H.B. Fuller Q1 Profit Rises

European Economics Preview: UK Chancellor To Deliver Spring Statement

The UK Chancellor of the Exchequer is set to present the Spring Statement 2022 to the Parliament on Wednesday.

Chancellor Rishi Sunak is expected to announce measures to help British households to deal with rising cost of living. The Office for Budget Responsibility is set to lift its borrowing forecast for the coming year and to lower its growth projections.

Other statistical reports due for the day are as follows:

At 3.00 am ET, the Office for National Statistics releases UK consumer and producer prices for February. Consumer price inflation is forecast to rise to 5.9 percent from 5.5 percent in January.

Output price inflation is seen at 10.1 percent in February versus 9.9 percent in January. Input price inflation is expected to rise to 13.9 percent from 13.6 percent.

In the meantime, consumer confidence survey results are due from Turkey.

At 5.00 am ET, unemployment data is due from Poland. The jobless rate is seen unchanged at 5.5 percent in February.

Madeleine Albright, First Female Secretary of State, Dead at 84

Madeleine Albright, the first female secretary of state, died on Wednesday at the age of 84.

Her family announced her death in a statement. “We are heartbroken to announced that Dr. Madeleine K. Albright, the 64th U.S. Secretary of State and the first woman to hold that position, passed away earlier today,” the statement read. “The cause was cancer. She was surrounded by family and friends. We have lost a loving mother, grandmother, sister, aunt, and friend.”

Albright served as President Clinton’s secretary of state throughout his second term, from 1997 to 2001.

State Department spokesperson Ned Price addressed Albright’s death shortly after her family released the statement. “The impact she has had on this building is felt every single day in just about every single corridor,” he said. He added that current Secretary of State Anthony Blinken and others in the State Department considered Albright a mentor. “She was a trailblazer as the first female secretary of state, and quite literally opened doors for a large element of our workforce,” Price continued.

 

This is a breaking news story and will be updated.

Specialized Bicycle Expands Recall Of Sirrus Bicycles

Morgan Hill, California-based Specialized Bicycle Components Inc. has expanded a previous recall of Sirrus bicycles with alloy cranks due risk of fall and getting injured.

The company has now recalled additional 19,000 Specialized Sirrus X 3.0 and 4.0 bicycles model year 2021 and 2022. It had previously recalled 36,000 2019 and 2020 model year Sirrus, Sirrus X and Sirrus Sport bicycles. The bicycles were sold in various colors. Models included in the expanded recall can be obtained at CPSC website.

The company said it has received 30 reports involving the crank arm disengaging on model year 2021 or 2022 Sirrus X 3.0 and 4.0 bicycles. No injuries have been reported.

Specialized Bicycle has asked the consumers to stop using the recalled bicycles immediately and contact their nearest authorized Specialized retailer for a free repair.

The recalled products were all sold at authorized Specialized retailers nationwide and online from July 2020 through March 2022 for between $850 and $1,700.

Trip.com Group Limited Q4 Earnings Summary

Below are the earnings highlights for Trip.com Group Limited (TCOM):

Earnings: -RMB0.83 billion in Q4 vs. RMB1.00 billion in the same period last year.
EPS: -RMB1.29 in Q4 vs. RMB1.65 in the same period last year.
Excluding items, Trip.com Group Limited reported adjusted earnings of RMB0.31 billion or RMB0.48 per share for the period.

Revenue: RMB4.68 billion in Q4 vs. RMB4.97 billion in the same period last year.

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European Economics Preview: Bank Of England Set To Hike Rate

The Bank of England is expected to raise its key rate for the third straight meeting on Thursday, as inflation is likely to accelerate more than anticipated due to higher energy prices amid the war in Ukraine.

The monetary policy announcement and the minutes of the meeting from the BoE are due at 8.00 am ET. Markets expect the bank to lift its key rate by a quarter-point to 0.75 percent from 0.50 percent.

Other statistical reports due for the day are as follows:

At 3.00 am ET, the European Automobile Manufacturers’ Association, or ACEA, releases Europe’s new car registrations for February. Passenger car sales had fallen 6.0 percent to reach 682,596 units in January.

At 4.00 am ET, harmonized inflation figures are due from Austria and Slovakia.

At 6.00 am ET, Eurostat releases euro area final inflation data for February. According to flash estimate, inflation advanced to a fresh 5.8 percent from 5.1 percent in January. The statistical office is expected to confirm the flash estimate.

At 7.00 am ET, Turkey’s central bank announces the outcome of its monetary policy meeting. Economists expect the bank to hold its one-week repo rate at 14.00 percent.

H.B. Fuller Q1 Profit Rises

H.B. Fuller Company (FUL) Wednesday reported first-quarter net income of $38.3 million or $0.69 per share, up from $29.8 million or $0.56 per share last year.

Adjusted earnings were $0.80 per share, up from $0.66 per share last year.

Revenues for the first quarter rose to $856.5 million from $725.9 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.73 per share and revenues of $817.14 million for the quarter.

Looking forward to full year 2022, the company now anticipates adjusted earnings of $4.10 to $4.35 per share, up from prior guidance of $4.00 to $4.25 per share. Analysts currently estimate earnings of $4.16 per share.