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HP Q2 Results Beat Expectations on Boosted PC Demand

The Hewlett-Packard Company commonly known as HP shared its second-quarter results on Tuesday, with growth in its core businesses offset by weakness in its printing business. FOLLOWING THE REPORT, the HP stock (NYSE:HPQ) rose 0.26% in after-hours trading.

HP reported earnings per share of $1.08 on $16.5 billion in total revenue. Analysts polled by Investing.com predicted earnings per share of $1.05 on revenue of $16.17 billion. Personal systems, including personal computers, account for the majority of overall growth, witnessing a rise in net revenue of 9% year-on-year to $11.5 billion. Printing net revenue fell 7% to $5.0 billion, mainly due to supply-chain issues.

MACROECONOMIC DATA ANALYSIS

Australia's economy performed better than forecast in the first quarter, as robust domestic demand offset the drag from bad weather and a flood of imports, paving the way for subsequent interest-rate hikes to offset inflation. The Australian Bureau of Statistics reported on Wednesday that GDP jumped 0.8% in the March quarter compared to the previous quarter, exceeding the market prediction of a 0.5% increase.

South Korean exports increased quicker in May than in April, as more shipments to Europe and the United States have offset trade difficulties with China caused by the Asian nation’s rigorous coronavirus restrictions. Exports increased 21.3% year-over-year to $61.52 billion, according to commerce ministry statistics released on Wednesday, exceeding a Reuters poll's prediction of 19.3% growth and much higher than the 12.9% increase in April.

CURRENCIES

The U.S. dollar was up in Wednesday’s early hours as investors & traders expect an aggressive monetary policy stance from U.S. Federal Reserve. The dollar index, which compares the dollar greenback to six major currencies, edged 0.23% to 102.000.

GOLD

In Wednesday’s early hours, gold traded lower as higher U.S. Treasury yields and a stronger dollar greenback swayed investors away from the safe haven. Gold prices decreased by roughly 1% in the previous session, marking the second month in a row of downfall.  The bullion traded 0.48% lower to price at $1,839 per ounce. The dollar, which usually moves in the opposite direction of gold, is trading higher on Wednesday.

OIL

Oil prices increased slightly on Wednesday after European Union (EU) leaders agreed to a partial and gradual ban on Russian crude oil, and China's COVID-19 lockdown in Shanghai has come to an end. Brent futures rose 1.14% to $116.96 per barrel, while WTI futures soared 1.13% to $115.97 a barrel.

INDICES  

USA: S&P500 -0.63%, Dow Jones Industrial Average -0.67%, Nasdaq Composite -0.31%

Europe: FTSE 100 +0.10%, DAX -1.29%, CAC 40 -1.43%

Asia: Nikkei 225 +0.65%, Hang Seng -0.33%, CSI 300 -0.19%, Nifty 50 -0.02%

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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