Author: Daniel Chang

China’s economic rebound seems unlikely in the near term, according to Bank of America (BofA), which has revised down its growth projections for the world’s second-largest economy. The downgrade reflects concerns that Beijing is hesitant to implement more aggressive monetary easing to stimulate growth. BofA has cut its forecast for China’s real GDP growth to 4.8% for 2024, down from an earlier estimate of 5.0%. The outlook for 2025 and 2026 has also been lowered, with expected growth now at 4.5% for both years, down from the previous forecast of 4.7%. The reduced forecast comes amid what BofA describes as…

Hewlett Packard Enterprise (HPE) raised its full-year earnings outlook on Wednesday, fueled by optimism surrounding AI-driven demand. This came after the company reported better-than-expected fiscal third-quarter results, surpassing Wall Street’s projections on both revenue and earnings. Despite the positive news, shares of HPE fell 3% in after-hours trading. Hewlett Packard Enterprise (NYSE) posted third-quarter earnings per share (EPS) of $0.50 on revenue totaling $7.71 billion. These figures exceeded analysts’ expectations of $0.47 EPS and $7.66 billion in revenue. “These strong results highlight our progress in executing our edge-to-cloud strategy, which spans across networking, hybrid cloud, and AI,” the company said…

Boeing announced on Sunday that it has reached a provisional agreement with a union representing over 32,000 workers in the Pacific Northwest, potentially preventing a major strike that could have begun as early as September 13. The proposed four-year contract includes a 25% general wage increase and a promise to build Boeing’s next commercial aircraft in the Seattle region, a significant early achievement for Kelly Ortberg, Boeing’s new CEO, who took the helm last month. In addition to the pay hike, the deal features 12 weeks of paid parental leave, improved job security, enhanced retirement benefits, and other perks. The…

PARIS – France has requested additional time from the European Commission to submit its plan for reducing its budget deficit, aiming to synchronize it with the 2025 draft budget. This request, reported by La Tribune du Dimanche on Sunday, follows growing financial concerns and was confirmed by the country’s Finance Ministry. In a letter sent to lawmakers earlier this month, the ministry highlighted that France may face a larger-than-expected budget deficit this year and the next unless significant savings are identified. These financial strains have placed France, the euro zone’s second-largest economy, under scrutiny, sparking concerns over potential EU disciplinary…

Canadian retail giant Alimentation Couche-Tard announced on Sunday its openness to confidential discussions with Japan’s Seven & i Holdings regarding a potential $38.5 billion acquisition, despite the rejection of a previous offer. The company remains determined to pursue a deal. On Monday, shares of Seven & i, the parent company of 7-Eleven convenience stores, saw a 2.5% rise during early trading in Tokyo, reaching approximately 2,191 yen ($15.35). This surpassed the $14.86 per share all-cash bid from Couche-Tard that was turned down on Friday. Seven & i rejected the offer, citing concerns that it was not in the best interests…

A tentative labor agreement between Boeing and one of its largest unions has sparked frustration among workers, who were expecting higher wage increases and better pension benefits, according to a union official involved in the negotiations. The International Association of Machinists and Aerospace Workers (IAM), representing over 32,000 employees in the U.S. Pacific Northwest, announced the agreement with Boeing on Sunday, leading to a rise in the company’s stock on Monday. However, it remains uncertain whether IAM members will approve the deal or opt for a strike when they vote on Thursday, said Jon Holden, president of IAM District 751…

Japan’s economy grew at a slightly slower rate than initially reported for the April-June period, according to revised government data released on Monday. The downward revision was driven by lower-than-expected corporate and personal spending. Japan’s gross domestic product (GDP) increased at an annualized rate of 2.9% in the second quarter compared to the previous three months. This figure is lower than the earlier preliminary estimate of 3.1% and fell short of economists’ median forecast of 3.2%, according to the Cabinet Office’s revised data. In quarter-on-quarter terms, Japan’s GDP grew by 0.7% in price-adjusted terms, down from the previously reported 0.8%…

The Swiss National Bank (SNB) may consider a more prolonged period of monetary easing due to a sharper-than-expected drop in inflation and the continued strength of the Swiss franc, according to a report by Gavekal Research. Switzerland’s inflation rate declined to 1.1% year-on-year in August, down from 1.3% in July, falling below the expected 1.2%. This signals that inflation for the third quarter will likely fall short of the SNB’s forecast of 1.5%. In response to global inflation surges during 2022-23, the SNB had allowed the franc to appreciate to curb imported inflation. However, with inflation now below target and…

SYDNEY (Reuters) – On Wednesday, Australian property platform REA Group revealed that its $7.32 billion cash-and-stock acquisition proposal was turned down by the UK’s largest property listing site, Rightmove. REA Group, majority-owned by Rupert Murdoch’s News Corp (holding a 62% stake), did not provide specific reasons for Rightmove’s rejection of the offer. Following the news, REA shares saw a 1.25% drop during early Wednesday trading. Rightmove has yet to issue a response to Reuters’ inquiry, which was sent outside standard UK working hours. According to Jefferies analysts, the UK housing market is three times larger than that of Australia. A…

Nvidia’s recent quarterly forecast did not meet the high expectations set by investors, who had fueled a massive rally in the company’s stock, betting heavily on the future of generative AI technology. Following the announcement, Nvidia’s shares dropped by 6% in after-hours trading, impacting the stock prices of other chipmakers as well. Despite showing substantial growth and profit, the results were perceived as mixed, leading to uncertainty within the tech sector. Ryan Detrick, Chief Market Strategist at the Carson Group, commented, “The magnitude of the earnings beat was smaller than what we’ve seen in previous quarters. Even though future guidance…