Stocks and Shares

08/11/2023

Adidas (ADSGn.DE) said on Wednesday that inventory levels continued to improve strongly in the third quarter, as the German firm’s conservative sell-in strategy was paying off.

Inventory levels were now down 23% on the year to 4.85 billion euros ($5.18 billion), which was a little more than the sportswear giant had planned, it said.

https://marketacad.com/adidas-inventory-position-improving-better-than-planned/

08/11/2023

Continental (CONG.DE) reported a 7.1% rise in its adjusted operating result to 637 million euros($680.57 million) on Wednesday and slightly raised its outlook for the tires business off the back of a strong quarter.

The supplier now expects an adjusted earnings margin in the tires business of 12.5 to 13.5%, from 12-13% previously.

It adjusted the sales outlook for its cars sector slightly downwards to 20 billion euros from 21 billion previously because of the negative impact of currency exchange rates.

https://marketacad.com/continental-reports-higher-earnings-raises-outlook-for-tires-business/

08/11/2023

A former Meta (META.O) employee is testifying before a U.S. Senate subcommittee on Tuesday, alleging that the Facebook and Instagram parent company was aware of harassment and other harms facing teens on its platforms but failed to address them.

The employee, Arturo Bejar, worked on well-being for Instagram from 2019 to 2021 and earlier was a director of engineering for Facebook’s Protect and Care team from 2009 to 2015, he said.

Bejar is testifying before the Senate Judiciary Subcommittee on Privacy, Technology and the Law at a hearing about social media and its impact on teen mental health.
https://marketacad.com/former-meta-employee-tells-senate-company-failed-to-protect-teens-safety/

08/11/2023

Ratings agency Moody’s (MCO.N) is creating a unit to research and rate private credit, the firm said on Monday.

The unit will be headed by Ana Arsov, who will coordinate research and rating initiatives in the field, Moody’s Investors Service said in a statement.

The global private credit market, with more than $1.3 trillion in assets under management, makes up about 12% of the alternatives market, investment firm BlackRock said in a recent report.

https://marketacad.com/moodys-creates-private-credit-rating-and-research-group/

08/11/2023

Big Tech firms will face new European Union rules to clearly label political advertising on their platforms, who paid for it and how much and which elections are being targeted, ahead of important votes in the bloc next year.

The new political advertising rules, which were agreed by EU countries and European Parliament lawmakers late on Monday, will force social media groups such as Alphabet’s Google (GOOGL.O), Meta Platforms to be more transparent and accountable.

Violations of the new EU can be punished with fines up 6% of an ad provider’s annual turnover.

https://marketacad.com/big-tech-to-face-tougher-rules-on-targeted-political-ads-in-eu/

08/11/2023

Facebook owner Meta (META.O) is barring political advertisers from using its new generative AI advertising products, a company spokesperson said on Monday, cutting off campaigns’ access to tools that lawmakers have warned could turbo-charge the spread of election misinformation.

Meta has not yet publicly disclosed the decision in any updates to its advertising standards, which prohibit ads with content that has been debunked by the company’s fact-checking partners but do not appear to have any rules specifically on AI.

https://marketacad.com/exclusive-meta-to-bar-political-advertisers-from-using-generative-ai-ads-tools/

06/11/2023

Russia will continue the additional voluntary supply cut of 300,000 barrels per day from its crude oil and petroleum product exports until the end of December 2023 as previously announced, Deputy Prime Minister Alexander Novak said on Sunday.

Russia has agreed to undertake two separate reductions in oil supply: in April it decided to cut crude output by 500,000 barrels per day (bpd) until the end of 2024, while in August it said it would reduce exports by 300,000 bpd until the end of this year.

https://marketacad.com/russia-to-continue-voluntary-cut-of-oil-and-oil-product-exports-until-year-end/

06/11/2023

Ryanair (RYA.I) expects to post a record annual profit and will pay investors a regular dividend for the first time, it said on Monday, citing fares that rose 24% during the summer and are likely to remain high for years because of limited capacity.

Shares in the low-cost pioneer, Europe’s largest airline by passenger numbers, were up 6% at 0850 GMT.

Ryanair forecast after-tax profit for the year to end March of between 1.85 billion and 2.05 billion euros, easily beating its previous record of 1.45 billion euros in 2018.
https://marketacad.com/ryanair-sees-record-annual-profit-first-regular-dividend-as-fares-soar/

06/11/2023

Hopes that a rout in Treasuries has run its course are tempting some investors back into the U.S. stock market after a months-long selloff.

The relationship between stocks and bonds has been a tight one in recent months, with equities falling as Treasury yields climbed to 16-year highs. Higher yields offer investment competition to stocks while also raising the cost of capital for companies and households.

Over much of the last week, however, that dynamic has reversed, following news of smaller than expected U.S. government borrowing and signs that the Federal Reserve is nearing the end of its rate hiking cycle.

https://marketacad.com/wall-st-week-ahead-stock-investors-see-green-light-in-falling-treasury-yields/

03/11/2023

U.S. futures traded in a mixed fashion Friday, as investors digested more corporate earnings ahead of the release of the influential monthly jobs report.

https://www.investing.com/news/stock-market-news/apple-bloomin-brands-sempra-fall-premarket-cinemark-block-rise-3221254

03/11/2023

Goldman Sachs will promote 608 executives to managing directors next year, fewer than the 643 senior bankers it elevated two years ago, according to a company memo.

The Wall Street firm announces managing director promotions every two years. The number of promotions this year is the lowest since Goldman promoted 465 in 2019, before the pandemic.

Of the new managing directors, 47% were promoted from Goldman's traditional mainstays of investment banking and trading, while 24% came from asset and wealth management and 2% from platform solutions, the company said.

https://www.investing.com/news/stock-market-news/goldman-sachs-to-promote-608-to-managing-directors-down-from-2021-3219915

03/11/2023

Sam Bankman-Fried's fraud conviction on Thursday marks the culmination of a yearlong legal saga stemming from the dramatic collapse of the FTX cryptocurrency exchange he founded.

https://www.investing.com/news/economy/events-leading-up-to-ftx-founder-sam-bankmanfrieds-conviction-3220334

02/11/2023

Boeing said on Wednesday it is investigating a cyber incident impacting elements of the company's parts and distribution business and is cooperating with law enforcement.

Boeing (NYSE:BA) acknowledged the incident days after the Lockbit cybercrime gang said on Friday it had stolen "a tremendous amount" of sensitive data from the U.S. planemaker that it would dump online if Boeing didn't pay ransom by Nov. 2.

Boeing declined to comment on whether it had attributed the cyber incident to Lockbit.

"This issue does not affect flight safety," a Boeing spokesperson said. "We are actively investigating the incident and coordinating with law enforcement and regulatory authorities. We are notifying our customers and suppliers."

https://www.investing.com/news/stock-market-news/boeing-investigating-cyber-incident-affecting-parts-business-3218048

02/11/2023

The oil bull has come up for gasping for air after October’s sinking of crude prices — and isn’t finding relief from a Federal Reserve indicating that current US interest rates may not be high enough to effectively curb inflation.

The Fed is still quite some way from its 2% annual target for inflation, with latest data on US personal consumption expenditure standing at 3.4%. That suggested that another rate hike might come as early as December and was enough to send crude prices lower for a third day in a row.

https://www.investing.com/news/commodities-news/oil-prices-creep-higher-after-crushing-oct-fed-squarely-in-focus-3216125

02/11/2023

The Dow ended higher Wednesday following a slump in Treasury yields after the Federal Reserve kept rates steady for second-straight meeting.

At 16:00 ET (20:00 GMT), the Dow Jones Industrial Average was up 221 points or 0.7%, while the S&P 500 was up 1.1% and the NASDAQ Composite was up 1.6%.

https://www.investing.com/news/stock-market-news/stock-market-today-dow-ends-higher-as-treasury-yields-dive-after-fed-pauses-again-3216759

31/10/2023

Australia’s Coles Group (COL.AX) posted a 3.6% jump in first-quarter sales on Thursday, boosted by higher contribution from its supermarkets section owing to strong food volume growth, as consumers increasingly opted for at-home consumption.

The country’s second-largest grocer posted group sales revenue of A$10.25 billion ($6.46 billion) for the 13 weeks to Sept. 25, compared with A$9.89 billion reported a year ago.

https://marketacad.com/australias-coles-sees-q1-sales-jump-nearly-4-on-at-home-consumption/

31/10/2023

Billionaire hedge fund manager Bill Ackman, who traditionally invests in stocks, earned roughly $200 million from a bet against U.S. 30-year Treasury bonds, a person familiar with the trade said on Wednesday.

Ackman said on Monday on X, “we covered our bond short” some 12 weeks after he announced the bet on the messaging platform formerly known as Twitter.

https://marketacad.com/ackmans-bet-against-us-treasuries-pays-off-with-200-mln-profit/

28/10/2023

Ford shares fall after pulling full-year forecast, wider losses in EV unit.

Shares of Ford Motor (NYSE:F) Co closed down 12.3% on Friday, after the automaker reported a wider loss from its electric-vehicle (EV) business due to pressures from a price war, sparked by industry leader Tesla (NASDAQ:TSLA).

The Detroit automaker also pulled its 2023 forecast, citing "uncertainty" over the pending ratification of its new labor deal with the United Auto Workers (UAW) union, which is expected to significantly increase labor-related expenses.

https://www.investing.com/news/stock-market-news/ford-shares-fall-after-pulling-fullyear-forecast-wider-ev-losses-3211846

28/10/2023

The US economy saw much higher GDP growth in the third quarter than the first two quarters of the year.

Real gross domestic product, or real GDP, rose at an annualized rate of 4.9%, according to the advance estimate for the third quarter from the Bureau of Economic Analysis. This increase is above the forecast of 4.3%.

https://markets.businessinsider.com/news/stocks/gdp-recession-outlook-economy-gross-domestic-product-third-quarter-2023-10

28/10/2023

The US's $33 trillion debt mountain is bound to grow even larger – and policymakers and legislators can't rely on the economy simply growing its way out of its debt problems, according to the Peter G. Peterson Foundation.

The research group, which is a nonpartisan organization dedicated to monitoring and spreading awareness of fiscal issues facing the US, pointed to the ballooning public debt balance, with the US debt-to-GDP ratio hitting 97% at the end of the 2022.

https://markets.businessinsider.com/news/bonds/us-debt-economy-bond-market-outlook-gdp-growth-interest-rates-2023-10

27/10/2023

FTX founder Sam Bankman-Fried, testifying in his own defense at his fraud trial on Friday, said a "lot of people got hurt" when the cryptocurrency exchange collapsed last year, but insisted he did not defraud anyone or steal billions of dollars from customers.

Bankman-Fried fielded questions from his own lawyer in his first day of testimony with jurors present, admitting to making "mistakes" such as not putting in place a risk-management team while also seeking to lay blame on Caroline Ellison, the former CEO of his crypto-focused Alameda Research hedge fund who was a key witness for the prosecution.

https://www.investing.com/news/stock-market-news/sam-bankmanfried-jury-to-hear-ftx-founders-testimony-in-fraud-trial-3211510

27/10/2023

Oil ended one of its most volatile weeks for the year with a 3% loss as traders raced from one headline to another on the Middle East conflict that brought warring parties Israel and Hamas no closer to a solution despite intense mediation by the United States and other global powers.

An official of the militant Hamas group conditioned the release of hostages in Gaza on a ceasefire in Israel's bombardment of the Palestinian enclave, Reuters reported. Israel says it is preparing a ground invasion, but has been urged by the US and Arab countries to delay an operation that would multiply the number of civilian casualties in the densely populated coastal strip and might ignite a wider conflict.

https://www.investing.com/news/commodities-news/oil-down-3-on-week-racing-from-one-war-headline-to-another-3211128

27/10/2023

Gold bulls recaptured the $2,000 an ounce territory that had eluded them the past two months as investors sought shelter in safe havens amid increasing worry that Israel would indeed push through with a full ground invasion of Gaza to flush out Hamas militants from the Palestinian land.

Gold’s most-active futures contract on New York’s Comex, December, settled Friday’s official trading session at $1998.50 an ounce, up just $1.10, or 0.05%. after an intraday high of $2,017.70.

27/10/2023

The Dow slumped Friday, as investors digested contrasting corporate earnings as Amazon and Intel impressed, but underwhelming results from oil majors including Chevron left energy stocks nursing heavy losses.

The Dow Jones Industrial Average fell 1% or 337 points and the Nasdaq rose 0.4%. The S&P 500 fell 0.4% to close in correction territory at 4,118.93.

Stock Market Today: Dow ends losing week on sour note as energy stocks lead rout

27/10/2023

Amazon shines with its third-quarter earnings, helping push Wall Street into a positive close to the week. The Fed's favorite gauge is due later in the session, while crude prices gain on elevated Middle East tensions. Next week's Bank of Japan meeting also looms large.

Amazon, PCE data, Bank of Japan - what's moving markets

27/10/2023

Oil prices rose by more than $2 a barrel on Friday as investors priced in fears of an escalation of conflict in the Middle East which could disrupt oil supplies, after reports that the U.S military had struck Iranian targets in Syria.

Brent crude futures for December rose $2.03, or 2.3%, to $89.96 a barrel by 1011 GMT. The U.S. West Texas Intermediate contract for December climbed $1.89, or 2.3%, to $85.1 a barrel.

27/10/2023

BP's (BP.L) electric vehicle charger unit is ordering $100 million worth of Tesla (TSLA.O) ultra-fast chargers for rollout in the United States, the first deployment of Tesla's chargers on an independent network, the companies said on Thursday.

The purchase is part of BP Pulse's plans to invest up to $1 billion in charging stations across the U.S. by 2030 and it offers EV market leader Tesla a new revenue stream.

Read more: https://www.reuters.com/business/autos-transportation/tesla-gets-100-mln-us-ultra-fast-charger-order-bp-ev-charging-unit-2023-10-26/

26/10/2023

U.S. equities were lower at the close on Thursday, as losses in the Consumer Staples, Financials and Materials sectors led shares lower.

At closing time on the New York Stock Exchange, the Dow Jones fell 0.75%, the S&P 500 index fell 0.85%, and the NASDAQ Composite index fell 0.96%.

U.S. equities were lower at the close on Thursday, as losses in the Consumer Staples, Financials and Materials sectors led shares lower. At closing time on the New York Stock Exchange, the Dow Jones fell 0.75%, the S&P 500 index fell 0.85%, and the NASDAQ Composite index fell 0.96%. The top gainers....