Shares of STMicroelectronics NV-a key Apple Inc. supplier-jumped in Thursday morning trading after the company posted better-than-expected results for the fourth quarter of 2022 and guided for revenue growth ahead of analysts' forecasts for the current quarter and the full year.
At 0850 GMT, STMicroelectronics shares traded 8.9% higher at EUR42.94.
Diageo 1H Pretax Profit Rose on Better-Than-Expected Sales, Higher Pricing - Update
Diageo PLC said Thursday that pretax profit rose in the first half of fiscal 2023, supported by better-than-expected sales volumes due to higher prices, and raised its dividend payout.
The London-based maker of Johnnie Walker Scotch whisky, Guinness stout and Smirnoff vodka made a pretax profit of 3.06 billion pounds ($3.73 billion) for the six months ended Dec. 31 compared with GBP2.72 billion the prior year.
SEB 4Q Net Profit Rose 20%, Beating Market Forecasts
Skandinaviska Enskilda Banken AB on Thursday reported a 20% rise in fourth quarter net profit, beating market forecasts, and said that its 2030 strategy remains firm despite changes in its operating environment.
The Sweden-based bank reported a net profit of 7.43 billion Swedish kronor ($727.9 million) for the three months ended Dec. 31, compared with SEK6.20 billion for the same period a year earlier. That compares with a consensus of SEK7.10 billion, taken from FactSet and based on 13 analysts forecasts.
LVMH Looks to Renewed China Luxury Spending for Earnings Bump
PARIS-LVMH Moët Hennessy Louis Vuitton SE is scheduled to report fourth-quarter and full-year 2022 results later Thursday, as it rides a surge of demand for luxury goods that China's recently loosened Covid-19 restrictions could extend into this year.
Postpandemic demand for LVMH's dozens of brands, including fine wine, jewelry and fashion labels and upscale hotels, has cemented the group's position as the most valuable listed company in Europe. It has also helped its chief executive and controlling shareholder, Bernard Arnault, overtake Elon Musk as the world's richest person.
Supply-chain issues will weigh on Airbus and Boeing deliveries this year. Rolls-Royce will benefit, says Deutsche Bank
As supply chain issues linger, airlines will be relying on servicing of existing fleets to keep up with continued customer demand in 2023, and Rolls-Royce Holdings PLC is well placed to tap into that.
That's according to Deutsche Bank, which upgraded Rolls-Royce UK:RR to buy from hold on Thursday, lifting its target price to 136 pence per share from 90 pence.
Deutsche Telekom Stock Is Finding Gains Long Distance. Expect More.
After a rough year for U.S. stocks in 2022, investors may be wondering if there are better returns to be had overseas.
Germany-the world's third-biggest economy, known as the powerhouse of Europe-might be one place to look. The country's DAX index of blue-chip stocks lost 12% last year. Not great, but still better than the S&P 500 index's nearly 20% decline.
Ukraine Under New Missile Barrage as Russia Warns West About Tank Pledges
KYIV, Ukraine-Explosions rocked Ukraine's capital on Thursday after Russia launched a fresh barrage of missiles at targets across the country, as officials in Moscow warned of consequences for Western pledges to send dozens of battle tanks to Ukraine.
Air-raid sirens rang out across Ukraine during the morning rush hour, with officials urging residents to seek shelter underground. In Kyiv, Mayor Vitali Klitschko said at least one person died and two were injured when a rocket hit the city's Golosiivsky district, parts of which were engulfed in black smoke following the blast.
Diesel Prices Are Headed Higher. It's Europe's New Ban on Russian Oil.
The European Union will ban imports of Russian oil products early next month, in a move to further punish Russia for its invasion of Ukraine, but one that could lead to tighter global supplies and higher prices for products such as diesel.
The ban on Russian oil products is likely to have a bigger impact than the EU ban on Russian seaborne oil and the Group of Seven price cap on Russian oil, says Tom Kloza, global head of energy analysis at the Oil Price Information Service, or OPIS, a Dow Jones company.
U.S. Warns Banks to Watch for Russian Oligarchs Investing in Commercial Real Estate
Banks should be on alert for Russian oligarchs attempting to circumvent U.S. sanctions by investing in commercial real estate, a U.S. Treasury Department watchdog said.
Wealthy Russians with ties to the Kremlin are likely attempting to evade the economic sanctions placed on them in the U.S. by moving money into the commercial-real-estate sector, where complex financing methods and opaque ownership structures can help bad actors hide funds, the Treasury's Financial Crimes Enforcement Network, better known as FinCEN, said Wednesday.
GLOBAL NEWS
Fourth-Quarter GDP Report to Show Pace of U.S. Growth Late Last Year
The U.S. fourth-quarter gross domestic product report will offer a snapshot of the economy at the end of a year in which consumers and businesses faced the highest inflation in four decades and a fast rise in interest rates.
The three months from October to December capped a year of economic cool-down from a rapid pandemic rebound that fueled red-hot growth in 2021. Last year, consumers spent at a slower pace, employers pulled back on hiring and the housing market weakened.
Gold Prices Buoyed by Rally as Investors Get on Board
Gold is starting the year with gains.
Gold purchases by everyone from central banks to institutions and ordinary investors have lifted the precious metal in 12 of the past 16 sessions, according to Dow Jones Market Data.
China Tourism Returns to Prepandemic Levels
China's tourism sector has recovered to prepandemic levels with travelers venturing out during the Lunar New Year holidays after stringent Covid-19 restrictions were removed, industry data showed.
Bookings for hotels, B&B hotels and tourism tickets in the first four days of the Chinese Lunar New Year as of Wednesday have exceeded bookings for the same period in 2019, before the pandemic, said Trip.com, an online travel agency.
Congress Jockeys Over Who Will Lead Probes Into Biden, Pence Classified-Document Discoveries
WASHINGTON-The discoveries of classified documents among the personal possessions of two presidents and one vice president have created a traffic jam on Capitol Hill, as committees jockey to investigate the issue and potentially pass legislation to address it.
Former Vice President Mike Pence on Tuesday became the latest former leader discovered to have classified material at his private home. Attorney General Merrick Garland has already tapped a special counsel to look into the handling of classified documents at former President Donald Trump's Mar-a-Lago resort and residence in Florida. Mr. Garland assigned a separate special counsel to review how classified material wound up at President Biden's home and former office.
Israeli Raid in West Bank Leaves Nine Palestinians Dead
Nine Palestinians were killed in a firefight between militants and Israeli security forces in a refugee camp during an Israeli raid in the West Bank on Thursday morning, according to Palestinian health officials, in the deadliest operation in months in the occupied territory.
The Israeli army said troops entered the West Bank city of Jenin on Thursday as part of an operation targeting Palestinian militants. Soldiers killed at least six militants in the resulting battle, the army said.
Meta to Reinstate Donald Trump's Facebook, Instagram Accounts
Facebook parent Meta Platforms Inc. said it would reinstate former President Donald Trump's Facebook and Instagram accounts, more than two years after they were suspended in the wake of the Jan. 6 Capitol riot.
Meta said Wednesday that the accounts would be reinstated "in the coming weeks." It added, "The public should be able to hear what politicians are saying so they can make informed choices."
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
01-26-23 0612ET
