EUROPEAN MIDDAY BRIEFING: Airlines, Energy Majors -2-

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Hugo Boss AG raised its targets for 2021 as its third-quarter sales and profits exceeded pre-pandemic levels and market expectations, the company said Thursday, citing preliminary results.

The German premium clothing maker has said it is revising its outlook and now expects currency-adjusted sales to increase by around 40% this year, against a previous forecast of inclusive growth. between 30% and 35%. Its earnings before interest and taxes are now expected to be between 175 million and 200 million euros ($ 203-232 million) for the year, he said. Hugo Boss previously said he expected EBIT of between € 125 million and € 175 million.

   
 
 

Pearson sees 2021 in line with market views

Pearson PLC said on Friday it had made good strategic progress in the first nine months of the year, and was in line with market consensus on adjusted operating income for the full year.

Education company FTSE 100 said it had a strong performance in assessment and qualifications during the period, offsetting the decline in higher education enrollments, with the group’s underlying revenues rising by 10%.

   
 
 

Eurozone exports increased in one month in August, trade surplus shrank

Euro area exports increased in August for the second consecutive month, posting a modest increase amid slowing global trade.

The European Union‘s statistical agency said on Friday that the currency area’s exports rose 0.3% in August from July, while imports rose 1.6%, both seasonally adjusted. . The seasonally adjusted trade surplus was 11.1 billion euros ($ 12.9 billion) compared to 13.5 billion euros in July.

   
 
 

New car sales in the EU fell in September due to a shortage of chips

Passenger car registrations in the European Union fell in September due to the current semiconductor shortage, the Association of European Automobile Manufacturers said on Friday.

New car registrations – a reflection of sales – were down 23% year-on-year to 718,598 vehicles for the month, said the association, also known as ACEA. The main EU markets – Spain, France, Italy and Germany – all recorded sharp declines.

   
 
 

US, Europe push for progress on digital tax elimination

The United States and five European countries have reached an agreement on how taxes on digital services in those countries will be removed as a broader international agreement progresses, French Finance Minister Bruno Le said on Thursday. Mayor.

The deal is not likely to result in an immediate withdrawal of these taxes as it is still tied to the broader global tax deal that will be finalized and implemented over the next few years. But having a way forward could ease tensions between the United States and France, Italy, the United Kingdom, Austria and Spain.

   
 
 
   
 
 

WORLD NEWS

Consumer spending appears stable despite the supply crisis

US consumers continue to spend, despite supply constraints resulting in shortages of vehicles and other goods.

Economists polled by the Wall Street Journal estimate September retail sales fell 0.2% seasonally in September from the previous month, as car purchases fell as few vehicles were on dealership lots. Excluding automobiles, sales would have increased by 0.5% as households ignored the end of improved unemployment benefits and the high levels of Covid-19 cases caused by the Delta variant.

   
 
 

Trading Furor complicates White House decisions on Fed leadership

So far, Federal Reserve Chairman Jerome Powell’s chances of securing a second term as the head of the central bank have been shaken, but not hampered by a reputation crisis linked to stock market disclosures by senior officials.

Mr Powell, a Republican, has been the frontrunner to keep his post when his term expires early next year. But the questionable business activities of two Fed bank chairmen, first reported last month by the Wall Street Journal, cast a cloud over his outlook by giving to a boisterous minority of Democrats who were already opposing his move. appointment of new reasons for requesting replacement.

   
 
 

Fed’s Thomas Barkin unsure whether economy can recoup all jobs lost in pandemic

Federal Reserve Bank of Richmond President Thomas Barkin said changes in the economy could mean some workers who left the workforce during the pandemic will not return.

Citing the number of pre-pandemic jobs that have not been salvaged, Mr Barkin said: “I am in the mood to give a little more time to see if these five million people return” to the labor market. work, but added that might not happen, during a speech in New York on Thursday.

   
 
 

Biden to pressure climate agenda on Wall Street

WASHINGTON – Calling climate change a systemic risk to the financial system, the White House will release a report on Friday outlining its strategy for new rules that could affect information on investments, insurance policies and home loans.

The report outlines the administration’s goals, including forcing financial companies to tackle climate change risks more directly, creating new protections for savings and retirement plans, and making climate change a bigger factor in the economy. federal budgeting and procurement.

   
 
 

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This article is a text version of a Wall Street Journal newsletter published earlier today.

 

(END) Dow Jones Newswires

October 15, 2021 06:07 ET (10:07 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.


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