago
The Australian Securities and Investments Commission (ASIC) has criticized Macquarie Group for showing a 'reckless and poor attitude to compliance' after it failed to address warnings regarding suspicious futures trades on its platform. The bank facilitated approximately 50 questionable electricity futures trades just before market closure, contributing to market manipulation. Macquarie was fined A$5 million following an investigation that revealed the company ignored multiple warnings and lacked proper staff training to manage the situation. ASIC's chair highlighted the seriousness of Macquarie's obligations as a key market player.
Source: YAHOO
Reported about 1 month ago
If Donald Trump wins the presidency, Republicans hope to privatize Fannie Mae and Freddie Mac, which could significantly increase mortgage costs. Democrats and some economists warn that such a move, particularly during high-interest periods, may raise home buying expenses by up to $1,670 annually. While proponents argue the privatization would stimulate the housing market, critics express concerns about potential risks without federal backing, possibly leading to chaos in housing finance.
Source: YAHOO
Reported about 1 month ago
Japan's industrial output is forecasted to have rebounded in September, primarily due to a recovery in auto production, following a significant drop in August caused by typhoons and slowed U.S. sales. A Reuters poll of analysts indicates a predicted increase of 1.0% in output for September, although solid growth remains uncertain due to weak global demand. Meanwhile, steady retail sales and job statistics are expected, alongside a likely stable short-term interest rate by the Bank of Japan amidst a key political transition.
Source: YAHOO
Reported about 1 month ago
Law enforcement in the U.S. is urgently addressing the rising issue of AI-generated child sexual abuse imagery, which includes manipulated images of real children and unrealistic computer-generated depictions. Cases are being prosecuted under existing laws as authorities work to curb technological misuse that complicates the identification and rescue of real victims. Recent legislation aims to enhance the ability to charge offenders for creating such harmful content, and examples of notable prosecutions highlight the severity of the problem as justice officials emphasize their commitment to tackling these crimes head-on.
Source: YAHOO
Reported about 1 month ago
The final Kmart on the U.S. mainland, located in a Miami shopping center, stands as a poignant reminder of a once-thriving retail chain. With only occasional visitors drawn out of curiosity or nostalgia, the store contrasts sharply with bustling neighboring shops. Kmart's decline began decades ago due to misguided management and competition from retailers like Walmart and Target. Currently, the Miami store remains operational, but its future is uncertain, reflecting a broader trend of retail shifts in America.
Source: YAHOO
Reported about 1 month ago
Global hedge funds have significantly reduced their purchases of Chinese stocks since late September, pivoting towards U.S. equities for the first time in six months, according to Goldman Sachs. This shift follows a 20% surge in Chinese markets driven by stimulus policies, but ongoing concerns over economic prospects and political uncertainties have led to heavy outflows. Hedge funds have reportedly retraced nearly 80% of their peak investments in Chinese equities, contributing to a notable decline in both the MSCI China and MSCI emerging markets indices this month.
Source: YAHOO
Reported about 1 month ago
Oil prices have increased following a two-day decline as traders remain concerned about escalating conflicts in the Middle East. West Texas Intermediate rose by 2.3% to nearly $72 a barrel, while Brent crude settled just above $76. Analysts suggest that the market remains tense due to lack of progress in cease-fire discussions, alongside fluctuating output plans from OPEC and non-OPEC producers.
Source: YAHOO
Reported about 1 month ago
The Bank of Japan is anticipated to maintain its ultra-low interest rates while potentially signaling a less dovish stance, influenced by increasing optimism regarding the U.S. economy and the need to address yen depreciation. The central bank has modified its hawkish messaging since its July rate hike, which caused market instability, but continues to project that inflation will remain around 2% through early 2027. With a focus on balancing market stability and monetary policy, the BOJ aims to cautiously navigate its next steps while fostering wage growth and consumption.
Source: YAHOO
Reported about 1 month ago
Japanese Prime Minister Shigeru Ishiba may need to reconcile with lawmakers he previously alienated if his party loses its majority in the upcoming election, following a scandal over slush funds. Despite predictions of significant votes for the Liberal Democratic Party, a potential loss of seats could force Ishiba to seek support from ousted members or smaller parties to maintain a stable government, complicating his political strategy and testing his leadership credibility.
Source: YAHOO
Reported about 1 month ago
The World Bank has introduced a new gender strategy aimed at increasing economic opportunities for women. Announced at the IMF and World Bank annual meetings, the Gender Strategy 2024-2030 targets enabling 300 million women to access broadband internet, supporting 250 million women through social protection, and providing capital to 80 million women and women-led businesses. World Bank President Ajay Banga emphasized that empowering women economically strengthens families and communities, fostering hope and dignity.
Source: YAHOO
Reported about 1 month ago
The stock market's recent rally faced challenges, with the S&P 500 showing slight change after an earlier spike. Banks negatively impacted the market, especially as major players like New York Community Bancorp reported dismal outlooks. Bitcoin's decline followed reports of a US investigation into cryptocurrency firm Tether. Despite these setbacks, some tech stocks, particularly the 'Magnificent Seven,' showed resilience, and market participants are cautiously optimistic ahead of crucial upcoming earnings and economic data.
Source: YAHOO