𝗪𝗲𝗲𝗸 𝘀𝘂𝗺𝗺𝗮𝗿𝘆 | 𝟭𝟯-𝟭𝟳 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿
▪️ 𝗨.𝗦. 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 𝗱𝗮𝘁𝗮
The latest report indicates a decrease in consumer prices, reaching the lowest rate since July. Over the 12 months leading to October, prices rose by 3.2%, down from the previous month 3.7%, with lower petrol prices contributing to this decline. Housing costs continued to rise, up by 6.7% over the last year. However, the overall inflationary pressures were milder than anticipated, suggesting progress in the country battle against inflation.
Producer prices also saw the largest drop since April 2020, falling 0.5% in October, marking the first decline since May. On a year-over-year basis, producer prices rose by 1.3%, down from 2.2% in September.
While consumer inflation remains above the central bank 2% target, current indications show the possibility of attaining a "soft landing," particularly if energy prices remain stable. Its noteworthy that energy prices have been decreasing, which is has been the decline in prices factor for both consumers and producers. However, its crucial to acknowledge that the decline in energy prices is linked to a broader trend of major economies undergoing an economic slowdown, with some even experiencing negative growth.
▪️ 𝗨.𝗦 𝗟𝗮𝗯𝗼𝗿 𝗠𝗮𝗿𝗸𝗲𝘁
U.S weekly jobless claims reported 231K claims missing the 220K forecasted claims from analysts.
▪️ 𝗘𝘂𝗿𝗼𝘇𝗼𝗻𝗲 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 𝗱𝗮𝘁𝗮
In October, consumer prices in the eurozone increased by 0.1% compared to the previous month, marking the lowest level of inflation since the summer of 2021. The inflation rate sits at 2.9% year over year.
▪️ 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗲𝗮𝗿𝗻𝗶𝗻𝗴𝘀 𝗿𝗲𝗽𝗼𝗿𝘁𝘀 𝗯𝗿𝗲𝗮𝗸𝗱𝗼𝘄𝗻
- $TSEM (Tower Semiconductor Ltd) reported its financial results for Q3, revealing a revenue of $358 million, compared to $357 million in the second quarter. The net profit for Q3 was $342 million, including a $290 million net profit from the termination fee received from Intel after ending the merger agreement. Tower Semiconductor CEO, Russell Ellwanger, highlighted the company achievements, such as a capacity corridor agreement with Intel for additional 12-inch capacity and advancements in critical technology platforms.
- $CSIQ (Canadian Solar Inc.) reported strong Q3 results, with a 39% YoY increase in solar module shipments to 8.3 GW, generating $1.85 billion in revenue and net income of $0.32 per share. The e-STORAGE segment has a $2.6 billion backlog set for 2024. Recurrent Energy expanded its solar and battery pipeline to 26 GWp and 55 GWh. Despite market challenges, CEO Dr. Shawn Qu is optimistic, citing strategic investments like a 5 GW solar cell facility in Indiana and a 5 GW solar wafer facility in Thailand. Dr. Qu anticipates rapid growth in e-STORAGE in 2024, tripling utility-scale energy storage shipments. Canadian Solar also received accolades for sustainability reporting and plans for solar production facilities in Thailand and Indiana.
- $0700.HK (Tencent) Q3 results demonstrate robust financial performance, with a 10% year over year revenue increase to approximately $21.64 billion and profit of $6.3 billion. Profit surged by 39% year over year, reflecting solid profitability and notable margin expansion. Segment-wise, gaming revenues saw positive contributions from titles like PUBG Mobile and VALORANT, while online advertising and fintech and business services experienced significant growth. The financial metrics, including a strong cash position and share repurchases, underscore Tencent solid financial health and strategic focus on innovation.
- $9618.HK (JD.com Inc) Inc. reported its financial results for Q3, revealing revenues of $34 billion, a 1.7% increase from the same period in 2022. Net income attributable to ordinary shareholders rose to $1.1 billion. The company highlighted its focus on sustainability and ESG initiatives, including a 65% increase in its CSA score. JD.com emphasized its commitment to high-quality growth, improved user experience, and building a superior ecosystem to drive sustainable growth for merchants and suppliers. The financial results underscore JD.com steady performance and strategic efforts for long-term sustainable growth.
- $BABA (Alibaba-ADR) reported strong Q3 financials, with a 9% YoY revenue increase to $30.81 billion. Key highlights include a 34% rise in income from operations, and a net income of $3.79 billion. Notably, the company declared its first annual dividend of approximately US$2.5 billion($0.125 per each share) for fiscal year 2023. The company actively addressed the impact of recent U.S. export controls and maintained a focus on shareholder return activities, including share repurchases and first dividend.
Portfolio holders are set to receive dividends for their holdings, with Kroger scheduled to pay $0.29 per share on December 1, and Chevron distributing $1.51 per share on December 11.
𝐄𝐭𝐨𝐫𝐨 𝐩𝐨𝐩𝐮𝐥𝐚𝐫 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫,
𝗥𝘂𝗶 𝗛𝗲𝗻𝗿𝗶𝗾𝘂𝗲𝘀 @𝐀𝐥𝐦𝐨𝐬𝐭𝐃𝐨𝐧𝐞
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