European Economic News Preview: Germany Industrial Output Data Due
Industrial production from Germany and house prices from the UK are the top economic news due on Tuesday.
At 2.00 am ET, Destatis is scheduled to issue Germany’s industrial production for December. Production is expected to fall 0.7 percent on month, reversing a 0.2 percent rise in November.
Also, UK Halifax house prices data is due. Economists expect house prices to fall 0.8 percent month-on-month in January after easing 1.5 percent in December.
In the meantime, industrial output from Norway and foreign trade from Finland are due.
At 2.45 am ET, foreign trade and current account figures are due from France. The trade deficit is seen narrowing to EUR 12.2 billion in December from EUR 13.77 billion in November.
At 3.00 am ET, Spain’s INE publishes industrial production figures for December. Output is expected to fall 0.6 percent annually after easing 1.1 percent in November.
Also, foreign trade from Austria and retail sales from the Czech Republic are due.
Gold Sees Further Downside Despite Downturn By Dollar
The price of gold moved to the downside during trading on Monday, extending the pullback seen over the course of the two previous sessions.
After dipping $4 to $1,874.50 an ounce last Friday, gold for April delivery fell another $11 to $1,863.50 an ounce.
The continued decrease by the price of gold came even though the value of the U.S. dollar turned lower after seeing overnight strength.
After reaching an overnight high 103.84, the U.S. dollar index is currently down 0.34 points or 0.3 percent at 103.29.
Michelin FY22 Profit Rises
French tire maker Michelin Cie Des Estb (MGDDY.PK,MGDDF.PK) Monday reported its fiscal year 2022 net income of 2.009 billion euros, up from 1.845 billion euros last year.
Earnings per share were 2.81 euros, up from 2.58 euros a year ago.
Segment operating income was 3.396 billion euros, up from 2.966 billion euros last year. Operating margin dropped to 11.9% from 12.5 percent a year ago.
Sales were 28.590 billion euros, up from 23.795 billion euros last year.
Dydrick Martin wanted in connection with Denver Christmas Day slaying
Denver police are searching for a 26-year-old wanted in connection with a Christmas Day shooting that left one person dead.
Dydrick Martin is wanted on investigation of first-degree murder, police said Monday on Twitter. The fatal shooting of Torrese Gill Jr., 25, occurred in the 4800 block of North Crowne Boulevard.
Police consider Martin armed and dangerous. Tipsters can remain anonymous and can earn a cash reward. People are encouraged to call Crime Stoppers Colorado at 720-913-7867.
Pandemic savings ‘used up by end of the year’
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Climbing costs will wreck many saving pots this year – as bills gobble up reserves for almost a third of households. Some 30 percent will need to spend more than they earn on their usual outgoings in 2023.
Hargreaves Lansdown’s Sarah Coles warned of a “savage” year to come – as “rampant inflation” forces those with cash for a rainy day to use it all.
She said: “Despite the fact many were able to build savings during the pandemic, by the end of the year, anyone earning less than average will be less financially secure than before Covid hit.”
The firm’s data shows 35 percent have had to adapt their lifestyles to stay afloat already.
Overall, 65 percent have the minimum recommended emergency savings to cover three months, but this falls to 59 per cent among average earners and 30 per cent among the bottom fifth of earners.
Even for average earners, the data show two-fifths of people do not have enough savings.
Shooting near Denver’s East High School leaves one injured
Denver police are investigating a shooting near East High School that left one person injured.
Police found one victim Monday afternoon near 17th and City Park Esplanade, authorities said on Twitter.
Investigators did not have suspect information.
Eastbound lanes of 17th Street are closed as police investigate the scene.
Avis Budget Group Inc. Q4 Profit Increases, beats estimates
Avis Budget Group Inc. (CAR) released a profit for its fourth quarter that increased from last year and beat the Street estimates.
The company’s bottom line totaled $424 million, or $10.10 per share. This compares with $381 million, or $6.63 per share, in last year’s fourth quarter.
Excluding items, Avis Budget Group Inc. reported adjusted earnings of $438 million or $10.46 per share for the period.
Analysts on average had expected the company to earn $6.79 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 7.8% to $2.77 billion from $2.57 billion last year.
Avis Budget Group Inc. earnings at a glance (GAAP) :
-Earnings (Q4): $424 Mln. vs. $381 Mln. last year.
-EPS (Q4): $10.10 vs. $6.63 last year.
-Analyst Estimate: $6.79
-Revenue (Q4): $2.77 Bln vs. $2.57 Bln last year.
Amkor Technology Inc. Bottom Line Drops In Q4, misses estimates
Amkor Technology Inc. (AMKR) announced a profit for fourth quarter that decreased from the same period last year and missed the Street estimates.
The company’s bottom line totaled $164 million, or $0.67 per share. This compares with $217 million, or $0.88 per share, in last year’s fourth quarter.
Analysts on average had expected the company to earn $0.70 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 10.4% to $1.91 billion from $1.73 billion last year.
Amkor Technology Inc. earnings at a glance (GAAP) :
-Earnings (Q4): $164 Mln. vs. $217 Mln. last year.
-EPS (Q4): $0.67 vs. $0.88 last year.
-Analyst Estimates: $0.70
-Revenue (Q4): $1.91 Bln vs. $1.73 Bln last year.
-Guidance:
Next quarter EPS guidance: $0.06-$0.22
Next quarter revenue guidance: $1.40-$1.50 bln