Latest news with #economic data
Globe and Mail
a day ago
- Business
- Globe and Mail
Premarket: Global shares rise on robust U.S. economic data, earnings
Global shares edged higher on Friday as robust U.S. economic data and corporate earnings this week tempered tariff concerns for now, while the yen headed toward a second successive weekly loss ahead of a crunch legislative election in Japan on Sunday. Stronger-than-expected U.S. retail sales and jobless claims suggesting modest improvement in economic activity helped to push the S&P 500 and the Nasdaq to close at record highs on Thursday. Asian and European shares followed suit with gains on Friday, with Asian shares outside Japan up 0.9 per cent, while European stocks were last up 0.4 per cent. Wall Street futures were also up around 0.1 per cent. A solid start to earnings season in the U.S. – with companies including streaming giant Netflix beating forecasts – was also supporting investor confidence, said Eren Osman, managing director of wealth management at Arbuthnot Latham. 'We're pretty constructive on the (U.S.) macro backdrop... We do see some scope for slowing growth, but not for anything material and that's giving the markets quite a nice bounce,' Osman said, adding the potential full impact of U.S. tariffs was still in focus. Alphabet and Tesla are among the companies reporting half-year results next week, which will further test the market mood. The U.S. dollar was broadly flat against the yen at 148.65 but was down nearly 1 per cent this week after polls showed Prime Minister Shigeru Ishiba's coalition was in danger of losing its majority in the upper house election on Sunday. Data on Friday showed Japan's core inflation slowed in June due to temporary cuts in utility bills but stayed above the central bank's 2 per cent target. The rising cost of living, including the soaring price of rice, is among the reasons for Ishiba's declining popularity. 'If PM Ishiba decides to resign on an election loss, USDJPY could easily break above 149.7 as it would usher in an initial period of political turbulence,' said Jayati Bharadwaj, head of FX strategy at TD Securities. 'JPY could reverse the recent dramatic weakness if the ruling coalition wins and is able to make swift progress on a trade deal with Trump.' In currency markets, the U.S. dollar index slipped 0.1 per cent to 98.365, but was heading for a second successive weekly gain, bouncing from a 3-1/2 year low hit over two weeks ago. Fed Governor Christopher Waller said on Thursday he continues to believe the central bank should cut interest rates at the end of this month, though most officials who have spoken publicly have signaled no desire to move. Treasury yields were slightly lower. Benchmark 10-year U.S. Treasury yields dropped 2 basis points to 4.44 per cent, two-year yields also edged 2 bps lower to 3.90 per cent. Oil prices extended gains on Friday, after drone strikes on Iraqi Kurdistan oil fields fueled supply concerns. U.S. crude rose 0.4 per cent to US$67.81 per barrel and Brent also rose 0.4 per cent to US$69.79 a barrel. Spot gold prices gained 0.3 per cent to US$3,348 an ounce. - Reuters Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.
Reuters
a day ago
- Business
- Reuters
German producer prices fall 1.3% y/y in June
July 18 (Reuters) - German producer prices fell in line with expectations in June, decreasing by 1.3% on the year, the federal statistics office reported on Friday. Analysts polled by Reuters had expected a 1.3% decline. The office publishes more detailed data on its website, opens new tab.
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Podcast: Trump Effect Starts to Show Up in the Economic Data
New economic data is starting to reflect the president's tariff and immigration policies, which are filtering through to price tags and weighing on the job market. 🎧 Listen: Azhar Sukri hosts the What's News podcast.
Yahoo
a day ago
- Business
- Yahoo
Hershey (HSY) Stock Is Up, What You Need To Know
What Happened? Shares of chocolate company Hershey (NYSE:HSY) jumped 4% in the afternoon session after new economic data showed unexpected strength in U.S. consumer spending, boosting investor confidence in consumer-focused stocks. The broader market rallied after the U.S. Census Bureau reported that retail sales rose more than expected in June, a sign of a resilient consumer. This encouraging economic picture is particularly beneficial for consumer staples companies like Hershey, as it suggests shoppers still have the capacity and willingness to spend on everyday items and treats. The positive data helped ease investor fears about a potential recession, lifting stocks across the consumer sector. The move provided a boost for Hershey, which has faced headwinds from surging cocoa prices and has seen its earnings per share forecast for 2025 contract., Investors appeared to set aside those concerns for the day, focusing instead on the favorable macroeconomic backdrop for consumer demand. Also, the second quarter (2025) earnings season got off to a strong start. Quarterly earnings reports released during the week exceeded Wall Street's expectations, fueling investor confidence. Around 50 S&P 500 components reported, with 88% of those exceeding analysts' expectations, FactSet data revealed. The shares closed the day at $171.21, up 4.3% from previous close. Is now the time to buy Hershey? Access our full analysis report here, it's free. What Is The Market Telling Us Hershey's shares are not very volatile and have only had 3 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business. The biggest move we wrote about over the last year was 7 months ago when the stock gained 16.4% after Bloomberg reported that Mondelez, the company behind Oreo cookies, was exploring a potential buyout of Hershey. Sources noted the discussions were still in the early stages, and Mondelez was unlikely to make an offer. Hershey has a history of turning down acquisition attempts. In 2016, it rejected a $23 billion takeover bid from Mondelez. Had Hershey accepted, the deal would have formed the world's largest candy company. Most acquisitions close at a premium, raising the possibility that existing investors could exit their positions at a higher price if Hershey strikes a deal with a buyer. Hershey is up 0.7% since the beginning of the year, but at $170.01 per share, it is still trading 16.4% below its 52-week high of $203.25 from September 2024. Investors who bought $1,000 worth of Hershey's shares 5 years ago would now be looking at an investment worth $1,246. Today's young investors likely haven't read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next.
Reuters
2 days ago
- Business
- Reuters
Wall Street lifted by United Airlines, strong data; Nasdaq flies to record
July 17 (Reuters) - The Nasdaq rose to a record high on Thursday, leading a cautious climb across Wall Street's major indexes, as strong economic data lifted spirits and airline stocks took off on United Airlines' results. U.S. retail sales bounced back sharply in June, signaling renewed economic momentum and giving the Federal Reserve more reason to hold off on rate cuts as it weighs the inflationary impact of import tariffs. Another pointer for the consumer health, PepsiCo (PEP.O), opens new tab forecast upbeat results, fueled by demand for energy drinks and healthier sodas, helping it offset concerns about a dip in annual core profit. The company's shares jumped 6.8%. Investors have already weathered a whirlwind of mixed economic signals this week - producer prices stalled in June, while a spike in consumer inflation dashed hopes for aggressive Fed easing. Traders now peg the odds of a September rate cut at just over 54%, with a July move nearly ruled out, according to CME's FedWatch tool. "The Fed is going to be more cautious and data-driven than what the market wants them to do," said Jason Barsema, president of Halo Investing. Echoing this cautious stance, Fed Governor Adriana Kugler warned that rate cuts are on hold for now, as Trump-era tariffs begin to push up consumer prices and tight policy remains key to keeping inflation expectations in check. U.S. Treasury yields also edged lower following the retail sales data. At 11:26 a.m. ET, the Dow Jones Industrial Average (.DJI), opens new tab rose 120.53 points, or 0.27%, to 44,375.31, the S&P 500 (.SPX), opens new tab gained 23.93 points, or 0.38%, to 6,287.63 and the Nasdaq Composite (.IXIC), opens new tab gained 144.32 points, or 0.70%, to 20,874.81. "Today is a day of somewhat justification of consumer health and earnings that continue to impress in a way that offer relief to markets," said Keith Buchanan, senior portfolio manager at Globalt Investments. United Airlines (UAL.O), opens new tab gained 3.4% after the carrier projected stronger demand since early July, offering a rare bright spot for an industry strained by Trump's budget cuts and trade tensions. Rivals Delta (DAL.N), opens new tab and American Airlines (AAL.O), opens new tab also climbed over 1% each. U.S. chipmakers edged up after TSMC ( opens new tab, the world's main producer of advanced AI chips, posted a record quarterly profit, saying demand for artificial intelligence was getting stronger. U.S.-listed shares of TSMC gained 3.7%, Marvell (MRVL.O), opens new tab rose 2% and Nvidia (NVDA.O), opens new tab added 1%. The technology sector (.SPLRCT), opens new tab was leading the pack among sectors, with 1% gain. Wall Street also watched Netflix (NFLX.O), opens new tab ahead of its quarterly results after the market's close. Its shares were up 0.6%. Markets whipsawed on Wednesday after reports suggested Trump was mulling over the ouster of Fed Chair Jerome Powell. Though Trump quickly shot down the reports, his persistent criticism of the central bank - and hints at a possible ouster - kept investors jittery over the Fed's independence. Meanwhile, attention also remained on looming tariffs, with an August 1 deadline threatening higher levies for many U.S. trading partners. Trump told Real America's Voice on Wednesday that the U.S. is closing in on a deal with India and may soon reach an agreement with Europe as well. Advancing issues outnumbered decliners by a 1.9-to-1 ratio on the NYSE and by a 2.56-to-1 ratio on the Nasdaq. The S&P 500 posted 25 new 52-week highs and four new lows, while the Nasdaq Composite recorded 78 new highs and 23 new lows.
