월스트리트저널 THE WALL STREET JOURNAL 구독(2023.9.15)

 

♠ Arm Shares Jump 25% In Debut(Arm 주가 데뷔 25% 급등)

Arm’s debut is also a win for SoftBank Group, the chip company’s owner. Arm is now valued at nearly $69 billion on a fully diluted basis, well above the roughly $32 billion SoftBank acquired it for in 2016. That is also more than the $64 billion implied by the Japanese technology conglomerate’s recent purchase of a 25% Arm stake held by its Vision Fund.

Raising around $5 billion for SoftBank, Arm is the biggest U.S. offering since Rivian Automotive made its debut in November 2021. SoftBank and its underwriters had targeted a price range for the IPO of $47 to $51 a share.

 

◈ ECB Lifts Key Rate To Record, Suggest An End to Increases(ECB, 기준금리 인상, 인상 중단 시사)

FRANKFURT—The Euro-pean Central Bank raised interest rates by a quarter percentage point to a record but signaled that eurozone borrowing costs may have peaked, sending the euro tumbling.

In a split decision, ECB officials raised the bank’s deposit rate to 4%, the tenth increase in a row and a steep rise from below zero last year.

ECB President Christine Lagarde signaled that Thursday’s rate increase might be the last, although she didn’t rule out further hikes if economic data disappoint.

ECB officials judge that rates “ have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution” to reducing inflation to their 2% target, Lagarde said, repeating language used in the bank’s policy statement.

 

◈ China Data Show Sings of Fragile Economic Recovery(취약한 경제 회복을 보여주는 중국 데이터)

SINGAPORE—China’s economy showed modest signs of improvement late summer after months of feeble growth, tentative evidence that the slowdown in the world’s second-biggest economy that is holding back global growth may be easing.

Data Friday showed improvements in consumer spending and factory output in August as well as a further decline in unemployment.

Retail sales rose 4.6% last month from a year earlier, compared with a 2.5% gain in July. according to data published Friday by China’s National Bureau of Statistics. Industrial production expanded 4.5% year over year, up from 3.7% in July.

China isn’t out of economic danger just yet, however, with a drawn-out property slump, falling exports and frosty relations with the U.S.-led West among a stack of challenges facing leaders in Beijing.

 

◈ Strong Dollar Cuts Into Corporate Profit Margins(달러 강세로 기업 이익률 감소)

AND DION RABOUIN The resurgent dollar is hitting earnings for U.S. companies doing business overseas, disappointing executives hoping for relief from the currency’s run to records.

Apple, Getty Images and United Parcel Service said the dollar's rebound to an month high is hurting sales and lowering profit margins, as goods become more expensive for customers abroad.

S& P 500 companies that derive more than half of their revenue outside the U.S. are on pace to post an 18% slide in second-quarter earnings, according to FactSet data through Aug. 30 that include 98% of S& P companies. In contrast, companies with more than half of their sales in the U.S. are poised to record 4% earnings growth.

 

◈  Stocks Climb on Strong Consumer Data(강력한 소비자 데이터로 주가 상승)

Investors shrugged off rebounding inflation, scooping up stocks in a bet that a strong U.S. consumer and resilient labor market will keep the market humming. Thursday’s slate of economic news was heavy: Consumers spent more than expected in August, suppliers faced rising prices and the European Central Bank lifted interest rates to the highest level in its history.

Traders worried that stubborn inflation might spur the Federal Reserve to raise rates further were relieved to see fuel costs behind the latest increase, since the central bank tends to ignore volatile gas prices.

The S& P 500 added 0.8%, with all 11 of its sectors finishing in the green. The tech-heavy Nasdaq Composite rose 0.8%, and the Dow industrials gained 1%.

 

오늘도 경제신문으로 세상을 봅니다.