Economy

2023-06-20 15:28:59

On the 20th, the New York stock market started bearishly following the previous day’s holiday. Treasury yields fell slightly, while oil, gold and commodities fell. The market is also paying attention to the remarks of the US central bank (Fed) officials scheduled one following another this week.

The housing market indicators released on the day appeared to be better than expected. The number of housing starts in May increased by 21.7% to 1.63 million. Housing permits also recorded 1.49 million, up 5.2% from the previous month. Analysts say that the housing market is a leading indicator of the economy, giving weight to economic optimism.

There is also a view that expectations that it will be difficult to raise interest rates further have been reflected in the housing market in advance. The NAHB housing market index announced the previous day was also counted positively at 55, exceeding the expected 51. This is the most optimistic figure since July last year. After US Secretary of State Tony Blincoln’s visit to China last weekend, interest in follow-up measures also gathered. It is expected that the frozen US-China relationship will be able to recover as high-level communication channels are strengthened. President Xi Jinping said, “China respects the interests of the United States and does not try to challenge or replace the United States. In the same vein, the United States should respect China.”

However, concerns grew as news spread that China was negotiating with Cuba on the construction of facilities for joint military exercises. Analysts say that if China agrees to build the facility, the military conflict with the United States might escalate.

There have been a number of cautious reports on the stock outlook in the market. Morgan Stanley released an analysis saying that companies’ profits are expected to decline following the Producer Price Index (PPI) falls short of expectations. It is an opinion that even the potential of artificial intelligence (AI) is difficult to prevent margin pressure. JP Morgan also saw that the rising trend of growth numbers might put pressure on the stock rally in the second half of the year.

Barclays has released an analysis that resuming student loan payments might reduce US consumption by $15.8 billion. It is a view that apparel stocks such as American Eagle, Urban Outfitters, and Victoria’s Secret might be hit.

Among stocks, Alibaba (BABA), which announced a management change, showed weakness. Cai Chongxin, vice chairman of Alibaba Group, took the position of chairman in September, and Wu Yongming, the new CEO of Alibaba, will lead the management. He will maintain the management of Taobao and Tmall, and the existing chairman, CEO Zhang Yong, will focus on Alibaba Cloud.

Disney and Discovery, which released new animations last weekend, also performed disappointingly. Warner Bros. movie ‘The Flash’ made $64.2 million over the holiday season, and Disney’s ‘Elemental’ also drew smaller audiences than expected.

Among pharmaceutical stocks, Novo Nordisk’s share price was weak due to delays in expanding production of Wegobi. Novo Nordisk announced that production in developing countries would be delayed due to difficulties meeting US demand. DyTherapeutics’ share price soared on the news of Eli Lilly’s acquisition. Eli Lilly said it would acquire the company for $48 per share or $2.4 billion in cash.

On Wall Street, positive investment opinions came out for Philip Morris, US Foods, AVIS, and Baidu. All stocks were strong in the early hours of the day.

New York = Correspondent Jeong So-ram [email protected]

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#released #Chinese #economy #survive

2023-06-20 14:22:37

Four Delhaize stores are closed on Tuesday following new industrial action. These are subsidiaries located in Nivelles and three others in the province of Liège in Embourg, Seraing and Sart-Tilman. “Bailiffs have been sent to the site for the necessary findings,” said Delhaize spokesman Roel Dekelver.

Delhaize had obtained from the Brussels Court of First Instance a ban on pickets for all stores and distribution centers in Belgium, but this expired last week.

In early June, the Walloon Brabant Court of First Instance also ruled in favor of the socialist union in its opposition to the management’s use of a unilateral request to end the picketing. The Ghent District Court issued a similar decision last week.

The social conflict at Delhaize has been going on since early March, when the supermarket chain announced its intention to franchise its own stores in Belgium.

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2023-06-20 16:58:26

The real estate fund recorded an increase of nearly 20% in net income, to 57.3 million francs.

As of March 31, 2023, net income for the year, including current income and expenses, increased by 17.4% to 57.3 million francs, or 3.57 francs per share.

Revenues are up 16.4% compared to the previous year. This increase is mainly due to additional income from acquisitions of the previous year (6.7 million francs), new acquisitions (4.1 million) and construction deliveries (3.9 million). The like-for-like increase in rental conditions contributed positively to this (+1.3%) thanks to the gradual deployment of rental reserves in the portfolio. The work on these rental statements, coupled with proactive vacancy management, resulted in an increase in rental income of 1.4 million francs. Moreover, the new investments have not yet deployed their full potential this financial year and the growth in property income will continue during the next financial year.

As of March 31, 2023, the loss rate on rent stood at 2.01% of the total rental income, including gratuities and losses, compared to a level of 2.25% during the previous financial year. The low level of vacancies highlights the quality of the buildings in the portfolio, their good locations and the manager’s proactive management of reletting issues. Note the significant drop in the vacancy rate of commercial buildings in Corniche 3A/3B in Epalinges (VD) and Champ-Colin 2A-BC in Nyon (VD) following effective marketing activities.

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2023-06-20 10:36:00

© Archyde.com. Gold bars in a photo from the Archyde.com archive.

(Archyde.com) – Gold fell 1 percent on Tuesday following strong new US home building data and a rally in the dollar, as investors await Federal Reserve Chairman Jerome Powell’s testimony for clues on interest rate strategy.

It lost 1 percent, recording $1,929.98 an ounce, by 1431 GMT, its biggest daily decline in regarding two weeks.

US gold futures fell 1.5 percent to $1,941.20 an ounce.

New single-family home construction in the United States jumped in May to its highest level in more than a year, as permits for future building increased.

It rose 0.2 percent, making the precious metal less attractive to holders of other currencies.

Commerzbank analysts cut their forecast for the gold price in the second half of 2023 by $50 to $2,000 an ounce, expecting another hike in US interest rates in July and not cutting rates until the second quarter of next year.

Higher interest rates increase the opportunity cost for holders of the non-yielding yellow metal.

Spot transactions fell 3.7 percent to $23.07 an ounce, its lowest in three weeks, while platinum fell 2.3 percent to $953.56, its lowest since March.

It fell 3.3 percent to $1,359.66.

(Prepared by Mahmoud Abdel-Gawad for the Arabic Bulletin)

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