SNB Will Not Hesitate To Tighten Policy Further, Jordan Says

The Swiss National Bank will review whether the policy measures take thus far were enough to keep inflation within the target range on a sustainable basis and stands ready to tighten policy further if needed, SNB Chairman Thomas Jordan said Tuesday.

Switzerland’s central bank had kept unexpectedly the policy rate unchanged at 1.75 percent in September.

Policymakers had assessed that the significant tightening of policy over the past five consecutive meetings is countering inflationary pressures, though the bank left the door open for future hikes.

“However, we emphasized that price stability may not yet be ensured,” Jordan said in a speech.

“Thus, we will not hesitate to tighten monetary policy further if necessary.”

Policymakers will monitor the inflation developments closely in the coming weeks, Jordan said.

The SNB remains pragmatic, consistent and determined, in line with the risk management approach, the central banker added.

Consumer price inflation in Switzerland was unchanged at 1.7 percent in October.

The SNB’s next policy session is scheduled for December 14.

American Eagle Outfitters Inc. Q3 Profit Advances, Beats estimates

American Eagle Outfitters Inc. (AEO) released earnings for its third quarter that increased from the same period last year and beat the Street estimates.

The company’s earnings came in at $96.7 million, or $0.49 per share. This compares with $81.27 million, or $0.42 per share, in last year’s third quarter.

Analysts on average had expected the company to earn $0.48 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 4.8% to $1.30 billion from $1.24 billion last year.

American Eagle Outfitters Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $96.7 Mln. vs. $81.27 Mln. last year.
-EPS (Q3): $0.49 vs. $0.42 last year.
-Analyst Estimate: $0.48
-Revenue (Q3): $1.30 Bln vs. $1.24 Bln last year.

George Weston Q3 Profit Down, Misses Estimates; Top Line Beats; Backs FY23 Earnings View

George Weston Limited (WN.TO), which owns Canadian retailer Loblaw Companies Ltd., reported Tuesday that its third-quarter net earnings available to shareholders from continuing operations were C$610 million, a decrease of 31.4 percent from last year’s C$889 million.

Net earnings per share from continuing operations were C$4.41, down 28.2 percent from prior year’s C$6.14.

Adjusted net earnings from continuing operations were C$466 million, compared to C$453 million a year ago. Adjusted net earnings per share from continuing operations were C$3.36, compared to last year’s C$3.12.

Analysts on average expected the company to report earnings of C$3.40 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

Revenue grew 5.1 percent to C$18.41 billion from last year’s C$17.52 billion. The Street was looking for revenues of C$18.33 billion for the quarter.

Loblaw revenue in the third quarter was C$18.27 billion, an increase of 5 percent.

Looking ahead for fiscal 2023, George Weston continues to expect adjusted net earnings from continuing operations to increase due to the results from its operating segments.

For the full year 2023, Loblaw continues to expect adjusted net earnings per share growth in the low double digits.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Far-right Javier Milei Wins Argentina's Presidential Run-off

Far-right leader Javier Milei has won Argentina’s presidential run-off, according to latest results.

In what is described as “a political earthquake”, Milei reportedly won nearly 56 of votes in the second round of the presidential election, while the left-wing candidate Sergio Massa won 44 percent with most votes counted.

The 53 year old economist has proposed drastic changes, including the abolition of the Central Bank of Argentina, and favored a de facto economy based on US dollar.

Before rising to political prominence, Milei initially gained notability as an economist, as the author of multiple books on economics and politics, and for his distinct political philosophy.

The United States congratulated Argentine President-elect Javier Milei on his victory in the election, and applauded “the robust democratic process through which the Argentine public has spoken”.

The strong turnout and peaceful conduct of the vote are a testament to Argentina’s electoral and democratic institutions, US Secretary of State Antony Blinken said in a statement.

He said Washington looks forward to working with Milei and his government “on shared priorities that benefit the people of both countries, including protecting human rights and democracy, addressing climate change, and investing in the middle class”.

Former U.S. President Donald Trump welcomed Milei’s win, saying that he would “Make Argentina Great Again”.

Broadcom's Acquisition Of VMware To Close On Nov. 22

Broadcom Inc. (AVGO) and VMware, Inc. (VMW) announced that they have received all required regulatory approvals and intend to close Broadcom’s acquisition of VMware on November 22, 2023. The companies noted that there is no legal impediment to closing under U.S. merger regulations.

Broadcom has received legal merger clearance in Australia, Brazil, Canada, China, the European Union, Israel, Japan, South Africa, South Korea, Taiwan, the United Kingdom, and foreign investment control clearance in all necessary jurisdictions.

VMware is a provider of multi-cloud services for all apps, enabling digital innovation with enterprise control.