Citigroup’s reported earnings topped Wall Street’s expectations, but its revenue missed forecasts. According to the consensus of analysts polled by Reuters, the bank was expected to post Q4 earnings of $1.12 per share on revenue of $17.3 billion but instead posted earnings of $1.14 per share on revenue of $17.012 billion. Revenue for the last quarter rose 5 percent to $2.9 billion from a year earlier. For the full year, revenue didn’t change, compared to results for 2015. Net income fell 4 percent.
Tuesday January 24, 2017
GBP – EU Membership Court Ruling – 9:30am GMT
The United Kingdom’s High Court is due to announce a ruling regarding the government’s ability to bypass parliament and initiate the Brexit by triggering Article 50 of Lisbon Treaty, at the Royal Courts of Justice, in London.
Last Monday, the pound fell against all major currencies as UK Prime Minister Theresa May commented over the weekend her fears that the UK will lose access to the European Single Market. The sterling fell 0.9 percent against the dollar, to its lowest level since October. Leaving the European Union will be about “getting the right relationship, not about keeping bits of membership,” May said in a Sky News interview on Sunday. She is expected to speak about Brexit in London this Tuesday.
Delta Air Lines reported a decline in net profit in Q4, but matched earnings expectations. The major American airline said net income fell from $980 million to $622 million, on a year-to-year basis. The company met Thomson Reuters earnings expectations at 82 cents earnings per share. Operating revenue fell from $9.50 billion to $9.46 billion, slightly above the analysts’ average estimate of $9.40 billion.
Tuesday January 17, 2017
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 1.2%, above the forecast of 1.1%.
Less than 6 months after Instagram released Stories, the company announced it will be letting 30 brands to place ads within the feature in order to boost advertising revenues. Names like Nike, Netflix, Asos and Unilever are expected to take advantage of the ad placement. Companies like Instagram usually test new advertising products with a select group of advertisers before a wider roll out.
Weekly Overview (January 2 – 8, 2017):UK Manufacturing beats expectations, US еmployment misses forecasts and more
Kuwait cut oil output by 130,000 barrels per day causing a price hike – a barrel of West Texas Intermediate was trading above $55 on Tuesday morning. The recovering oil prices drove an increase in inflation in the euro area, which accelerated 1.1 percent in December. This was the fastest rise since 2013 and ahead of the median economist estimate of 1 percent. The return of price growth is also likely to shift the policy debate to the European Central Bank.
Despite the Galaxy Note 7 fiasco, Samsung reported earnings that beat analysts expectations. They anticipated that Samsung’s profits would be bigger than last year’s, mainly because of its semiconductor business, but the results surpassed even the most optimistic forecast. The company’s profits in the last quarter of 2016 surged 50 percent to the highest level in more than three years. Samsung posted 9.2 trillion won ($7.8 billion) in operating profit, compared to 6.1 trillion won a year earlier. On average analysts’ were expecting 8 trillion won. Sales of the company fell 1 percent to 53 trillion won ($44.9 billion).
Tuesday January 10, 2017
AUD – Retail Sales m/m – 12:30am GMT
Retail Sales measure the change in the total value of sales at the retail level. Last month’s value was 0.5%, above the forecast of 0.3%.
The dollar edged down from a 14-year high against a basket of currencies on Wednesday. The greenback had surged to its highest level since late 2002 a day earlier, after US manufacturing data beat expectations.