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July 2nd - On Thursday, the Swiss franc retreated from its intraday high against the US dollar after weaker-than-expected Swiss consumer price index data was released. However, the pair remained within its weekly range, not far from its one-year high of 0.8140. Swiss inflation slowed to 0% month-on-month in June from 0.2% in May, a larger slowdown than the market expectation of 0.1%. Year-on-year inflation also fell to 0.5% from 0.6% in May. This data effectively confirms that the Swiss National Bank (SNB) will maintain its benchmark interest rate at its current 0% level for the remainder of the year and possibly until 2027. With investors increasing their bets on a Federal Reserve rate hike, the SNBs low interest rates could become a headwind for the francs rebound. Later today, market focus will shift to the US non-farm payrolls report, which is expected to show 110,000 new jobs added in June, following three months of strong job growth. Investors will analyze this data from a monetary policy perspective, looking for confirmation signals of a Fed rate hike in September. The US dollar faces significant upside risks.Gold hit a new intraday high during Thursdays European session, continuing its steady rebound amid a slightly weaker dollar. However, high expectations of a Fed rate hike and geopolitical risks supporting the dollar kept gold prices within the previous trading days range. Traders also remained cautious ahead of the highly anticipated US monthly jobs data, avoiding aggressive directional bets. The CME FedWatch tool showed traders still pricing in a roughly 64% probability of a Fed rate hike in September and nearly 85% before the end of the year. Fed Chairman Warshs remarks on Wednesday reinforced these expectations, stating that the Fed would adhere to its 2% inflation target. Market focus is now shifting to the upcoming US non-farm payroll report. Technically, gold remains below the 100-period moving average, reinforcing the short-term bearish bias.July 2nd Futures News: On July 2nd, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 276,569 tons, an increase of 3,380 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 1,557 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,640 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 51,160 tons. 6. Petroleum asphalt futures warehouse receipts: 15,910 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 17,970 tons, a decrease of 500 tons from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.German Chancellor Merz: Proposals to simplify tax laws will be put forward this fall.German government documents show that by the end of 2026, Germany will launch a plan to accelerate the expansion of its power grid.

Off-price Rack Sales Drop, Nordstrom Lowers Profit Forecast

Charlie Brooks

Jan 20, 2023 10:41

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After poor Christmas sales and a 6% decline in after-hours trade on Thursday, Nordstrom Inc. (NYSE:JWN) lowered its yearly profit projection.


The company expected 5% to 7% annual sales growth. From Jan. 1 to Dec. 31, 2022, Nordstrom Rack's net sales fell 7.6%.


Americans have cut discretionary spending due to decades-high inflation, and drastic inventory cuts have affected U.S. stores.


Macy's Inc. (NYSE:M) cut its holiday sales projection earlier this month, blaming a longer-than-expected retail drop between Black Friday and Christmas. Lululemon Athletica (NASDAQ:LULU) warned of quarter margin reduction.


The National Retail Federation reported decreased Christmas sales on Wednesday because shoppers bought in October when businesses offered higher discounts.


Nordstrom is underperforming.


It had to provide more markdowns than planned, and its Rack banner is currently grappling with inventory mismanagement and merchandising concerns exacerbated by supply-chain issues during the pandemic, when women's clothes and shoes were scarce.


William Blair analyst Dylan Carden said Rack had persistent merchandising mistakes.


Nordstrom expects fiscal 2022 adjusted EPS of $1.50 to $1.70, down from $2.30 to $2.60.


Lower inflation, larger inventory, and typical freight and labor costs should assist Nordstrom and other retailers this year, analysts said.


"Going into 2023, that gives me some comfort that even if the first half is kind of mediocre, maybe it'll start to look better," Morningstar analyst David Swartz said.


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