getquin Daily Summary Calendar Week 33
Hello getquin,
a lot of things happened this week! Today comes your summary of the news of the week.
The top topics for this week:
1. China unexpectedly lowers key interest rates
2. Chinese car manufacturers want to conquer europe
3. Chile's GDP growth is below estimates
4. Musk's tweet about purchase of Manchester United
5. American Airlines agrees to buy 20 supersonic jets from Boom
Quarterly results from: Target, Henkel, Weber, Walmart, Adyen, Home Depot.
Asia🌏:
1. China unexpectedly cuts key interest rates 📉
China's central bank on Monday unexpectedly cut its key interest rate for the second time this year and withdrew some cash from the banking system in a bid to stimulate credit demand to support the COVID-hit economy.
Economists and analysts believe Chinese authorities want to support the sluggish economy by allowing increasing divergence with other major economies that are aggressively raising their interest rates.
Read more: https://reut.rs/3Qt4YmQ
2. Chinese car manufacturers want to conquer europe 🚘
Two major Chinese automakers have now announced their entry into the German market, with BYD and Great Wall Motor set to launch their first electric cars in early 2023. The prices are a fighting declaration, the technical specifications are impressive. Models like BYD's Seal can be had in China for as little as 32,000 euros.
The largest Chinese manufacturer of electric vehicles, BYD, will explain its European strategy for two days starting Monday in The Hague. The automobiles are probably just the beginning. According to Ralf Gaydoul, a partner at management consultancy Horváth, the first Chinese manufacturer could set up its own plant in Europe, if not Germany, in three years.
Into the depot or the garage? https://bit.ly/3dHoePf
🟥 $1211 (-1,07%) (🔽 -2.15%)
🟩 $2333 (-2,46%) (🔼 +0,29%)
America🌏:
3. Chile's GDP growth below estimates 📈
Chile's economy grew 5.4% year-on-year in the second quarter of 2022, according to central bank data released Thursday. Growth was driven by the services sector, but was below expectations of economists polled by Reuters, who had expected a 5.7% increase.
The central bank said in a report that data varied across sectors. Personal care and transportation drove growth in the services sector, while mining and agriculture declined on an annual basis.
Read more here: https://reut.rs/3A45IrG
4. Musk's tweet about purchase of Manchester United
Elon Musk, the world's richest man, briefly brightened the spirits of Manchester United shares and fans on Wednesday when he tweeted that he wanted to buy the English soccer club - only to say a little later that it was all part of a "long-standing joke."
The "Red Devils," one of the most successful soccer clubs in the world, are in last place in the English Premier League. After eight coaching changes in less than a decade, some fans and investors are wondering if it's time for the club's owners, the American Glazer family, to sell.
More on the tweet: https://reut.rs/3zV3k6A
🟩 $MANU (-0,64%) (🔼 +0,35%)
5. American Airlines agrees to purchase 20 supersonic jets from Boom 🛫
American Airlines has agreed to purchase 20 Overture supersonic aircraft from Boom Supersonic, the companies announced Tuesday.
This is the second firm order in the last two years for Boom, which is still years away from building its first commercial aircraft. United Airlines last year committed to buying 15 Overture aircraft.
More on the deal: https://cnb.cx/3SVJwc0
🟩 $AAL (-0,76%) (🔼 +0.68%)
Quarterly Figures:
🧽 Henkel $HEN (-0,36%)
Henkel is under pressure from rising material and logistics costs. The maker of Persil and Pritt increased its sales by 8.9 percent to 10.9 billion euros in the first half of the year under its own steam.
Read more here:
➡️ https://app.getquin.com/activity/LeDMZRlpNH ⬅️
Sales: 🟩 €5.46 billion expected vs. €5.46 billion published; variance: 3.28%.
🚖 Adyen $ADYEN (-1,86%)
Shares of Adyen slumped 11.1 percent. The Dutch payment services provider had performed worse than expected in the first half of the year. The company missed analysts' expectations in several aspects. Operating profit was even below the figure in the second half of 2021.
Quarterly revenue (Q1+Q2): 🟥 €608.5 million published; variance: €-79.5 million.
Source: https://bit.ly/3A3fJpe
🍗 Weber $WEBR
EPS: 🟥 -$0.04 expected vs -$0.07 published; difference: -87.52%.
🛒Walmart $WMT (+1,1%)
Walmart announced Tuesday that second-quarter sales rose more than 8%, but profits fell as consumers use the discounter for groceries and essentials. Shares rose more than 5% in early morning trading.
EPS: 🟩 $1.60 expected vs $1.77 released; difference: 10.64%
Sales: 🟩 $149.96 billion expected vs $151.38 billion published; variance: 0.95%
🔨 Home Depot $HD (-1,24%)
EPS: 🟩 $4.93 expected vs $5.05 published; difference: 2.36%
Sales: 🟩 $43.33 billion expected vs $43.79 billion reported; variance: 1.06%
🛒 Target $TGT (+1,94%)
Target announced Wednesday that its quarterly profit fell nearly 90% from a year ago. The retailer made good on its warning that steep markdowns on merchandise it no longer needs would weigh on earnings.
The major retailer missed Wall Street's expectations by a wide margin, even after the company itself lowered its forecasts twice.
EPS: 🟥 $0.72 expected vs $0.39 released; difference: -45.47%
Revenue: 🟥 $26.07 billion expected vs $26.04 published; variance: -0.11%
Source: https://cnb.cx/3weAYTJ
Fun Fact
In iPhone commercials, the time is always 9:41am or 9:42am because Apple events start at 9am and big product reveals usually happen 40 minutes after the event starts!
