Reported 2 months ago
According to a report by Visa, the Paris Olympics is revitalizing the French economy as consumer spending surges. The second-largest economy in the euro zone anticipates a 0.3% growth boost from increased sales in tickets, TV rights, and tourism. Data reveals that small businesses in Paris experienced a 26% rise in sales to Visa cardholders during the first weekend of the Games, with U.S. cardholders leading foreign spending at an increase of 29% year-on-year.
Source: YAHOO
Reported 2 months ago
The yen experienced a decline in volatile trading following comments from Bank of Japan Deputy Governor Shinichi Uchida, who stated that the central bank will refrain from raising interest rates amidst unstable financial markets. After a brief five-day rally post the BOJ's rate hike, the currency weakened over 2% against the dollar but later recovered slightly. Uchida emphasized the necessity for an accommodative monetary policy given the extreme volatility in the markets.
Source: YAHOO
Reported 2 months ago
Maersk has revised its forecast for global container demand growth downwards, anticipating a slower pace due to ongoing market risks. The Danish shipping giant plans to increase its capital expenditure to $10-$11 billion for 2024-2025 as it orders 50 to 60 new vessels, aimed at renewing its fleet and maintaining capacity. Despite a recent 5%-7% rise in demand driven by a surge in Chinese exports, Maersk cautions about uncertain fourth-quarter prospects, noting factors like declining consumer confidence could impact future growth.
Source: YAHOO
Reported 2 months ago
Puma has revised its full-year core profit outlook downwards, forecasting operating profit between 620 million and 670 million euros due to currency headwinds and higher costs. The company is facing weaker consumer demand and excess inventory, despite initiatives to boost its competitive edge against rivals like Adidas and Nike. Q2 results showed a modest sales growth, driven by the Americas, while the European market faced declines.
Source: YAHOO
Reported 2 months ago
In July, China's exports increased by 7% compared to the previous year, falling short of the expected 10% growth due to trade tensions and slowing demand from major markets like the U.S. Imports, however, saw a stronger rise of 7.2%, indicating improved trade with Asian countries. Despite a trade surplus of $84.7 billion, experts anticipate a slowdown in exports in the coming months, largely influenced by new tariffs on electric vehicles.
Source: YAHOO
Reported 2 months ago
Coca-Cola HBC has raised its 2024 revenue and operating profit forecasts thanks to strong results in the first half of the year, where organic revenue grew by 13.6%. Despite higher profits, the company faced scrutiny from investors due to lower-than-expected EBIT and earnings per share, causing a nearly 2% decline in stock price. The group anticipates organic revenue growth of 8% to 12% and EBIT growth of 7% to 12% for the full year, although they remain cautious about a challenging economic environment ahead.
Source: YAHOO
Reported 2 months ago
Asian stocks rose for a second consecutive session as the Bank of Japan indicated it would refrain from raising interest rates in the face of market instability. The MSCI Asia Pacific Index increased by 1.8%, with Japan's Topix closing up 2.3%. Strong gains were observed in technology sectors, easing concerns over the yen carry trade's unwinding. Despite gains, analysts remain cautious due to ongoing recession fears linked to the US economy.
Source: YAHOO
Reported 2 months ago
China's central bank is clashing with bond investors as demand for government bonds surges amid a sluggish economy and low yields. The People's Bank of China is attempting to limit overly leveraged bond purchases while maintaining economic support. Recent actions include refraining from injecting cash into the banking system and advising banks to manage their bond exposure more prudently, amid fears of a potentially destabilizing bond bubble.
Source: YAHOO
Reported 2 months ago
SoftBank Group Corp. has unveiled a ¥500 billion ($3.4 billion) share buyback initiative following substantial market selloffs and activist investor Elliott's pressure to increase the stock price. The buyback is set to purchase up to 6.8% of its outstanding shares in the coming year. SoftBank's founder Masayoshi Son, known for leveraging buybacks during downturns, is also pivoting towards significant investments in AI. Despite reporting a smaller net loss this quarter, the company continues to navigate challenges with its Vision Fund's troubled investments.
Source: YAHOO
Reported 2 months ago
An investor has submitted a petition to liquidate a major unit of China Evergrande Group, citing a 200 million yuan ($27.9 million) investment dispute with Guangzhou Kailong Real Estate. The petition is currently being reviewed by a court in Guangzhou. Despite this, Evergrande assures that the bankruptcy of Kailong would not disrupt its primary operations or the delivery of homes by Hengda Real Estate, its main property entity.
Source: YAHOO
Reported 2 months ago
Glencore has abandoned its plans to separate from its coal operations, reversing a previous decision made just nine months prior. The company's shareholders pushed back against the spin-off, emphasizing the profitability of coal for the company despite increasing pressure to reduce emissions. CEO Gary Nagle stated that the decision reflects the recognition by investors that Glencore is best suited to manage its coal business, which has remained a significant revenue source.
Source: YAHOO
Reported 2 months ago
Tesla is rolling out a software update to address a safety issue affecting over 1.6 million vehicles in China, where a latch assembly problem could prevent drivers from being alerted about an unlocked hood. This issue may cause the hood to open while the vehicle is in motion, increasing the risk of accidents. Affected models include the imported Model S, Model X, and locally produced Model 3 and Model Y vehicles manufactured between October 2020 and July 2024.
Source: YAHOO
Reported 2 months ago
Oil prices have steadied after a market recovery, trading above $76 a barrel for Brent and near $73 for West Texas Intermediate, as investors monitor tensions in the Middle East, particularly any potential retaliatory actions from Iran against Israel. While market sentiment has stabilized, worries persist over demand drops in China and the US, along with possible increases in supply from OPEC+. Analysts highlight the uncertainty in the oil market, citing a lack of a significant risk premium despite escalating geopolitical tensions.
Source: YAHOO
Reported 2 months ago
Mike Dolan analyzes the Federal Reserve's current monetary policy amidst market volatility, suggesting that while the Fed may be slightly delayed in cutting interest rates, it is not yet behind the curve in preventing a recession. The article discusses the market's shifting expectations for rate cuts and highlights that concerns about a severe recession are not reflected in future pricing. The impending rate cuts signal the Fed's willingness to adapt to economic changes, but the precise stopping point of these cuts remains uncertain.
Source: YAHOO
Reported 2 months ago
Japanese bank stocks saw a staggering decline of 26.5% during a recent market rout, surpassing the broader Topix index's drop of 20.3%. However, signs of a rebound emerged, with bank shares rising 7.9%. The downturn was unexpected as rising interest rates from the Bank of Japan typically favor bank profits. Analysts believe that the recent sell-off may lead to relative resilience in bank stocks, given their high dividend yields and limited exposure to foreign-exchange fluctuations.
Source: YAHOO
Reported 2 months ago
Honda Motor reported a 23% increase in first-quarter profit, reaching 484.7 billion yen ($3.3 billion), aided by a weak yen, higher pricing, and growing hybrid vehicle sales in both the US and Japan. Despite a 2% rise in global vehicle sales, Honda anticipates a significant drop in Chinese sales by 21% due to market competition and a decline in demand for internal combustion vehicles. The company plans to close a factory in China while transitioning towards electric vehicle production.
Source: YAHOO
Reported 2 months ago
Sony reported a 10% increase in operating profit for the April-June quarter, amounting to 279 billion yen, surpassing analyst expectations due to the strong performance of its image sensor business. This profit boost, driven by foreign exchange impacts and increased sales, led Sony to raise its full-year profit forecast by 3%. Despite selling fewer PlayStation 5 units than the previous year, the company's gaming sector remained profitable, although the overall outlook is cautious amid fluctuating currency rates and potential global economic downturns.
Source: YAHOO
Reported 2 months ago
Saudi Aramco has decided to purchase a 22.5% stake in the Petro Rabigh petrochemical joint venture from Japan's Sumitomo Chemical for $702 million. This strategic move comes amid mounting losses for Petro Rabigh, which amounted to $2.36 billion as of June. Both companies will be investing equally to inject funds into the venture while alleviating some of its debt obligations. The deal enhances Aramco's ownership in the joint venture to 60%, while Sumitomo's stake is reduced to 15%. This acquisition aligns with Aramco's plans for downstream growth, as it secures a stronger presence in the petrochemical market.
Source: YAHOO
Reported 2 months ago
Glencore has decided not to separate its coal business after most investors showed support, recognizing the continued profitability of coal amid rising prices. The company, which recently acquired Teck Resources' coking coal assets, believes that coal will remain integral to the energy mix for several years. CEO Gary Nagle indicated that investors are now more receptive to coal's role in energy supply despite previous environmental concerns. Although Glencore reported a net loss of $233 million recently, it anticipates that retaining its coal assets will provide the best path for creating shareholder value.
Source: YAHOO
Reported 2 months ago
German industrial production experienced a surprising 1.4% increase in June, driving recovery for Europe’s largest economy after a contraction last quarter. The rise, exceeding analysts' forecasts, was primarily fueled by the automotive and electrical equipment sectors. Despite the positive output, exports saw a significant decline, and the Bundesbank cautioned that the recovery in industrial activity may be gradual despite hopes for improved economic conditions in the upcoming quarter.
Source: YAHOO
Reported 2 months ago
Source: BARRONS
Reported 2 months ago
Super Micro Computer has announced a 10-for-1 stock split, effective October 1, 2024, following a remarkable 650% rise in its stock price since the beginning of 2023. While this move aims to boost investor sentiment, it does not change the overall value of shareholders' investments. The company also reported record revenues in its latest quarter, though profits missed expectations due to supply chain issues. Investors are advised to focus on the company's strong performance and growth potential in the AI market rather than the stock split alone.
Source: YAHOO
Reported 2 months ago
Vice President Kamala Harris held her first campaign rally in Philadelphia alongside her vice-presidential pick, Minnesota Governor Tim Walz. During the event, Walz criticized GOP nominee Donald Trump, marking an energized start to their campaign.
Source: YAHOO
Reported 2 months ago
Vice President Kamala Harris and her newly announced running mate, Minnesota Governor Tim Walz, held their first rally together in Philadelphia, marking Harris's official nomination as the Democratic presidential candidate. During the rally, Harris praised Walz's background and leadership qualities, while Walz criticized former President Trump and shared personal stories about his experiences. The event drew significant support from high-profile Democrats including President Biden and former leaders like Barack Obama and Hillary Clinton.
Source: YAHOO
Reported 2 months ago
Asian stocks showed signs of recovery after an early decline, reflecting investors' reassessment of the market following recent volatility in global assets. Despite initial selling, shares in Japan and South Korea bounced back, supported by positive developments in technology and finance. The overall sentiment remains cautious but shows signs of stabilization as markets adjust to shifting economic indicators.
Source: YAHOO