Retail businesses in the US face targeted attacks after experiencing a significant drop in profits under intense financial pressure.
9:30am EST - American Retail Giant Target Struggles Against Rivals
Target's shares plummet as the retailer struggles to keep pace with competitors Walmart and Home Depot, following a disappointing drop in profits and revenue. The stock takes a nose dive by around 3%, before the US market even opens. The impressive results reported by Walmart and Home Depot the day prior sent US markets surging, but Target seems to be struggling to make its mark.
Walmart is making a killing by capitalizing on the current economic climate, focusing heavily on groceries and offering generous discounts to inflation-weary customers.
8:00am CET - Sanofi's Stock Tanks after Halting Breast Cancer Drug Development
Sanofi's stock dives by up to 4.6%, making it the worst performer in the Paris CAC 40 index. The reason? The development of their breast cancer drug, Amcenestrant, has been halted. The news was met with disappointment by analysts at Credit Suisse, who considered it a major blow, as Amcenestrant was a flagship product and a crucial oncology asset in Sanofi's pipeline. With this development, the French pharmaceutical company's growth prospects from 2025 seem to be in jeopardy.
8:10am EST - Soaring Fuel Inventories Send Oil Prices Skyrocketing
Declining fuel inventories in the US caused Brent and WTI prices to soar. Brent crude rose 1.1% to $93.37 per barrel, while US light crude increased 1.2% to $87.60. The drop in US gasoline stocks for the second week in a row has reassured investors that demand remains robust, encouraging buying. However, oil markets are predicted to stay under pressure due to concerns about a potential global recession, with relatively high volatility.
8:00am CST - Metals Prices Soar on Chinese Exchanges
Fears of supply shortages are driving up the prices of zinc and aluminum on Chinese futures exchanges. The price spikes are a direct result of production disruptions in Europe and China. The most actively traded zinc contract for September on the Shanghai Futures Exchange jumped 4.6% to a two-month high of 25,935 yuan per tonne. Aluminum prices rose 3.3% to 18,570 yuan per tonne.
Brent, a type of crude oil, saw its prices soar by 1.1% to $93.37 per barrel due to declining fuel inventories in the US, asTarget's stocks took a negative turn by around 3%, possibly influenced by Walmart's impressive financial performance. Meanwhile, Sanofi, a pharmaceutical company, experienced a significant drop in its stocks by up to 4.6%, following the halt in development of their breast cancer drug, Amcenestrant, which was a crucial oncology asset in Sanofi's pipeline.
