Nike Inc. on Thursday cut its fiscal 2022 sales expectations and said it expects delays during the holiday shopping season, blaming a supply chain crunch that has left it with soaring freight costs and products stuck in transit. Months-long factory closures in Vietnam, where about half of all Nike footwear is manufactured, have piled more…
Nike Warns on Holiday Delays, Cuts Full-Year Sales Estimate
September 24, 2021
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Chile’s 2022 Draft Budget Seeks to Tame Deficit After Pandemic Splurge, Pinera Says
SANTIAGO—Chilean President Sebastian Pinera unveiled an $82.1 billion draft budget for 2022 on Thursday, that he said would begin to tame a ballooning deficit in the world’s top copper producer following more than a year of emergency spending to combat the COVID-19 pandemic. In a televised speech, the center-right president said the budget would reduce…
US Business Borrowing for Equipment Rises 21 Percent in August: ELFA
Borrowings by U.S. companies for capital investments rose 21 percent in August from a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Thursday. The companies signed up for $8.5 billion in new loans, leases and lines of credit last month, up from $7 billion a year earlier. However, borrowings fell 14 percent…
China Evergrande Shares Slide 6 Percent in Early Trade
September 24, 2021
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HONG KONG—Shares of cash-strapped China Evergrande fell as much as 6 percent in early trade on Friday, paring gains of nearly 18 percent the previous day as time ticked by on an interest payment deadline for the country’s most indebted developer.
Dollar Hovers Above One-Week Low as Evergrande Questions Persist
September 24, 2021
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LONDON—The dollar hovered above a one-week low versus major peers on Friday, taking a breather after its biggest drop in almost a month overnight, as questions lingered about the fate of property developer China Evergrande Group. The yen fell to its weakest since mid-August as Treasury yields pushed to the highest since the start of…
Asian Stock Markets Jittery as China Evergrande Woes Sap Confidence
September 24, 2021
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Asian shares were on edge on Friday (Sept. 24) hurt by persistent uncertainty around the fate of debt-ridden China Evergrande, even as more risk appetite drove gains for Wall Street and U.S. benchmark Treasury yields. Hong Kong markets opened slightly down with its benchmark Hang Seng Index starting Friday’s trade at 24,487.24 dipping 0.1 percent….
Business Activity Growth Hits 12-Month Low on Supply Hold-Ups and Capacity Shortages
Business activity in the United States in September grew at its slowest monthly pace in 12 months, with supply chain hold-ups and capacity shortages hampering growth. Data firm IHS Markit said on Sept. 23 that its flash U.S. Composite PMI Output Index (pdf)—which tracks the manufacturing and services sectors—retreated to a reading of 54.5 in…
European Shares Fall on Evergrande Fears but Hold Weekly Gains
September 24, 2021
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LONDON/HONG KONG—European shares slipped on Friday but held their gains for the week as uncertainty around the fate of debt-ridden China Evergrande weighed on investor sentiment. The regionwide STOXX 600 index slipped 0.78 percent after a three-day run of gains. Britain’s FTSE 100 and Germany’s also weakened. Still, European shares look set to end the…
Supply Crunch Drives Costco to Reintroduce Buying Limits on Items Like Toilet Paper
Supply chain problems are pushing Costco to reintroduce purchase limits on key household items like bottled water and toilet paper, according to the company’s chief executive, who cited factors like port delays, driver shortages, and general “COVID disruption.” Richard Galanti, Chief Financial Executive of Costco, told participants on an earnings call on Sept. 23 that the…
Oil Heads for Third Week of Gains as Output Stumbles
September 24, 2021
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LONDON—Oil prices steadied on Friday near a two-month high of $77.50 a barrel and were headed for a third straight week of gains, supported by global output disruptions and inventory draws. The rally was slightly dampened by China’s first public sale of state crude reserves. Brent crude was up 222 cents, or 0.28 percent, at…
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