European Economics Preview: UK Inflation Data Due
Consumer and producer prices 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 for December. Consumer price inflation is forecast to rise to 5.2 percent in December from 5.1 percent in November. Economists expect factory gate prices to climb 9.4 percent annually after rising 9.1 percent in the previous month.
In the meantime, final consumer price figures are due from Germany. According to flash estimate, consumer price inflation rose to 5.3 percent in December from 5.2 percent in November.
At 4.00 am ET, the European Central Bank is slated to issue euro area current account figures for November. The current account surplus totaled EUR 18.1 billion in October.
At 5.00 am ET, Greece unemployment data is due for November.
Walmart invites Indian sellers to join its marketplace to serve U.S customers
The company has set an ambitious goal of exporting $10 billion from the country each year by 2027.
Walmart has started inviting applications from select sellers in India to join Walmart Marketplace, a curated sellers community that serves over 120 million U.S. shoppers every month.
India is already one of Walmart’s top sourcing markets, and the company has set an ambitious goal of exporting $10 billion from the country each year by 2027, as per a Walmart communique.
Walmart was seeking new sellers from India as part of a global drive to attract international sellers and expand its marketplace’s product assortment, it said.
Chosen Indian sellers would be able to take advantage of Walmart Fulfillment Services, which would give them access to Walmart’s warehousing and delivery infrastructure in the U.S., along with platform tools that help them streamline their operations and manage promotions and feedback, said the company in a statement.
“Building on our long history of partnership with Indian exporters, Walmart is now offering Indian businesses the opportunity to further their export dreams. They will be able to leverage our global supply chain infrastructure and receive support to help them reach millions of daily customers in the U.S.,” said Michelle Mi, Walmart Vice President, Emerging Markets and Business Development – Global Sourcing.
Woodside Petroleum Q4 Sales Revenue Climbs
Woodside Petroleum Ltd. (WOPEF.PK,WOPEY.PK,WPL.AX) reported that fourth-quarter sales revenue climbed to US$2.85 billion from US$920 million last year. Total revenue for the quarter rose to US$2.91 billion from US$957 million in the previous year.
Delivered production was 22.6 million barrels of oil equivalent or MMboe, down from 24.9 MMboe in the previous year.
Delivered sales volume was 31.8 MMboe, up from 29.1 MMboe in the prior year.
For 2022, Woodside’s production guidance is 92 – 98 MMboe, excluding any impact from the proposed merger with BHP’s petroleum business.
H.B. Fuller Q4 Profit Rises
H.B. Fuller Company (FUL) Wednesday reported fourth-quarter net income of $64.74 million or $1.18 per share, up from $40.60 million or $0.77 per share last year.
Adjusted earnings for the quarter rose to $1.09 per share from $1.06 per share last year.
Revenues for the quarter rose to $897.4 million from $777.6 million last year.
Analysts polled by Thomson Reuters expected earnings of $1.08 per share on revenues of $896.95 million for the quarter.
Looking forward to full year 2022, the company expects organic sales to increase between 10% and 15% year over year and adjusted earnings of $4.00 to $4.25 per share. Analysts currently estimate earnings of $4.18 per share and revenue growth of 7.90%.
N Brown Group Projects FY22 Adj. EBITDA At Lower End Of Prior Guidance Range – Quick Facts
Brown (N.) Group PLC (BWNG.L) reported third quarter Group revenue of 267.6 million pounds, down 3.3% from a year ago. Product revenue was 181.2 million pounds, a decline of 3.5%. The Group noted that it recorded a 5.5% growth in product revenue from strategic brands.
Year-to-date group revenue was down 1.7%, slightly behind the Group’s previous expectations for the full year of broadly flat.
For fiscal 2022, the Group expects adjusted EBITDA between 93 million pounds and 96 million pounds, which is at the lower end of previously guided range.
The Board remains confident in achieving the Group’s medium-term objective of delivering sustainable profitable growth.
At 1 January 2022 the Group had unsecured net cash of 33.5 million pounds.
BHP moves closer to scrapping dual listing
SYDNEY (Reuters) – A proposal to scrap BHP Group’s dual listing won approval from shareholders of its Australian entity on Thursday, proxy vote counts showed.
The proposal won support of more than 96% of proxy votes counted during a shareholder meeting.
The company can proceed with the plan if shareholders of London-listed BHP Group also approve it at a meeting later in the day.
UK Labor Market Continues To Recover
The UK unemployment dropped in three months to November and employment increased reflecting continuing recovery in the labor market, the Office for National Statistics said Tuesday.
The unemployment rate dropped to 4.1 percent in three months to November, while it was forecast to remain unchanged at 4.2 percent.
The employment rate increased by 0.2 percentage points on the quarter to 75.5 percent, data showed.
The end of the furlough has been more about a fall in the supply of labor rather than a big fall in the demand for labor, Paul Dales, an economist at Capital Economics, said. As a result, the unemployment rate dropped marginally in three months to November.
During October to December, the number of job vacancies rose to a new record of 1,247,000.
In December, the claimant count declined by 43,300 from the previous month. The claimant count rate dropped marginally to 4.7 percent from 4.8 percent in November.
There were 29.5 million employees in the UK, up 184,000 on the revised November level.
Average earnings including bonus increased 4.2 percent annually in three months to November, in line with expectations. Excluding bonus, average earnings grew 3.8 percent, as expected.
Even though real wages are now falling and will decline further, the Bank of England is expected to raise interest rates from 0.25 percent to 0.50 percent on February 3 and to 1.25 percent by December, the economist said.