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☆ Amazon Posts 9% Quarterly Sales Growth
▼ + stars: | 2023-02-02 | by ( Sebastian Herrera | ) www.wsj.com time to read: 1 min

Amazon is resetting its business from the Covid boom period that prompted it to expand aggressively. Amazon.com Inc. reported higher than expected quarterly sales, though the company’s e-commerce services and cloud-computing business moderated their pace of growth in the face of recession concerns that are denting consumer and enterprise spending. The company after the closing bell Thursday posted sales of $149.2 billion, or 9% growth from the year-ago period, beating Wall Street expectations. It also said sales in the current quarter should reach between $121 billion to $126 billion, matching expectations. Analysts surveyed by FactSet have been forecasting sales of roughly $125.1 billion.

☆ AmEx shrugs off slowdown worries after forecasting upbeat full-year profit
▼ + stars: | 2023-01-27 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

AmEx forecast 2023 net revenue growth between 15% and 17% and earnings per share of $11 to $11.40. Jefferies analysts said although the forecast might "appear aggressive" in light of sentiment around a potential macroeconomic slowdown, it reflected momentum. "We had a very strong quarter with travel across borders and national travel and feel really good about the trends there," Campbell added. A typically strong holiday quarter saw AmEx's customers splurge on gifts, travel, and entertainment, driving a 12% increase in total network volumes. AmEx reported a profit of $2.07 per share for three months ended Dec. 31, missing analysts' estimates of $2.22 per share.

Its customers are also scaling back investments, especially within its key vacuum division which counts the major semiconductor producers as its main clients. In the fourth quarter, order intake at its vacuum business fell 22% to 8.48 billion crowns, once again denting results. On an organic basis, or like-for-like, orders at the vacuum division fell 33%, while for the group as a whole they dropped 7%. JPMorgan said the poor order intake for the vacuum division was expected. Atlas as a group delivered an operating margin of 19.5% compared with 18% at its vacuum division.

☆ US stocks drop as gloomy earnings reports from Big Tech and others roll in
▼ + stars: | 2023-01-25 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

US stocks fell Wednesday as investors assess more earnings reports from Corporate America. Microsoft cut revenue guidance and Boeing posted a quarterly loss. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Boeing fell after the aircraft maker posted a more than $600 million loss for the fourth quarter, hurt by supply chain challenges. Big Tech shares will remain in focus with Tesla's fourth-quarter results due after Wednesday's closing bell.

A cut in the import duty by the world's second-biggest consumer could lift retail sales by making gold cheaper ahead of peak demand season and support global prices . The effective duty is now 18.45%, which includes the 12.5% import duty, 2.5% agriculture infrastructure development cess and other taxes. The finance ministry declined to comment while the trade ministry did not immediately respond to a request for comment. "Smuggling is going up," said the commerce ministry official, adding that the duty could be cut in an upcoming budget. Indian gold prices jumped to a record 56,850 rupees per 10 grams last week.

☆ Futures slip ahead of Goldman, MS earnings as China data hits sentiment
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures down: Dow 0.18%, S&P 0.22%, Nasdaq 0.31%Jan 17 (Reuters) - U.S. stock index futures started the week lower ahead of quarterly results from Goldman Sachs and Morgan Stanley, with downbeat economic data from China denting investor sentiment globally on Tuesday. Goldman Sachs (GS.N) and Morgan Stanley (MS.N) were set to wrap up a mixed season for big bank earnings with their fourth-quarter results due before the bell. Analysts expect year-over-year earnings from S&P 500 companies to decline 2.2% for the quarter, according to Refinitiv data as of Friday. The S&P 500 (.SPX) and the Nasdaq (.IXIC) indexes closed at one-month highs on Friday, with the former up 4.2% so far in 2023. ET, Dow e-minis were down 61 points, or 0.18%, S&P 500 e-minis were down 9 points, or 0.22%, and Nasdaq 100 e-minis were down 35.5 points, or 0.31%.

☆ Morning Bid: Risk on, risk off
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

European company results kick-off in earnest on Wednesday, with retailer Sainsbury (SBRY.L) and JD Sports reporting. On the macro economic front, the World Bank cut its 2023 growth forecasts to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia's war in Ukraine continues and the world's major economic engines sputter. The U.S. consumer price index report on Thursday is the big event for markets. The report is expected to show December's headline inflation at 6.5% versus 7.1% in November. Key developments that could influence markets on Wednesday:RESULTS: Sainsbury, JD Sports, Barratt DevelopmentsReporting by Anshuman Daga; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ After Christmas relief UK retailers face 2023 reality check
▼ + stars: | 2023-01-06 | by ( James Davey | ) www.reuters.com time to read: +3 min

Ahead of Christmas, European retailers fretted that the key trading period could be the worst in at least a decade. Next, often acclaimed as a bellwether for the UK consumer economy, said it expected sales and profit to fall in 2023. The strain on Britons' household budgets is likely to begin to tell this month as Christmas credit card bills arrive. UK consumers will this year face persistent inflation in essential goods, particularly food and energy. M&S's apparel business will likely have benefited from Britain's severe cold snap in December which Next said dramatically boosted sales.

☆ A bad market omen: Apple and Tesla denting market sentiment to start the year
▼ + stars: | 2023-01-04 | by ( Patti Domm | In | ) www.cnbc.com time to read: +3 min

It was a sloppy start to the year for stocks, and the steep decline in two market darlings — Apple and Tesla — is not a good omen for the market in 2023. The S & P 500 was down as much as 1.2% on Tuesday and dipped below the key 3,800 level. "I think Apple has a major influence on market sentiment. Though, she added that Tesla is much less of an impact on overall market action than Apple because of the tech giant's huge market cap. Stockton also said the S & P 500 could break down several hundred points below that and reach 3,200.

☆ The Nasdaq had its worst year since 2008. These are the best and worst performers and what to expect in 2023
▼ + stars: | 2022-12-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +9 min

2022 brought an end to an impressive bull run for technology — and the worst year for the Nasdaq Composite since 2008. Energy stocks, meanwhile, found favor in investors' portfolios, as did healthcare and financials. Given this outlook, CNBC examined some of the worst and best-performing stocks in the Nasdaq 100 this year. Energy stocks Energy won 2022, benefitting from volatile oil prices triggered by the war in Ukraine. Meta Platforms was the worst-performing FAANG name, and one of the poorest-performing Nasdaq stocks.

☆ Mike Sievert of T-Mobile is the CNN Business CEO of the Year
▼ + stars: | 2022-12-26 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

T-Mobile’s solid performance on Wall Street was one big reason why CEO Mike Sievert is the CNN Business pick for CEO of the Year. CNN Business spoke to Sievert about how T-Mobile has continued to perform well in a super competitive business. T-Mobile CEO Mike Sievert talks to employees at a 2022 company event. That has led to higher expenses, but Sievert said T-Mobile is less worried about inflation than other consumer firms. Prepared for more competitionSievert, who has been with T-Mobile since 2012, took over as CEO in 2020 from long-time CEO John Legere.

☆ Cuba says U.S. greenlights MLB players for World Baseball Classic
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +2 min

HAVANA, Dec 24 (Reuters) - Cuba said on Saturday the United States had granted permission for some of its top ballplayers to participate in the World Baseball Classic on the national team. The team will be the first since Fidel Castro's 1959 Revolution to include Cuban players from both countries. Vice Foreign Minister Carlos Fernandez de Cossio told Reuters earlier this month the United States was blocking some of Cuba's top players from participating in the Classic. Cuba has asked several players who in recent years had defected from the Caribbean island - long famed for its baseball talent - to represent their home country in the event. As a result, Cuba's baseball talent has fled the country in unprecedented numbers in the past decade, emptying dugouts and denting national pride.

From its original epicentre in the north, including the capital Beijing, COVID-19 infections are spreading throughout the country and cases are impeding workforces in manufacturing belts, including the Yangtze River Delta, near Shanghai. With mass testing halted after China abruptly dropped its zero-COVID policy this month, official data no longer reliably captures new case numbers. Some estimates, however, predict the wave currently sweeping the country could infect up to 60% of China's 1.4 billion-strong population. LOGISTICS LOGJAMLeading automobile chipmaker, Renesas Electronics Corp (6723.T) suspended production at its Beijing plant last Friday due to COVID-19 infections, but said it would re-open Tuesday. For now, however, that impact is being limited in part by economic hardships elsewhere in the world denting demand for products from China.

Analysts expect sentiment to recover gradually next year, as the relaxation of COVID restrictions and property support policies take effect. Property investment fell the fastest since the statistics bureau began compiling data in 2000, down 19.9% on year in November after a 16% slump in October, the NBS said in a statement. Beike's Liu predicted housing demand will be gradually released in 2023 as consumer sentiment will improve with a progress in housing delivery. Although markets cheered the easing policies, which are expected to boost economic growth in the long term, some analysts say fragile overall demand will keep the property sector's recovery gradual. "Considering the challenging demographic trend, and policymakers' long-held stance that 'housing is for living in, not for speculation', we maintain our view that the property sector recovery should be gradual and bumpy," Goldman Sachs analysts said in a note.

☆ Elon Musk's Tesla stock sales are throwing gas on a burning fire, and the EV maker's board may be forced to confront the Twitter sideshow, Wedbush says
▼ + stars: | 2022-12-15 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Elon Musk's continued sales of Tesla shares as he focuses on his newly acquired Twitter is denting the EV maker's brand, Wedbush analyst Dan Ives said Thursday. The Tesla CEO cashed in another $3.6 billion of Tesla stock this week. A Securities and Exchange Commission filing revealed Wednesday that Musk — the CEO of Tesla and privately held Twitter and Space X — cashed in another $3.6 billion of Tesla stock this week. Tesla stock has plunged about 55% in 2022, partially stemming from some investors seeing Musk's attention on the social media site as a distraction. On Wednesday, Loup Capital's Gene Munster said Musk's mistakes surrounding Twitter is damaging Tesla's brand and he needs "to pull it together."

☆ Banks’ buyout-debt machine defies quick jumpstart
▼ + stars: | 2022-12-08 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

Asset managers like Blackstone (BX.N) or Axa (AXAF.PA) pick the underlying loans, while investment banks underwrite the CLO securities and place them with credit investors. Many of the bonds that come out the other side get an ultra-safe AAA credit rating. The combination of higher funding costs and slower private-equity dealmaking has pushed sales of European CLO securities down 67% year-on-year, according to JPMorgan analysts. So, for example, 70% of the whole portfolio would have to default, with the creditors recovering just half of their money, before AAA tranches see a loss. That means banks’ biggest CLO risk is an even sharper slowdown, not a blowup.

☆ ‘White paper’ protests: China’s top stationery supplier says it’s still selling A4 sheets
▼ + stars: | 2022-11-29 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN Business —The rare protests that spread across China over the weekend often featured demonstrators holding pieces of blank white paper, a phenomenon that has caused problems for the country’s top stationery chain. A4 refers to a standard paper size commonly used in countries outside of the United States and Canada. After M&G issued its filing, some social media users said they weren’t able to order A4 white paper sheets from the company’s online stores. Following the stock exchange filing, shares in M&G Stationery clawed back some losses, but were still down 1% at Monday’s close. ‘White paper’ protestsThe protests were triggered by a deadly fire last Thursday in Urumqi, the capital of the far western region of Xinjiang.

☆ China’s ‘white paper’ protests cause headaches for country’s top stationery supplier
▼ + stars: | 2022-11-29 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN Business —The rare protests that spread across China over the weekend often featured demonstrators holding pieces of blank white paper, a phenomenon that has caused problems for the country’s top stationery chain. M&G Stationery is based in Shanghai and sells its products in over 50 countries and regions around the world, according to the company’s website. After M&G issued its filing, some social media users said they weren’t able to order A4 white paper sheets from the company’s online stores. Following the stock exchange filing, shares in M&G Stationery clawed back some losses, but was still down 1% by Monday’s close. ‘White paper’ protestsThe protests were triggered by a deadly fire last Thursday in Urumqi, the capital of the far western region of Xinjiang.

A sour mixture of manufacturing hiccups, Chinese Covid lockdowns and other issues have watered down Oatly’s once-heady growth rates. On that basis, the company could exhaust its $116 million cash pile early next year. Petersson has announced layoffs and other cost-cutting measures, which he hopes will save $50 million in annual terms. And even if he finds a manufacturing partner soon, it’s unlikely to stop the company burning cash. That leaves Petersson two options: sell the company, or raise cash.

HONG KONG, Nov 24 (Reuters Breakingviews) - Pershing Square boss Bill Ackman is taking another tilt at the Hong Kong dollar , betting the government will be forced to break its link to the greenback. His logic is stronger today than when he took the plunge in 2011 but it’s up to Beijing, not Hong Kong. Back then Ackman famously predicted that the Hong Kong Monetary Authority would allow the local currency to strengthen against the U.S. dollar. A secular decline in Hong Kong might ultimately sabotage the peg at some point. On the other hand, Hong Kong is a city, not a country.

☆ Oil prices edge up as softer dollar outweighs China demand concerns
▼ + stars: | 2022-11-22 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

SINGAPORE, Nov 22 (Reuters) - Oil prices inched higher on Tuesday as the dollar eased, but global recession worries and concerns about China's rising COVID-19 case numbers denting demand from the world's top crude oil importer weighed on sentiment. Brent crude futures rose 44 cents, or 0.5%, to $87.89 by 0513 GMT. U.S. West Texas Intermediate (WTI) crude futures for January began trading Tuesday, rising 30 cents, or 0.4%, to $80.34 a barrel. In the United States, crude oil stocks were estimated to have dropped by about 2.2 million barrels in the week to Nov. 18, a preliminary Reuters poll showed on Monday. The front-month Brent crude futures spread narrowed sharply last week, while WTI flipped into contango, which suggests supply concerns are easing.

☆ Major Gulf markets fall in early trade on growth worries
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Major stock markets in the Gulf fell in early trade on Tuesday on growth worries following COVID-19 flare-ups in China and weak oil demand, with the Qatari index on course to extend losses for a sixth session. Saudi Arabia's benchmark index (.TASI) dropped 0.3%, on course to extend losses for a third session, with Dr Sulaiman Al-Habib Medical Services (4013.SE) losing 2.7% and Riyad Bank (1010.SE) falling 1.1%. Physical crude markets have weakened in recent days, reflecting softer demand from China and Europe. Dubai's main share index (.DFMGI) fell 0.3%, hit by a 0.4% fall in Emirates NBD (ENBD.DU). The Qatari index (.QSI) retreated 0.8%, on course to extend losses for a sixth session, with Qatar Islamic Bank (QISB.QA) dropping 1.6%.

Several other Fed officials in recent days have also stressed the need to continue raising rates, albeit at a slower pace. "The Fed is trying to make sure the market doesn't get too ahead of itself," said Tim Holland, chief investment officer at Orion Advisor Solutions. "They're trying to walk this rhetorical tightrope where in between meetings and big data points, they're reminding the market that they're still tightening." Traders are now pricing in 89% odds of a 50-basis-point rate hike from the Fed in December and see terminal rate at around 5% in June 2023. The S&P index recorded no new 52-week high and one new low, while the Nasdaq recorded 12 new highs and 101 new lows.

LONDON, Nov 17 (Reuters) - The pound rose for a third day against the dollar on Thursday ahead of finance minister Jeremy Hunt's new budget full of "tough but necessary" measures to control inflation. Against the euro , sterling has only risen by around 6% since late September and by 9% against the yen. Benchmark 10-year gilts are around 3.3%, their lowest since mid-September, just before Truss and Kwarteng released their budget. Typically, this would have dragged on the pound, given the lower yield advantage it affords investments in sterling. Adding an extra element of risk on Thursday, are the economic forecasts of the independent Office for Budget Responsibility, which did not release any kind of breakdown of the impact of Truss' budget in September.

☆ FTSE 100 edges higher as China's easing of COVID curbs boosts miners
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

Summary FTSE 100 up 0.4%, FTSE 250 adds 1.0%Nov 11 (Reuters) - UK's export-oriented FTSE 100 index edged higher on Friday, as commodity-linked stocks rose after China eased some of its COVID-19 curbs, although the gains were limited after data showed Britain's economy contracted in the third quarter. Even though Britain's economy shrank by a less severe than expected 0.2% in the third quarter, the data pointed to the start of what is likely to be a lengthy recession. The blue-chip FTSE 100 (.FTSE) was up 0.4% by 0820 GMT, while Europe-wide STOXX 600 index (.STOXX) was up 0.6. Miners (.FTNMX551030) and energy shares (.FTNMX601010) climbed 1.6% and 0.7%, respectively, as raw material prices jumped on hopes of demand recovery after the world's largest consumer eased COVID-19 measures. A softer-than-expected U.S. inflation data on Thursday also raised hopes of the U.S. Federal Reserve easing on its demand-denting hawkish path.

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