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Gold Edges Higher Ahead Of Powell's Speech

Plus500 Expects Sustainable Growth Over Medium To Long Term

Plus500 Ltd. (PLUS.L), an Israeli online trading services provider, said it continues to expect that the company will deliver sustainable growth over the medium to long term.

The company noted that its shareholder returns policy continues to be to return at least 50% of net profits to shareholders through share buyback programs and dividends, on a half yearly basis. The Board will also consider executing special share buybacks, or other distributions, on a half yearly basis.

Group revenue for fiscal year 2022 grew to about $832 million from last year’s $718.7 million, supported by a strong level of Customer Income, a key measure of the Group’s underlying performance.

The company expects earnings per basic share for fiscal year 2022 to be about $3.8 compared to $3.06 last year.

Accenture To Buy Germany's SKS Group For Undisclosed Sum

Accenture Plc (ACN) said on Tuesday that it has agreed to acquire SKS Group, a German technology consulting firm, for an undisclosed sum.

SKS Group supports lenders across Germany, Austria, and Switzerland to modernize their technology infrastructure, and others using SAP S/4HANA solutions.

David Cordero, Chief of Accenture’s Banking industry group in Europe, said: “SKS Group’s innovative solutions and skills will bolster our ability to transform banks’ core business functions, enabling them to operate more efficiently, make better use of their data and develop new products faster. In addition, SKS Group’s strong capabilities for specialized banks will expand our banking services to new clients.”

Post transaction, SKS Group’s around 500 employees will join Accenture Technology.

Churchill China Sees Annual Profits At Upper End Market Expectations

Churchill China plc (CHH), a ceramic products maker, serving hospitality markets, Tuesday said it expects profit before taxation for the year to be at the upper end of analyst expectations, that is 8.0 million pounds to 8.8 million pounds.

The company said the sound performance reported in the first half year results continued into the final months of the year.

The outstanding order book remains above normal levels and progress has been made in improving supply to customers towards the end of the year, the company said.

The company intends to announce its preliminary results for the year ended 31 December 2022 in April.

Shares of Churchill China closed Monday’s trading at 1195 pence, down 15 pence or 1.24 percent from the previous close.

ASE Technology Q4 Revenue Down, But Annual Revenue Rises

Advanced Semiconductor Engineering, Inc. (ASX), a Taiwanese semiconductor firm, said in an update on Tuesday that it recorded a rise in revenue for the full-year. However, for the fourth quarter, revenue declined.

For the fourth-quarter, the south Asian-firm recorded revenue of $5.655 billion, lesser than $6.226 billion during the corresponding period last year.

For the fiscal 2022, the company generated revenue of $22.581 billion, higher than $20.399 billion of 2021.

For the fourth quarter, on pro forma basis, revenue stood at $3.005 billion, compared with last year’s $3.066 billion. For the full-year, revenue was at $12.551 billion as against previous year’s $11.068 billion.

Pre-market Movers: GRRR, MNPR, KALA, SONX, PEGY…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.10 A.M. ET).

In the Green

Gorilla Technology Group Inc. (GRRR) is up over 55% at $12.59
Monopar Therapeutics Inc. (MNPR) is up over 24% at $2.96
Kala Pharmaceuticals, Inc. (KALA) is up over 11% at $42.66
Sonendo, Inc. (SONX) is up over 11% at $3.15
Evolent Health, Inc. (EVH) is up over 7% at $30.20
XPeng Inc. (XPEV) is up over 6% at $10.58
Ra Medical Systems, Inc. (RMED) is up over 6% at $6.25
Broadmark Realty Capital Inc. (BRMK) is up over 5% at $3.74

In the Red

Pineapple Energy Inc. (PEGY) is down over 11% at $2.06
Cartesian Growth Corporation (GLBL) is down over 8% at $9.82
Korea Electric Power Corporation (KEP) is down over 8% at $7.94
Silo Pharma, Inc. (SILO) is down over 8% at $3.08
Ambrx Biopharma Inc. (AMAM) is down over 7% at $2.11
Petróleo Brasileiro S.A. – Petrobras (PBR) is down over 6% at $9.98
Univar Solutions Inc. (UNVR) is down over 5% at $30.02

Oil Prices Little Changed In Choppy Trade

Oil prices were fluctuating on Tuesday after three consecutive sessions of gains on hopes of increased demand for oil from China.

Benchmark Brent crude futures edge up 0.1 percent to $79.73 in choppy trade, while WTI crude futures were up 0.2 percent at $74.81.

Oil prices traded lower in Asian trading before seeking a rebound to trade on a flat note in European trade.

While hopes of demand recovery in China offered some support, the upside remained capped by concerns that higher U.S. interest rates will dent fuel demand.

U.S. rate hike worries returned to the fore after two Fed officials said the Federal Reserve would likely raise interest rates to above 5 percent and hold them there for some time in order to keep inflation under control.

Investors were also reacting to reports suggesting that Russia is working on additional measures to limit discounts to international benchmarks. Russia is the world’s second largest oil exporter after Saudi Arabia.

Gold Edges Higher Ahead Of Powell's Speech

Gold prices edged higher on Tuesday despite hawkish comments from some Federal Reserve officials.

Spot gold rose 0.3 percent to $1,876.52 per ounce, while U.S. gold futures were up 0.2 percent at $1,880.95.

The upside remained capped as the dollar steadied after recent declines.

U.S. rate hike worries returned to the fore after two Fed officials said that the U.S. central bank will have to keep raising rates to somewhere above 5 percent to keep inflation under control.

Federal Reserve Bank of San Francisco President Mary Daly and her Atlanta equivalent, Raphael Bostic both remarked overnight that the Fed funds target rate would rise above 5 percent by the middle of the year.

Traders now await Fed Chair Jerome Powell’s speech at a central bank conference in Stockholm later in the day and the U.S. December inflation report due on Thursday for additional clues on the economic and interest the rate outlook.