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The Kuwaiti Civil Aviation Authority announced that flights suspended due to the Iranian attacks have resumed.On June 11th, DBS Bank analyst Radhika Rao believes that the US-Iran tensions will bring a stagflation shock to the Eurozone market, with a more severe impact on Europe than on the US, forcing the European Central Bank (ECB) to tighten monetary policy sooner rather than later. She expects the ECB to raise the deposit rate by 25 basis points to 2.25%, maintaining a cautious and hawkish policy guidance. Further rate hikes are still possible in the second half of the year, but the ECB will assess the situation at each meeting while closely monitoring the possibility of a ceasefire and easing of tensions between the US and Iran. The ECB has lowered its 2026 Eurozone economic growth forecast to 1.0% and anticipates rising inflation.J&T Express (01519.HK) rebounded in the afternoon, narrowing its losses to 5.01%; the company responded to the investigation: J&T Express China attaches great importance to this matter, sincerely accepts it, and will resolutely obey and fully cooperate with the relevant authorities in carrying out various investigations in accordance with laws and regulations.On June 11th, J&T Express responded to the State Post Bureaus investigation into the company, stating that J&T Express China attaches great importance to the matter, sincerely accepts, and will resolutely comply with and fully cooperate with the relevant authorities in carrying out all investigations in accordance with laws and regulations. J&T emphasized that safe production is a red line that the company cannot cross. J&T China has deeply reflected on its practices in light of important instructions regarding safe production, and deeply feels that as the brand headquarters, it has fallen short in fulfilling its unified management responsibility for safety assurance for some companies operating under the "J&T Express" trademark, trade name, and waybills. The lessons learned are profound. J&T China sincerely accepts supervision.The yield on Japans 5-year government bonds fell 1.5 basis points to 1.920%.

Samsung Elec announces a higher Q2 profit owing to solid server-chip demand

Charlie Brooks

Jul 07, 2022 11:18


Samsung Electronics (OTC:SSNLF) Co Ltd announced its greatest April-through-June profit since 2018 with an 11 percent year-over-year gain, as demand for its memory chips from server customers more than offset decreased sales to smartphone manufacturers due to inflation.


The world's leading memory chip and smartphone manufacturer stated Thursday that its second-quarter operating profit grew to 14 trillion won ($10.73 billion) from 12.57 trillion won a year earlier.


It was quite close to Refinitiv's SmartEstimate of 14,45 trillion won.


In agreement with market estimates, Samsung (KS:005930) announced in a short earnings report that sales likely climbed by 21 percent year-over-year to 77 trillion won.


This month, Samsung will provide detailed financial results.


Large U.S. IT companies that rely heavily on data center services continued to acquire chips to meet cloud demand, insulating Samsung's chip revenue from a potential client oversupply after two years of high demand.


According to the data source TrendForce, the price of some DRAM chips, which are utilized in electronic devices and servers, decreased by around 12 percent last month compared to the same time period one year prior. As demand for smartphones and laptops decreases, analysts believe that prices will continue to fall.


"Server DRAM is currently the only feasible sales channel... As a result, Korean manufacturers were the first to signal a willingness to contemplate a quarterly price cut of more than 5 percent (for server goods) "DRAMS," according to TrendForce.


According to TrendForce, the costs of NAND Flash chips, which are used in electronic devices for data storage, are projected to decline by as much as 5 percent between July and September compared to the previous quarter.


Following two profitable pandemic years in which customers purchased devices for remote work, chipmakers throughout the globe are observing a fall in demand.


According to analysts, rising prices, worries of a dramatic market collapse, the Ukraine war, and China's COVID-19 lockdowns have hampered smartphone sales, leaving server chip demand as the only bright light.


During morning trade, the price of Samsung's stock jumped by 0.9%.


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