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Friday, January 23, 2026
What’s happening: Shares of Procter & Gamble gained on Thursday after the company posted its results for the fiscal second quarter.
What happened: The consumer goods giant missed sales expectations but still managed to report better-than-expected earnings for the quarter.
Procter & Gamble’s CFO said he expects sales to recover over the next six months.
How were the results: The Cincinnati, Ohio-based company reported low single-digit sales growth for the latest quarter.
Why it matters: Weak spending by customers in the US, Procter & Gamble’s biggest market and the government shutdown resulted in the company missing sales expectations in the quarter.
Total volumes across categories came in well below the typical 3%-4% growth rate in the US, according to P&G CFO Andre Schulten. The company’s core gross margins contracted for the fifth quarter in a row.
P&G was also forced to hike prices by around 1% for some of its products across categories during the latest quarter, in a bid to offset the impact of tariffs imposed by President Donald Trump.
The company said organic sales grew in the Beauty segment, amid strength in Hair, Personal, and Skin Care. Meanwhile, Grooming sales came in flat for the quarter as price hikes in North America and Europe were offset by a decline in volumes.
The Health Care segment recorded organic growth, while Fabric and Home Care sales came in flat overall. Baby, Feminine and Family Care sales declined in the quarter.
Schulten said that the company is likely to witness a recovery in sales over the next six months, after describing the latest quarter as the “softest quarter of the year.”
The company reaffirmed its fiscal 2026 sales and adjusted earnings forecast of $85.127-$88.498 billion and $6.83-$7.09 per share, respectively.
Procter & Gamble lowered its fiscal 2026 GAAP earnings outlook to $6.58-$6.90 per share, its previous forecast of $6.71 -$7.09 per share.
How shares responded: P&G’s shares gained 2.7% to close at $149.93 on Thursday following the release of quarterly earnings. The stock has jumped around 5% over the past month.
What to watch: Investors will continue monitoring tariff-related announcements by the US and the state of consumer spending in the country.
Context: The GBP/USD forex pair rose this morning as investors digested the latest economic data.
Details: Data released on Thursday showed that UK public sector net borrowing, excluding public sector banks, declined to £11.6 billion in December from £18.7 billion in the year-ago period. The figure also came in below market estimates of £14.0 billion.
Meanwhile, the CBI retail sales balance rose to -17 in January from -44 in the previous month. This was the highest reading since April 2025 and came in better than market expectations of -35. The latest reading signalled some moderation in the severe slowdown seen across retailers in the UK, but overall conditions remained challenging.
ONS data released earlier this week showed headline CPI inflation accelerated to 3.4%, above market estimates of 3.3%, while services inflation rose to 4.5% from 4.4%.
Strength in the US dollar weighed on the GBP/USD pair this morning. The US dollar index, which measures the greenback’s performance versus a basket of major peers, edged higher to 98.29.
The GBP/USD forex pair rose around 0.1% to 1.3501 this morning, while the EUR/GBP pair edged lower to 0.8707.
What to watch: Investors await the release of economic data on UK’s S&P Global manufacturing PMI (1330 UAE Time), S&P Global services PMI (1330 UAE Time) and S&P Global composite PMI (1330 UAE Time) today. The S&P Global UK manufacturing PMI, which climbed to 50.6 in December from 50.2 in the previous month, is expected to edge higher to 50.7 in December. Analysts expect S&P Global services PMI to rise to 51.7 in December from 51.4 in December, while composite PMI is also projected to climb to 51.7 from 51.4 in the previous month.
Other Markets: US trading indices closed higher on Thursday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.63%, 0.55% and 0.76%, respectively.
After holding talks with US President Donald Trump, Ukraine’s President Volodymyr Zelenskyy said that the vital territorial issue in its ongoing war with Russia remains unsolved. The news sent the USD/RUB pair lower in forex trading this morning.
Australia’s S&P Global manufacturing PMI climbed to 52.4 in January from 51.6 in the previous month, which lent some support to the AUD/USD forex pair.
New Zealand’s annual inflation rate rose to 3.1% in the December quarter, accelerating from 3.0% in the previous quarter. This being the highest rate since the June 2024 quarter sent the NZD/USD pair lower in forex trading this morning.
South Korea’s Composite Consumer Sentiment Index rose to 110.8 in January from 109.8 in the previous month. However, sentiment about future household income remained unchanged at 103, lending support to the USD/KRW forex pair.
Argentina’s retail sales surged 17.3% year-over-year to ARS 572,044.1 million in November, up from 15.1% growth in the previous month. However, the USD/ARS pair rose in forex trading this morning.
France’s HCOB composite PMI (1215 UAE Time), HCOB manufacturing PMI (1215 UAE Time) and HCOB services PMI (1215 UAE Time), Germany’s HCOB manufacturing PMI (1230 UAE Time), HCOB composite PMI (1230 UAE Time) and HCOB services PMI (1230 UAE Time), Eurozone’s HCOB composite PMI (1300 UAE Time), HCOB manufacturing PMI (1300 UAE Time) and HCOB services PMI (1300 UAE Time), India’s bank loan growth (1530 UAE Time), deposit growth (1530 UAE Time) and foreign exchange reserves (1530 UAE Time), Brazil’s IPCA mid-month CPI (1600 UAE Time), Mexico’s economic activity (1600 UAE Time), Russia’s balance of trade (1700 UAE Time) and current account (1700 UAE Time), Canada’s retail sales (1730 UAE Time) and manufacturing sales (1730 UAE Time), as well as US S&P Global composite PMI (1845 UAE Time), S&P Global manufacturing PMI (1845 UAE Time), S&P Global services PMI (1845 UAE Time), Michigan consumer sentiment (1900 UAE Time), Michigan inflation expectations (1900 UAE Time), Michigan consumer expectations (1900 UAE Time), and Michigan current conditions (1900 UAE Time).
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