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Japanese Investors Switch to Selling Foreign Bonds After Month-Long Buying Spree

Japanese investors turned net sellers of overseas debt last week, snapping a month-long buying streak as market volatility fueled speculation of a shift in the Bank of Japan's quantitative tightening timeline.Domestic investors sold a net 184.8 billion yen of foreign bonds in the week ended May 30. This reversed four consecutive weeks of net purchases, including a 12.9 billion yen purchase the previous week, according to data from Japan's Ministry of Finance on Thursday.The shift comes as volatile bond markets trigger speculation that the BOJ may pause the reduction of its government bond holdings in fiscal 2027. This potential delay would alter the quantitative tightening path the central bank initiated in 2024.At its upcoming policy meeting on June 15-16, the BOJ is expected to keep its current bond-tapering plan through March 2027, while introducing a new framework for the following fiscal year.According to Reuters, policymakers are leaning toward a tapering pause due to market jitters stemming from the conflict in the Middle East."Markets remain volatile, so there's no need to rush," a source familiar with the BOJ's deliberations told Reuters, noting that many market participants prefer keeping the current pace of bond purchases.The policy outlook is further complicated by the high probability of an interest rate hike this month.Bank of Japan Governor Kazuo Ueda on Wednesday signaled that a rate hike remains on the table for the June meeting if escalating Middle East tensions drive up inflation risks."Even if the situation remains unclear, should it be judged that upside risks to prices outweigh downside risks to economic activity, it will be necessary to thoroughly discuss the pros and cons of raising the policy interest rate," Ueda said.Money markets are pricing in roughly an 85% chance of a quarter-point rate hike as policymakers seek to contain inflationary pressures and support the Japanese yen.The currency has continued to weaken toward the 160-per-dollar level despite repeated intervention efforts by authorities.

Nikkei 225

US Markets20d ago

South Korea's Foreign Reserves Drop to $427 Billion in May as Securities Drag

South Korea's official foreign reserves fell slightly to $427.0 billion at the end of May, down by $900 million from $427.9 billion in April, according to data released by the Bank of Korea on Thursday.The decline was driven by a drop in securities holdings, which fell $3.4 billion to $380.7 billion. Securities remain the largest component of the reserve portfolio at 89.2% of the total, covering government bonds, agency bonds, debentures, mortgage-backed securities, and asset-backed securities.Deposits partially offset the decline, rising $2.6 billion to $21.4 billion. Special Drawing Rights held steady at $15.8 billion, while gold and the country's IMF reserve position were little changed at $4.8 billion and $4.4 billion, respectively.South Korea ranked 12th among countries by reserve holdings as of the end of April 2026, the BoK said, citing data from the IMF and relevant central banks. China led with $3.411 trillion, followed by Japan at $1.383 trillion and Switzerland at $1.082 trillion.The reserve data comes as South Korea recently reported a record-high trade surplus in May on the back of a semiconductor boom.Trade surplus reached nearly $27 billion during the month, topping market expectations of $24.3 billion and exceeding April's $23.8 billion.Exports increased 53.2% to $87.8 billion, topping the $80 billion mark for the third straight month, and marking the sharpest pace of expansion since January 1984. It also beat the consensus 48.4% growth forecast of Investing.com.The Bank of Korea recently held its policy rate unchanged at 2.5%. However, BoK Governor Shin Hyun-song signaled tighter policy in the near term."There is a need to raise interest rates at an appropriate time in the future."ING economist Min Joo Kang said in a note last week that "[h]igher GDP and CPI forecasts for 2026 and 2027 reinforce our view that BoK hikes could persist into 2027." ING expects the BoK to tighten its policy in July.

^KOSDAQKOSPI

US Markets20d ago

Broadcom Beats Second-Quarter Views as AI Revenue More Than Doubles

Broadcom (AVGO) late Wednesday reported fiscal second-quarter results above Wall Street's estimates as the chip designer's artificial intelligence revenue more than doubled on the back of increased demand for custom accelerators and networking solutions.Adjusted earnings rose to $2.44 a share during the quarter through May 3 from $1.58 a year earlier, coming in ahead of the FactSet-polled consensus indicating $2.40. Revenue advanced 48% to $22.19 billion, above the Street's $22.13 billion view.AI semiconductor revenue soared 143% year-on-year to $10.8 billion, driven by custom accelerators and networking, Broadcom Chief Executive Hock Tan said in a statement."Broadcom achieved record revenue, operating profit and free cash flow in (the second quarter), driven by accelerating growth in AI semiconductor revenue and strong operating leverage," Tan said.The semiconductor solutions division's sales climbed 79% to $15.01 billion, while the infrastructure software segment increased 9% to $7.18 billion.For the third quarter, Broadcom anticipates total revenue growth of 84%, to about $29.4 billion, compared with the consensus estimate of $28.25 billion.AI semiconductor revenue is seen climbing more than 200% year-over-year to $16 billion in the third quarter, Tan said.Broadcom's stock fell 6.7% in after-hours trading, and had gained 38.5% this year through Wednesday close.Advanced Micro Devices (AMD), Marvell Technology (MRVL) and Nvidia (NVDA) all beat revenue estimates in the most recent quarter, fueled by an ongoing AI boom that is driving unprecedented demand for data centers.

$AMD$AVGO$MRVL$NVDA

US Markets20d ago

Wall Street Snaps Record Rally Amid Re-Escalation in Middle East Conflict

US equities snapped their record-setting rally on Wednesday as renewed hostilities in the Middle East lifted oil prices.The Nasdaq Composite fell 0.9% to 26,854 and the S&P 500 declined 0.7% to 7,553.7, closing lower following a nine-day advance. The Dow Jones Industrial Average lost 1.2% to 50,687.1. All indexes logged fresh record highs on Tuesday.Six of the 11 sectors ended in the red, led by technology, while energy paced the gainers.Several major tech names fell sharply, with IBM (IBM) down 7.2%, the steepest decline on the Dow. Salesforce (CRM) followed IBM on the index, shedding 5.1%. Nvidia (NVDA) declined 3.6%, among the worst performers on the Dow.ServiceNow (NOW) and Microsoft (MSFT) also logged declines.West Texas Intermediate crude oil was up 2.6% at $96.19 a barrel in Wednesday late-afternoon trade, while Brent rose 2.1% to $97.99."Crude oil is trading higher for a third consecutive session, with Brent pushing above $97 as market pessimism once again grows over the prospects of a US-Iran deal that could pave the way for a reopening of the Strait of Hormuz," Saxo Bank said in a report.Iran launched strikes targeting US bases in Kuwait and Bahrain, as well as a vessel near the Strait of Hormuz, CNN reported. On Tuesday, the US Central Command said it conducted self-defense strikes on Qeshm Island in response to attempted attacks by Iran across the Middle East.US President Donald Trump reportedly said in a podcast with the New York Post that Iran has agreed not to have nuclear weapons, but Tehran could still change its mind. Previously, Trump said that negotiations with Iran were continuing, despite Iranian state-affiliated outlet Tasnim reporting that the country had suspended talks with Washington."Oil is up again as only Trump appears to believe that a 'deal' to end the war is in the works," said Derek Holt, head of capital markets economics at Scotiabank.In economic news, the Organization for Economic Co-operation and Development lowered its global economic growth projection for 2026, cautioning that the fallout from the Middle East conflict may linger for some time even after its resolution.In the US, employment in the private sector increased more than expected in May, ADP (ADP) data showed."The breadth of gains was encouraging, with almost all sectors increasing payrolls during the month," Oxford Economics said in a note. "Coupled with weak labor supply growth, the strong gains in payrolls would reduce the upside risk to the unemployment rate."Data from the Bureau of Labor Statistics are expected to show Friday that the US economy added 85,000 nonfarm jobs last month, which would represent a fall from a 115,000 increase reported for April, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.3%.The US services sector saw continued expansion in May, with Institute for Supply Management data showing a faster growth rate sequentially, but S&P Global (SPGI) pointing to a deceleration. Both surveys indicated elevated cost pressures and signs of weakness in the labor market.Most Federal Reserve districts saw slight to moderate growth in economic activity since mid-April, while consumer spending remained mixed, the US central bank said in its latest Beige Book released Wednesday."Higher-income households remained resilient and less sensitive to price increase, while middle-income households were described as 'squeezing more life out of every dollar before deciding to spend it,' and low-income consumers showed greater financial strain," according to the latest document, prepared by the Kansas City Fed based on data collected by May 27.US Treasury yields were higher, with the 10-year rate last up 4.6 basis points at 4.49%, and the two-year rate rising 3.8 basis points to 4.09%.Gold was last down 1% at $4,476.40 per troy ounce, while silver fell 2.5% to $73.65 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$CRM$IBM$MSFT$NOW$NVDA$SPGI

US Markets20d ago

Victoria's Secret's Risk-Reward Profile Likely More Balanced Now, UBS Says in Downgrade

Victoria's Secret's (VSXY) risk-reward profile now looks more balanced, while the lingerie retailer's turnaround thesis has played out, UBS Securities said Wednesday.On Tuesday, the company raised its full-year sales and earnings outlook. "We are increasingly confident in the trajectory of the business," Chief Executive Hillary Super said. The company's shares closed 47% higher Tuesday.UBS said its turnaround call for Victoria's Secret has played out, with the company having posted strong comparable sales growth for four quarters in a row amid improved execution. The retailer's initiatives are expected to drive comparable sales growth inflection, UBS analysts Mauricio Serna and Jay Sole said in a note to clients Wednesday."We believe (the company's) fundamentals have improved, supported by recent execution and momentum," the analysts said. "However, we are stepping to the sidelines given a more balanced risk/reward, with both continued operational progress and potential offsets from valuation and industry dynamics."The brokerage downgraded its rating on the Victoria's Secret stock to neutral from buy and raised its price target to $90 from $81. UBS attributed the new price target to its expectations for an upgraded earnings outlook for the company for fiscal 2028, according to the note.Victoria's Secret's shares were down 4.4% in Wednesday late-afternoon trade.The company's initiatives have effectively repositioned the Victoria's Secret and PINK brands to deliver sustained comparable sales growth following several years of decreases, UBS said."We think improved sales growth, discipline around promotions, and fixed cost leverage should lead to a multiyear EPS recovery," Serna and Sole said. The brokerage projects a 14% four-year EPS compound annual growth rate post-2026, saying the guidance is "fairly priced.""We believe the market has similar expectations," the analysts said. "We see limited (price target) upside and see a 1.2:1 upside/downside skew."The women's intimate apparel industry in North America is expected to grow at a 2% annual rate, which UBS said was in line with overall apparel."The category lacks significant growth drivers to outperform," Serna and Sole wrote. "We remain positive on other categories like athleisure."Price: $75.30, Change: $-4.76, Percent Change: -5.95%

$VSXY

US Markets20d ago

Home Delistings Reach Near-Record Rates in April, Redfin Says

US home delistings reached near-record rates in April as sellers chose to pull their properties off the market rather than accept terms they deemed unfavorable, Redfin said Wednesday.Some 5.8% of all listings were taken off the market in April, tying December 2025 for the highest share since March 2020, when the COVID-19 pandemic spooked sellers, according to the online real estate brokerage.Delistings rose 3.8% sequentially on an adjusted basis, climbing for the second consecutive month."Prices aren't soaring like they were five years ago," Redfin Premier agent Patricia Ammann said. "Buyers know they have negotiating power, often offering under the asking price and completing inspections, but some sellers just won't budge."Homes are taking longer to sell amid affordability constraints and excess supply, Redfin said."With fewer buyers competing for homes, sellers are more likely to wait weeks or months without a strong offer," according to the report.But some sellers who delisted their homes in the last year are relisting them. The relisting share was at 2.5% in April."Many of last year's sellers delisted when they couldn't get the price they wanted. Now, some of them are circling back, willing to price realistically and do what it takes to sell their home," said Monica DiSchiano, a Redfin Premier agent. "They've realized that if they're selling for less, the next home they buy will cost less, too."Separately, Redfin said Tuesday that down payments for home purchases fell 1.5% year over year to $64,000 in March amid a buyer-friendly market.

US Markets20d ago

Equities Fall Intraday, Oil Jumps Amid Renewed Middle East Tensions

US benchmark equity indexes were lower intraday, while oil prices rose amid renewed hostilities in the Middle East.The Nasdaq Composite was down 1% at 26,816.5 after midday Wednesday, while the Dow Jones Industrial Average fell 0.9% to 50,858.1. The S&P 500 shed 0.6% to 7,562.9. The indexes logged fresh closing highs in the previous session.Among sectors, technology and consumer discretionary saw the biggest decline intraday Wednesday, while energy paced the gainers.Several major tech names were falling sharply, with IBM (IBM) down 6.1%, the steepest decline on the Dow. Salesforce (CRM), Microsoft (MSFT), and Nvidia (NVDA) followed IBM on the index.West Texas Intermediate crude oil was up 2.6% at $96.17 a barrel, while Brent rose 2.1% to $98.04."Crude oil is trading higher for a third consecutive session, with Brent pushing above $97 as market pessimism once again grows over the prospects of a US-Iran deal that could pave the way for a reopening of the Strait of Hormuz," Saxo Bank said in a report.Iran launched strikes targeting US bases in Kuwait and Bahrain, as well as a vessel near the Strait of Hormuz, CNN reported. On Tuesday, the US Central Command said it conducted self-defense strikes on Qeshm Island in response to attempted attacks by Iran across the Middle East.A barrage of ballistic missiles and drones hit Kuwait Wednesday, shutting its international airport, killing one person and injuring dozens, The Wall Street Journal reported.US President Donald Trump reportedly said in a podcast with the New York Post that Iran has agreed not to have nuclear weapons, but Tehran could still change its mind. Previously, Trump said that negotiations with Iran were continuing, despite Iranian state-affiliated outlet Tasnim reporting that the country had suspended talks with Washington."For now, the risk premium continues to be partly offset by President Trump's repeated insistence that an interim agreement remains within reach," Saxo said.In economic news, the Organization for Economic Co-operation and Development lowered its global economic growth projection for 2026, cautioning that the fallout from the Middle East conflict may linger for some time even after its resolution.In the US, employment in the private sector increased more than expected in May, ADP (ADP) data showed."The breadth of gains was encouraging, with almost all sectors increasing payrolls during the month," Oxford Economics said in a note. "Coupled with weak labor supply growth, the strong gains in payrolls would reduce the upside risk to the unemployment rate."Data from the Bureau of Labor Statistics are expected to show Friday that the US economy added 85,000 nonfarm jobs last month, which would represent a fall from a 115,000 increase reported for April, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.3%.The US services sector saw continued expansion in May, with Institute for Supply Management data showing a faster growth rate sequentially, but S&P Global (SPGI) pointing to a deceleration. Both surveys indicated elevated cost pressures and signs of weakness in the labor market."The combination of resilient demand and intensifying cost pressures reinforces the risk of ongoing price pass-through, suggesting that the (Federal Reserve) is likely to remain patient on policy easing given limited progress on services disinflation and increasing the likelihood of rate hikes this year," TD Economics said in a note.US Treasury yields were higher intraday, with the 10-year rate up 3.8 basis points at 4.49%, and the two-year rate rising 3.3 basis points to 4.08%.In company news, Medtronic (MDT) reported better-than-expected fiscal fourth-quarter results, while the medical-device maker projected earnings and organic revenue growth for the current year. The company's shares were up 5.1%, among the best performers on the S&P 500.Broadcom (AVGO), CrowdStrike (CRWD), Veeva Systems (VEEV) and Five Below (FIVE) are expected to report after the closing bell Wednesday, along with others.Gold was down 1.2% at $4,465.10 per troy ounce, while silver fell 2.6% to $73.58 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AVGO$CRM$CRWD$FIVE$IBM$MDT$MSFT$NVDA$SPGI$VEEV

US Markets20d ago

ISM Services Survey Shows Faster Expansion; S&P Data Indicate Growth Deceleration

The US services sector saw continued expansion in May, with Institute for Supply Management data showing a faster growth rate sequentially, but S&P Global (SPGI) pointing to a deceleration.The ISM's purchasing managers' index rose to 54.5 last month from 53.6 in April. The consensus was for a 53.8 print in a survey compiled by Bloomberg. A reading above 50 indicates the services sector economy is generally expanding.The business activity index rose to 57.7 in May from 55.9 the month before, while the gauge for new orders increased to 57.3 from 53.5. The employment measure ticked lower to 47.9 from 48 and remained in contraction for a third consecutive month, the ISM survey showed."Respondents commented frequently that their companies had instituted hiring freezes or were not backfilling vacated positions, however, most industries reported that they were holding flat in employment month over month," Steve Miller, chair of the ISM's services business survey committee, said.The price index increased to 71.3 last month from 70.7 in April, marking its highest level since August 2022, according to the ISM survey."The combination of resilient demand and intensifying cost pressures reinforces the risk of ongoing price pass-through, suggesting that the (Federal Reserve) is likely to remain patient on policy easing given limited progress on services disinflation and increasing the likelihood of rate hikes this year," TD Economics Senior Economist Vikram Rai said in a note.Separately, S&P Global said its services PMI gauge fell to 50.7 in May from 51 the month prior, describing the latest expansion as "among the weakest" in the last 2.5 years. The impact of increasing prices, especially for fuel and energy, "stunted" growth in new business intakes, the data provider said. Employment fell at its fastest pace in six years, while business optimism reached the lowest since October 2022, the report showed.Consumer-facing sectors were the hit the hardest, with corresponding orders falling at the steepest pace since the coronavirus pandemic in 2020, S&P Global Market Intelligence Chief Business Economist Chris Williamson said."The increase in input cost inflation being signaled by the PMI points to a further rise in consumer price inflation in the coming months, but on the other hand the weakening of demand growth and downturn in the labor market being indicated could help allay concerns over any inflation spike becoming more entrenched," Williamson said.On Monday, separate surveys by the ISM and S&P showed that the US manufacturing sector expanded to its highest level in four years in May amid strength in demand and production, though price pressures remained elevated.Price: $410.17, Change: $-7.29, Percent Change: -1.75%

$SPGI

US Markets20d ago

May Private Sector Hiring Rises More Than Expected, ADP Data Show

Employment in the US private sector increased more than expected in May, ADP (ADP) data showed Wednesday, ahead of the official jobs report for the month due later in the week.Private jobs advanced by 122,000 last month, according to the payrolls processing firm. The consensus was for a 120,000 increase in a Bloomberg-compiled survey. The number of jobs added in April was revised down to 105,000 from 109,000."Hiring was more broad-based in May than we've seen in the last few years," ADP Chief Economist Nela Richardson said. "The labor market continues to show sustained momentum going into the summer hiring season."The services sector added 114,000 jobs last month, led by a 57,000 jump in education and health services, ADP said. The information sector saw a 9,000 drop in roles. Employment in the goods-producing sector grew by 8,000."The breadth of gains was encouraging, with almost all sectors increasing payrolls during the month," Oxford Economics Senior US Economist Matthew Martin said in remarks emailed to. "Coupled with weak labor supply growth, the strong gains in payrolls would reduce the upside risk to the unemployment rate."Data from the Bureau of Labor Statistics are expected to show Friday that the US economy added 85,000 nonfarm jobs in May, which would represent a fall from a 115,000 increase reported for April, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.3%.Annual wage growth slowed to 6.5% in May from 6.6% in April for job changers, while compensation gains were steady at 4.4% for job stayers, the ADP report showed.The ADP report is "slightly at odds" with the Job Openings and Labor Turnover Survey released Tuesday, according to Martin. That survey showed job openings hitting their highest level in almost two years in April, although hiring and layoffs fell."While the full impacts of the war in Iran on the labor market haven't fully fed through, recent labor market data will allow the Federal Reserve to be patient in setting policy and remain on hold until December," Martin said.US President Donald Trump reportedly said in a podcast with the New York Post that Iran has agreed not to have nuclear weapons, but Tehran could still change its mind. Previously, Trump said in a social media post that negotiations with Iran were continuing, despite state-affiliated outlet Tasnim reporting that Iran had suspended talks with Washington.Price: $225.84, Change: $-5.34, Percent Change: -2.31%

$ADP

US Markets20d ago

Ollie's Bargain Lifts Full-Year Earnings Guide, Trims Revenue Outlook

Ollie's Bargain Outlet (OLLI) raised its full-year earnings outlook on Wednesday, while the discount retailer trimmed its revenue expectations.The company raised its fiscal 2026 adjusted earnings guidance to between $4.45 and $4.55 per share from $4.40 to $4.50 previously projected. Analysts polled by FactSet expect $4.44 per share.Ollie's revenue is pegged at $2.98 billion to $3 billion, compared with the prior outlook that called for $2.985 billion to $3.013 billion. Wall Street is modeling for $3 billion."We are cognizant of the state of the consumer right now," Chief Financial Officer Robert Helm said during an earnings call, according to a FactSet transcript. "They are prioritizing their spending around their needs and driving a little less if they can. Weather is still a bit of a lingering factor and we don't have the benefit of higher tax refunds to offset some of these pressures in the second quarter."Gasoline prices in the US have surged as the Iran war pushed crude oil costs higher due to the near-complete closure of the Strait of Hormuz.Dollar General (DG), Dollar Tree (DLTR), TJX (TJX) and Burlington Stores (BURL) recently raised their full-year earnings guidance.Shares of Ollie's rose 0.9% intraday Wednesday. The stock is down 27% so far this year.For the first quarter ended May 2, adjusted EPS rose to $0.91 from $0.75 a year earlier, ahead of the Street's $0.87 estimate. Sales jumped 14% to $658.9 million, but fell short of the FactSet consensus of $661.7 million.Comparable sales grew 1.7%, decelerating from the prior-year quarter's 2.6% rise but topping analysts' 1.6% growth view."Our comp target remains a positive 2% for the full fiscal year," Helm told analysts. "Our current trends are running below this level, primarily reflecting continued weather volatility and ongoing pressure on the lower income consumer."Wall Street expects Ollie's full-year comparable sales to increase 1.7%.Price: $79.44, Change: $+0.19, Percent Change: +0.24%

$BURL$DG$DLTR$OLLI$TJX

US Markets20d ago

OECD Cuts Global Growth Projection for 2026 Amid Iran War Uncertainty

The Organization for Economic Co-operation and Development lowered its global economic growth projection for 2026, cautioning that the fallout from the Middle East conflict may linger for some time even after its resolution.The OECD now expects the world economy to grow at a slower pace of 2.8% this year, compared with a 2.9% expansion projected in March, marking a sharper slowdown from last year's 3.4% growth. For 2027, the OECD now forecasts global economic growth to pick up to 3.1%, compared with its previous 3% outlook.The report, which the OECD said was finalized amid a growing possibility of a peace deal between the US and Iran, assumes a gradual easing in energy prices beginning in the middle of this year. Crude and gasoline prices have soared since the Iran war began at the end of February.The group, however, warned of greater economic damage if the conflict drags on, projecting global growth of 2.1% this year."Even after the conflict ends, the economic effects are likely to be felt for some time given the months it will take to restore damaged infrastructure and transport routes and deliver products around the world," the OECD said on Wednesday.US President Donald Trump reportedly said in a podcast with the New York Post that Iran has agreed not to have nuclear weapons, but Tehran could still change its mind. Previously, Trump said in a social media post that negotiations with Iran were continuing, despite Iranian state-affiliated outlet Tasnim reporting that the country had suspended talks with Washington.The OECD continues to expect US economic growth at 2% this year, though it raised the estimate for next year to 1.8% from 1.7% previously expected."While the energy shock and heightened uncertainty stemming from the evolving conflict in the Middle East are expected to sap household consumption growth, underlying (US) growth remains supported by strong (artificial intelligence)-related investment," the OECD said.The OECD lowered its 2026 inflation forecast for the US to 3.7% from 4.2% previously. The updated estimate, however, remains well above the Federal Reserve's 2% target."The energy price shock is set to push year-over-year headline (personal consumption expenditure) inflation sharply higher, peaking around 4% in mid-2026 before declining as energy prices fall back," the OECD said.Annual consumer inflation in the G-20 countries is expected to remain unchanged at 4% in 2026 and ease to 3.1% in 2027, compared with 2.7% predicted in March.

US Markets20d ago

Medtronic Tops Fiscal Fourth-Quarter Estimates, Guides to Higher Full-Year Earnings

Medtronic (MDT) reported better-than-expected fiscal fourth-quarter results on Wednesday, while the medical-device maker projected earnings and organic revenue growth for the current year.In the three months ended April 24, adjusted earnings fell to $1.55 a share from $1.62 a year earlier, topping the consensus of $1.54 in a FactSet survey. Revenue rose 9.9% to $9.81 billion, above analysts' estimate of $9.62 billion. On an organic basis, excluding currency and other items, sales gained 6.6%.Medtronic shares climbed 4.9% in Wednesday trading and are down 19% this year."We are pleased to have delivered results ahead of expectations on both revenue and EPS," Chief Financial Officer Thierry Pieton said in a statement. "As we look to (fiscal 2027), we are entering the year with strong momentum, a resilient operating foundation, and a clear path to deliver durable growth."For fiscal 2027, the company expected adjusted EPS of $5.90 to $6, reflecting growth of 6.7% to 8.5%. Analysts project EPS of $6.05. The company said foreign exchange should have a neutral to 1% accretive impact.Medtronic expects organic revenue to rise 6.8% to 7.3% for the full year, compared with 5.8% growth in fiscal 2026.Revenue in the cardiovascular portfolio climbed 14% to $3.8 billion in the fourth quarter, buoyed by a 22% increase in cardiac rhythm and heart-failure products. Neuroscience sales rose 5% to $2.75 billion, and medical surgical revenue advanced 8% to $2.39 billion. Diabetes revenue climbed 15% to $837 million, supported by growth in insulin-pump and sensor technologies.CEO Geoff Martha said the company continued to see strength across major businesses, including cardiac rhythm management, cranial and spinal technologies, and surgical, and is building momentum in its highest-growth opportunities.Price: $77.37, Change: $+3.62, Percent Change: +4.91%

$MDT

US Markets20d ago

Macy's Raises Full-Year Outlook as First-Quarter Earnings Unexpectedly Rise

Macy's (M) raised its full-year outlook on Wednesday as the department store operator's fiscal first-quarter earnings unexpectedly increased on an annual basis.The company now anticipates adjusted earnings to come in between $2 and $2.20 a share for fiscal 2026, up from its previous guidance of $1.90 to $2.10. The current consensus on FactSet is for non-GAAP EPS of $2.09. Shares of the company gained 3% in the most recent premarket activity.Sales are pegged at $21.5 billion to $21.75 billion for the ongoing fiscal year, up from the prior forecast of $21.4 billion to $21.65 billion. The Street is looking for $21.59 billion. Comparable owned-plus-licensed-plus-marketplace sales are projected to increase by 0.5% to 1.2%, compared with the previous outlook for a decline of 0.5% to growth of 0.5%.Macy's said its guidance continues to reflect prudence and recognition that macro and geopolitical factors could weigh on discretionary spending. The outlook still assumes that tariffs will have a larger impact in the first half versus the second, and doesn't include potential receipts from tariff refunds.In February, the US Supreme Court invalidated President Donald Trump's reciprocal tariffs enacted under the International Emergency Economic Powers Act.Last month, department store chain Kohl's (KSS) reiterated its full-year outlook, while retailer Target (TGT) lifted its sales growth guidance for fiscal 2026.For the three-month period ended May 2, Macy's adjusted EPS increased to $0.13 from $0.11 the year before, defying the average analyst estimate on FactSet for a decrease to $0.03. Sales, inclusive of store closures, inclined to $4.68 billion from $4.6 billion, ahead of the Street's view for $4.61 billion."We're off to a strong start to the year, exceeding expectations for the fifth consecutive quarter as our bold new chapter strategy continues to build momentum," Chief Executive Tony Spring said in a statement. "We're confident in our path to sustainable, profitable growth."Comparable sales moved up 3% year over year in the first quarter. By brand, Macy's comparable sales advanced 1.6% while Bloomingdale's climbed 10%. Bluemercury comparable sales moved 6.4% higher.

US Markets20d ago

Stocks Mostly Down Pre-Bell as Traders Assess Latest Middle East Developments

The main US stock measures were mostly trending lower in Wednesday's premarket activity as traders assess the latest developments in the Middle East.The S&P 500 edged down 0.1% and the Dow Jones Industrial Average declined 0.4%, while the Nasdaq gained 0.2% before the opening bell. All three indexes recorded new closing highs on Tuesday.President Donald Trump said in a podcast interview that Iran has agreed not to have nuclear weapons, several media outlets reported Wednesday. In a social media post on Tuesday, Trump said negotiations between the US and Iran were "going on continuously."Earlier in the week, Iranian state-affiliated outlet Tasnim reported that the country suspended talks with the US in retaliation to Israel's military action in Lebanon.The US Central Command said Tuesday that its forces "successfully defeated" multiple Iranian ballistic missiles and drones and launched defensive strikes following "attempted attacks" by Tehran across the Middle East.Iran reportedly launched a wave of missile and drone attacks toward Kuwait and Bahrain in a major escalation of regional tensions. Kuwait said a number of "hostile drones" targeted its airport, causing significant material damage and injuring several people.West Texas Intermediate crude oil increased 2.6% to $96.17 a barrel in premarket action, while Brent advanced 2.5% to $98.42."Crude oil continues to trade from one headline to the next, making it increasingly difficult for traders to maintain conviction beyond a few hours," Saxo Bank said in a Tuesday report. "Global energy markets continue to tighten, with the main focus remaining on the Strait of Hormuz, a vital shipping artery that remains effectively shut, sustaining concerns about supply disruptions and elevated energy prices."Treasury yields were up before the open, with the two-year rate rising 2.9 basis points to 4.08% and the 10-year rate adding 3 basis points to 4.49%.The Organization for Economic Cooperation and Development on Wednesday cut its global growth outlook for 2026, warning that a prolonged war between the US and Iran could have "longer-lasting negative consequences."The ADP Employment report for May is out at 8:15 am ET. On Tuesday, official data showed that US job openings hit their highest level in almost two years in April, while hiring and layoffs fell.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am. The purchasing managers' index composite final report from S&P Global (SPGI) for May posts at 9:45 am, followed by the Institute for Supply Management's services index for the same month at 10 am.The weekly EIA domestic petroleum inventories report is due at 10:30 am. The Federal Reserve's Beige Book, a compilation of economic and business reports from the 12 regional Fed branches, is out at 2 pm.Fed Governor Michael Barr is scheduled to speak at 9 am, while Dallas Fed President Lorie Logan speaks at 4 pm.The Fed may need to raise interest rates should inflationary pressures persist, Cleveland Fed President Beth Hammack said Tuesday. "If we wait for definitive evidence that high inflation has become embedded in the economy, it may require larger policy adjustments, at greater cost," Hammack said in prepared remarks for an event in Ohio.Shares of Palo Alto Networks (PANW) declined 3.7% pre-bell following the company's latest quarterly results. Marvell Technology (MRVL) climbed 14% after Nvidia (NVDA) Chief Executive Jensen Huang reportedly said the company could be the next chip manufacturer to join the trillion-dollar club.Broadcom (AVGO), CrowdStrike (CRWD), Veeva Systems (VEEV) and Five Below (FIVE) are expected to release their latest earnings after the markets close. Medtronic (MDT), Macy's (M), Ollie's Bargain Outlet (OLLI) and Thor Industries (THO) post their financial results before the bell, among others.Gold slipped 0.7% to $4,488 per troy ounce, while bitcoin inched 0.3% higher to $67,127.

Dow JonesNasdaq CompositeS&P 500$AVGO$CRWD$FIVE$M$MDT$MRVL$OLLI$PANW$THO$VEEV

US Markets21d ago

Australian Industry Easing, Facing Energy Crisis: Ai Group Report

Persian Gulf turmoils aggravated an already softening Australian industrial sector in May, reported the Australian Industry Group (Ai Group) on Wednesday.The Australian Industry Index "remained weak" in May, declining to a negative seasonally adjusted 26.5 from a negative 25.5 in April, due in part to the "energy crisis, which is weighing heavily on new orders," reported Ai Group.A reading below zero on the Ai Group Industry Index indicates that the manufacturing, and related services sectors are contracting, compared to the previous month.Australian manufacturers in May reported widespread delays in orders and capital outlays, while the future path of energy supplies and prices remains unresolved, said Ai Group.In addition, in May manufacturers faced rising costs of operation, even as easing demand limited the capacity to raise prices to customers."Rising input costs (28%) remained the dominant pressure on businesses in May, with widespread reports of higher fuel, freight and raw material costs, including plastics, resins, packaging and metals," said AI Group. "Wages growth picked up, adding to ongoing labor cost pressures."Some industry leading-indicators pointed lower in May. The Ai Group new orders sub-index declined to negative 34.6 in May from negative 28.3 in April, pointing to waning demand."Businesses reported a sharp decline in new orders, with customers scaling back re-orders and forward pipelines thin as uncertainty suppresses new investments," said Ai Group.Services related to manufacturing businesses also faced challenging conditions in the month. The Ai Group business-oriented services index for May fell to negative 33.3, from negative 19.6 in April, reported Ai Group.The Ai Group business-oriented services index covers utilities, technical services, supply chain, and transport providers.A large share of services businesses "reported shortages of skilled labour, the impact of higher interest rates, uncertainty, material costs and supply constraints," said Ai Group.The business services trend index in May struck the lowest level since 2020, in the COVID-19 pandemic era, according to Ai Group.

ASX 200

US Markets21d ago

Ulta Beauty Raises Fiscal 2026 Earnings Outlook Following First-Quarter Beat

Ulta Beauty (ULTA) shares were up early Wednesday as the beauty retailer raised its full-year earnings outlook and reported fiscal first-quarter results above market estimates.Earnings are now expected to be in a range of $28.36 to $28.80 per share for fiscal 2026, up from previous projections of $28.05 to $28.55, the company said late Tuesday. The current consensus on FactSet is for EPS of $28.74. The stock rose 1.2% in the most recent premarket activity.Ulta Beauty continues to anticipate sales growth of 6% to 7% and comparable sales to rise by 2.5% to 3.5% for the ongoing fiscal year. The Street is looking for sales of $13.25 billion and same-store sales to increase by 3.4%."We believe it is prudent to take a measured approach to our guidance, given the uncertain macro landscape," Christopher DelOrefice said during an earnings call, according to a FactSet transcript. "We expect net sales growth will be stronger in the first half, reflecting our strong (first-quarter) performance."For the three months through May 2, the retailer's EPS climbed to $7.74 from $6.70 the year before, topping the average analyst estimate of $6.89. Sales advanced 11% to $3.16 billion, ahead of the Street's view for $3.12 billion."The beauty and wellness categories remain healthy, and engagement is strong," Chief Executive Kecia Steelman said on the call. "At the same time, consumers continue to face macroeconomic uncertainty, and inflationary measures and pressures from rising fuel prices, making value increasingly important as a consideration."Comparable sales moved 5.3% higher, driven by gains in transactions and average ticket. Analysts had modeled for 4.7% growth."Looking at the cadence of sales through the quarter, the period played out largely as we expected," DelOrefice told analysts. In February, the company saw low-double-digit comparable sales growth, while March and April were in the low-single-digit range, the CFO added."From a channel perspective, both store and digital channels contributed to comp growth, with e-commerce delivering mid-teens sales growth and comp stores delivering sales growth in the low-single-digit range," according to DelOrefice.

$ULTA

US Markets21d ago

PMI: Non-oil Private Sector Growth in Saudi Arabia, UAE Picks Up Against Tense Geopolitical Backdrop

Expansion in the non-oil private sectors of Saudi Arabia and the United Arab Emirates improved in May but remained well below their respective long-run averages as regional geopolitical tensions continued to dampen new business growth, surveys conducted by S&P Global showed Wednesday.The seasonally adjusted Riyad Bank Saudi Arabia PMI climbed to 52.8 in May from 51.5 in April, against the historical average of 56.8. The "notable" improvement in business activity was the quickest in three months as domestic demand and stabilizing supply chains led to a sharp rise in production.Employment also swung back to growth, while purchasing activity trended higher for the first time since February. Still, shipping disruptions, higher freight and fuel costs, and regional tensions weighed down external demand, leading to a steep drop in new export orders for a third straight month."Overall, the latest PMI reading supports the expectation that Saudi Arabia's non-oil economy will continue its upward trend during the remainder of 2026," Riyad Bank Chief Economist Naif Al-Ghaith said. "Improving domestic demand, stabilizing supply chains, contained inflation, strong government-led investment activity, and healthy trade performance collectively provide a strong foundation for continued private sector expansion."In the Emirates, the improvement in non-oil private sector conditions was only moderate in May. The seasonally adjusted S&P Global UAE PMI edged up to 52.6 from 52.1 in April, staying under its long-run average of 54.3.Survey respondents reported heightened supply-chain disruptions, because of which new business growth remained subdued, holding close to April's 62-month low. A decline in exports also impacted order books.Still, output growth reached a three-month high, with 21% of businesses seeing increased activity, thanks to stronger market demand, project expansion and government-backed initiatives."Positively, the longer-term outlook remained strong in May, suggesting that [Emirati] businesses still view these current challenges as temporary and expect growth to bounce back quickly," S&P Global Principal Economist David Owen concluded.

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US Markets21d ago

US Proposes New Tariffs on EU Over Forced Labor as Brussels Advances Trade Deal

The US on Tuesday proposed additional tariffs on 60 economies, including the European Union, following an investigation into the enforcement of forced labor import prohibitions.As part of a Section 301 investigation, the Office of the US Trade Representative threatened an extra 10% duty on the EU, stemming from findings that the bloc failed to "effectively" block forced labor imports. The proposed tariffs were announced on the same day that the European Parliament's trade committee granted preliminary approval for a trade agreement reached with the US in the third quarter of 2025.The targeted 27-nation bloc joins countries like Canada, Mexico and Pakistan, which will face the 10% tariff rate because they established partial enforcement regimes or have committed to doing so through reciprocal trade agreements. Meanwhile, other economies, including Switzerland, Saudi Arabia, South Africa and the United Arab Emirates, will be hit by a steeper 12.5% tariff rate on failure "to impose and effectively enforce a prohibition on the importation of goods produced with forced labor.""The failure of our most important trading partners to address the importation of goods made with forced labor is unacceptable," said US Trade Representative Jamieson Greer. "This creates a dynamic where American workers are forced to compete globally on an unlevel playing field. We will no longer tolerate this disparity."The United States Trade Representative invited public feedback on the proposal, setting a deadline of July 6 for written comments and scheduling public hearings for July 7.Danske Bank noted that the move clears the path for permanent tariffs to take over when the 10% Section 122 duties expire on July 24. "While the shift in legal basis could still face court challenges, overall tariff levels for now should remain little changed when the authority 'switches' from Section 122 to Section 301," the bank wrote.

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US Markets21d ago

Inditex Shares Rise as Fiscal First-quarter Earnings Match Consensus; Sales Momentum Improves

Shares of Industria de Diseño Textil (ITX.MC), d/b/a Inditex, rose over 5% in early Wednesday morning trading in Madrid after the Zara owner reported fiscal first-quarter results in line with market expectations and solid sales growth at the start of the next three-month period.Attributable net profit for the three months ended April 30 was 1.38 billion euros, up from 1.31 billion euros a year ago, while EPS moved to 0.441 euro from 0.419 euro. The clothing company recorded net sales of 8.75 billion euros, compared with 8.27 billion euros last year.Analysts polled by FactSet were expecting 1.38 billion euros in net income, 8.72 billion euros in sales and 0.44 euro in EPS.Inditex, which operates Zara, Pull&Bear and Massimo Dutti, among others, also saw sales picking up at the start of the second fiscal quarter. Revenue for store and online sales, in constant currency, rose 11.5% year over year between May 1 and June 1."Inditex has delivered a good start to the year, with 1Q26 sales up +5.8% yoy and +8.8% cFX to to [EUR]8,750m, largely in line with expectations (Cons [EUR]8,750m)," Deutsche Bank Research said in a quick-take note following the earnings release. "Gross margin was a beat, up +67 bps to 61.2% (Cons 60.7%, DBe 60.5%) with opex slightly higher at +31.8% of sales (+6.4% yoy). EBIT of [EUR]1,756 million was a c.1% beat vs consensus ([EUR]1,740m), with EPS of [EUR]0.44 in line with consensus."The clothing company plans to invest 2.3 billion euros during 2026 to strengthen its store network, digital platforms and logistics infrastructure. "Optimization of stores is ongoing, and we expect this to drive further gains in store productivity," the company said.For fiscal 2026, Inditex expects a 1% negative currency impact on sales at current exchange rates and a stable gross margin, plus or minus 50 basis points.

$ITX.MC

US Markets21d ago

Vietnam's Industrial Output, Retail Sales Cool in May

Vietnam maintained its economic expansion in May, posting further increases in industrial output and retail sales, though the pace of growth slowed slightly from the previous month.The industrial production index grew 8.8% from a year ago, decelerating from April's 9.3% expansion. Similarly, retail sales jumped 11.8% year on year, a slight cooldown from the 12.1% growth recorded in April. On a month-on-month basis, industrial output rose 3.3% and retail sales ticked up 0.5% in May.For the first five months of the year, industrial production rose 9.1% and retail sales jumped 11.2%.Analysts consider Vietnam a strong economic performer in Asia, bolstered by its 2025 gross domestic product growth of 8.02%, the second-fastest annual rate since 2011."This growth was driven by strong performances in manufacturing, tourism, exports, consumption, and investments, underscoring the country's resilience and positioning it as one of Asia's standout economic performers in 2025, despite challenging trade tensions and tariff actions," according to a March 27 report from McKinsey & Company.Vietnam's tourism sector remained robust, with international visitors in May climbing 16.5% year on year to 1.78 million.However, the country is not immune to geopolitical issues, such as U.S. tariff hikes and the Middle East conflict, which has driven fuel prices higher. These factors widened the country's trade deficit in May to its highest level since 1990, surging to $5.21 billion from $3.28 billion in April.Exports grew 18% year on year to $46.93 billion, while imports came in at $52.14 billion, up 34% year on year.Vietnam remains vulnerable to global oil price shocks despite the government's introduction of short-term stabilization measures, such as the Fuel Price Stabilization Fund."Vietnam's most pressing energy security challenge is not the immediate turbulence in global oil markets, but the country's structural under‑preparedness for future supply disruptions," East Asia Forum's Cuong Nguyen said."Oil stocks cover only roughly 32 days of demand, well below the 90-day benchmark set by the International Energy Agency, leaving Vietnam without the buffer to withstand prolonged shocks."Nguyen suggested that Vietnam should establish a strategic petroleum reserve and adopt a recalibrated growth model to ensure the country's energy security.

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Showing 301-320 of 1161

US Markets20d ago

Equities Fall Intraday, Oil Jumps Amid Renewed Middle East Tensions

Dow JonesNasdaq CompositeS&P 500$ADP$AVGO$CRM$CRWD$FIVE$IBM$MDT$MSFT$NVDA$SPGI$VEEV