Costco reported earnings that topped analysts’ expectations. The second biggest US retailer’s earnings were $1.40 per share in the quarter, while analysts surveyed by Zacks Investment Research predicted $1.31 per share. Net income came at $700 million, or $1.59 per share, up from $545 million, or $1.24 per share, in the same period last year. Revenue also rose 7.8 percent to $28.86 billion, above the $28.65 billion estimate from Zacks’ analysts. Shares of the company rose after the release.
Please be informed that due to the Spring bank holiday in the UK and the Memorial Day holiday in the US, on Monday, 29th May, trading hours of some CFD markets will be changed as follows:
Monday May 29, 2017
EUR – ECB President Draghi Speaks – 2:00pm GMT
Draghi is about to testify about the economy and monetary developments before the Economic and Monetary Affairs Committee in Brussels.
Alibaba Group and its financial services affiliate Ant Financial plan to invest round of at least $1 billion in one of the largest Chinese food delivery companies: Ele.me. The investment will value Ele.me between $5.5 billion and $6 billion and could make it more competitive to the Tencent Holdings-backed company, Meituan.
You will be pleased to learn that we have added some new and valuable features to our desktop and web trading platforms, designed to further enhance your trading activity.
Chinese industrial production rose 6.5% in April, the National Bureau of Statistics reported. The result was down compared to last month’s high of 7.6%. Retail sales climbed 10.7%, lower than the 10.9% growth in March. Annual urban fixed-asset investment increased 8.9% in the period between January and April. Analysts had expected industrial production to rise 7%, retail sales to increase 10.8% and fixed-asset investment to grow 9.1%.
This week’s announcements
Alibaba reported Q4 revenue that topped analysts’ expectations, helped by the strength in Chinese e-commerce. Total revenue rose to 38.58 billion yuan ($5.60 billion) in the quarter, above the Thomson Reuters estimate of 36 billion yuan. Net income also rose to 10.65 billion yuan from 5.37 billion yuan for the same period a year earlier. Revenue was up 47 percent to 31.57 billion yuan, above the previous quarter’s rise of 45 percent.
Tuesday May 23, 2017
EUR – German Ifo Business Climate – 9:00am GMT
German Ifo Business Climate measures the level of a composite index based on surveyed manufacturers, builders, wholesalers, and retailers. Last month’s value was 112.9, above the forecast of 112.4.
The Bank of England warned that the Brexit vote will make living standards fall in 2017. In June last year BoE left interest rates unchanged at their record low at 0.25% but signalled that they may have to raise them sooner than previously thought.
This week’s announcements
Nordstrom reported earnings of 43 cents per share on revenue of $3.35 billion, both above analysts’ expectations. Analysts from Thomson Reuters were expecting the company to post earnings of 27 cents per share on revenue of $3.34 billion. According to FactSet, total same-store sales fell 0.8 percent versus the estimate for a 0.1 percent drop. Nordstrom’s stock fell after-hours, following a tough day for the entire retail sector.