International News and Market Update: Coca-Cola profit beats estimates, and more

 International News and Market Update: Coca-Cola profit beats estimates, and more

International News and Market Update: Coca-Cola profit beats estimates, and more.

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European stock markets closed weaker on Wednesday as investors digested corporate earnings, fresh economic data and the latest budget report from the UK finance minister. The country’s half-yearly fiscal update included billions of pounds of spending on healthcare and transport, as well as an increase in the national living wage. The pan-European Euro Stoxx 600 index provisionally closed down 0.4%, with mining stocks leading the losses with a 2% drop. Deutsche Bank reported a drop in revenue at its investment banking unit on Wednesday, but still beat expectations to report a fifth straight quarter of profit.

The S&P 500 fell back from its record high Wednesday as momentum from a strong earnings season began to fade. Microsoft shares rose 4.2% after the tech company reported profit above analysts’ estimates and its fastest revenue growth since 2018. Google parent company Shares of Google parent Alphabet also rose 4.9% after the company’s quarterly report came in better than expected. So far, about 38% of the S&P 500 has reported earnings. Of the companies that have filed quarterly reports, 83% have exceeded earnings expectations, while 79% have beaten revenue estimates.

Stocks in the Asia-Pacific region were mixed this morning as investors await the latest monetary policy announcement from the Bank of Japan. According to Reuters, the central bank is expected to maintain policy. Retail sales in Japan fell 0.6% in September from a year earlier, according to government data released today. MSCI’s index of Asia-Pacific shares traded outside of Japan  changed little.

McDonald’s rising menu prices in U.S. drive profit jump; chain raises sales forecast

McDonald’s reported quarterly profit and revenue Wednesday that beat analysts’ estimates.

Estimates beat as price increases for Big Macs and McNuggets in the U.S. offset rising costs. The fast-food giant’s menu prices rose about 6% from a year earlier, offsetting higher labor and raw material costs. The company reported net income for its fiscal third quarter of $2.15 billion, or $2.86 per share, up from $1.76 billion, or $2.35 per share, a year earlier. Excluding strategic gains, McDonald’s earned $2.76 cents per share, beating expectations of $2.46 per share from analysts polled by Refinitiv. Net sales rose 14% to $6.2 billion, beating expectations of $6.04 billion. Worldwide sales rose 12.7% from a year earlier.

Coca-Cola profit beats estimates

Coca-Cola on Wednesday reported third-quarter profit and revenue that beat analysts’ estimates.

That prompted the beverage giant to raise its full-year forecast again. Coke’s net income rose to $2.5 billion, or 57 cents a share, in the three months ended Oct. 1, compared with $1.7 billion, or 40 cents a share, a year earlier. Excluding one-time items, the company earned 65 cents a share, beating estimates of 58 cents. Net revenue rose 16% to $10.04 billion from $8.65 billion a year earlier. That beat expectations of $9.75 billion. Organic sales, which exclude the impact of acquisitions, divestitures and foreign exchange, rose 14%. Packaging volume, which excludes the impact of currency and price changes, rose 6%, above 2019 levels.

Mandy Nunes

https://gvmarkets.com/

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

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