China Exports Growth Exceeds Expectations In June

China’s exports growth accelerated in June as companies revived operations following the easing of restrictions related to the pandemic, while imports logged a slower growth, official data showed on Wednesday.

With the reopening of ports, the annual growth in exports accelerated to 17.9 percent from 16.9 percent in May, the General Administration of Customs said. The rate was forecast to ease to 12.0 percent.

On the other hand, imports grew only 1 percent annually, slower than the 4.1 percent growth in May and the economists’ forecast of 3.9 percent.

As a result, the trade surplus surged to $97.9 billion in June from $78.7 billion in May. This was well above the expected level of $75.7 billion.

China’s trade still faces instability and uncertainty, customs spokesman Li Kuiwen said.

Although the main constraints on exports recently have been on the supply-side, cooling global demand could soon deflate China’s pandemic export boom, economists at Capital Economics, said.

Inbound shipments are likely to remain soft given relatively modest policy support and continued deleveraging among property developers, economists noted.

China is set to issue its quarterly GDP data on July 15. The economy is forecast to expand 1 percent in the second quarter, slower than the 4.8 percent growth posted a quarter ago. The government targets around 5.5 percent growth for 2022.

Hays PLC Q4 LFL Sales Up 23%; Sees FY22 Operating Profit At Top End Of Prior Guidance

Hays PLC (HAS.L) said fourth quarter represented a net fee record for the Group, up 23% on a like-for-like basis from prior year. On an actual basis, net fees increased by 24%, for the quarter.

Hays PLC anticipates Group operating profit for the year ended 30 June 2022 to be approximately 210 million pounds, at the top end of its previous guidance range.

Alistair Cox, Chief Executive, said: “We finished our financial year strongly, delivering record quarterly fees overall and with 15 countries producing quarterly fee records, including our largest country of Germany.”

Renewi Plc Q1 Revenue, EBIT In Line With Its Expectations

Renewi plc (RWI.L) reported that its Group revenue and EBIT for the first quarter were ahead of the prior year and in line with its expectations. The Group said cash performance in the first quarter was in line with its expectations, with core net debt as at 30 June 2022 increasing by 18 million euros to 321 million euros.

Renewi plc stated that the acquisition of Paro has received approval from the competition authority and works council in the Netherlands and is expected to complete in August.

TSMC Q2 Profit Jumps

Taiwan Semiconductor Manufacturing Company Limited or TSMC (TSM) on Thursday posted a surge in earnings for the second quarter, amidst a rise in sales.

For the three-month period, the firm reported a net income of NT$237.02 billion or NT$9.14 per share, compared with NT$134.35 billion or NT$5.18 per share, reported a year ago.

Pre-tax earnings were at NT$266 billion, versus NT$149.39 billion, year-over-year basis.

Income from operations also climbed to NT$262.12 billion, from NT$145.66 billion last year.

The Taiwanese firm’s net sales moved up to NT$534.14 billion, higher than last year’s NT$372.14 billion.

Barratt Developments Sees FY22 Adj. Profit Before Tax Of £1.050 Bln – £1.060 Bln

Barratt Developments plc (BDEV.L), on Thursday, issued a trading update for the year ended 30 June 2022, and said it expects adjusted profit before tax in the range of £1,050 million – £1,060 million, slightly ahead of current market consensus expectations at £1,048 million.

The company noted that strong nationwide demand sustained throughout the year, resulting in net private reservations per active outlet per week of 0.81 versus the prior year’s 0.78.

Further, Barratt believes that it is well positioned for FY23 with total forward sales, including JVs, at 30 June 2022 of 13,579 homes at a value of £3,622.3 million.

As at 30 June 2022, the Group had net cash of about £1,125 million and an undrawn committed revolving credit facility of £700 million.

Ashmore Group Q4 AUM Drops 18.3%

Ashmore Group Plc (ASHM) that specializes as asset manager of emerging markets, on Thursday said Assets Under Management at the end of the fourth quarter ended 30 June declined 18.3 percent to $64 billion, versus $78.3 billion at the end of March 2022.

Assets under management declined by US$14.3 billion over the period, comprising net outflows of US$6.6 billion and negative investment performance of US$7.7 billion.

The fixed income portfolio declined 18.6 percent to $56.3 billion, versus $69.2 billion at the end of March. Local currency themed AUM saw the biggest decline of 22.5 percent, dropping to $20.7 billion, from the level of $26.7 billion earlier. The local currency net redemptions were primarily from low margin institutional accounts, including overlay outflows of US$2.5 billion reflecting lower market levels.

Equities portfolio declined 16.2 percent whereas alternatives declined 11.8 percent between March and June of 2022.

With broad-based risk aversion across asset classes globally, the main Emerging Markets indices fell by between 6 percent and 16 percent over the three months resulting in quarterly underperformance, the company said.

Shares of Ashmore Group are currently trading at 205 pence, up 0.40 pence or 0.20 percent from the previous close.

Fast Retailing Co. 9-month Profit Rises

Fast Retailing Co. Ltd. (FRCOY.PK) said the Group’s revenue increased and profit rose significantly in the first nine months of fiscal 2022, with consolidated revenue rising 3.9% year-on-year and operating profit rising 19.0%.

Profit attributable to owners of the parent was 237.84 billion yen for the nine months ended 31 May 2022 compared to 151.35 billion yen, previous year. Revenue increased to 1.76 trillion yen from 1.70 trillion yen, last year.

For the year ending 31 August 2022, the company expects: profit to owners of the parent of 250 billion yen; and revenue of 2.25 trillion yen.

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