International Market Overview 10 February 2022

Sharing our Daily Market Overview with you, ensuring that you do not miss out on any important market changes!

 

International Market Update

  • European stock markets closed higher Wednesday as investors studied a batch of fresh corporate earnings while awaiting key U.S. inflation data later in the week. The pan-European Stoxx 600 closed up 1.7%, with auto stocks leading the gains with a 4% gain, while all sectors and major bourses closed in positive territory. It was an eventful day on the stock market, with L’Oreal, Deutsche Boerse, Siemens Energy, AkzoNobel, Barratt Developments and GSK also reporting.

     

  • U.S. stocks advanced Wednesday as tech stocks led a broad rally, recouping some of their losses after a rough start to the year. Investors are also preparing for today’s Consumer Price Index report, which will provide insight into inflation trends. The Fed has already signalled a turnaround in monetary policy to tackle historically high price increases. According to Dow Jones, inflation data will show that prices rose 0.4% in January, up 7.2% from a year earlier.

     

  • Stocks in the Asia-Pacific region were mixed this morning as investors await the release of U.S. consumer inflation data. Hong Kong-listed shares of China Evergrande Group rose more than 4% today. The troubled developer aims to deliver 600,000 homes by 2022 but is not seeking a distress sale of its assets to pay down its debt, Reuters reported Wednesday. The Reserve Bank of India will announce its interest rate decision later today.

 

In International news

 

Disney parks beat profit expectations and rally

Disney reported fiscal first-quarter results Wednesday, beating analysts’ estimates on earnings per share and revenue. Subscriber numbers included nearly 12 million Disney+ subscriptions added in the first quarter. In addition, average revenue per user (ARPU) in the U.S. and Canada rose to $6.68 per month from $5.80 a year earlier. Disney’s parks, experiences and consumer products division generated $7.2 billion in revenue in the quarter, double the $3.6 billion in the year-ago quarter. The segment’s operating income rose to $2.5 billion, compared with a loss of $100 million in the same period last year. The company’s consumer products business saw sales decline 8.5% to $1.5 billion after a majority of Disney-branded retail stores closed in the second half of 2021.

 

Uber tops revenue and says core business is rebounding

Uber reported fourth-quarter results after the bell Wednesday. The company beat analysts’ estimates on revenue for the quarter and said it is starting to recover from headwinds caused by the Omicron coronavirus wave. The company reported net income of $892 million, which includes a pretax net gain of $1.4 billion related to its equity investments. Uber’s earnings per share of 44 cents includes this large investment gain. Excluding that gain, Uber posted an adjusted loss of 26 cents per share, according to Refinitiv, beating Wall Street expectations for a loss of 35 cents per share. Adjusted EBITDA, or earnings before interest, taxes, depreciation and amortisation, was $86 million. This is $540 million more than in the same quarter a year ago.