European Economics Preview: Germany Revised GDP Data Due

Revised quarterly national accounts and consumer confidence survey results from Germany are the major economic reports due on Wednesday.

At 2.00 am ET, Destatis releases Germany’s revised GDP data for the first quarter. The statistical office is expected to confirm 0.2 percent sequential growth.

In the meantime, Germany Gfk consumer confidence survey results are due. The forward-looking sentiment index is seen at -26 in June versus -26.5 in May.

Also, Sweden producer prices and unemployment figures are due.

At 2.45 am ET, France’s Insee is scheduled to issue consumer sentiment survey data. Economists forecast the index to rise marginally to 89 in May from 88 in April.

At 4.00 am ET, Poland’s unemployment data is due. The jobless rate is expected to fall to 5.3 percent in April from 5.4 percent in March.

Oil Futures Pare Early Gains, Settle Lower

Crude oil prices climbed higher and hit 2-month highs on Tuesday, lifted by the European Union’s decision to ban most Russian oil imports by the end of the year.

A drop in coronavirus cases in Beijing and improved Chinese PMI data raised hopes that energy demand in the world’s second largest economy will pick up and contributed significantly to the uptick in oil prices.

However, reports that some members of the Organization of the Petroleum Exporting Countries (OPEC) are in favor of suspending Russia’s participation in an oil-production deal pulled down oil prices down into negative territory towards the closing minutes of the session.

West Texas Intermediate Crude oil futures ended lower by $0.40 or about 0.35% at $114.67 a barrel, after having rallied to $119.98 a barrel earlier in the day.

Brent crude futures gained $1.10 or about 0.9% to $122.80 a barrel.

“The European Council agrees that the sixth package of sanctions against Russia will cover crude oil, as well as petroleum products, delivered from Russia into Member States, with a temporary exception for crude oil delivered by pipeline,” according to a statement released by the European Council today.

It is expected that the EU ban on Russian oil will effectively cut around 90% of oil imports from that country to the EU by the end of this year.

HP Inc. Q2 Profit Decreases, but beats estimates

HP Inc. (HPQ) announced a profit for second quarter that decreased from the same period last year but beat the Street estimates.

The company’s bottom line came in at $1.00 billion, or $0.94 per share. This compares with $1.23 billion, or $0.98 per share, in last year’s second quarter.

Excluding items, HP Inc. reported adjusted earnings of $1.15 billion or $1.08 per share for the period.

Analysts on average had expected the company to earn $1.05 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 3.8% to $16.49 billion from $15.88 billion last year.

HP Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $1.00 Bln. vs. $1.23 Bln. last year.
-EPS (Q2): $0.94 vs. $0.98 last year.
-Analyst Estimates: $1.05
-Revenue (Q2): $16.49 Bln vs. $15.88 Bln last year.

-Guidance:
Next quarter EPS guidance: $1.03 to $1.08
Full year EPS guidance: $4.24 to $4.38

European Economics Preview: Germany Unemployment Data Due

Unemployment from Germany and flash consumer prices from Euro area are due on Tuesday, headlining a busy day for the European economic news.

At 2.45 am ET, France’s Insee publishes revised GDP, flash consumer and harmonized consumer prices, household consumption and producer prices data. Consumer price inflation is seen at 5.0 percent in May versus 4.8 percent in April.

At 3.00 am ET, the Federal Statistical Office publishes Swiss GDP data for the first quarter. The economy is forecast to grow 0.3 percent sequentially.

At 3.55 am ET, the Federal Labor Agency is scheduled to release German unemployment figures for May. The jobless rate is expected to remain unchanged at 5.0 percent.

At 4.00 am ET, Italy’s revised GDP data for the first quarter is due.

Half an hour later, the Bank of England is set to issue mortgage approvals data for April. The number of mortgages approved in April is expected to fall to 69,000 from 70,690 in March.

At 5.00 am ET, Eurostat is scheduled to issue flash HICP data. Inflation is forecast to climb to a record 7.7 percent in May from 7.4 percent in April.

In the meantime, Italy’s flash consumer and harmonized price data for May. Consumer price inflation is seen at 6.2 percent, up from 6.0 percent in April.

Avalanche vs. Oilers live blog: Real-time updates from Game 1 of the Stanley Cup Playoffs third-round series – The Denver Post

What to know

Preview: Who has the edge, five things to watch and predictions
Avs’ three keys for victory | What to know for Avs bandwagoners | McDavid vs. MacKinnon
Bo Byram’s emergence | Avs’ depth

Live updates, tweets, photos, analysis and more from the Colorado Avalanche game against the Edmonton Oilers at Ball Arena in Denver on May 31, 2022.

Mobile users, if you can’t see the live blog, tap here.

Salesforce Lifts FY Adj. EPS Outlook; Shares Up 5%

While reporting its results for the first quarter on Tuesday, Salesforce (CRM) lowered its revenue outlook for the full year 2023, but lifted its adjusted earnings guidance. Shares gained 5% in the after-hours trading.

For the full year 2023, the company now expects revenues of $31.7 billion to $31.8 billion and adjusted earnings of $4.74 to $4.76 per share. Analysts currently estimate earnings of $4.65 per share and revenues of $32.06 billion.

Previously, the company had expected revenues of $32.0 billion to $32.1 billion and adjusted earnings of $4.62 to $4.64 per share.

CRM closed Tuesday’s trading at $160.24, down $4.86 or 2.94%, on the NYSE. The stock, however, gained $8.69 or 5.42%, in the after-hours trading.