Market Update
Movers: Braze, Core & Main, Corteva, Eastman Chem, Evolution Petroleum, Rent the Runway, Starbucks
Barry Adams
13 Sep, 2022
New York City
Stocks plunged on Wall Street after the latest data showed how entrenched high prices have become in the broader economy.
Consumer prices in August rose at a slower pace of 8.3% in August following a rise of 8.5% in July, the Bureau of Labor Statistics said Tuesday.
Consumer prices in August rose 0.1% from July when prices were flat from the previous month.
Consumer prices rose at a slower pace annually in August but still remained elevated and significantly above the 2% target set by the Federal Reserve.
Benchmark indexes have been rallying for a week on the hopes of cooling inflation and discouraging the Fed from lifting rates by another large amount.
However, the latest elevated inflation report only strengthened the case for lifting key lending rates again by 75 basis points at the next Fed's meeting later this month.
The S&P 500 index dropped 3.1% to 3,984.09 and the Nasdaq Composite index plunged 4.1% to 11,722.61.
Crude oil declined 39 cents to $87.35 a barrel and natural gas rose 5 cents to $8.30.
The yield on 2-year Treasury notes rose to 3.74%, 10-year notes advanced to 3.43%, and 30-year bonds to 3.54%.
Braze Inc fell 18.8% to $35.38 after the cloud computing company reported revenue in the second quarter ending in July increased to $86.1 million from $55.8 million a year ago.
Net loss in the quarter increased to $33.4 million from $12.4 million or 35 cents on 90 million shares from 60 cents or 20.3 million shares a year ago.
Core & Main gained 3.5% to $25.36 after the company reported revenues in the fiscal second quarter ending in July soared 43.4% to $1.86 billion from a year ago.
Net income in the quarter soared to $182 million from $10 a year ago.
The net income increase is primarily attributable to higher operating income, the $50 million loss on debt modification and extinguishment and equity award modification expense, both of which occurred in fiscal 2021, and lower interest expense, partially offset by an increase in income taxes, according to the earnings release from the company.
The company lifted its fiscal 2022 adjusted EBITDA to be in the range of $840 to $890 million, representing annual growth between 39% and 47%.
Corteva Inc increased 1% to $62.72 after the agriculture science company said its board authorized a new share repurchase plan of $2 billion.
The newly authorized program is in addition to the existing $1.5 billion program announced in August 2021, which had $650 million remaining as of the end of the second quarter.
Eastman Chemical Company dropped 9.2% to $86.12 after the company lowered its adjusted earnings outlook for the third quarter to $2.0 from the previous estimate of $2.46.
In the second quarter the chemical company reported revenue edged up to $2.78 billion from $2.65 billion and swung to a net profit of $2.03 a diluted share from a loss of $1.07 a share a year ago.
Consumer Price Index Up 8.3% In August
Brian Turner
13 Sep, 2022
New York City
Inflation continued to stay elevated and rapid price increases spread beyond crude oil and gasoline prices.
Consumer prices in August rose at a slower pace of 8.3% in August following a rise of 8.5% in July, the Bureau of Labor Statistics said Tuesday.
Consumer prices in August rose 0.1% from July when prices were flat from the previous month.
Consumer prices rose at a slower pace annually in August but still remained elevated and significantly above the 2% target set by the Federal Reserve.
The inflation index was driven higher by broad-based increases in the food price index of 11.4%, the housing index of 6.2% and the medical care services index of 5.6%.
The food price index rose at the fastest pace since May 1979 and the housing price index increased at the fastest pace since 1984.
However these increases were offset by slower gains in the energy price index of 23.8% from 32.9% in July.
Core inflation, excluding food and energy, rose 0.6% in August from the previous month or 6.3% from a year ago. Monthly price increase was the most since March and higher than 5.9% both in June and July.
Benchmark indexes have been rallying for a week on the hopes of cooling inflation and discouraging the Fed from lifting rates by another large amount.
However, the latest elevated inflation report only strengthened the case for lifting key lending rates again by 75 basis points at the next Fed's meeting later this month.
The S&P 500 index dropped 3.1% to 3,984.09 and the Nasdaq Composite index plunged 4.1% to 11,722.61.
Crude oil declined 39 cents to $87.35 a barrel and natural gas rose 5 cents to $8.30.
The yield on 2-year Treasury notes rose to 3.74%, 10-year notes advanced to 3.43%, and 30-year bonds to 3.54%.
European Markets Turn Lower After Elevated U.S. Inflation Data
Bridgette Randall
13 Sep, 2022
Frankfurt
Benchmark indexes in Europe plunged after U.S. consumer inflation was higher than expected and dented the hopes of less aggressive rate hikes.
Consumer prices in August rose at a slower pace of 8.3% in August following a rise of 8.5% in July, the Bureau of Labor Statistics said Tuesday.
Consumer prices in August advanced 0.1% from July when prices were flat from the previous month.
Consumer prices increased at a slower pace annually in August but still remained elevated and significantly above the 2% target set by the Federal Reserve.
Benchmark indexes have been rallying for a week on the hopes that cooling inflation may discourage the Fed from lifting rates by another large amount.
However, the latest elevated inflation report only strengthened the case for lifting key lending rates again by 75 basis points at the next Fed's meeting later this month.
The S&P 500 index dropped 3.1% to 3,984.09 and the Nasdaq Composite index plunged 4.1% to 11,722.61.
European Markets Plunge After U.S. Inflation Data
The DAX index plunged 1.4% to 13,211.26, the CAC-40 index declined 1.2% to 6,257.31, and the FTSE 100 index dropped 1.1% to 7,391.47.
The euro edged down to $1.0003 and the British pound traded down to $1.1519.
Brent crude oil declined $1.90 to $92.08 a barrel and TTF natural gas price gained 6% to 202.55 euros a megawatt hour.
The bond yields rose following the U.S. inflation report.
The yield on 10-year bonds issued by Germany rose to 1.72%, U.K. advanced to 3.17%, France gained to 2.29% and Switzerland to 1.08%.
UK Jobless Rate Drops to 48-Year Low
The latest jobs market data released by the Office for National Statistics offered mixed views but supported the case for higher rates by the Bank of England.
Jobless rate in the U.K. held steady at 3.9% in August, the number of people claiming jobless benefits rose 6,300 contrary to the expectation of a decline of 13,000, according to the data released by the Office for National Statistics.
Unemployment rate declined to 3.6% in three months to July, the lowest since the similar three-month period in 1974.
In August, employees on payrolls increased 71,000 from July to a record 29.7 million.
Italy's Jobless Rate Eases to 8.0%
Italy's seasonally adjusted jobless rate eased to 8.0% in the second quarter ending in June from 8.8% in the first quarter ending in March, Italy's statistics office Istat reported Tuesday.
Jobless rate in the similar period a year ago was 9.6%.
Total employment rate increased to 60.5% in the second quarter from 59.1% in the first quarter and the inactivity rate among the 15 to 64 age group declined to 34.2% from 35.1% in the previous quarter.
Spain's Inflation Eases but Stays Near Record High
Spain's inflation eased less than the previous estimate in August.
Consumer prices rose 10.5% in August from a 4-decade record of 10.8% in July, the Spain's statistics office INE reported Tuesday.
The inflation rate was previously estimated at 10.4% on August 30.
Core inflation, excluding non-processed food and energy, increased to 6.4% from 6.1% in July, record high since January 1993.
Housing costs soared 24.8% from a year ago, and prices of food and non-alcoholic beverages rose 13.8%.
Hot Inflation Lifts Treasury Yields and Deepens Stock Sell-off
Barry Adams
13 Sep, 2022
New York City
Stocks plunged on Wall Street after the latest data showed how entrenched high prices have become in the broader economy.
Consumer prices in August rose at a slower pace of 8.3% in August following a rise of 8.5% in July, the Bureau of Labor Statistics said Tuesday.
Consumer prices in August rose 0.1% from July when prices were flat from the previous month.
Consumer prices rose at a slower pace annually in August but still remained elevated and significantly above the 2% target set by the Federal Reserve.
Benchmark indexes have been rallying for a week on the hopes of cooling inflation and discouraging the Fed from lifting rates by another large amount.
However, the latest elevated inflation report only strengthened the case for lifting key lending rates again by 75 basis points at the next Fed's meeting later this month.
The S&P 500 index dropped 3.1% to 3,984.09 and the Nasdaq Composite index plunged 4.1% to 11,722.61.
Crude oil declined 39 cents to $87.35 a barrel and natural gas rose 5 cents to $8.30.
The yield on 2-year Treasury notes rose to 3.74%, 10-year notes advanced to 3.43%, and 30-year bonds to 3.54%.
In Europe, market indexes also plunged following the sharp declines on Wall Street.
The DAX index plunged 1.4% to 13,211.26, the CAC-40 index declined 1.2% to 6,257.31, and the FTSE 100 index dropped 1.1% to 7,391.47.
The euro edged down to $1.0003 and the British pound traded down to $1.1519.
Wall Street Extended 4-day Rally Ahead of Inflation Report
Barry Adams
12 Sep, 2022
New York City
Stocks advanced on Wall Street on the hopes that the consumer inflation has peaked and economic slowdown may be not as deep as earlier estimated.
Investors are awaiting the inflation report on Tuesday and retail sales and industrial production data on Thursday, last two major economic reports ahead of the rate setting committee's meeting later in the month.
The consumer price inflation was 8.5% in July and economists are expecting prices to cool to 8.1% in August after crude oil and transportation costs eased in the month.
Benchmark indexes opened higher and retained the upward bias after resource led the gainers.
APA Corp, Devon Energy, Hess Corp, Marathon Oil and Pioneer Natural Resources led the gainers with a rise between 3% and 4%.
Energy prices rose after the dollar index declined following the largest rate hike in two decades in the eurozone.
The S&P 500 index increased 1.1% to 4,110.41 and the Nasdaq Composite added 1.3% to 12,266.41.
With earnings season nearly coming to an end, investors are focused on the possible earnings revisions for the third quarter.
Energy prices rose after the dollar index declined following the largest rate hike in two decades in the eurozone.
Crude oil futures increased $1.02 to $87.81 a barrel and natural gas added 37 cents to $8.38 a thermal unit.
Popular indexes stayed in the positive zone after bond yields eased on the optimism that the inflation data tomorrow may show consumer price inflation is cooling.
The yield on 12-year Treasury notes declined to 3.57%, 10-year notes edged down to 3.36%, and 30-year bond fell to 3.51%.
European Markets Pull Ahead, Euro Gains
European markets advanced after investors looked beyond the deepening energy crisis and the hawkish tone of policymakers.
Resource stocks gained after the dollar weakness lifted the euro and energy prices.
The euro resumed its advance after the European Central Bank lifted its key lending rate by 75 basis points last week.
The DAX index jumped 2.4% to 13,402.27, the CAC-40 index 1.95% to 6,333.59, and the FTSE 100 index jumped 1.7% to 7,473.08.
The euro inched higher to a 3-week high to $1.01 and the British pound edged up to $1.17.
Brent crude oil added $1.44 to $94.30 but TTF natural gas declined 8% to 190.59 euros a megawatt hour.
The British economy expanded 0.2% in July from June after falling 0.6% in the previous month, the Office for National Statistics said Monday.
Service sector led the expansion with a growth of 0.4% offset by the 0.3% decline in production and 0.8% decline in construction.
Monthly GDP is 1.1% above its pre-coronavirus level in February 2020.
GDP was flat in the three months to July compared with the previous three months.
Industrial production in Italy gained 0.4% in July from the downwardly revised 2% decline in the previous month, National Institute of Statistics said Monday.
On a seasonally adjusted and annual basis, production increased 1.4% after falling 1.1% in June.
U.K. goods trade balance improved in July from June after good exports rose and imports declined.
Total goods exports rose
Movers: Amgen, Bristol-Myers, Carvana, Gilead, Twitter
Barry Adams
12 Sep, 2022
New York City
Stocks advanced on Wall Street on the hopes that the consumer inflation has peaked and economic slowdown may be not as deep as earlier estimated.
Investors are awaiting the inflation report on Tuesday and retail sales and industrial production data on Thursday, last two major economic reports ahead of the rate setting committee's meeting later in the month.
Benchmark indexes opened higher and retained the upward bias after resource led the gainers.
APA Corp, Devon Energy, Hess Corp, Marathon Oil and Pioneer Natural Resources led the gainers with a rise between 3% and 4%.
Energy prices rose after the dollar index declined following the largest rate hike in two decades in the eurozone.
Crude oil futures increased $1.61 to $88.40 a barrel and natural gas added 25 cents to $8.25 a thermal unit.
Popular indexes stayed in the positive zone after bond yields eased on the optimism that the inflation data tomorrow may show cooling of consumer price inflation.
The S&P 500 index increased 0.9% to 4,103.17 and the Nasdaq Composite added 1.02% to 12,236.62.
With earnings season nearly coming to an end, investors are focused on the possible earnings revisions for the third quarter.
The yield on 12-year Treasury notes declined to 3.54%, 10-year notes edged down to 3.29%, and 30-year bond fell to 3.44%.
Amgen, Inc declined 3.6% to $238.76 after the company's drug Otezla may face competition from Bristol-Myers' Sotyktu.
Over the weekend, the company said in a clinical trial its lung cancer pill Lumakras reduced risk of lung cancer development by 34%.
Bristol-Myers Squibb increased 5% to $73.69 after the U.S. Food and Drug Administration approved the company's oral treatment for plaque psoriasis branded Sotyktu.
Carvana Co jumped 11.4% to $40.78 after the broker Piper Sandler lifted stock rating to "overweight" from "neutral" and said in a research note that the stock has a potential to jump to above $75 from its current level.
Gilead Sciences, Inc added 4.4% to $68.05 after the company said it settled patent case related to HIV treatment with five generic drugmakers.
The company settled patent challenges with generic manufacturers - Lupin Ltd., Apotex Inc., Macleods Pharma Ltd., Hetero Labs Ltd., and Cipla Ltd associated with drugs Descovy, Vemlidy, and Odefsey.
The agreements grant the generic manufacturers a non-exclusive license in the U.S. to the company
Europe Movers: Hannover Re, Lufthansa, Swiss Re
Bridgette Randall
12 Sep, 2022
Frankfurt
European markets advanced after investors looked beyond the deepening energy crisis and the hawkish tone of policymakers as the euro rebounded to a 3-week high.
Resource stocks gained after the dollar weakness lifted the euro and energy prices.
The euro resumed its advance after the European Central Bank lifted its key lending rate by 75 basis points last week.
The DAX index jumped 2.3% to 13,389.14, the CAC-40 index 1.99% to 6,335.03, and the FTSE 100 index jumped 1.6% to 7,458.21.
The Swiss benchmark SMI index ended closed up 109.92 points or 1.02% at 10,900.24.
The euro inched higher to a 3-week high to $1.01 and the British pound edged up to $1.17.
In trading, financial services, tech and resource stocks led the gainers.
Swiss Re AG gained 2.4% to 83.36 Swiss francs after the reinsurer estimated a rising demand for its insurance products and services in the remainder of the year.
Hannover Re added 3.0% to 162.90 euros after the company said insurance rates are expected rise again next year following the latest bout of inflation, coronavirus pandemic and elevated loss trends.
Anglo American, Antofagasta, BHP Group and Glencore jumped between 2% and 4% after oil and commodities prices advanced.
Brent crude oil rose 2.2% to $94.96 a barrel and TTF natural gas price fell to a 4-week low after falling 6% to 194.60 euros for a megawatt hour.
Deutsche Lufthansa AG increased 1.8% to 6.40 euros and the state controlled airline agreed with the pilot's union to lift pilots salaries for passenger and cargo services.
In Paris trading, Alstom, Arcelor Mittal and Airbus gained between 2% and 3.5%.
In Frankfurt trading, Allianz, Daimler Truck and Volkswagen Group gained between 3% and 4%.
In Zurich trading, Richemont, Credit Suisse and Logitech advanced between 3% and 5%.
UBS Group, Swiss Life and Nestle increased between 1% and 2%.
Euro at 3-week High, European Markets Pull Ahead
Bridgette Randall
12 Sep, 2022
Frankfurt
European markets advanced after investors looked beyond the deepening energy crisis and the hawkish tone of policymakers.
Resource stocks gained after the dollar weakness lifted the euro and energy prices.
The euro resumed its advance after the European Central Bank lifted its key lending rate by 75 basis points last week.
The DAX index jumped 2.3% to 13,389.14, the CAC-40 index 1.99% to 6,335.03, and the FTSE 100 index jumped 1.6% to 7,458.21.
The euro inched higher to a 3-week high to $1.01 and the British pound edged up to $1.17.
The British economy expanded 0.2% in July from June after falling 0.6% in the previous month, the Office for National Statistics said Monday.
Service sector led the expansion with a growth of 0.4% offset by the 0.3% decline in production and 0.8% decline in construction.
Monthly GDP is 1.1% above its pre-coronavirus level in February 2020.
GDP was flat in the three months to July compared with the previous three months.
Industrial production in Italy gained 0.4% in July from the downwardly revised 2% decline in the previous month, National Institute of Statistics said Monday.
On a seasonally adjusted and annual basis, production increased 1.4% after falling 1.1% in June.
U.K. goods trade balance improved in July from June after good exports rose and imports declined.
Total goods exports rose
Wall Street Stocks Extend Gains On Weaker Inflation Hopes
Barry Adams
12 Sep, 2022
New York City
Stocks advanced on Wall Street on the hopes that the consumer inflation has peaked and economic slowdown may be not as deep as earlier estimated.
Investors are awaiting the inflation report on Tuesday and retail sales and industrial production data on Thursday, last two major economic reports ahead of the rate setting committee's meeting later in the month.
The S&P 500 index increased 1.1% to 4,112.77 and the Nasdaq Composite added 1.2% to 12,259.92.
With earnings season nearly coming to an end, investors are focused on the possible earnings revisions for the third quarter.
Energy prices rose after the dollar index declined following the largest rate hike in two decades in the eurozone.
Crude oil futures increased $1.61 to $88.40 a barrel and natural gas added 25 cents to $8.25 a thermal unit.
The yield on 12-year Treasury notes declined to 3.54%, 10-year notes edged down to 3.29%, and 30-year bond fell to 3.44%.
European Markets Pull Ahead, Euro Gains
European markets advanced after investors looked beyond the deepening energy crisis and the hawkish tone of policymakers.
Resource stocks gained after the dollar weakness lifted the euro and energy prices.
The euro resumed its advance after the European Central Bank lifted its key lending rate by 75 basis points last week.
The DAX index jumped 2.5% to 13,419.60, the CAC-40 index 2.1% to 6,342.43, and the FTSE 100 index jumped 1.7% to 7,474.24.
The euro inched higher to a 3-week high to $1.01 and the British pound edged up to $1.17.
The British economy expanded 0.2% in July from June after falling 0.6% in the previous month, the Office for National Statistics said Monday.
Service sector led the expansion with a growth of 0.4% offset by the 0.3% decline in production and 0.8% decline in construction.
Monthly GDP is 1.1% above its pre-coronavirus level in February 2020.
GDP was flat in the three months to July compared with the previous three months.
Industrial production in Italy gained 0.4% in July from the downwardly revised 2% decline in the previous month, National Institute of Statistics said Monday.
On a seasonally adjusted and annual basis, production increased 1.4% after falling 1.1% in June.
High-priced Furniture Retailer RH Guides Larger Sales Decline
Scott Peters
09 Sep, 2022
New York City
RH Inc added 4.3% to $273.35 after the high-priced furniture retailer said third quarter sales are expected to decline more-than-expected.
Revenue in the fiscal second quarter edged up to $992 million from $989 million a year ago and rose 40% on a two-year basis from $709 million.
The launch of RH Contemporary, the openings of RH San Francisco and RH Guesthouse, the development of RH International, and the rollout of RH In-Your-Home which led to approximately 400 of the 530 basis points increase in SG&A expense in the quarter.
Selling and General Administration expense rose to 29% from 24% a year ago.
The retailer is pivoting to a portfolio of high-price hotels like the one recently opened in New York City with room rates starting at $3,500 a night.
Net income in the quarter fell to $122 million from $227 million a year ago and diluted earnings per share declined to $5.37 from $7.09.
Outlook
The furniture retailer guided third quarter revenue to decline in the range of 15% to 18% and adjusted operating margin between 18.5% and 19.0%.
For the full-year revenue is expected to fall between 3.5% and 5.5% with adjusted operating margin between 21.0% and 21.5%.
Buybacks
RH repurchased one million shares of its common stock in the second quarter at an average price of $255 a share.
The company also spent $82 million in cash to repurchase $18 million and $39 million of the 2023 and 2024 outstanding convertible notes in privately negotiated transactions.
Following these transactions, $44 million of convertible notes are outstanding as of July 30, 2022.
Hooker Quarterly Sales and Income Struggle
Scott Peters
09 Sep, 2022
New York City
Hooker Furnishing Corp rose 2.1% to $15.08 after the company said Asian factories resumed their normal production schedules and inventories flows improved on higher shipments from Asia.
Revenues in fiscal second quarter ending in July fell 5.9% to $152.9 million.
Consolidated net income for the quarter was $5.5 million or 46 cents a diluted share compared to $7.5 million or 62 cents a year ago.
The Hooker Branded segment
Casey's General Quarterly Net Jumps 28%
Scott Peters
09 Sep, 2022
New York City
Casey's General Stores Inc added 0.3% to $220.43 after the convenience chain operator said comparable same store sales increased 6.3%.
Revenue in the fiscal first quarter ending in July increased to $4.5 billion from $3.2 billion a year ago.
Total gallons increased 3.3% from a year ago due to the store count increase while same-store gallons sold fell 2.3%, as volumes were impacted by high retail fuel prices.
Fuel margin increased to 44.7 cents a gallon from 35.1 cents and fuel sales generated gross profit of $308 million compared to $234.4 million a year ago.
Net income in the quarter increased to $152.9 million from $119.2 million and diluted earnings per share rose to $4.09 from $3.19 a year ago.
Dividends and Buybacks
In August the company announced to pay a quarterly dividend of 38 cents a share payable November 15, 2022 to shareholders of record on November 1, 2022.
The company did not make any stock repurchase in the quarter and has $400 million remaining under its existing share repurchase plan.
Fiscal 2023 Outlook
The company reiterated its previously announced outlook.
The company expects same-store inside sales to increase 4% to 6% and maintain an inside margin of approximately 40%.
The company expects same-store fuel gallons to be flat to 2% higher.
Total operating expenses are expected to increase approximately 9% to 10%.
The company plans on opening 80 new stores and meet or exceed its previous estimate of opening 345 stores in three years.
The annual expense for property, plant and equipment is estimated to range between $450 million and $500 million, including one-time expense of $135 million for the recently acquired stores.
Global Markets Rally On Optimism
Barry Adams
09 Sep, 2022
New York City
Stocks on Wall Street advanced and extended weekly gains after falling for three weeks in a row.
Investors are still questioning the Fed's commitment in fighting sky-high inflation, and interest rates have lagged for nearly two years.
Inflation has been rising for 22 months in a row and hovering near 9% but interest rates are lagging significantly near 2%.
Moreover, the longer the Fed takes in taming inflation, longer the duration of high rates will be needed.
Over the last two weeks, the Federal Reserve Chair Jerome Powell's forcefully reiterated central bank's commitment in fighting high inflation has left many on Wall Street unconvinced.
In fact, the Fed is fighting on two fronts, inflation and credibility.
Despite the Fed's hawkish rhetoric, the central bank remains weak in its fight against high inflation and high prices are seeping rapidly deeper and wider in the economy.
Rising energy costs and food prices have spilled over in rapidly rising wages and forcing many small businesses on the brink of shut down.
The Federal Reserve has come under heavy criticism for waking up too late in recognizing high inflation and doing too little in taming 4-decade high rapid price increases.
The S&P 500 index gained 1.7% to 4,070.34 and the Nasdaq Composite index added 2.2% to 12,118,83.
For the week, the two popular indexes are up 3%.
Futures of crude oil increased $2.80 to $86.36 a barrel and natural gas rose 12 cents to $8.03 a thermal unit.
Oil prices rose after news that the U.S. President Biden's administration is not looking to release more oil from the U.S. Strategic Petroleum Reserve.
Oil traders also reviewed Russia's threat to divert energy exports from Europe to Asia after G7 finance ministers proposed a price cap.
The yield on 2-year Treasury notes eased to 3.56%, 10-year Treasury notes declined 3.33% and 30-year bonds edged down to 3.46%.
European Markets Rally Despite Weak Economic Conditions
Benchmark indexes in Europe extended weekly gains after rising for the second day in a row as investors looked beyond the latest rate hike and the ongoing economic slowdown.
Trading in energy markets dominated market sentiment for stocks as European governments consider intervening in energy prices.
Natural gas prices dropped 6% and extended weekly decline to 5% and the European Union energy committee is considering temporarily suspending power derivatives and implementing price caps.
Brent crude oil fell for the second week in a row after the European Central Bank's aggressive rate hike and widening activity restrictions in China, the largest importer of the commodity.
Brent crude oil traded above $92 a barrel and fell 1% in the week, the second weekly decline in a row, but rebounded from the 7-month low of $87.30.
The DAX index added 1.4% to 13,088.21, the CAC-40 index increased 1.4% to 6,212.33, and the FTSE 100 index advanced 1.2% to 7,351.07.
The benchmark SMI ended with a gain of 109.92 points or 1.02% at 10,900.24.
The DAX and the CAC-40 gained more than 3%, the SMI increased 1.5% and the FTSE 100 added 1% for the week.
The euro jumped above the parity and traded at $1.004 and the British pound inched up to $1.16.
Industrial production in France declined for the first time in three months in July.
Industrial production fell 1.6% from June after rising 1.2% in the previous month, France's statistical agency Insee said Friday.
Consumer prices in Norway unexpectedly eased in August but wholesale prices continued to rise, Statistics Norway said Friday.
Consumer price inflation eased to 6.5% in August from 6.8% in July, driven by a 10.3% rise in food and non-alcoholic beverage prices.
In a separate report, the statistics agency said wholesale prices accelerated to 77.3% in August from 73.6% in July.
Tech Rally Lifts Asian Markets Higher
Asian markets advanced following the gains in U.S. and European markets in Thursday's trading.
China's consumer prices rose at a slower pace in August, the National Bureau of Statistics said Friday.
The inflation index rose 2.5% in August after rising 2.7% in July on an annual basis.
The unexpected slowdown in inflation lifted markets in Shanghai and in Hong Kong.
The Nikkei 225 index gained 0.5% to 28,214.75, the Hang Seng Index added 2.7% to 19,362.25, and the Sensex index increased 0.2% to 59,793.14.
For the week, the Nikkei added 2.2%, the Hang Seng 50 added 2.7 and the Shanghai index and the Sensex gained 1.7%.
The Australian index gained 0.7% in Friday's trading and gained 1% for the week following the sustained rise in commodities prices.
European Markets Advance In Search of Better Days Ahead
Bridgette Randall
09 Sep, 2022
Frankfurt
Benchmark indexes in Europe extended weekly gains after rising for the second day in a row as investors looked beyond the latest rate hike and the ongoing economic slowdown.
Trading in energy markets dominated market sentiment for stocks as European governments to begin to intervene in energy prices.
Natural gas prices dropped 6% and extended weekly decline to 5% and the European Union energy committee is considering temporarily suspending power derivatives and implementing price caps.
Brent crude oil fell for the second week in a row after the European Central Bank's aggressive rate hike and widening activity restrictions in China, the largest importer of the commodity.
Brent crude oil traded above $92 a barrel and fell 1% in the week, the second weekly decline in a row, but rebounded from the 7-month low of $87.30.
The DAX index added 1.4% to 13,088.21, the CAC-40 index increased 1.4% to 6,212.33, and the FTSE 100 index advanced 1.2% to 7,351.07.
The benchmark SMI ended with a gain of 109.92 points or 1.02% at 10,900.24.
The DAX and the CAC-40 gained more than 3%, the SMI increased 1.5% and the FTSE 100 added 1% for the week.
The euro jumped above the parity and traded at $1.004 and the British pound inched up to $1.16.
Industrial production in France declined for the first time in three months in July.
Industrial production fell 1.6% from June after rising 1.2% in the previous month, France's statistical agency Insee said Friday.
Consumer prices in Norway unexpectedly eased in August but wholesale prices continued to rise, Statistics Norway said Friday.
Consumer price inflation eased to 6.5% in August from 6.8% in July, driven by a 10.3% rise in food and non-alcoholic beverage prices.
In a separate report, the statistics agency said wholesale prices accelerated to 77.3% in August from 73.6% in July.
Movers: Casey's General, Docusign, Hooker Furnishing, Kroger, RH, Tesla, Zscaler, Zumiez
Barry Adams
09 Sep, 2022
New York City
Casey's General Stores Inc added 0.3% to $220.43 after the retailer said comparable same store sales increased 6.3%.
Revenue in the fiscal first quarter ending in July increased to $4.5 billion from $3.2 billion a year ago.
Total gallons increased 3.3% from a year ago due to the store count increase while same-store gallons sold fell 2.3%, as volumes were impacted by high retail fuel prices.
Fuel margin increased to 44.7 cents a gallon from 35.1 cents and fuel sales generated gross profit of $308 million compared to $234.4 million a year ago.
Net income in the quarter increased to $152.9 million from $119.2 million and diluted earnings per share rose to $4.09 from $3.19 a year ago.
Docusign Inc rose 8.1% to $62.61 after the latest quarterly results were ahead of analysts' expectations.
Revenue in the second quarter ending in July increased 22% to $622.2 million and gross margin was 78%, matching the previous year.
Net loss in the quarter expanded to $45.1 million from $25 million and diluted loss per share rose to 22 cents from 13 cents a year ago.
The e-signature company guided third quarter revenues between $624 million and $628 million and full-year 2022 revenues between $2.47 billion and $2.48 billion.
Hooker Furnishing Corp rose 2.1% to $15.08 after the company said Asian factories resumed their normal production schedules and inventories flows improved on higher shipments from Asia.
Revenues in fiscal second quarter ending in July fell 5.9% to $152.9 million.
Consolidated net income for the quarter was $5.5 million or 46 cents a diluted share compared to $7.5 million or 62 cents a year ago.