EUR/USD 1.16953
0.149%
Gold 4561.79
0.944%
Oil 85.958
0.041%
USD/JPY 158.825
-0.142%
GBP/USD 1.36506
0.153%
GBP/JPY 216.811
0.020%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 21, European Central Bank (ECB) Governing Council member Barry Kazzak stated that the ECB is fully prepared to take further action to bring inflation back to its target level from its current "somewhat unsettling" level if necessary. He noted that while consumer price increases are still "hovering around 3%", it is too early to judge the outcome of the ECBs meeting next month. Following the initial rate hike in June, the market has almost fully priced in a 25 basis point increase in the deposit rate. Kazzak said, "If necessary, we are prepared to act to push inflation back to 2% within a reasonable timeframe. We will meet again in September to assess the data and the economic outlook before making a decision. Given the current situation, further rate hikes have their pros and cons."Germanys preliminary manufacturing PMI for August will be released in ten minutes.On August 21st, S&P Global released a survey on Friday showing that Frances preliminary services PMI fell to 48.4 in August, a two-month low, down from 49.6 in July. Business activity contracted more than expected, with the recent prolonged heatwave dragging down the countrys dominant service sector. The French services PMI also fell short of market expectations of 49.8. Meanwhile, Frances preliminary manufacturing PMI rose to 51.5 in August from 49.8 in July, exceeding the expected 50. However, the preliminary composite PMI (covering both services and manufacturing) fell to 48.8 from 49.4 in July, a two-month low, below the expected 49.5. Joe Hayes, senior chief economist for market intelligence at S&P Global, said, "The preliminary August PMI report shows that the French economy has been weak for the second consecutive month. Some businesses, especially in the services sector, pointed to the extreme heatwave as one of the reasons for the decline in activity and demand."On August 21, Chen Hao, Deputy Director of the Shanghai Municipal Commission of Commerce, stated at a press conference held by the Shanghai Municipal Government that the "15th Five-Year Plan" period is a crucial period for the Lingang New Area to transform and leapfrog, and to develop its unique strengths. The Shanghai Municipal Commission of Commerce will support Lingang in further optimizing its two-way investment services for both "going global" and "bringing in" foreign investment. This includes strengthening Lingangs overseas service brand and achieving precise matching between industries and services. Focusing on key industries within the area, and relying on the Shanghai Municipal Enterprise Overseas Comprehensive Service Platform and its Lingang branch platform, the Commission will integrate overseas service resources, accelerate the introduction of a number of high-quality service institutions, and attract more overseas enterprises to establish their headquarters in the Lingang New Area. Simultaneously, the Commission will support Lingang in further improving the innovative supply of cross-border finance, cross-border trade, and offshore trade, creating a more fair, transparent, and predictable investment environment, attracting a number of landmark foreign investment projects, and driving the leapfrog development of industrial momentum through high-quality projects.Frances preliminary manufacturing PMI for August came in at 51.5, the highest in four months.

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%.


Suggestion