International News and Market Update: European Stocks Lower, Levi Strauss sales rise

 International News and Market Update: European Stocks Lower, Levi Strauss sales rise

International News and Market Update: European Stocks Lower, Levi Strauss sales rise.

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  • European stock markets closed lower on Wednesday as U.S. Treasury yields briefly spiked and inflation concerns continued to weigh on global markets. The pan-European Stoxx 600 provisionally ended down 1%, with all sectors and major bourses in negative territory. Retail, auto, and travel and leisure stocks were among the top losers, down more than 2.5%. Among individual stocks in Europe, British grocery giant Tesco climbed nearly 6% after raising its outlook following strong half-year results.
  • U.S. stocks staged a comeback Wednesday as investors looked optimistically toward a debt ceiling deal and invested in technology stocks. Stocks reversed course on news that Senate Minority Leader Mitch McConnell would propose a short-term extension of the debt ceiling later Wednesday in a closed-door Republican meeting. This would help ease pressure on Congress to avoid a U.S. default, currently expected on Oct. 18. Investors bought the decline in some key technology stocks. Microsoft rose 1.5%, Amazon gained nearly 1.3% and Nvidia added 1.2%.
  • Stocks in the Asia-Pacific region rose in early morning trading, with Hong Kong shares leading the gains. Hong Kong’s Hang Seng Index rose 2.2% as shares of Chinese tech giants Tencent and Alibaba gained 3% and 4.44%, respectively. Markets in mainland China will remain closed Thursday for the holiday.

Levi Strauss sales rise thanks to new denim styles

Levi Strauss & Co. on Wednesday reported third-quarter profit and revenue that beat analysts’ expectations as consumer demand surged during the back-to-school season and shoppers stocked up on the latest denim trends. Net income rose to $193 million, or 47 cents a share, from $27 million, or 7 cents a share, a year earlier. Excluding one-time items, the company earned 48 cents per share. Analysts had expected earnings of 37 cents per share. Revenue rose 41% to $1.5 billion from $1.06 billion a year earlier. That slightly beat estimates of $1.48 billion.

Tesco defies supply problems and rising sales

Tesco’s group sales rose 5.9% year-on-year to £30.4bn in the first six months of the year. Operating profits rose 28% to £1.3bn in the period. Tesco’s sales rose 2.6% to £27.3bn in the first six months of the financial year, while like-for-like sales in the UK increased 1.2%, following a 0.5% rise in the first quarter.

Mandy Nunes

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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