Carlsberg Lifts Forecast as Sales Rebound After Lockdowns
Carlsberg A/S raised its forecast for full-year earnings after beer sales bounced back faster than expected following the easing of coronavirus lockdowns.
The Danish brewer now expects organic operating profit to decline by a mid-single-digit percentage. Previously it forecast a drop in the high single digits.
Beer sales were stronger than expected in the third quarter, the company said Tuesday in astatement, with “positive volume development” in Russia and China at the start of the current three months. Carlsberg’s Baltika Breweries vies for dominance in Russia with a local subsidiary ofAnheuser-Busch InBev.
Carlsberg has also been cutting costs, making up for continued uncertainty over the western European market as the virus surges anew.
The company reported total organic volume growth of 2.4% for the third quarter.
The new forecast marks a second upward revision. The brewersaid last month that profit would drop less than a previously anticipated 10% to 15% decline this year after a warm August and the easing of lockdown restrictions in some markets drove beer sales.
Football: Barcelona president Josep Maria Bartomeu submits resignation, report says
BARCELONA (REUTERS) – Barcelona president Josep Maria Bartomeu has submitted his resignation from the club, Spanish newspaper Sport reported on Tuesday (Oct 27).
Bartomeu has been facing growing resentment in the last year due to the club’s worsening finances and the team’s decline on the pitch, which came to a head with their 8-2 defeat to Bayern Munich in the Champions League quarter-finals in August.
Crude Oil Futures Settle Notably Higher
Crude oil prices moved higher on Tuesday, lifted by reports about evacuation of over 150 offshore facilities along the U.S. Gulf Coast due to Hurricane Zeta.
Several producers including BP, Chevron and Equinor have reportedly evacuated platforms and halted production, due to the hurricane which is expected to sweep across the resort area and move through Gulf of Mexico oil fields.
West Texas Intermediate Crude oil futures for December ended higher by $1.01 or about 2.6% at $39.57 a barrel.
Brent crude futures were rising nearly $0.60 or 1.4% at $41.04 a barrel.
The closure of key facilities across the Gulf of Mexico due to Hurricane Zeta has resulted in shutting down of about 16% or close to 300,000 barrels per day of oil output.
Oil’s rise was somewhat capped by prospects of increased output from Libya, and weak energy demand outlook due to spikes in coronavirus cases across the U.S. and several countries in Europe.
Meanwhile, trader looked ahead to weekly inventory reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). While API’s report is due later today, the EIA is scheduled to release its data Wednesday morning.
European Economics Preview: UK Inflation, Public Sector Finance Data Due
Consumer and producer prices and public sector finances from the UK are due on Wednesday, headlining a light day for the European economic news.
At 2.00 am ET, the Office for National Statistics releases UK consumer and producer prices and public sector net borrowing data for September. Inflation is forecast to rise to 0.5 percent from 0.2 percent in August.
UK output prices are expected to decline 0.9 percent annually in September, the same rate of decrease as seen in August.
The UK budget deficit is seen at GBP 32.4 billion compared to a GBP 35.2 billion shortfall in August.
At 4.00 am ET, retail sales data is due from Poland. Economists forecast retail sales to rise 2.2 percent annually, faster than the 0.4 percent rise seen in August.
At 5.00 am ET, Greece current account data is due for August.
LIVE: Microsoft to report earnings after the bell
- Microsoft is set to report fiscal first-quarter earnings after the market closes on Tuesday. We're covering the release live.
- Are you a Microsoft employee? Contact this reporter via the encrypted messaging app Signal (+1-425-344-8242) or email ([email protected]).
- Visit Business Insider's homepage for more stories.
Microsoft is set to report fiscal first-quarter earnings after the market closes on Tuesday.
Here's what Wall Street is expecting:
- Revenue: $35.72 billion (via Yahoo Finance)
- Earnings: $1.54 per share (via Yahoo Finance)
Investors typically pay close attention to growth of the company's cloud computing business, and this quarter will be no different, but there's also increasing interest in its Teams chat app.
Microsoft Teams communication software landed a surge of users amid the pandemic, and the company recently signaled the product's growing importance for company leaders.
Got a tip? Contact reporter Ashley Stewart via encrypted messaging app Signal (+1-425-344-8242) or email ([email protected]).
Jon Stewart to Host Current-Affairs Show on Apple TV+ Service
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Jon Stewart, the longtime star of “The Daily Show,” is embarking on a new streaming career with a deal to host a current-affairs program onApple Inc.’s TV+ service.
The multiyear accord comes with a first-look agreement for other potential Stewart content on Apple TV+, the technology giant said on Tuesday. Stewart, 57, was the face of the satirical “Daily Show” from 1999 to 2015, before handing the reins to current host Trevor Noah.
The hope is that Stewart’s high profile and fan base will bring new subscribers to Apple’s streaming service, which launched almost a year ago. The interview-style series will add to a similar TV+ programs from Oprah Winfrey. Richard Plepler, the former HBO chief who joined Apple with a first-look deal last year, is involved with the show as well.
The Hollywood Reporterpreviously reported on the deal.