On Thursday, Shell recorded Q4 profit of $474 million. The London-based corporation reported a per-share profit of 14 cents. Adjusted for nonrecurring charges, earnings per share were $2.22. The results exceeded Wall Street’s expectations. Average forecast was for earnings of $1.94 per share.The oil and gas company generated $80.13 billion …
Read More »China’s Manufacturing Sector Maintains Growth, Caixin PMI at 50.8 in January
Data released by S&P Global on Thursday revealed that the Caixin Purchasing Managers’ Index (PMI) for China’s manufacturing sector aligned with market expectations, standing at approximately 50.8 points in January. This reading, consistent with forecasts, indicated sustained growth, maintaining a trend outside the contraction zone for three consecutive months – …
Read More »Wall Street closes lower following FOMC decision
US stocks experienced a decline on the last trading day in January, as the Federal Reserve held interest rates steady and drew hopes for an interest rate cut as soon as March. The three major US stock indexes were already weighed down by weakness in tech and tech-adjacent megacap stocks …
Read More »Alphabet stock dives following lower than expected Google ad revenues
Google parent Alphabet’s stock declines more than 5% after the company reported its Q4 earnings, which missed estimates on ad revenue. The company’s revenue, excluding traffic acquisition costs, was $72 billion, higher than the $63.12 billion generated during the same period in the prior year. However, investors focused on the …
Read More »China’s Manufacturing Contracts for Fourth Consecutive Month, Signaling Economic Challenges in 2024
China’s manufacturing sector has experienced its fourth consecutive month of contraction in January, according to an official survey released on Wednesday. The data suggests ongoing challenges for the large sector and the broader economy in regaining momentum at the outset of 2024. The official purchasing managers’ index (PMI) for the …
Read More »Alphabet achieves revenue below expectations in Q4
Alphabet Inc, the parent company of Google, found itself on the wrong side of investor expectations as holiday ad sales fell short, leading to a six percent drop in its shares during after-hours trading. The company also disclosed plans for increased spending on components like servers running artificial intelligence (AI), …
Read More »No policy change expected as FOMC goes on with soft landing plan
Since the Fed is projected to maintain interest rates in the range of 5.25%–5.50% for the fourth consecutive meeting, no policy changes are anticipated. The news conference by Chair Jerome Powell will be crucial. Investor attention will be focused on any possible rebuttal to market conjecture about rate reductions. Financial …
Read More »Dow stocks decline amid economic data ahead of FOMC decision
US stocks showed mixed performance on Tuesday, with the Dow Jones Industrial Average reversing higher in midday trades as investors awaited a slew of Big Tech earnings and a Fed rate decision. Financial stocks, including JPMorgan Chase, Visa, American Express, and Goldman Sachs, lifted the index. The S&P 500 also …
Read More »Tech stocks push world’s largest sovereign wealth to record $213 billion profit
Norges Bank Investment Management, the national wealth fund of Norway, posted a record profit of 2.22 trillion kroner ($213 billion) in 2023, mostly by virtue of the excellent returns on its investments in technology shares.One of the biggest investors in the world, the Government Pension Fund Global, stated that the …
Read More »Goldman: Strong US economic prospects could shield equities from surging yields
US stocks are surviving an increase in Treasury yields because of the positive economic outlook, but Goldman Sachs strategists warned that this might change if factors like tighter monetary policy push yields higher or if they climb too quickly.In their most recent weekly kickstart note, Goldman equity strategists lead by …
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