CSFX Market News | Global Market Update

  SIEMENS JUMPS, SEES RISING RETURNS FROM BULGING ORDERS. SIEMENS AG gained on expectations for higher margins from factory automation equipment and software products next year as order books rise to a record even as the global economy takes a turn for the worse. The shares jumped as much as 8% in early Frankfurt trading, the most since March. Orders during fiscal 2022 climbed 17%, taking the backlog to a record €102 billion ($106 billion), Siemens said Thursday. Siemens said it expects earnings per share to more than double in the year ending September 2023 to a range of around 8.95 euros a share, seeing strong growth in all its main industrial businesses. That confidence underpinned a 6% increase in its annual dividend to €4.25 a share from €4.00. Conspicuously, it forecast that orders would continue to outpace revenue over the last 12 months, a forecast that contrasts markedly with the sharp decline in orders to German manufacturers over recent months. It said its forecast assum...

  APPLE WARNS OF LOWER IPHONE SHIPMENTS AS COVID CURBS HOBBLE CHINA PLANT Apple Inc (NASDAQ:AAPL) expects lower shipments of premium iPhone 14 models than previously anticipated following a significant production cut at a virus-blighted plant in China, dampening its sales outlook for the busy year-end holiday season. Demand for high-end smartphones assembled at Foxconn’s Zhengzhou plant has helped Apple remain a bright spot in a technology sector battered by consumer spending cutbacks amid surging inflation and interest rates. But the Cupertino, California-based vendor has fallen victim to China’s zero-COVID-19 policy, which has seen global firms including Canada Goose Holdings (NYSE:GOOS) Inc and Estee Lauder Companies Inc (NYSE:EL) shut local stores and cut forecasts. “The facility is currently operating at significantly reduced capacity,” Apple said on Sunday without detailing the scale of the reduction. “We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max m...

  TECH ROUT WIDENS AS META SINKS AFTER RESULTS A carnage in U.S. technology stocks widened on Thursday as shares of Meta Platforms Inc sank 20% after the Facebook (NASDAQ:META) parent’s costly metaverse bets and the impact of soaring inflation on ad spending spooked investors. Meta was set to lose about $67 billion in market value, if losses hold through the session, adding to the trillions of dollars that some of the biggest tech names have shed this year amid rising interest rates and a stronger dollar. Meta itself has lost over half a trillion dollars in market value this year. Its shares were trading at $104.60 before the bell and set to open at their lowest in over six years. Its results come a day after Google (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT) and Snap (NYSE:SNAP) posted dismal numbers, sparking a wide-spread selloff in tech stocks. Analysts say the firm’s spending towards capital-intensive projects at a time when the ad market – its major source of revenue – is drying...

  TESLA STEPS UP JOB ADS AS RECESSION CLOUDS GATHER While Elon Musk may be worried about the economy, job openings on Tesla (NASDAQ:TSLA)’s website suggest the world’s most valuable car maker is hiring employees at a quick pace, in nearly every category of job. Tesla this week listed over 6,900 jobs on its career website, almost a 50% surge since mid-June, when Reuters began tracking the data. That compares to a 2022 peak of over 7,400 job ads in May, according to data similarly tracked by Thinknum Alternative Data and hedge fund Snow Bull Capital. Chief Executive Musk warned colleagues in early June he had a “super bad” feeling about the economy and said the electric car maker needed to cut jobs. He later tweeted that total headcount would increase over the next 12 months. Jobs listed on Tesla’s website showed a steep drop in June and July. Since July, job openings for Engineering & Information Technology, Vehicle Service and Manufacturing led that revival, accounting for the ...

  VOLKSWAGEN TARGETING 20-30% AUTOMATION AT NEW ELECTRIC VEHICLE PLANT Volkswagen (ETR:VOWG_p) is looking at automating 20-30% of production at its upcoming Trinity plant near its Wolfsburg headquarters, the plant’s chief production officer said on Tuesday. “Assembly is still 90% manual work,” Sebastian Schmickartz said at a suppliers summit in Wolfsburg. “This is what we want to change with the new factory. We are looking at 20-30% automation.” The Trinity plant, where the German carmaker will build a new flagship electric sedan, is due to begin pre-series production in 2025, with the official start of production in 2026. The key to automating more of its assembly line will be moving to a module-based strategy, Schmickartz said, condensing 50 parts into one through techniques like die casting to produce front-end, back-end and roof modules. Volkswagen brand production chief Christian Vollmer told Reuters earlier this year the carmaker hoped this production strategy would help boos...

  MICRON TECHNOLOGY IS TRADING DOWN 1.94% AT 50.01 Shares of Micron Technology (NASDAQ:MU) are up nearly 3% in pre-market Friday despite the chipmaker reporting extremely soft guidance for its first fiscal quarter. Micron’s FQ4 earnings report has so far proved to be “sell the rumor buy the news” as shares trade higher despite a significant guidance miss. Micron reported an EPS of $1.45 on revenue of $6.64 billion, which compares to analyst estimates of $1.41 per share on revenue of $6.81 billion. For this quarter, the company is looking for EPS of $0.02 (the midpoint) on revenue of $4.25 billion (the midpoint). The offered guidance compares to the analyst consensus of $0.64 per share on revenue of $5.62 billion. The adjusted gross margin is seen between 24% and 28%, marking another material miss as consensus stood at 33.6% Read More

  AMAZON, MAJOR PUBLISHERS WIN DISMISSAL OF ANTITRUST LAWSUITS OVER BOOK PRICING A federal judge on Thursday dismissed two antitrust lawsuits accusing Amazon.com Inc (NASDAQ:AMZN) and five large publishers of illegally conspiring to fix U.S. prices of electronic and traditional books, causing consumers and bookstores to pay more. U.S. District Judge Gregory Woods in Manhattan accepted a magistrate judge’s recommendations to end both cases against Amazon, Hachette Book Group, HarperCollins Publishers, Macmillan Publishing Group, Penguin Random House and Simon & Schuster. Consumers accused the defendants of signing agreements that let the publishers inflate e-book prices by locking in a 30% “agency” fee for Amazon on each sale, and guaranteeing that Amazon’s prices would not be undercut. Retail booksellers, meanwhile, alleged that Amazon had been awarded a “discriminatory discount” on hardbacks, paperbacks and mass-produced books, forcing them to pay higher wholesale prices to th...

  WHAT IS STAGNATION? An extended period of slow or no economic development is known as stagnation. Real economic stagnation is defined as yearly real GDP growth of less than 2% and is characterized by prolonged periods of high unemployment and forced part-time work. Stagnation can happen at the macroeconomic level or on a lesser scale in certain businesses or industries. Stagnation can be a result of a long-term structural situation of the economy or a transient condition like a growth recession or transient economic shock. How Does The Market React During Stagnation?  A sluggish economy is similar to a stagnant market. It is a market that neither expands nor contracts. Instead, it essentially stays the same. The firms that compete in the market stay the same, and their market valuations do not change. Because the prices of the assets that investors purchase remain unchanged, a stagnant market might make it challenging for them to profit. Few gains are seen on the stock marke...

  RUSSIA’S PARTICIPATION IN THE OPEC+ PRODUCTION DEAL?  Asia-Pacific stocks were up on Wednesday morning. The Shanghai Composite is down 0.40% at 3,173.80. Overall, the Singapore MSCI is up 0.13% at 300.70. Over in Hong Kong, the Hang Seng Index is down 1.28% at 21,121. In Japan, the Nikkei 225 is up 0.88% at 27,500.00, while the Topix index is up 1.68% at 1941.00. South Korea’s Kospi is up 0.61% at 2685.90. Australia S&P/ASX 200 up 0.32% at 7234.00. Top News of the Day: Wall Street’s three major indexes closed lower on Tuesday, following a rally last week, as volatile oil markets kept soaring inflation in focus and investors reacted to hawkish comments from a Federal Reserve official. After outperforming earlier in the session, the S&P’s energy sector lost ground after a report that some producers were exploring the idea of suspending Russia’s participation in the OPEC+ production deal. Market Summary as per 31/05/2022: European equities Tuesday closing. The DAX futur...

  GOLDMAN SACHS TECHNICAL ANALYSIS: WEEKLY CHART In the weekly charts, GOLDMAN SACHS is trading in a down channel. GOLDMAN SACHS is currently trading below all SMA. RSI is in selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness. Its immediate support is 296.01 & the resistance level is at 326.35. GOLDMAN SACHS will trade in the down channel until there is trend reversal. GOLDMAN SACHS TECHNICAL ANALYSIS: DAILY CHART CLICK HERE FOR FULL REPORT

  SAP AG TECHNICAL ANALYSIS: WEEKLY CHART In the weekly charts, SAP AG is trading in a down channel. It is trading below all SMA. The immediate support is 94.57 & the resistance level is at 99.79. SAP AG is trading in the down channel until there is trend reversal. SAP AG TECHNICAL ANALYSIS: DAILY CHART CLICK HERE FOR FULL REPORT

  LYFT INC. TECHNICAL ANALYSIS: WEEKLY CHART In the weekly charts, LYFT INC. is trading in a down channel. It is trading below all SMA. The immediate support is 32.19 & the resistance level is at 38.11. LYFT INC. is trading in the down channel until there is trend reversal. LYFT INC. TECHNICAL ANALYSIS: DAILY CHART CLICK HERE FOR FULL REPORT