Costco Wholesale Corp. reported a better-than-expected quarterly profit. According to its monthly sales reports for September, October and November, fresh food was among the company’s strongest selling categories. Last week the company reported a 1 percent rise in quarterly sales at US stores opened in more than a year. Net income of the company rose to $545 million, or $1.24 per share, in the first quarter, from $480 million, or $1.09 per share, a year earlier. On average, analysts had expected earnings of $1.19 per share, according to Thomson Reuters I/B/E/S. Total revenue rose 3.2 percent to $28.10 billion, slightly below estimates of $28.30 billion.
Tuesday December 13, 2016
CNY – Industrial Production y/y – 2:00am GMT
Industrial Production y/y measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities. Last month’s value was 6.1%.
GBP – CPI y/y – 9:30am GMT
The CPI y/y measures the change in the price of goods and services purchased by consumers. Last month’s value was 0.9%, below the forecast of 1.1%.
Last week OPEC tried to rescue a deal to cut oil production, which was preliminarily agreed in September. Hopes for the deal made oil companies optimistic and they added $490 billion to their combined market cap this year. Saudi Arabia pulled out of the meeting with non-members, arguing that OPEC needs to clear its internal negotiations before engaging with other producers. After the Saudis left the meeting, talks in Vienna with non-OPEC members were cancelled. Russian Energy Minister, Alexander Novak didn’t attend the OPEC meeting on Wednesday, but said he is ready to discuss a potential cooperation with the organization.
Jewelry maker, Tiffany reported its first rise in sales in eight quarters even though sales at established stores fell 2 percent in Q3. On average, analysts had expected a 2.8 percent drop, but Tiffany’s net sales rose slightly from $938.2 million a year earlier to $949.3 million. Net income also grew 4.5 percent to $95.1 million or 76 cents per share.
Monday December 5, 2016
GBP – Services PMI – 9:30am GMT
Services PMI measures the level of a diffusion index based on surveyed purchasing managers in the services industry. Last month’s value was 54.5, exceeding the forecast of 52.5.
Crude oil prices rose as optimism over the OPEC deal was spreading. Prices jumped after the Iraqi delegate said that some form of a deal would be reached in Vienna. Iran’s oil minister, Bijan Zanganeh, said he is also optimistic about the deal and that his country was not prepared to reduce output.
Weekly Overview (November 21 – 27, 2016): Donald Trump’s new administration, metals surge again and more
Donald Trump met with Wall Street veterans on Monday as he sought to fill the role of Treasury Secretary in his new administration. According to CNN, he has narrowed the range of candidates to Steven Mnuchin, a former Wall Street exec and Jonathan Gray, a billionaire in charge of Blackstone Group, a New York-based global asset management firm. The president-elect said he would nominate Alabama Senator Jeff Sessions for attorney general and Representative Mike Pompeo for CIA director, and choose retired Lieutenant General Michael Flynn as national security adviser.
Dollar Tree, the biggest US dollar-store chain, reported quarterly profit results that beat analysts’ expectations. Family Dollar’s sales, which Dollar Tree took over in 2015, fell 5.2 percent to $2.53 billion in the third quarter, but gross profit increased 5.6 percent to $663.2 million. Dollar Tree’s sales at stores increased 1.7 percent, beating the expected 1.4 percent rise, according to a poll by Consensus Metrix. Dollar Tree’s net income in Chesapeake, Virginia, doubled to $171.6 million, or 62 cents per share. Excluding items, the company earned 81 cents per share, beating the average analysts’ estimate of 78 cents, according to Thomson Reuters I/B/E/S. Net sales rose to $5 billion, lower than the expected $5.07 billion estimate.
Monday November 28, 2016
EUR – ECB President Draghi Speaks – 2:00pm GMT
He is about to testify about the European Central Bank’s perspective on economic and monetary developments and the consequences of the Brexit before the European Parliament’s Economic Committee, in Brussels.
Black Friday is indeed the busiest shopping day of the year, but did you know where did the name come from?
Nobody is exactly sure how the day got its name. There are a number of myths about the origin of the phrase.
The first myth claims that it was coined to mark the day as one of the biggest profitable days in the year for retailers. In accounting, “black” refers to stores moving from “in the red” to “in the black” – or just going profitable. So that’s why the name “black” seemed appropriate.