Reported 3 months ago
German inflation unexpectedly rose to 2.6% in July, challenging the expectations of stability as it complicates the European Central Bank's decision-making regarding further interest rate cuts. This increase in consumer prices, particularly in food, combined with a surprising decline in German economic output, emphasizes the divergent inflation trends across the euro area, with the ECB carefully monitoring domestic price pressures amid considerations for upcoming policy adjustments.
Source: YAHOO
Reported 3 months ago
Chanel has successfully raised over €700 million ($758 million) through a privately-placed bond sale, amidst growing challenges in the luxury sector. This move follows similar actions by other major European firms and allows Chanel to connect directly with institutional investors, thus avoiding the fluctuations of public credit markets. The debt is arranged by Goldman Sachs and Societe Generale, with maturity in 10 and 12 years.
Source: YAHOO
Reported 3 months ago
SoFi Technologies Inc. has raised its 2024 profit and revenue forecasts for the second time this year. The fintech company, benefiting from its technology businesses and lending operations, now expects earnings per share to be between 9 to 10 cents, along with adjusted net revenue projected at $2.425 to $2.465 billion. CEO Anthony Noto highlighted that financial services and tech segments now account for a record 45% of adjusted net revenue. SoFi's recent financial reports indicate sustained strong results despite a challenging rate environment.
Source: YAHOO
Reported 3 months ago
Merck & Co reported strong second-quarter results, driven by significant sales of its cancer drug Keytruda, which reached $7.3 billion, up 16% from the previous year. The company posted a profit of $5.5 billion, beating analyst estimates and slightly raised its annual sales forecast to between $63.4 billion and $64.4 billion. However, it adjusted its earnings outlook downward due to costs associated with acquisitions.
Source: YAHOO
Reported 3 months ago
Paris is experiencing an intense heat wave with temperatures reaching 38C (100F), marking the hottest conditions since 2022, while the Mediterranean region suffers from multiple wildfires due to soaring temperatures. Greece is under high alert for wildfires, with 54 incidents reported in one day, prompting evacuations in several areas. The extreme weather is attributed to climate change, leading to increased frequency and intensity of heat waves.
Source: YAHOO
Reported 3 months ago
Warren Buffett's Berkshire Hathaway has sold more than $3 billion of its Bank of America shares this month, reducing its stake in the bank by 6.9% to 961.5 million shares. This follows a significant increase in the bank's stock price, which has nearly doubled since late October. Despite the sales, Berkshire Hathaway remains the largest shareholder with a 12.4% stake worth approximately $39.5 billion. Buffett, who has been a long-time supporter of Bank of America and its CEO Brian Moynihan, had previously praised the bank high ahead of this selling spree.
Source: YAHOO
Reported 3 months ago
Greece's Supreme Court prosecutor has dropped a case against the intelligence agency EYP after finding no evidence that it used illegal phone malware to spy on individuals. The case arose from claims made by an opposition party leader and journalist regarding surveillance via spyware, which was later discovered in numerous phones. The prosecutor concluded that no state agency or government official was involved with the Predator spyware, prompting discussions about privacy and surveillance in Greece.
Source: YAHOO
Reported 3 months ago
Grifols SA has reported an unexpected accounting adjustment of €457 million related to its 6.5% stake in China's Shanghai RAAS, following scrutiny from short sellers and a review by its new auditor, Deloitte. This adjustment, which does not impact the income statement, led to a suspension of trading on Tuesday. Grifols has been under intense examination of its financial dealings after allegations of debt manipulation surfaced earlier this year, prompting significant management changes within the company.
Source: YAHOO
Reported 3 months ago
Mexico's economy grew by just 0.2% in the second quarter, falling short of expectations due to high interest rates dampening consumer demand. The annual growth rate also decreased to 2.2%, below prior projections. Experts warn that continued economic weakness may further slow growth in the coming years, despite government spending aimed at boosting short-term momentum.
Source: YAHOO
Reported 3 months ago
AMD exceeded Wall Street expectations in its second quarter earnings, reporting adjusted EPS of $0.69 on $5.8 billion revenue, driving a 5% surge in its stock. The company attributed its success to the escalating demand in the AI sector for its GPUs and CPUs, with Data Center revenue reaching $2.8 billion, a 115% increase from last year. CEO Lisa Su highlighted strong growth prospects for the second half of the year, fueled by their AI offerings and a recovering PC market.
Source: YAHOO
Reported 3 months ago
CrowdStrike's shares fell over 8% following news that Delta Air Lines plans to seek compensation over a recent IT outage that caused significant flight cancellations. The global cyber incident, which was linked to CrowdStrike's software malfunction, has resulted in Delta canceling thousands of flights and prompted concerns among clients about future spending on the cybersecurity firm's services. Analysts predict that the damages from this incident could diminish customer trust in CrowdStrike's platforms.
Source: YAHOO
Reported 3 months ago
Wall Street is analyzing earnings from major companies like JetBlue and Pfizer, with upcoming reports from Microsoft and Starbucks heightened in anticipation. Additionally, Delta Airlines has engaged legal counsel to pursue damages from CrowdStrike and Microsoft due to a significant outage that disrupted numerous flights.
Source: YAHOO
Reported 3 months ago
PayPal has raised its adjusted profit forecast for 2024 for the second time, citing strong performance in its branded checkout business and resilient consumer spending. The company's shares surged by 9% following this announcement. PayPal now anticipates profit growth in the low to mid-teens, an increase from its earlier projections. The company's revenue also showed notable growth, driven by increased payment volumes and effective cost management strategies.
Source: YAHOO
Reported 3 months ago
Nomura Holdings Inc. reported a significant rise in profit, tripling to ¥68.9 billion ($446 million) last quarter, surpassing analysts' expectations. This surge was driven by a thriving Japanese stock market, enhancing wealth management results, and increased income from trading and investment banking. The company aims for further growth, with wealth management showing a robust 84% year-over-year increase, despite challenges in the wholesale division's cost control.
Source: YAHOO
Reported 3 months ago
Pfizer has raised its annual profit forecast, now expecting earnings between $2.45 and $2.65 per share, due to better-than-expected sales of its COVID-19 vaccine and antiviral treatment.
Source: YAHOO
Reported 3 months ago
BP, the UK oil giant, announced plans to return $7 billion to shareholders through stock buybacks this year, despite a nearly 30% drop in profits in the first half of 2024. The company reported a profit of $5.5 billion, down from $7.6 billion last year, primarily due to lower earnings from its refining operations. BP's second-quarter profit slightly exceeded expectations, leading to a rise in its stock price. Despite this, critics argue that BP's focus is still too heavily on high-carbon activities at the expense of climate commitments.
Source: YAHOO
Reported 3 months ago
BioNTech's cancer drug candidate BNT111 demonstrated significant improvement in response rates for patients with advanced melanoma in a Phase 2 trial, achieving its primary endpoint. The trial showed that BNT111, when combined with the PD-1 inhibitor cemiplimab, had a statistically significant higher overall response rate compared to historical control data. This marks a shift in BioNTech's focus towards cancer drug development amidst a decline in its COVID-19 vaccine business.
Source: YAHOO
Reported 3 months ago
Indonesia's leading tech company, PT GoTo Gojek Tokopedia Tbk, reported a significantly reduced underlying loss of 70 billion rupiah ($4.3 million) in the second quarter, down from 139 billion rupiah in the previous quarter. This improvement is attributed to successful cost-cutting efforts. The company also achieved a 3% increase in net revenue to 3.66 trillion rupiah, indicating growth while maintaining a focus on profitability as it aims to reach breakeven adjusted EBITDA by year-end.
Source: YAHOO
Reported 3 months ago
Tesla is recalling more than 1.8 million vehicles, including Model 3, Model S, Model X, and Model Y, due to a potential issue with the hood latch assembly that may fail to detect if the hood is unlatched, increasing the risk of obstruction during driving. While the company has not reported any accidents or injuries linked to this problem, they are taking action following customer complaints, especially those noted in China. A free software update has been released to address the issue, with owner notification letters expected by September 22.
Source: YAHOO
Reported 3 months ago
Russian lawmakers have passed a new law allowing businesses to engage in cryptocurrency transactions for international trade, aimed at circumventing Western sanctions. Set to take effect in September 2024, the law establishes a 'experimental' infrastructure for crypto payments, as Russia grapples with significant delays in international transactions, especially with major trading partners. The central bank anticipates the first cryptocurrency transactions to commence this year, highlighting the growing challenges posed by Western regulations on Russian trade.
Source: YAHOO
Reported 3 months ago
Spain's CNMC has fined Booking.com €448 million ($448 million) for abusing its dominant market position over the past five years. The company, which holds a market share of 70%-90%, imposed unfair conditions on hotels and restricted competition. Booking Holdings plans to appeal the fine, arguing that the issue should be addressed under EU's Digital Markets Act provisions.
Source: YAHOO
Reported 3 months ago
U.S. index futures showed slight gains as investors awaited hints on interest rate cuts from the Federal Reserve's upcoming monetary policy announcement, while keeping a close eye on the quarterly earnings reports from major tech companies. Despite mixed premarket performances among giants like Microsoft and Apple, expectations of a potential rate cut have led to increased interest in mid- and small-cap stocks, contrasting the scrutiny faced by dominant megacap firms in the market.
Source: YAHOO
Reported 3 months ago
Global hedge funds have extensively retreated from short positions on the Japanese yen, which has surged nearly 5% against the U.S. dollar since July 10, following a substantial intervention by Japanese authorities. UBS reports that most hedge funds have covered their short bets that had built up over the last year, influenced by the yen's rising volatility and shifting market dynamics, as many investors seek alternatives to the yen, traditionally favored for carry trades due to its low interest rates.
Source: YAHOO
Reported 3 months ago
GoTo Group has reported a significant reduction in its quarterly losses following a strategic move to sell its e-commerce branch, Tokopedia, to TikTok, enabling them to concentrate on their ride-hailing services. The company’s adjusted loss for the quarter was approximately $2.9 million, a notable improvement from last year’s pro-forma loss of about $58 million. The TikTok deal is expected to strengthen GoTo’s finances through consistent payments, contributing an additional $10 million in fees in the second quarter. Despite challenges in the market, the company is optimistic about reaching profitability by the end of the financial year.
Source: YAHOO
Reported 3 months ago
As markets brace for significant developments, Microsoft’s quarterly earnings report is anticipated to provide insights on its Azure cloud business and AI investments, coinciding with the Federal Reserve's important policy meeting. The week will also include other major corporate earnings and the U.S. employment report, impacting economic forecasts amidst market uncertainties.
Source: YAHOO