{
}
[Bloomberg]
Chinese investors continue to accumulate gold despite a recent price correction, with buying interest expected around $3190. Meanwhile, the USD/JPY has strengthened following the Bank of Japan's decision to maintain interest rates at 0.5%, while the Fed and BoE prepare for key rate decisions amid mixed economic signals. The Hang Seng Index rose 2.4% on optimism from China's economic support measures, despite a contraction in US GDP.
Ericsson and Nokia have cut approximately 20,000 jobs, about 10% of their workforce, due to a slowdown in 5G investments and increased competition, while Huawei has expanded its R&D team by 33,000 employees despite U.S. sanctions. Huawei's sales revenue surged by 22% in 2024, contrasting with Ericsson's and Nokia's declining revenues in China, highlighting a significant shift in the telecom sector's dynamics and competitive landscape.
China has provided an update on ongoing trade talks as the United States takes the lead in negotiations. This shift in dynamics highlights the evolving relationship between the two economic powers amid ongoing discussions on trade policies and agreements.
The US labor market showed resilience with 177,000 new jobs added in April, surpassing expectations, while the unemployment rate held steady at 4.2%. Investor sentiment is buoyed by potential easing in the US-China trade dispute, as discussions are reportedly underway. Attention now turns to the upcoming Federal Reserve meeting, where no changes to the current interest rate band of 4.25 to 4.50 percent are anticipated.
Novo Nordisk A/S focuses on the design, manufacture, and marketing of pharmaceutical products, with 93.6% of sales from diabetes and obesity treatments and 6.4% from rare diseases. Geographically, 57.6% of sales are in the United States, followed by Europe-Middle East-Africa at 20.8%, and other regions contributing the remainder.
Barclays has downgraded LVMH to "equal weight" from "overweight," reducing its price target to €550 due to a challenging U.S. economic outlook and margin pressures. The brokerage anticipates a 3% revenue decline in LVMH's Fashion & Leather Goods division and a 15% drop in group-wide EBIT, citing weakening luxury demand and rising tariffs. Despite a significant share price drop, LVMH's valuation remains in line with its five-year average, though past downturns suggest potential further declines.
Apple's stock fell after hours despite beating Q2 earnings estimates, warning of a $900 million tariff impact. iPhone revenue reached $46.8 billion, surpassing expectations, but China sales disappointed at $16 billion. The company announced a $100 billion stock buyback while shifting production from China to India and Vietnam.
TikTok has been fined €530 million due to issues related to the transfer of user data from China. This significant penalty highlights ongoing concerns regarding privacy and data protection practices within the platform. The ruling underscores the increasing scrutiny tech companies face over their data handling policies.
Japan's Finance Minister, Katsunobu Katō, hinted at leveraging the country's $1.13 trillion in U.S. Treasury holdings during trade negotiations with the U.S., stating, “we need to put all cards on the table.” This marks a shift from previous assurances against using these assets as leverage. Analysts warn that this could tilt negotiations in Japan's favor, especially as U.S. Treasuries face rising yields amid market turbulence.
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