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Adidas Records 28% Slump in Q2 Profits Despite Higher Sales

On Thursday, Adidas reported that the German multinational generated operating profit which dropped by 28% to 392 million euros ($398.43 million) in the second quarter, due to business being suspended in Russia, rising supply chain expenses, and COVID-19 lockdowns prevalent in China & Vietnam.

Currency-neutral sales increased by 4% during the quarter, while net income from continuing operations fell to 360 million euros from 387 million euros during the same timeframe last year.

The Adidas stock (OTC:ADDYY) traded 2.66% higher on Wednesday’s trading session.

MACROECONOMIC DATA ANALYSIS

Even as the chances of a recession increase, the Bank of England (BoE) is anticipated to increase interest rates on Thursday by the most since 1995 in an effort to prevent a spike in inflation from permeating the British economy, when the BoE makes its choice at 1100 GMT, the majority of investors, traders & economists anticipate it to raise its benchmark rate by half a percentage point to 1.75%, marking its highest level since late 2008 at the birth of the global financial crisis.

According to a Reuters survey, Taiwan's exports likely increased for the 25th consecutive month in July, albeit more slowly than in June, as concerns about a global recession, unpredictability related to the Ukraine conflict, and COVID-19 infections in China increased. Taiwan is one of Asia's top exporters of technology products and a major supplier to Apple. Trade data is a crucial indicator of the global demand for technological devices.

CURRENCIES

the dollar lost ground versus most major currencies on Thursday, as the hawkish Federal Reserve statements lost some of their initial appeals as investors awaited other data points to affirm the imminence of additional significant rate hikes to combat inflation. The U.S. dollar index, which tracks the greenback against other major currencies, edged 0.22% lower to 106.138.

GOLD

Gold prices edged higher on Thursday to trade near the $1,800 tag, with most other precious metals making good gains as the US dollar's rally appeared to have stalled. Gold futures increased by 1.28% to $1,799 per ounce, strengthened by a weaker dollar greenback.

OIL

Oil prices were mixed on Thursday as the market weighed tight supply against demand concerns, following a build in crude and gasoline stocks in the previous session, which sent prices to multi-month lows. Brent crude futures fell by 0.13% to $96.63 per barrel, while WTI crude barrels traded 0.34% higher to $90.97 a barrel.

INDICES

USA: S&P500 +1.56%, Dow Jones Industrial Average +1.29%, Nasdaq Composite +2.73%

Europe: FTSE 100 +0.29%, DAX +1.06%, CAC 40 +0.97%

Asia: Nikkei 225 +0.69%, Hang Seng +2.06%, CSI 300 +0.85%, Nifty 50 -0.03%

 

Newest

Dubai Airport Expects Travel Surge, Hikes Annual Forecast

The operator of Dubai International Airport said on Wednesday that over 14 million passengers passed through the airport in the second quarter, raising its forecast for the year to 62.4 million. The number of passengers increased for the seventh consecutive quarter as demand for international travel rises as pandemic restrictions around the world loosen.

According to a statement from Dubai Airports, the airport in Dubai processed 14.2 million passengers from April to June, more than tripling the 4.9 million that passed through security during the same period last year.

Jewelry Maker Pandora Goes Big on Lab Diamonds

Pandora, the globe’s largest jewelry manufacturer, announced on Tuesday that it shall proceed with its bet on lab-created diamonds, following its statement last year to stop selling mined diamonds.

In an effort to attract younger customers with less expensive, more sustainable stones that are guaranteed not to have come from war zones, the Copenhagen-based jewelry giant will introduce a collection which utilizes unmined diamonds in North America this month.

Following a smaller experimental launch in Britain last year, 269 locations are now open across the United States, Canada, and via the web.

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