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Stocks and Indices

Date : 2023-08-03

Time : 10:00:00

Stocks and Indices

Aero-engineer Rolls-Royce (OTC:RYCEY) reported underlying operating profit of 673 million pounds ($855 million) in its first half, more than five times the level of a year ago, led by a large improvement in its civil aerospace margin.

Adidas (ETR:ADSGN) sales should fall only slightly in 2023, a better outcome than previously expected, the sportswear giant said on Thursday, confirming that a release of Yeezy shoes helped narrow a projected loss for the year.

Germany's Merck KGaA (ETR:MRCG) on Thursday warned of a steeper earnings decline on a slump in demand for materials used to produce pharmaceuticals and semiconductors, as its high-tech niche markets get drawn into a wider downturn.

BMW (ETR:BMWG) on Thursday reported significantly higher revenues for the first half at 74 billion euros ($80.87 billion), due in part to the integration of its Chinese joint venture BMW Brilliance Automotive (BBA) as well as higher sales and pricing.

Asian shares stumbled on Thursday as U.S. bonds yields hit nine-month peaks and pushed the dollar higher, while investors waited anxiously to see if results from Apple (NASDAQ:AAPL) and Amazon justified the tech sector's sky-high valuations.

European stock markets are expected to open largely unchanged Thursday, with investors cautious ahead of a Bank of England rate decision, key inflation and services activity data and a plethora of corporate earnings, including tech giant Apple.

Singapore-based Grab Holdings is preparing its biggest round of layoffs since the pandemic, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Stocks in Asia fell on Tuesday as investors worried China's latest rate cut would not be enough to boost confidence in the weakening economy and hoped for a bigger stimulus package from Beijing.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.72%. China's benchmark CSI was mostly flat although Hong Kong shares and mainland property stocks skidded after the rate cut disappointment.

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