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On June 18th, Suren Thiru of the Institute of Chartered Accountants in England and Wales stated that the Bank of Englands next move is more likely to be a rate cut than a rate hike. After the Bank of England kept interest rates unchanged at 3.75% on Thursday, Thiru indicated that the central bank may enter a longer policy wait-and-see period to assess geopolitical uncertainties and domestic political instability. "British monetary policy is currently at a crossroads," Thiru said. The US-Iran peace agreement has boosted market expectations for easing inflation, but if hostilities resume, "the situation could quickly shift back towards raising interest rates." However, he stated that given the still high level of global volatility, the Bank of England is unlikely to initiate a rate cut before next year.Pfizer shares fell 1.4% in pre-market trading after Chief Financial Officer Dave Denton announced his resignation.Futures Market Summary | Thursday, June 18th, CCTV News Highlights: 1. Xi Jinping replies to Xinhua News Agency veteran Zhang Liansheng, emphasizing the importance of inheriting the red gene and writing an excellent chapter on the new journey. 2. Striving to write a new chapter in Chinese-style modernization under the guidance of Xi Jinpings thought on Party building. 3. The Central Leading Group for Party Building issued a "Notice on Studying and Implementing Xi Jinpings Thought on Party Building." 4. Peoples Daily commentator article: Making a major original contribution to the development of Marxist party building theory—On studying and implementing Xi Jinpings thought on Party building. 5. Han Zheng meets with guests from Canada and Denmark. 6. Accelerating the allocation of funds for "two new" projects to continuously release policy effectiveness. 7. The first report meeting of the series of reports on "Guaranteeing and Improving Peoples Livelihood in High-Quality Development" was held in Beijing. 8. Lin Dan: Serving the residents well for life. 9. The State Council Information Office held a meeting with Chinese and foreign journalists on "Striving for the New Journey." 10. The China Theatre Association, the China Folk Literature and Art Association, and the China Calligraphers Association elected a new leadership. 11. National railway transportation for the Dragon Boat Festival holiday begins today. 12. Market supply is abundant as the Dragon Boat Festival approaches. 13. Two departments urgently allocate 100 million yuan in central natural disaster relief funds. 14. The policy dividends of the six-month island-wide customs closure in the Hainan Free Trade Port continue to be released. 15. The import and export volume of the Western Land-Sea New Corridor reached a record high in the first five months. 16. my countrys first carbon footprint database for key industrial products goes online. 17. The Datengxia Hydropower Project in Guangxi passes completion acceptance. 18. The "National Recruitment Action - Beijing Trip" special event for college graduate employment services is launched. 19. Box office revenue for films in 2026 exceeds 16.5 billion yuan. 20. The 2026 China Brand Forum is held in Xiongan. 21. The official text of the memorandum of understanding signed remotely by the US President and the Iranian President is released. The Pakistani Prime Minister announces that the US-Iran memorandum of understanding takes immediate effect. 22. Russia claims that the Russian military has made significant progress in Donetsk. 23. Palestine strongly condemns Israels settlement expansion. 24. The G7 summit concluded without a joint communiqué. 25. The Federal Reserve announced for the fourth consecutive time this year that it would maintain interest rates unchanged.On June 18th, Emma Mogford of the Premier Miton Monthly Income Fund stated that the Bank of England may not need to raise interest rates this year, following the banks decision to keep rates unchanged at 3.75% on Thursday. "Price increases later this year triggered by the Iran war are likely to be offset by weaker demand. Furthermore, wage growth is expected to be only moderate given the relatively weak labor market." The Bank of England approved the decision with a 7-2 vote, with the two policymakers favoring a 25 basis point rate hike.Mayor of Moscow, Russia: The fire at the oil refinery is basically under control.

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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