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On May 15, MUFG analyst Derek Halpenny said in a report that the pounds lackluster reaction to the improvement in UK economic growth data suggests a cautious interpretation of the data. Data showed that the UK economy grew 0.7% in the first quarter, following a 0.1% increase in the previous quarter, but this was driven by unstable factors in corporate investment. This may mean that investors will remain cautious about over-interpreting the first quarter data. Given the tariff measures announced by the United States in April, the Bank of England sees the risk of slowing economic growth and should therefore further gradually cut interest rates.May 15th, U.S. Treasuries strengthened slightly, with yields of all maturities falling 1-2 basis points ahead of a series of data to be released later in the day. U.S. data to be released on Thursday include PPI, retail sales, weekly initial jobless claims and industrial production. Neuberger Berman economist Eric Knutzen said in a report that despite this, the trade conflict has now calmed down, people are paying more attention to the economy rather than the uncertainty of tariffs, and U.S. Treasury yields have moved away from the peak since President Trump announced reciprocal tariffs in early April.Russia says a potential meeting between Putin and Trump does not directly depend on talks on Ukraine.NATO Secretary General Rutte: NATO remains in close contact with Estonia regarding the Russian fighter jet incident in the Baltic Sea.UnitedHealth (UNH.N) shares fell 7% in premarket trading.

Samsung Elec expects mobile and PC chip demand to decrease in the second quarter

Aria Thomas

Jul 28, 2022 11:15

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Due to robust sales of server memory chips, Samsung Electronics Co., Ltd. reported a 12 percent increase in quarterly earnings on Thursday. As macroeconomic uncertainty lingers, the business forecasts that demand for mobile and PC processors will continue to fall.


According to the world's largest manufacturer of memory chips for cell phones, operating profit increased to 14.1 trillion won ($10.8 billion) for the quarter ending June 30, up from 12.57 trillion won a year ago. This is the company's best profit for any quarter since 2014, and its highest profit for the second quarter since 2018.


In addition, the company's earnings exceeded its own projections of 14 trillion won.


The rise in revenue was 21%, amounting to 77,2 trillion won.


A strong dollar, which reached a 20-year high, also aided chip earnings, increasing Samsung (KS:005930 operational profit )'s by around 1.3 trillion won from the previous quarter.


The majority of Samsung's chip sales are handled in U.S. dollars, but the business reports profitability in Korean won; hence, a strong U.S. dollar boosts earnings from semiconductors.


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