Monday, 5 Dec 2022

Oil Prices Tumble As Demand Concerns Weigh

Land Securities Posts HY Loss

Land Securities Group plc (LAND.L) reported that its loss attributable to shareholders of the parent for the half year ended 30 September 2022 was 190 million pounds or 25.7 pence per share compared to net income of 275 million pounds or 37.1 pence per share in the previous year.

EPRA earnings per share for the half year was up 9.5% to 26.6 pence, supported by 8.3% growth in like-for-like gross rental income and 6.2% growth in like-for-like net rental income, whilst an increase in surrender premiums received driven by a lease regear in the prior year added 1.3 pence to earnings per share.

Revenue for the period grew to 394 million pounds from 315 million pounds in the prior year.

Total dividend was up 13.5% to 17.6 pence per share, supported by increase in earnings.

The company continues to expect underlying EPRA earnings per share for this year to grow by a low to mid-single digit percentage, excluding the benefit from increased surrender premiums which were up 10 million pounds in the first half of the year, and it expects dividend for the full year to grow in line with underlying EPRA earnings per share.

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Vesuvius Expects FY22 Results To Beat Analysts’ Projections

Vesuvius Plc (VSVS.L), a British engineering solutions and services provider, said on Tuesday that it expects fiscal 2022 results to beat analysts’ expectations. The company attributes this to continuing market share gains, dynamic price management, cost reduction actions, among others.

The company has also noted that as anticipated earlier, its steel and foundry end markets are continuing to weaken in the short term.

Commenting on the upcoming fiscal, the company said: “Looking to 2023, visibility remains low and the precise timing of a return to growth is very difficult to predict. The unwind in our own inventory levels, which is a drag on fixed cost absorption, will continue into H1 of FY23. In this uncertain environment, we are simultaneously preparing to reinforce our cost reduction actions as necessary and maintaining the pace of our long-term growth initiatives to benefit fully from the market rebound when it materializes.”

Gold Holds Steady As Dollar Weakens On Fed Remarks

Gold prices held steady near a three-month high on Tuesday against the backdrop of a weakening dollar and falling Treasury yields.

Spot gold edged up 0.2 percent to $1,775.44 per ounce, while U.S. gold futures were up 0.1 percent at $1,779.05.

The dollar index touched a three-month low and bond yields slipped after Federal Reserve Vice Chair Lael Brainard on Monday said that the U.S. central bank could soon slow the pace of its interest-rate rises.

“I think it will probably be appropriate soon to move to a slower pace of rate increases,” she told Bloomberg News in a live interview.

Fed Governor Christopher Waller also indicated on Sunday that the Fed may cut the size of rate increases but that should not be seen as a “softening” of its battle against inflation.

In economic releases, investors await U.S. reports on producer prices, retail sales, import and export prices, industrial production, housing starts and existing home sales this week for additional clues about the strength of the economy and the outlook for interest rates.

Earnings from major retailers, including Walmart and Target, may give investors hints about the outlook for the holiday shopping season and the remainder of the year.

Pre-market Movers: NRBO, HIMS, OCUP, TRIP, TTWO…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.15 A.M. ET).

In the Green

NeuroBo Pharmaceuticals, Inc. (NRBO) is up over 42% at $3.07
Hims & Hers Health, Inc. (HIMS) is up over 26% at $5.85
Ocuphire Pharma, Inc. (OCUP) is up over 26% at $2.65
Tenaya Therapeutics, Inc. (TNYA) is up over 17% at $2.26
Direct Digital Holdings, Inc. (DRCT) is up over 16% at $2.97
Concert Pharmaceuticals, Inc. (CNCE) is up over 15% at $5.14
Lordstown Motors Corp. (RIDE) is up over 12% at $2.08
SolarEdge Technologies, Inc. (SEDG) is up over 10% at $233.40
TaskUs, Inc. (TASK) is up over 10% at $17.73
Cango Inc. (CANG) is up over 7% at $2.69
MFA Financial, Inc. (MFA) is up over 6% at $10.80
Ultrapar Participações S.A. (UGP) is up over 6% at $2.83

In the Red

Tripadvisor, Inc. (TRIP) is down over 20% at $18.84
Take-Two Interactive Software, Inc. (TTWO) is down over 18% at $88.59
Lyft, Inc. (LYFT) is down over 18% at $11.47
Marinus Pharmaceuticals, Inc. (MRNS) is down over 17% at $4.62
NanoString Technologies, Inc. (NSTG) is down over 15% at $7.80
Five9, Inc. (FIVN) is down over 11% at $41.68
DigitalOcean Holdings, Inc. (DOCN) is down over 11% at $26.00
Broadmark Realty Capital Inc. (BRMK) is down over 10% at $5.04
Medtronic plc (MDT) is down over 5% at $80.98

Oil Prices Tumble As Demand Concerns Weigh

Oil prices fell around 2 percent on Tuesday as investors fretted about a weakening demand outlook.

Benchmark Brent crude futures fell 1.7 percent to $91.59 a barrel while WTI crude futures were down 2.1 percent at $84.09.

OPEC on Monday cut its forecast for global oil demand growth this year by 100,000 barrels a day to 2.55 million barrels per day, citing mounting economic challenges including high inflation and rising interest rates.

China’s factory output grew more slowly than expected in October, retail sales unexpectedly fell for the first time since May and property investment saw its biggest drop in 32 months, suggesting the world’s second-largest economy is losing momentum as a result of protracted COVID-19 curbs and a property downturn.

Elsewhere, data showed Japan’s economy unexpectedly shrank for the first time in a year in the third quarter.

Surging coronavirus cases in China also dashed hopes of a swift reopening of the world’s second-largest economy.

The southern Chinese city of Guangzhou has the biggest caseload, with new daily infections of Covid-19 exceeding 5,000 for the first time and fuelling speculation that localised lockdowns could widen.

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