House sales surge from stamp duty holiday ‘last hurrah’

UFP Industries Q1 Profit Rises

UFP Industries Inc. (UFPI) reported first-quarter profit of $121.0 million or $1.93 per share, up from $77.2 million or $1.25 per share last year.

Net sales for the quarter were $2.09 billion, up from $1.49 billion last year. Revenue increase of 41 percent was driven by a 28 percent increase in selling prices and 16 percent unit increase from acquisitions, offset by a 3 percent decrease in organic unit sales.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.55 per share and revenues of $1.82 billion for the quarter. Analysts’ estimates typically exclude special items.

Mortars, Pestles and the Comfort of a Culinary Ritual

Few things yield texture and flavor — as well as connection — as affectingly as this kitchen tool, Yewande Komolafe writes.

By Yewande Komolafe

China Factory Gate Inflation Highest On Record

China’s factory gate prices increased at the fastest pace on record in September driven by the surge in coal prices and power rationing, official data revealed on Thursday. Nonetheless, consumer price inflation slowed unexpectedly on falling pork prices.

Producer price inflation rose more-than-expected to 10.7 percent in September from 9.5 percent in August, the National Bureau of Statistics reported. The rate was forecast to rise to 10.5 percent.

Meanwhile, consumer price inflation eased marginally to 0.7 percent in September from 0.8 percent a month ago. The expected rate was 0.9 percent.

Pork prices, the main component of consumer prices, plunged 46.9 percent annually. Food prices slid 5.2 percent, while non-food prices were up 2 percent.

Core consumer price inflation that excludes food and energy, held steady at 1.2 percent in September.

There are few signs that the rise in producer price inflation is feeding through to higher output prices of consumer goods, Sheana Yue and Julian Evans-Pritchard, economists at Capital Economics, said.

The overall inflation outlook remains benign, with PPI inflation likely to drop back around the turn of the year and CPI inflation set to remain muted for the foreseeable future, the economist added.

Phunware Stock Skyrockets Over 1,000%

Shares of Phunware Inc. (PHUN, PHUNW) have skyrocketed on Friday morning. The stock seems to be driven by the news that special-purpose acquisition company Digital World Acquisition Corp. (DWAC) is merging with former U.S. President Donald Trump’s Trump Media & Technology Group.

Austin-based Phunware is an advertising startup that has been associated with Trump’s 2020 presidential campaign. Trump Media is planning to launch a social media app called TRUTH Social, which is now available for Pre-Order in the Apple App store. TRUTH Social plans to begin its Beta Launch for invited guests in November 2021. A nationwide rollout is expected in the first quarter of 2022.

PHUN is currently trading at $19.39, up $17.86 or 1,167.32%, on the Nasdaq, on a volume of nearly 198 million shares, compared to average volume of mere 3 million shares. On Nasdaq Capital Market, PHUNW is trading at $13.23, up $12.73 or 2,546.00%.

Meanwhile, shares of DWAC are currently up 170% on Friday, contributing to a 1,224% weekly surge for the company.

TVS Motor Q2 net jumps 29% to ₹234 crore

The company had reported a net profit of ₹181.41 crore in the July-September period of the previous fiscal

TVS Motor Company on Thursday posted a 29.19% increase in consolidated net profit to ₹234.37 crore for the second quarter ended September.

The company had reported a net profit of ₹181.41 crore in the July-September period of the previous fiscal.

Revenue from operations rose to ₹6,483.42 for the second quarter as compared with ₹5,254.36 in the year-earlier period, TVS Motor Company said in a regulatory filing.

For the six months ended September 30, the company posted a consolidated net profit of ₹219.65 crore.

European Economics Preview: UK Retail Sales, Flash PMI Data Due

Flash Purchasing Managers’ survey results and retail sales from the UK are due on Friday, headlining a busy day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK retail sales data for September. Sales are forecast to grow 0.5 percent on month, in contrast to the 0.9 percent decrease in August.

At 3.15 am ET, IHS Markit publishes France composite Purchasing Managers’ survey data. The flash PMI is seen at 54.7 in October, down from 55.3 in September.

At 3.30 am ET, Germany’s flash composite PMI data is due. Economists expect the index to fall to 54.0 in October from 55.5 in September.

At 4.00 am ET, IHS Markit releases euro area composite Purchasing Managers’ survey results. The composite indicator is seen at 55.2 in October versus 56.2 in September.

Half an hour later, UK Markit/CIPS composite PMI data is due.

At 6.30 am ET, Russia’s central bank is slated to announce its interest rate decision. The bank is widely expected to hike its key rate to 7.25 percent from 6.75 percent.

House sales surge from stamp duty holiday ‘last hurrah’

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Across the UK, an estimated 160,950 homes changed hands, which was 67.5 percent higher than in August, said HM Revenue and Customs (HMRC). The September total was also 68.4 percent higher than in September 2020.

A stamp duty holiday in England and Northern Ireland was tapered from the start of July and then ended completely at the start of this month.

Sam Mitchell, CEO of online estate agent Strike, said: “The market enjoyed one final stamp duty holiday hurrah.”

While Peter Beaumont, of The Mortgage Lender, said with the furlough scheme now over and interest rates likely to rise before the end of the year, “it could soon be a less attractive time to get on the housing ladder”.

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