“We started the year with strong consumer demand and solid momentum across geographies, channels and categories,” Levi’s CEO, Chip Bergh.
Shares of US-based apparel company and leader in jeans Levi Strauss & Co. (NYSE: LEVI) bounced more than 5% in pre-market trading on Thursday after the company reported better-than-expected first-quarter financial results.
- Earnings per share: 0.46 vs. 0.42 expected
- Revenue: $1.59 billion vs. $1.55 Billion expected
“The ongoing consumer demand across our portfolio of brands and our proven ability to deliver profitable growth gives us the confidence to reaffirm our full-year outlook despite the incremental headwinds from ongoing macro challenges,” Levi’s CFO Harmit Singh said.
Levi Strauss expects net revenue in 2022 of between $6.4 billion and $6.5 billion and expects adjusted diluted EPS of between $1.50 and $1.56.
EQUITIES
US stock futures remain under pressure after minutes from the Fed's March meeting pointed to aggressive rate hikes. "Many participants noted that one or more 50 basis point increases in the target range could be appropriate at future meetings, particularly if inflation pressures remained elevated or intensified," – FED minutes said.
OIL
Crude oil futures extend the decline driven by weak API and EIA oil Inventory data and hawkish FED minutes. The EIA inventory data showed the US crude oil inventories rose by 2.421 million barrels, compared with market expectations for a 2.056 million fall.
CURRENCIES
In the currency market, EURUSD hits a fresh weekly low of 1.0865 on Thursday. Moving ahead, the EURO traders should closely monitor the release of the European Central Bank’s March meeting minutes will be released later in the day.
GOLD
The safe-haven metal remains undecided as to which way its next directional break will be after the release of FOMC meeting minutes. At the time of writing, the precious metal trades were above $1925. On the upper side, $1950 remains the key resistance area to watch.
Economic Outlook
On the data front, the Eurozone retail sales reported weaker-than-expected. But the retail sales increased 0.3% mom in February, following a 0.2% rise in January.
Moving ahead today, the important events to watch:
US – ECB meeting minutes: GMT – 11.30
US – Jobless claims: GMT – 14.30
Coronavirus update:
Worldwide, more than 490 million people have been confirmed infected and more than 6.13 million have died. The United States has confirmed over 80 million cases and has had more than 980,000 deaths from COVID-19, the highest total in the world.
Technical Outlook and Review
EURUSD: The Euro slightly rebounded against the US dollar ahead of the ECB minutes. Technically the overall trend still looks bearish, and the short-term support is near 1.0850. If the pair breaks and closes below 1.0850 the next important support is at 1.0820/1.08. On the upper side, 1.0940 is the key resistance area to watch for today.
The important levels to watch for today: Support- 1.0850 and 1.0820 Resistance- 1.0940 and 1.0990.
GOLD: The precious metal trades above $1925. For today, the resistance for the pair is above 1934, any break over targets 1940/45. On the other side, the immediate support is near 1920 and any break will drag the pair to 1914 and 1910 levels.
The important levels to watch for today: Support- 1920 and 1914 Resistance- 1934 and 1945.
Quote of the day - I have found that when the market’s going down and you buy funds wisely, at some point in the future, you will be happy. You won’t get there by reading. Now is the time to buy. – Peter Lynch.
Read more - https://gulfbrokers.com/en/daily-market-report-475