July, 2022

• 28 July

  LVMH falls slightly short of investors’ high hopes

    Bloomberg LVMH fell slightly short of the high bar the world’s biggest luxury company has set for itself, as continued strong sales from the owner of Louis Vuitton bags and Dom Perignon Champagne failed to impress some investors. The French company posted solid results for the second quarter in Europe, the US and Japan but suffered from a poor …

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• 28 July

  Adidas issues profit warning as sales suffer

    Bloomberg Adidas AG issued a profit warning after its sales were hit by lockdowns and consumer boycotts in China, offsetting strong momentum in its key western markets. The German sneaker company said although its second-quarter results are “somewhat ahead of expectations” with strong growth in Western markets, the recovery in Greater China was slower than expected. Adidas shares fell …

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• 27 July

  Deutsche Bank warns of costs as inflation headwinds build

  

    Bloomberg Deutsche Bank AG scrapped an efficiency target for the year and warned a key profitability goal was getting harder to reach, as the economy weakens and the war in Ukraine, surging inflation and litigation drive up expenses. The muted outlook, published on Wednesday along with second-quarter results, overshadowed a strong performance at the corporate bank, which benefited from …

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• 27 July

  Credit Suisse sees $1.6b loss in blow to recovery

  

    Bloomberg Credit Suisse Group AG posted its third straight quarterly loss after investment banking revenue declined and clients pulled money, underscoring the Swiss firm’s challenges in exiting its worst slump since the financial crisis. The Zurich-based bank reported a net loss of 1.59 billion Swiss francs ($1.6 billion) in the three months through June, driven by a loss at …

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• 27 July

  S Korea probes $3.4b of crypto-linked FX deals

  

    Bloomberg South Korea’s Financial Supervisory Service (FSS) is probing $3.4 billion worth of “abnormal” foreign-exchange transactions at two of the country’s largest commercial banks for possible links to illegal crypto-related activities. Unusual transactions totalling 1.6 trillion won ($1.3 billion) took place at five branches of Woori Bank between May 3, 2021 and June 9 this year, the regulator said …

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• 27 July

  UniCredit Q2 net profit climbs

    Bloomberg UniCredit SpA posted second-quarter profit that almost doubled analyst expectations, prompting the lender to lift its full-year target in anticipation of further gains from rising interest rates in Europe. Net income was 2 billion euros ($2 billion), compared with the 1.02 billion euros estimated by analysts. Above-expectation revenues, the absence of fresh loan-loss provisions, and the performance of …

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• 27 July

  Westpac plans to slash lending to oil, gas firms

    Bloomberg Westpac Banking Corp will slash oil and gas as well as cement industry lending by 2030 as it joins an initiative to reduce emissions. The lender will aim for a 23% reduction in scope one, two and three emissions by 2030 from firms involved in oil and gas exploration, extraction or drilling, Westpac told investors. It will also …

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• 27 July

  Alibaba primary listing may lure $16 billion from China

  

  Bloomberg Alibaba Group Holding Ltd may attract at least $16 billion of Chinese money by shifting to a primary listing in Hong Kong, strategists say, getting a much-needed boost as its stock struggles to bottom out. The move paves the way for the e-commerce giant to be included in the city’s trading links with mainland bourses, allowing an influx of …

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• 27 July

  US futures advance on earnings amid countdown to Fed

  

    Bloomberg Stocks and US equity futures rallied on Wednesday as a batch of resilient company earnings helped alleviate some of the wider caution in markets ahead of a pivotal Federal Reserve monetary-policy meeting. Contracts on the tech-heavy Nasdaq 100 were up about 1.7%, while major technology and internet stocks advanced in premarket trading after reassuring reports from Alphabet Inc, …

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• 27 July

  Walmart tumbles as discounts spur new cut to profit forecast

  

    Bloomberg Walmart Inc cut its profit outlook again in a surprise warning weeks ahead of its earnings report, sending retailer shares tumbling and raising new questions about US consumers’ ability to sustain their voracious spending habits with inflation at a four-decade high. Adjusted earnings per share will fall as much 13% in the current fiscal year as US shoppers …

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