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International Market Update
- European stocks closed higher Monday as investors continued to consider last week’s labour market data from the U.S. and central bank decisions in Europe. The pan-European Stoxx 600 closed 0.7% higher, with most sectors and major bourses in positive territory. Travel and leisure stocks rose 3.1%, leading the gains. German industrial production fell 0.3% in December. Official statistics showed Monday that German industrial production declined 0.3% in December, falling short of expectations for a monthly increase of 0.4%.
- U.S. equity markets slipped at the start of the week Monday as traders assessed the latest quarterly results and awaited key U.S. inflation data. Corporate earnings were again a source of volatility for stocks. Tyson Foods surged more than 12% after beating earnings expectations. In contrast, shares of Facebook parent Meta fell more than 5%, continuing their after-hours slide. The stock is now down 30% since the company’s quarterly report last Wednesday.
- Asia-Pacific stocks were mixed this morning as investors in the region continue to assess the inflation outlook and central bank policies. The Australian stock market traded sharply higher this morning, recouping losses from the previous session, with commodity and financial stocks outperforming, partially offset by weakness in technology stocks.
In International news
Higher meat prices from Tyson Foods nearly double profits
Shares of Tyson Foods climbed more than 11% to an all-time high Monday after the company said its first-quarter profit nearly doubled on rising U.S. meat prices. Tyson and three other industry giants slaughter about 85% of the grain-fed cattle that are turned into steaks for consumers. Tyson’s average beef price rose 31.7% in the quarter ended Jan. 1, while the company’s operating margin increased to 19.1% from 13.2% a year earlier. Average prices for all of Tyson’s products increased 19.6%. Total beef sales increased 25% to $5 billion and helped Arkansas-based Tyson’s sales in the quarter rose 24% to $12.93 billion. Analysts on average had expected sales of $12.18 billion, according to IBES data from Refinitiv. Attributable net income rose to $1.12 billion, and excluding items, Tyson earned $2.87 per share, beating estimates of $1.95 per share.
Hasbro beats estimates as Spider-Man movie boosts toy demand
Hasbro on Monday beat analysts’ estimates for quarterly revenue and profit, buoyed by demand for toys based on the latest Spider-Man movie and a rebound in its television production business. Hasbro’s fourth-quarter net sales rose 17% to $2.01 billion, beating analyst estimates of $1.87 billion. The jump in sales came despite the company missing its holiday season inventory target due to disruptions in its global supply chain. On an adjusted basis, the company earned $1.21 per share, beating estimates of 88 cents, according to Refinitiv IBES estimates, thanks to price increases that helped offset an increase in costs.