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News
Wednesday, March 04, 2026
What’s happening: Shares of Target Corp surged on Tuesday to hit a one-year high after the company released its fourth-quarter results.
What happened: The retailer posted better-than-expected earnings for the latest quarter.
Although Target reported a decline in quarterly sales, new CEO Michael Fiddelke announced plans to restore annual sales growth.
How were the results: The Minneapolis, Minnesota-based company reported a low single-digit sales decline for the latest quarter.
Why it matters: Target’s stock had remained under pressure through 2025, losing around 28% of its value in the year, due to weak consumer spending on non-essential products like apparel and home furnishings.
The company’s comparable sales fell 2.5% in the fourth quarter, with comparable-store sales down 3.9% and comparable-digital sales rising 1.9%.
Target said its food and beverage, beauty and toys categories recorded net sales growth in the quarter, while it witnessed improving trends in essentials and home versus the previous quarter.
“Target saw a healthy, positive sales increase in February, serving as an important milestone on our path back to growth this year, and reinforcing my confidence in the momentum we’re building and the future we’re creating together,” CEO Michael Fiddelke said.
Fiddelke announced plans to spend more than $2 billion across the business in 2026, to remodel stores and improve shopping experience.
Target guided to 2026 adjusted earnings of $7.50-$8.50 per share, compared to market estimates of $7.68. The company projected net sales growth of 2%, which would mark the first annual growth after three years on contraction.
How shares responded: Target’s shares surged 6.7% to close at $120.80 on Tuesday following the release of quarterly earnings. The stock has jumped more than 20% year to date.
What to watch: Investors will keep an eye on the company’s new plans and executive to revive sales growth.
Context: The USD/JPY forex pair fell this morning as investors digested the latest economic data.
Details: Data released this morning showed Japan’s S&P Global composite PMI climbed to 53.9 in February from January’s 53.1. The latest reading signalled the fastest growth in overall private sector activity since May 2023.
Japan’s S&P Global services PMI also rose to 53.8 in February from 53.7 in the previous month, recording the fastest pace since May 2024.
Strength in the US dollar weighed on the Japanese yen this morning amid concerns around the ongoing Middle East conflict keeping energy prices elevated and resulting in higher inflation.
Investors also scaled back speculations of the Federal Reserve cutting its benchmark interest rates. The greenback has also been gaining strength as a safe-haven option with the US-Iran war entering its fifth day.
The US dollar index, which measures the greenback’s performance versus a basket of major peers, rose around 0.1% to 99.15 this morning.
The USD/JPY pair fell around 0.1% to 157.58 this morning, while the Nikkei 225 tumbled 3.89% to trade at 54,090.11.
What to watch: Investors await the release of data on foreign bond investment (0350 UAE Time) and stock investment by foreigners (0350 UAE Time) from Japan on Thursday. Bond investments by Japanese abroad fell by ¥1898.80 billion in the week ending Feb. 21, while stock investments by foreigners in Japan rose by ¥402 billion.
Other Markets: US trading indices closed lower on Tuesday, with the Dow Jones index, S&P 500 and Nasdaq 100 down by 0.83%, 0.94% and 1.09%, respectively.
Ukraine’s President Volodymyr Zelensky warned that the ongoing Middle East conflict could result in delays in sourcing missiles and weapons. The news sent the USD/RUB pair lower in forex trading this morning.
China’s NBS composite PMI output index declined to 49.5 in February from 49.8 in January, lending support to the USD/CNY forex pair.
Ireland’s AIB services PMI declined to 51.8 in February from 54.5 in the previous month. This being the softest growth since August 2025 sent the EUR/USD pair lower in forex trading this morning.
South Korea’s retail sales surged 2.3% in January, accelerating from 0.6% in December. Retail sales growing at the fastest pace in three months exerted pressure on the USD/KRW forex pair.
Singapore’s S&P Global PMI rose to 59.2 in February from 56.8 in the previous month, marking the 13th straight month of growth. However, the USD/SGD forex pair rose in forex trading this morning.
Spain’s tourist arrivals (1200 UAE Time) and HCOB composite PMI (1215 UAE Time), Italy’s HCOB composite PMI (1245 UAE Time), unemployment rate (1300 UAE Time) and GDP growth rate (1400 UAE Time), France’s HCOB composite PMI (1250 UAE Time), Germany’s HCOB composite PMI (1255 UAE Time), Eurozone’s HCOB composite PMI (1300 UAE Time), unemployment rate (1400 UAE Time), PPI (1400 UAE Time), South Africa’s GDP growth rate (1330 UAE Time) and business confidence (1400 UAE Time), UK’s S&P Global composite PMI (1330 UAE Time) and S&P Global services PMI (1330 UAE Time), Brazil’s PPI (1600 UAE Time), S&P Global services PMI (1700 UAE Time) and S&P Global composite PMI (1700 UAE Time), US MBA mortgage applications (1600 UAE Time), ADP employment change (1715 UAE Time), S&P Global composite PMI (1845 UAE Time), S&P Global services PMI (1845 UAE Time), ISM services PMI (1900 UAE Time), EIA crude oil stocks change (1930 UAE Time) and Fed Beige book (2300 UAE Time), Canada’s labour productivity (1730 UAE Time), S&P Global composite PMI (1830 UAE Time) and S&P Global services PMI (1830 UAE Time) as well as Russia’s unemployment rate (2000 UAE Time), business confidence (2000 UAE Time), real wage growth (2000 UAE Time) and retail sales (2000 UAE Time).
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