Latest news with #RobertRuggirello
Business Times
15 hours ago
- Automotive
- Business Times
Europe: Stocks rise as US-China trade tensions ease; auto stocks jump
[BENGALURU] European stocks closed at an over one-week high on Friday (Jun 27), fuelled by a rally in automakers, as investors took more risks on hopes for a truce in the US-China trade spat. The pan-European Stoxx 600 index closed 1.1 per cent higher, snapping a two-week losing streak and posting its first weekly gain in three. German stocks notched their strongest weekly rally in two months, while France and Spain's main indices clocked their best weeks in over a month. The Stoxx 600's energy sector, however, suffered its first weekly drop in weeks. The sector lost steam as oil prices plunged, after fears of a closure of the Strait of Hormuz – crucial to global supply – subsided following a 12-day conflict between Israel and Iran. 'We are surprised to see continued market strength in light of the current geopolitical events, but it's clear that the market thinks the conflict will remain contained, although that could change at anytime,' said Robert Ruggirello, chief investment officer, Brave Eagle Wealth Management. With geopolitical worries in the Middle East receding, investors have shifted their gaze to global trade developments. They are hoping for breakthroughs on new trade deals before the looming deadline for higher US tariffs in early July. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up A White House official revealed on Thursday that Washington and Beijing had struck a deal to fast-track rare earth shipments to the US. European auto stocks and the luxury sector, particularly sensitive to China-related headlines, jumped 4.1 per cent and 2.5 per cent, respectively, steering sectoral advances. Porsche jumped 7.6 per cent after Handelsblatt reported that the carmaker was looking to sell its consulting and IT services business MHP, which could be valued at over one billion euros (S$1.5 billion). Adding to the tailwinds, US Treasury Secretary Scott Bessent on Thursday asked Republicans in Congress to remove a 'retaliatory tax' proposal that would let Trump impose up to 20 per cent taxes on foreign investors from countries that levy 'unfair' taxes on US firms. Meanwhile, EU leaders discussed new proposals from the US on a trade deal at a summit in Brussels on Thursday. European Commission President Ursula von der Leyen did not rule out the likelihood of tariff talks failing, saying 'all options remain on the table'. 'There's lots of negotiation going on and it takes time... but any sign that tensions are not going to re-escalate, would be taken positively,' said Richard Flax, chief investment officer at Moneyfarm. Global market sentiment also received an extra boost from Wall Street, as both the S&P 500 and Nasdaq opened at record highs. On the data front, French consumer prices unexpectedly climbed in June, snapping a run of falling inflation, while Spain also saw its inflation rate tick higher during the month. UK's JD Sports advanced 7.6 per cent, while German sportswear makers Puma and Adidas gained 3 per cent and 3.8 per cent, respectively, after US peer Nike's first-quarter revenue outlook exceeded market expectations. Amplifon dropped 7.3 per cent after brokerage Exane BNP Paribas flagged weak consumer sentiment in the hearing aid company's main markets. REUTERS
Yahoo
28-03-2025
- Business
- Yahoo
Brave Eagle CIO Says Nvidia Valuation Offers Opportunity After Recent Decline
Robert Ruggirello, chief investment officer at Brave Eagle Wealth Management, believes investors still have an opportunity to buy into Nvidia (NASDAQ:NVDA) after missing its massive rally. In a Friday client note, Ruggirello pointed to Nvidia's recent valuation reset as a compelling reason to enter the stock, despite the broader market's downturn. Warning! GuruFocus has detected 3 Warning Signs with NVDA. The S&P 500 (SP500) is on pace to decline more than 4% in Q1 2025, and Ruggirello said the correction phase appears to be nearing its end. While some market corrections involve a re-test of the lows, we believe valuations are compelling and would be putting new money to work, he noted. Nvidia's price-to-earnings multiple has fallen from 45x to 24x, according to Ruggirello, compared to the S&P 500's move from 25x to 21x. He said this has narrowed the valuation gap between Nvidia and the broader market, opening a window for investors who previously sat out the AI chipmaker's rally. Nvidia shares have surged 322% over the past two years, rising from $26.41 to $111.43 through Thursday's close. Markets were weaker Friday as core PCE inflation came in slightly above expectations. Traders are also watching for possible tariff-related updates from the Trump administration in the coming week. This article first appeared on GuruFocus. Sign in to access your portfolio
CNN
28-03-2025
- Business
- CNN
Consumer spending rebounded in February, but inflation is still above target
Americans increased their spending last month after taking a breather in January, while inflation was a mixed bag, new Commerce Department data showed Friday. As it stood in February, America's economic foundation remained fairly solid. However, the latest data doesn't include the elephant in the room: President Donald Trump's aggressive trade policy. Recently imposed tariffs on auto imports and a looming slew of other levies stand to ding America's economic engine and drive prices higher, economists warn. The Personal Consumption Expenditures price index rose 2.5% in February from the year before, holding steady with what was seen in January, according to Commerce Department data released Friday. On a monthly basis, prices rose 0.3%, unchanged from January. Economists expected that falling energy prices and stabilizing food prices would help keep the disinflationary trend at hand, and that was indeed the case: Energy prices fell 1.1% for the month while food prices eased just slightly to 1.5% from 1.6%. Forecasts called for the PCE price index to be unchanged from January's preliminary 2.5% rate. However, one critical barometer — the core PCE index, which serves as a gauge of underlying inflation — came in slightly hotter than economists expected. Excluding food and energy prices, which tend to be more volatile, the closely watched core PCE price index rose 0.4% for the month and 2.8% from a year before, accelerating from 2.7% in January. Friday's core PCE data 'suggests that inflation still remains sticky, despite signs of softening in recent months,' Robert Ruggirello, chief investment officer, Brave Eagle Wealth Management, wrote in a note. 'While tariffs are likely to add a one-off shock to inflation, it remains very unclear on how long the tariffs will last, as it's very possible that a future trade deal leads to reduced or even no tariffs.' Consumer spending rebounded in February, rising 0.4% for the month. In January, spending was weaker than initially reported and fell by 0.3%. This story is developing and will be updated.
CNN
28-03-2025
- Business
- CNN
Consumer spending rebounded in February, but inflation is still above target
Americans increased their spending last month after taking a breather in January, while inflation was a mixed bag, new Commerce Department data showed Friday. As it stood in February, America's economic foundation remained fairly solid. However, the latest data doesn't include the elephant in the room: President Donald Trump's aggressive trade policy. Recently imposed tariffs on auto imports and a looming slew of other levies stand to ding America's economic engine and drive prices higher, economists warn. The Personal Consumption Expenditures price index rose 2.5% in February from the year before, holding steady with what was seen in January, according to Commerce Department data released Friday. On a monthly basis, prices rose 0.3%, unchanged from January. Economists expected that falling energy prices and stabilizing food prices would help keep the disinflationary trend at hand, and that was indeed the case: Energy prices fell 1.1% for the month while food prices eased just slightly to 1.5% from 1.6%. Forecasts called for the PCE price index to be unchanged from January's preliminary 2.5% rate. However, one critical barometer — the core PCE index, which serves as a gauge of underlying inflation — came in slightly hotter than economists expected. Excluding food and energy prices, which tend to be more volatile, the closely watched core PCE price index rose 0.4% for the month and 2.8% from a year before, accelerating from 2.7% in January. Friday's core PCE data 'suggests that inflation still remains sticky, despite signs of softening in recent months,' Robert Ruggirello, chief investment officer, Brave Eagle Wealth Management, wrote in a note. 'While tariffs are likely to add a one-off shock to inflation, it remains very unclear on how long the tariffs will last, as it's very possible that a future trade deal leads to reduced or even no tariffs.' Consumer spending rebounded in February, rising 0.4% for the month. In January, spending was weaker than initially reported and fell by 0.3%. This story is developing and will be updated.
