Tesco increases its UK market share
Tesco maintains its profit guidance for the year as it reports a 4.6% rise in underlying UK sales in its first quarter, winning market share.
The Bank of Japan
The Bank of Japan kept interest rates unchanged on Friday, as expected. In a unanimous vote, the Bank of Japan (BOJ) decided to maintain its short-term interest rate target in a range of 0-0.1%. The central bank will continue to Japanese Government Bond (JGB) at the current pace but will get a plan ready for its next meeting in July to trim purchases for the next one to two years. The yen weakened at the announcement against all major currencies, and GBP/JPY and CHF/JPY rose to all-time highs.
The Eurozone trade surplus
A bit later this morning, the Eurozone trade surplus is expected to have narrowed to €20 billion in April. The €24.1 billion surplus recorded in March was the largest since December 2020. Later this afternoon, the market awaits US import and export prices and a preliminary reading of Michigan consumer sentiment.
Tesco
Tesco maintains its profit guidance for the year as it reports a 4.6% rise in underlying UK sales in its first quarter, winning market share. The group still expects a retail adjusted operating profit of at least £2 billion.
Adobe
Adobe shares jumped as much as 17% in extended trading after it reported its Q2 earnings. On an adjusted basis, the company earned $4.48 per share in the quarter, compared with estimates of $4.39 per share. It reported revenue of $5.31 billion in the second quarter, which was also better than forecast. Adobe is another company that enjoys increased demand for its artificial intelligence-powered products, which led the Photoshop maker to raise its revenue forecast for fiscal 2024.
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