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Monday, April 22, 2024

Today’s headlines

What’s happening: Shares of Procter & Gamble edged higher on Friday after the company released results for its fiscal third quarter.

What happened: The company’s sales missed market expectations, despite consumers continuing to spend on essentials.

However, the maker of Pampers diapers posted stronger-than-expected earnings for its third quarter and lifted its guidance.

How were the results: The Cincinnati, Ohio-based company reported meagre growth in sales in its fiscal third quarter.

  • Sales rose 1% year-over-year to $20.195 billion, missing the consensus estimates of $20.408 billion.
  • Adjusted earnings came in at $1.52 per share, exceeding Wall Street expectations of $1.41 per share.

Why it matters: Procter & Gamble’s results for the latest quarter showed that customers are still spending money on buying essentials, despite the company raising prices. P&G is on course to announcing price hike for a sixth straight year.

Gross margins came in higher than estimates for the quarter. Operating margins rose by 90 basis points (bps) to 22.1%, while operating income grew 5% to $4.46 billion.

P&G’s volumes in North America, the region responsible for half of the company’s overall revenues, rise 3%, easing slightly from the 4% growth recorded in the previous quarter.

The company’s sales in the Beauty segment grew by 2%, while sales in the Grooming segment rose 3%, and Health Care sales increased 2%.

Management reiterated their organic sales growth forecast for fiscal 2024 of 4% to 5% and total sales growth of 2% to 4%.

The company raised its earnings growth guidance for the year to a range of 1% to 2%. It now expects adjusted earnings growing by 10% to 11%, versus its earlier forecast of 8% to 9%.

How shares responded: Procter & Gamble’s shares gained 0.5% to close at $158.14 on Friday, following the release of quarterly results. The stock has climbed around 7% over the past six months.

What to watch: Investors will continue monitoring the overall inflation levels. Markets will also watch the impact of another price hike on the company’s sales.

The markets today

The Canadian dollar will be in focus today ahead of a basket of major economic reports

Context: The CAD/USD forex pair gained on Friday, amid an increase in crude oil prices.

Details: The Canadian dollar recorded gains on Friday but remained close to a five-month low of 1.3846 recorded on Tuesday, which it reached after the country reported softer-than-projected domestic CPI data.

The easing in Canada’s inflation is in contrast with the hotter-than-expected inflation report from the US, which raised prospects of the Bank of Canada beginning to trim interest rates before the US Federal Reserve.

Strength in price of crude oil, one of Canada’s major exports, provided a boost to the Canadian currency. WTI crude oil for May delivery added 41 cents to settle at $83.14 per barrel on Friday.

Some weakness in the US dollar also lent support to the loonie. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell 0.03% to 106.12 on Friday.

The CAD/USD forex pair gained 0.14% to 1.3749 on Friday. For the week, the loonie added 0.2%. The S&P/TSX Composite Index gained 0.46% to close at 21,807.37 on Friday.

What to watch: Investors await the release of economic data on new housing price index, price inflation and raw materials prices from Canada today. New home prices in Canada, which rose by 0.1% in February, are expected to decline by 0.1% in March.

Analysts expect industrial producer prices in Canada to rise by 0.3% in March, following a 0.7% gain in February. The Raw Materials Price Index is expected to increase by 1.4% in March, compared to a 2.1% gain in February.

Other Markets: European indices closed mostly lower on Friday, with the DAX 40, CAC 40 and STOXX Europe 600 Index down by 0.56%, 0.01% and 0.08%, respectively, and the FTSE 100 up by 0.24%.

The news shaping the markets

The US House of Representatives finally announced its approval for military assistance of over $61 billion to help Ukraine against its ongoing war with Russia. The news sent the RUB/USD pair lower in forex trading this morning.


Kuwait’s annual inflation rate eased to 3.02% in March, from 3.36% a month ago, lending some support to the KWD/USD forex pair.


The People’s Bank of China held its benchmark lending rates at the April fixing, sending the CNY/USD pair lower in forex trading this morning.


Mexico’s retail sales grew by 3% year-over-year in February. This being the highest growth rate in four months lent support to the MXN/USD forex pair.


Colombia’s trade deficit widened to $1.010 billion in February, from $0.856 billion in the year-ago month. However, the COP/USD pair rose slightly in forex trading this morning.

What else to watch today

Turkey’s consumer confidence indicator and government debt, Eurozone’s government budget to GDP and government debt to GDP, UK’s CBI’s quarterly gauge of manufacturing optimism and CBI industrial trends orders, Mexico’s economic activity, US Chicago Fed National Activity Index, Eurozone’s consumer confidence indicator, as well as Central Bank of Brazil’s focus market readout.


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