Gold Prices Mixed On Hawkish Fed Comments

Owens & Minor Q2 Profit Matches Estimates

Owens & Minor, Inc. (OMI) reported that its second quarter adjusted net income per share declined to $0.76 from $1.06, prior year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.76, for the quarter. Analysts’ estimates typically exclude special items.

Net income, GAAP, was $28.6 million or $0.37 per share compared to $65.9 million or $0.87 per share, previous year.

Revenue was $2.50 billion compared to $2.49 billion, last year. Analysts on average had estimated $2.54 billion in revenue.

For 2022, the company expects adjusted EPS to be in a range of $2.85 to $3.15. Revenue is expected to be in a range of $9.8 billion to $10.1 billion.

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UK house prices rise another 11% despite cost of living crisis

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Annual property price growth hit 11 per cent last month, up from June’s 10.7 per cent hike, the Nationwide Building Society index found. Month-on-month, July house prices rose by 0.1 per cent.

Pete Mugleston, of Online Mortgage Advisor, said: “This is the 12th successive increase that has kept annual price growth in double digits for nine months in a row, despite predicted seasonal falls. It’s clear that the property market still remains resilient.”

However, price growth has fallen to its slowest rate in 15 months as soaring mortgage interest rates put buyers off.

The Bank of England’s expected sixth consecutive decision tomorrow to raise its main base rate – currently at 1.25 per cent – will further dampen demand.

Robert Gardner, of Nationwide, said: “We expect the market to slow as pressure on household budgets intensifies.”

Savills predicted house price rises will dip to 7.5 per cent by 2023.

Entergy Q2 Adj. Profit Beats Estimates, Reaffirms FY22 EPS

Entergy Corp. (ETR) Wednesday reported earnings of $160 million or $0.78 per share, compared to loss of $6 million or $0.03 per share last year. On an adjusted basis, earnings were $1.78 per share.

On average, 15 analysts polled by Thomson Reuters expected the company to earn $1.4 per share. Analysts estimates usually exclude special items.

Total Utility sales for the quarter increased 4.7 percent to $34.74 million from $33.19 million last year.

Looking ahead to the full year 2022, the company affirmed its adjusted earnings per share guidance range of $6.15 to $6.45, and the company expects results to be in the top half of the range. Analysts were looking for $6.34 per share.

Oil Prices Fall After Stock Build

Oil prices fell around 1 percent on Wednesday as investors awaited the outcome of an OPEC+ meeting against the backdrop of slowing global growth.

Brent crude futures for October delivery fell a little over 1 percent to $99.52 a barrel, while WTI crude futures for September settlement were down 0.9 percent at $93.61.

The meeting of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, will take place later today amid expectations that oil producing countries will keep output level unchanged.

OPEC leaders Saudi Arabia and United Arab Emirates are facing increased pressure to pump more oil to help rein in prices.

Ahead of the meeting, OPEC+ trimmed its forecast for an oil market surplus this year by 200,000 barrels per day (bpd) to 800,000 bpd, three delegates reportedly told Reuters.

Meanwhile, data from the American Petroleum Institute showed that U.S. crude stocks rose by about 2.2 million barrels for the week ended July 29, against analysts’ expectations for a decline of around 600,000 barrels.

Traders await inventory data from the U.S. Energy Information Administration for further direction.

BorgWarner Buys Rhombus Energy For Up To $185 Mln

BorgWarner Inc. (BWA), an automotive supplier, said on Wednesday that has acquired Rhombus Energy Solutions, an energy management systems provider, for up to $185 million.

The consideration is being funded primarily with cash balances of the acquirer, out of which $130 million was delivered at closing. The remaining amount of up to $55 million is in the form of contingent payments over the next three years.

Frédéric Lissalde, CEO of BorgWarner, said: “The technology that Rhombus brings expands BorgWarner’s electric vehicle portfolio in North America and complements our existing European charging business. This transaction supports our Charging Forward strategy and strengthens our electric vehicle positioning as we look to power the entire propulsion system from grid to wheels…”

Rhombus offers V2G and Underwriters Laboratory-certified charging. In addition, it supplies its patented technology to EV OEMs, including Proterra, and charging and grid service providers.

Gold Prices Mixed On Hawkish Fed Comments

Gold prices traded mixed on Wednesday amid heightened U.S.-China tensions and signs of slowing economic growth worldwide.

Spot gold edged up 0.2 percent to $1,764.94 per ounce, while U.S. gold futures were down half a percent at $1,780.45.

Tensions between the U.S. and China mounted as U.S. House Speaker Nancy Pelosi arrived in Taiwan and batted for the country’s freedom.

China imposed trade sanctions against Taiwan and summoned the American envoy to Beijing to lodge a stern protest.

Terming the situation ‘extremely dangerous’, Beijing announced six exclusion zones encircling Taiwan to facilitate live-fire military drills from Thursday to Sunday.

Russia has called Pelosi’s visit a ‘clear provocation’ aimed at containing China.

Meanwhile, U.S. Treasury yields inched higher after a trio of Fed policymakers talked up the potential for further, aggressive interest-rate hikes.

Chicago Fed President Charles Evans told reporters on Tuesday that the central bank can raise its benchmark interest rate by half a percentage point in September, but a 75-bps move could be okay.

San Francisco Fed President Mary Daly said that the central bank still has work ahead to combat inflation.

Loretta Mester, president of the Cleveland Fed, said that inflation hasn’t even peaked yet and the Fed has further to go on raising interest rates.