China Keeps Loan Prime Rates Unchanged

China left its benchmark lending rates unchanged on Tuesday after the central bank lowered its reserve requirement ratio last week.

The one-year loan prime rate was maintained at 3.85 percent and the five-year loan prime rate at 4.65 percent.

The one-year and five-year loan prime rates were last lowered in April 2020. The one-year loan prime rate was cut by 20 basis points and five-year rate by 10 basis points in April 2020.

Markets have expected the rates to remain on hold today as the People’s Bank of China had kept the rate on its medium-term lending facility unchanged early this month.

The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This lending rate replaced the central bank’s traditional benchmark lending rate in August 2019.

Earlier in a note, ING economists said China’s economic growth path has not changed but the risk of bad loans from deleveraging reforms on real estate property developers and fintech are increasing.

In an unexpected move, the PBoC last week reduced the reserve requirement ratio by 0.5 percentage points in order to increase the fund available for lending and support economic growth.

Inspire Medical System Downtick Continues

Inspire Medical Systems, Inc. (INSP) shares are sliding on Tuesday morning trade continuing a downward trend since the medical technology company reported loss for the first quarter in May. There were no corporate announcements from the company today to impact the stock movement.

Currently, shares are at $165.10, down 6.18 percent from the previous close of $176.25 on a volume of 271,302. For the 52-week period, the shares have traded in a range of $97.19-$252.25 on average volume of 247,400.

Tiffany, Costco Settle Lawsuit Over Fake ‘Tiffany’ Rings

Luxury jewelry and specialty retailer Tiffany & Co. has settled its long pending lawsuit against Costco Wholesale Corp. for trademark infringement and for selling counterfeit diamond rings with “Tiffany” name.

Both companies’ lawyers filed a stipulation, dismissing the case with the U.S. District Court in Manhattan after eight years. The lawyers reportedly said the companies amicably resolved their dispute. The terms of the settlement were not disclosed.

Tiffany, which was acquired in January this year by French luxury goods company LVMH SE, sued Costco on Valentine’s Day in 2013.

The luxury retailer alleged that Costco conned its customers into buying hundreds of “Tiffany” diamond rings. Meanwhile, Costco claimed that “Tiffany” had become a generic term and described the rings’ pronged setting.

During the period covered by the lawsuit, an estimated 3,349 customers bought Tiffany-set rings at Costco.

In 2017, Tiffany won the case following a jury trial, which found Costco liable for selling the disputed rings. However, a federal appeals court in August last year overturned Tiffany’s $21 million judgment against Costco.

Shooting at 16th Street Mall leaves one man dead

Denver police are investigating the shooting death of a man in Lower Downtown.

The incident occurred at 16th Street Mall and Blake Street before 4:30 a.m. Monday.

Police initially reported the man had serious injures and was taken to the hospital. The victim died, police said Tuesday morning.

Police have not said if they have a suspect or if one has been detained. DPD is investigating the death as a homicide.

Information about the man has yet to be released by the Denver Office of the Medical Examiner.

Officials are asking those with information to call 720-913-7867.

Nucor To Acquire Hannibal Industries For $370 Mln – Quick Facts

Nucor Corp. (NUE) announced Tuesday that it has entered into an agreement to purchase Hannibal Industries, Inc. for $370 million. The company is a leading national provider of racking solutions to warehouses and serves the e-commerce, industrial, food storage and retail segments.

Pending approvals, Nucor will purchase 100 percent of Hannibal Industries’ outstanding shares from its Employee Stock Ownership Plan (ESOP).

Acquiring Hannibal Industries gives Nucor a new growth platform and broadens its offering to the fast-growing warehouse channel, and complements its current product capabilities, including beams, joists and deck, metal buildings and insulated metal panels.

This acquisition also reflects Nucor’s strategy of expanding beyond its core steel businesses and establishes a new area for Nucor to pursue a market leadership position.

Hannibal Industries has manufacturing facilities in Los Angeles and Houston, as well as three distribution centers. It utilizes sheet and bar steel, as well as steel decking, wire deck and fasteners to produce its racking solutions, providing potential supply chain efficiencies with other Nucor businesses.

Sixt Group Sees Higher Q2 Results

Sixt Group expects second quarter consolidated operating revenue to be about 498 million euros compared to 225.8 million euros reported last year.

Quarterly consolidated earnings before taxes (EBT) are expected to be about 78 million euros compared to negative 117.7 million euros reported last year.

The average of the analysts’ estimates for the Sixt Group for the second quarter of 2021, which amount to 468 million euros for consolidated revenue and 61 million euros for EBT, are thus significantly exceeded for both figures.

For the financial year 2021, the company expects a consolidated operating revenue between 1.95 billion euros and 2.10 billion euros and consolidated earnings before taxes (EBT) for the financial year 2021 in the range between 190 million euros and 220 million euros.

The average of the analysts’ estimates for the consolidated revenue of the Sixt Group for 2021 lies with 2.09 billion euros within the range of the forecast. The forecasted EBT range is above the market expectation of 187 million euros for EBT.

Sixt SE will publish its Group Interim Report as at 30 June 2021 as planned on 12 August 2021.