Tag: stock market

Canada’s CPI rises 5.9% in January [Indo-Asian News]

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OTTAWA, Feb. 21 (Xinhua) — Canada’s Consumer Price Index (CPI) rose 5.9 percent year over year in January, following a 6.3 percent increase in December, Statistics Canada announced Tuesday.

Prices rose 4.9 percent on a year-over-year basis excluding food and energy and 5.4 percent excluding mortgage interest cost In January, the national statistical agency said, adding that in both cases, year-over-year price growth slowed compared with December.

On a monthly basis, the CPI rose 0.5 percent in January 2023 following a 0.6 percent decline in December. Higher gasoline prices contributed the most to the month-over-month increase, followed by a rise in mortgage interest cost and meat prices. On a seasonally adjusted monthly basis, the CPI rose 0.3 percent, according to the agency.

Gasoline prices contributed the most to the month-over-month increase in the all-items CPI, rising 4.7 percent in January. The price increase was related to refinery closures in the southwestern United States following winter storm Elliot. On a year-over-year basis, prices for gasoline rose 2.9 percent in January, decelerating slightly from a 3 percent increase in December, Statistics Canada said.

Read more: Canada’s CPI rises 5.9% in January [Indo-Asian News]

Source: Xinhua

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West Pharmaceutical: Q4 Earnings Snapshot [Associated Press]

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EXTON, Pa. (AP) — EXTON, Pa. (AP) — West Pharmaceutical Services Inc. (WST) on Thursday reported fourth-quarter net income of $103 million .

On a per-share basis, the Exton, Pennsylvania -based company said it had net income of $1.36 . Earnings, adjusted for non-recurring costs, came to $1.77 per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.39 per share.

The medical device company posted revenue of $708.7 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $655.2 million .

For the year, the company reported profit of $585.9 million , or $7.73 per share. Revenue was reported as $2.89 billion .

West Pharmaceutical expects full-year earnings in the range of $7.25 to $7.40 per share, with revenue in the range of $2.94 billion to $2.96 billion .

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research . Access a Zacks stock report on WST at https://www.zacks.com/ap/WST

Read more: West Pharmaceutical: Q4 Earnings Snapshot [Associated Press]

Source: AP

This article does not constitute investment advice or a personal recommendation. You should not make any investment decisions without first conducting your own research and considering your own financial situation.

Past performance is not a reliable indicator of future results.

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Euro area GDP rises 0.1% in 4th quarter, meeting forecast [Anadolu Agency (Turkey)]

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The eurozone gross domestic product (GDP) rose 0.1% quarter-on-quarter in the fourth quarter of last year, meeting the market forecast, according to preliminary data released on Tuesday.

The growth eased from 0.3% in the third quarter of 2022, the Eurostat data showed.

The EU economy, meanwhile, stagnated in the three months through December 2022 after growing 0.3% in July-September.

On a year-on-year basis, the GDP increased by 1.9% in the single currency zone and by 1.8% in the EU27.

In 2022, the eurozone and EU economies grew 3.5% and 3.6%, respectively.

In separate data, Eurostat said the number of employed persons in the eurozone increased by 0.4% to 165.1 million in October- December 2022 .

Read more: Euro area GDP rises 0.1% in 4th quarter, meeting forecast [Anadolu Agency (Turkey)]

Source: AA

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Past performance is not a reliable indicator of future results.

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Dollar slips as inflation in focus, Ueda nominated as BOJ governor [Bahrain News Agency]

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Singapore, Feb. 14 (BNA): The dollar was broadly lower on Tuesday ahead of a keenly anticipated inflation report, while the yen strengthened as surprise pick Kazuo Ueda was nominated to be the next governor of Bank of Japan (BOJ).

Markets are looking to the U.S. consumer price index (CPI) data for further clues on Federal Reserve’s policy outlook, with the headline number expected to rise 0.5% in January, according to a Reuters poll, after falling 0.1% in December, Reuters reported.

The dollar index , which measures the U.S. currency against six major rivals, eased 0.107% to 103.09, having slipped 0.34% overnight.

The index is up 1% for the month of February but is far off the 20-year peak of 114.78 it touched in September when the Fed was during its jumbo rate hikes.

Since then the Fed has tempered its pace of rate hikes. The U.S. central bank earlier this month raised interest rates by 25 basis points but said that it was turning the corner in its fight against inflation.

Read more: Dollar slips as inflation in focus, Ueda nominated as BOJ governor [Bahrain News Agency]

Source: BNA

This article does not constitute investment advice or a personal recommendation. You should not make any investment decisions without first conducting your own research and considering your own financial situation.

Past performance is not a reliable indicator of future results.

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China’s new yuan loans at 4.9 trln yuan in January [Xinhua News]

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BEIJING , Feb. 13 ( Xinhua ) — China’s new yuan-denominated loans totaled 4.9 trillion yuan (about 721.82 billion U.S. dollars ) in January, central bank data showed Friday.

The figure increased by 922.7 billion yuan from the same period last year, according to the People’s Bank of China .

The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 12.6 percent year on year to 273.81 trillion yuan at the end of last month.

The growth rate was 0.8 percentage points higher than the figure seen at the end of December 2022 , and was 2.8 percentage points higher than that in the same period last year.

The M1, which covers cash in circulation plus demand deposits, stood at 65.52 trillion yuan at the end of January. It was up by 6.7 percent year on year.

The M0, the amount of cash in circulation, went up by 7.9 percent from a year ago to 11.46 trillion yuan at the end of last month.

In January, the central bank injected a total of 997.1 billion yuan of net cash into the market.

Newly added social financing, a measurement of funds that individuals and non-financial firms receive from the financial system, came in at 5.98 trillion yuan last month, representing a decrease of 195.9 billion yuan from the same period last year.

By the end of January, the total outstanding yuan deposits stood at 265.39 trillion yuan , up 12.4 percent year on year.

Read more: China’s new yuan loans at 4.9 trln yuan in January [Xinhua News]

Source: Xinhua

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Oil up over China’s positive demand outlook [Anadolu Agency (Turkey)]

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Oil prices increased on Thursday on expectations of a demand surge from China , the world’s second-largest oil consumer, as the country ended its zero-COVID policy in a bid to revive the economy.

International benchmark Brent crude traded at $85.20 per barrel at 9.40 a.m. local time ( 0640 GMT ), up 0.13% from the closing price of $85.09 a barrel in the previous trading session.

At the same time, American benchmark West Texas Intermediate (WTI) traded at $78.53 per barrel, a 0.08% rise after the previous session closed at $78.47 a barrel.

The expectations of a demand recovery in China were effective in pushing oil prices higher. International credit rating agency Fitch raised its growth forecast for the Chinese economy this year from 4.1% to 5%.

Fitch stated the upward revision is evidence of a faster-than-anticipated recovery in consumption and economic activity in the country since Chinese authorities abandoned their zero-COVID policy.

Long-term lockdowns and strict restrictions in China have restrained the country’s economic growth since the beginning of the COVID pandemic.

Experts predict an economic rebound in the world’s largest oil importer as life returns to normal with the lifting of travel restrictions. Oil consumption is expected to rise as travel picks up, boosting economic activity.

China lifted COVID restrictions in December, allowing for travel in January.

Meanwhile, a larger-than-expected build in US crude stocks signaled a drop in oil demand, limiting price increases.

US commercial crude oil inventories increased by 0.5% during the week ending Feb. 3 , according to data released by the Energy Information Administration (EIA) late Wednesday.

Inventories rose by around 2.4 million barrels to 455.1 million barrels, against the market expectation of an increase of around 2.2 million barrels.

Read more: Oil up over China’s positive demand outlook [Anadolu Agency (Turkey)]

Source: Anadolu Agency

This article does not constitute investment advice or a personal recommendation. You should not make any investment decisions without first conducting your own research and considering your own financial situation.

Past performance is not a reliable indicator of future results.

Narrations are not endorsements.