Diageo Reports Organic Net Sales Momentum Across All Regions – Quick Facts
Diageo PLC (DGE.L,DEO) said the Group has made a strong start to fiscal 2022, with organic net sales momentum across all regions. North American business is performing strongly, despite some supply chain constraints, reflecting resilient consumer demand, the Group said. The Group also noted that its businesses in Africa, Asia Pacific and Latin America and the Caribbean are performing well, although volatility in these markets is likely to persist.
Looking forward, the Group expects near-term volatility to remain, including the potential impact of any future waves of Covid-19.
Opinion | Sinema Stars in Her Own Film
By Maureen Dowd
European Economics Preview: Eurozone Monetary Aggregates Data Due
Monetary aggregates data from the euro area is due on Monday, headlining a light day for the European economic news.
At 2.00 am ET, Statistics Denmark is scheduled to issue retail sales data for August. Sales had increased 4.8 percent annually in July.
At 3.30 am ET, Sweden’s household lending data is due for August. Lending had advanced 6.3 percent annually in July.
At 4.00 am ET, the European Central Bank is slated to issue monetary aggregates for August. The euro area M3 money supply is forecast to climb 7.8 percent on year after rising 7.6 percent in July.
In the meantime, Italy’s non-EU trade data is due for August. The trade surplus totaled EUR 6.85 billion in July.
At 7.45 am ET, European Central Bank President Christine Lagarde is scheduled to attend the hearing before the committee on Economic and Monetary Affairs of the European Parliament.
Piyush Goyal urges U.S. firms to push for trade agreement
“We can look at a trillion dollar trade target over the next 10 years,” Piyush Goyal said at the U.S. India Strategic Partnership Forum
India’s Commerce Minister Piyush Goyal on Wednesday exhorted U.S. businesses to convince the administration of the need for a trade agreement that would enhance the bilateral flow of goods and services.
“We already have an FTA with Japan; we are working on an early harvest FTA with Australia,” Mr. Goyal said at the U.S. India Strategic Partnership Forum. “So now its up to the U.S. and India to engage in a much bigger way and I would urge you to take it up with your administration as well. While our trade in goods and services has grown significantly, but I think the potential hasn’t been tapped fully yet. We can look at a trillion dollar trade target over the next 10 years and am happy to engage for that,” he added.
Opinion | When Is a ‘Majority’ Not Actually a Majority?
By Jamelle Bouie
Gold Holds Steady As Dollar Dips
Gold prices steadied Thursday after two days of losses as the dollar pulled back slightly ahead of a Senate vote on the government funding bill.
Gains were kept in check by expectations that the U.S. Federal Reserve would soon start to unwind bond purchases.
Spot gold traded flat at $1,726.66 per ounce, while U.S. gold futures were up 0.2 percent at $1,726.50.
U.S. Senate Majority Leader Chuck Schumer said that Senators have reached a deal to avoid a government shutdown on October 1.
The Senate will vote on legislation today, which will keep the government funded through December 3.
Senate Republicans blocked the House plan on Monday amid clashes over raising the debt ceiling.
The dollar index paused while benchmark U.S. 10-year Treasury yields held above 1.5 percent, a level not seen since late-June after Federal Reserve Chair Jerome Powell warned inflation could be held up longer than previously thought due to supply chain problems.
However, Powell and his counterparts at the European Central Bank, Bank of Japan and Bank of England voiced cautious optimism that supply-chain disruptions lifting inflation rates around the world would ultimately prove temporary.
Franklin Resources To Acquire O’Shaughnessy Asset Management – Quick Facts
Franklin Resources, Inc. (BEN) said it will acquire O’Shaughnessy Asset Management,
LLC, a custom indexing provider through its Canvas platform. OSAM’s flagship Canvas platform will serve as an important expansion and enhancement of Franklin Templeton’s existing strengths in separately managed account.
OSAM’s more than 40 team members are expected to join Franklin Templeton along with all of the necessary intellectual property, investment management processes, and principal business assets necessary to evolve and grow the business within the Franklin Templeton Product Solutions group.
H&M Group Q3 Profit Rises; Proposes Dividend – Quick Facts
The H&M group (HNNMY.PK,HMRZF.PK,HEN.L) said it recorded increased profitability in third quarter mainly due to well-received collections with more full-price sales, lower markdowns and good cost control. Net sales in local currencies increased by 14 percent in the quarter. Excluding Asia and Oceania, sales in local currencies were back at the same level as before the pandemic, the Group noted.
For the third quarter, profit increased to 4.69 billion Swedish kronor from 1.82 billion kronor, previous year. Earnings per share was 2.83 kronor compared to 1.10 kronor. Net sales were up 9 percent to 55.58 billion kronor compared to 50.87 billion kronor, last year.
The H&M group said sales in September 2021 were slightly higher than in the corresponding month the previous year in local currencies, even though demand was not able to be fully met because of disruption and delays in product flow.
The board proposed a cash dividend of 6.50 kronor per share. The extraordinary general meeting will be held on 28 October 2021. The dividend is anticipated to be paid out by Euroclear Sweden AB on 4 November.