Sunday, 27 Sep 2020

German ZEW Investor Confidence Improves Unexpectedly

Kim Kardashian West Freezing Facebook, Instagram Accounts To Protest Social Media Hate, Misinformation

Kim Kardashian West plans to freeze her Facebook and Instagram accounts Wednesday and asks that others follow to protest misinformation on on social media.

“Misinformation shared on social media has a serious impact on our elections and undermines our democracy.  Please join me tomorrow when I will be “freezing” my Instagram and FB account to tell Facebook to #StopHateForProfit she said in a Tuesday afternoon tweet. 

Kardashian West has 188 followers on Instagram and 30 million on Facebook,

Yuengling, America’s oldest brewer, will soon sell beer nationwide

Hey, West Coast beer lovers, it’s pronounced YING-ling.

D.G. Yuengling and Son, America’s oldest operating brewer, is sending some cold ones your way for the first time since it began making beer in 1829.

The brewery, about two hours northwest of Philadelphia, on Tuesday announced a joint venture with Molson Coors to break out beyond its traditional 22-state distribution area in the East.

Raising beers to toast the new partnership with the Pennsylvania brewer, Molson Coors CEO Gavin Hattersley said, “We’re going to make a whole lot of Yuengling fans out West really happy.”

The family-owned brewery known for its cheap, German-style lager will remain independent. A six-member board of directors — three from Yuengling and three from Molson Coors Beverage Co. — will oversee Yuengling’s expansion starting in the second half of 2021.

Yuengling has two breweries in Pennsylvania and one in Florida. Molson Coors, the nation’s second-largest brewer, has seven primary breweries and six craft breweries.

The partnership gives Molson Coors a popular brand at a time when beer sales have gone flat. Beer sales fell 2 percent in the US last year, with canned cocktails and hard seltzers gaining popularity, according to the Brewers Association, a trade group.

The companies said they will announce in a few months which Western states will get Yuengling first.

Jennifer Yuengling, vice president of operations and a sixth-generation brewer, said the companies have talked of partnering for some time, and the time is right.

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Adobe Systems Inc. Q3 adjusted earnings Beat Estimates

Adobe Systems Inc. (ADBE) reported earnings for its third quarter that rose from last year.

The company’s bottom line came in at $955 million, or $1.97 per share. This compares with $793 million, or $1.61 per share, in last year’s third quarter.

Excluding items, Adobe Systems Inc. reported adjusted earnings of $1.25 billion or $2.57 per share for the period.

Analysts had expected the company to earn $2.41 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 14.1% to $3.23 billion from $2.83 billion last year.

Adobe Systems Inc. earnings at a glance:

-Earnings (Q3): $1.25 Bln. vs. $1.01 Bln. last year.
-EPS (Q3): $2.57 vs. $2.05 last year.
-Analysts Estimate: $2.41
-Revenue (Q3): $3.23 Bln vs. $2.83 Bln last year.

Next quarter EPS guidance: $2.64
Next quarter revenue guidance: $3.35 Bln

Here's what happened to the stock market on Tuesday

The Dow closed 2.27 points higher to 27,995.60. The S&P 500 advanced 0.5% to 3,401.20. The Nasdaq Composite rose 1.21% to 11,190.32. The S&P 500 and Nasdaq rose on the back of broad market gains and solid economic data.

U.S. and Chinese data top estimates

The Empire State Manufacturing index came in at 17 for September, rebounding from a print of 3.7 in August. Economists polled by Dow Jones expected the index to come in at 7. Meanwhile, China reported its first retail sales increase for the year. The country's National Bureau of Statistics said Chinese retail sales rose 0.5% in August.

Tech rises with the rest of the market

Shares of Tesla popped 7%. Facebook, Amazon, Netflix and Alphabet also posted gains. However, other parts of the market participated in Tuesday's move higher. Real estate, materials, utilities and industrials all rose along with health care. 

What happens next?

The Federal Reserve is set to deliver its latest decision on monetary policy. The latest figures on U.S. retail sales are also scheduled for release. 

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German ZEW Investor Confidence Improves Unexpectedly

German investor confidence strengthened unexpectedly in September as financial experts expect a noticeable recovery in the economy, survey data from the ZEW – Leibniz Centre for European Economic Research showed on Tuesday.

The economic confidence index rose to 77.4 in September from 71.5 in the previous month, while it was forecast to fall to 69.8. This was the highest reading since May 2000.

The current conditions index advanced to -66.2 from -81.3 a month ago. The expected level was -72.0.

“Stalled Brexit talks and rising COVID-19 cases could not dampen the positive mood,” ZEW President Achim Wambach, said.

“However, the still negative outlook for the banking sector reveals fears of a rising number of loan defaults in the coming six months,” Wambach added.

Sentiment concerning the economic development of the Eurozone also improved in September. The corresponding index gained 9.9 points to 73.9 points. Likewise, the indicator for the current economic situation climbed 8.9 points to minus 80.9 points.

The outlook for the Eurozone has improved noticeably, albeit to a lesser extent than for Germany, the survey showed.

A report from Destatis revealed that employment in Germany’s manufacturing sector decreased by 2.9 percent in July from the last year. The number of hours worked declined 8.5 percent annually.

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