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Frances February trade balance will be released in ten minutes.UK house prices unexpectedly fell last month, according to British mortgage lender Halifax on Wednesday, as economic uncertainty stemming from the conflict with Iran dampened buyer demand. Halifax reported a 0.5% month-on-month decline in March, compared to a 0.3% increase in February, while the market consensus was for a 0.1% rise. This contrasts with findings from rival mortgage lender Nationwide, which recorded a significant price increase in March. Halifax reported a 0.8% year-on-year increase in its house price index, compared to a forecast of 1.5%. Halifaxs head of mortgage lending, Amanda Bleden, said: "The recent slowdown in the housing market reflects the widespread uncertainty surrounding the conflict in the Middle East. Concerns about rising energy prices have increased inflation expectations, which in turn has led to higher mortgage rates, reducing confidence in rate cuts this year and dampening the initial momentum seen in the market at the beginning of the year."The Indian Embassy in Tehran strongly urges Indian citizens in Iran to leave Iran immediately, coordinate with the embassy, and use the routes recommended by the embassy.Dmitry Medvedev, Deputy Chairman of the Security Council of the Russian Federation: There will never be cheap oil again.Market pricing indicates that the money market has lowered its estimate of the probability of a rate hike at the ECBs April meeting from 60% on Tuesday to 20%.

Oracle Sales And Earnings Exceed Forecasts Amid Cloud Surge

Aria Thomas

Jun 14, 2022 11:50

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Oracle Corp surpassed Wall Street projections for quarterly profit and sales on Monday, as demand for its cloud products surged in tandem with the industry-wide transition to cloud-based systems.


In extended trading, shares of the Austin, Texas-based corporation whose fourth-quarter sales increased by 5 percent soared by almost 12 percent.


Safra Catz, chief executive officer of Oracle (NYSE:ORCL), stated in a statement, "We think this revenue growth increase signals that our infrastructure business has entered a hyper-growth period."


Oracle, which projected a currency headwind of 5% in the fourth quarter, up from 2% to 3% in the third quarter, forecasts significant revenue growth in its cloud business despite growing inflation and a higher dollar.


Microsoft (NASDAQ:MSFT) in April and Salesforce (NYSE:CRM) Inc in May signaled a solid future for the cloud industry as corporations raise expenditure, but Microsoft reduced its fourth-quarter profit and sales prediction earlier this month owing to unfavorable currency exchange rates.


Oracle predicted a quarterly loss of $100 million in fiscal year 2023 due to the suspension of services in Russia.


However, the business anticipates first-quarter sales growth between 17 and 18 percent, thanks to its $28 billion purchase of healthcare IT provider Cerner Corp. (NASDAQ:CERN).


Oracle's prediction was released on a day when U.S. stock markets plummeted, with the S&P 500 confirming it was in a bear market, as investors feared that aggressive interest rate rises by the Federal Reserve may drive the country into recession.


The business anticipates adjusted first-quarter EPS between $1.04 and $1.08, compared to the average analyst expectation of $1.13.


According to IBES statistics from Refinitiv, revenue for the fourth quarter ended May 31 increased to $11.84 billion, above analysts' average forecast of $11.66 billion.


Excluding adjustments, the company's earnings per share were $1.54, above analysts' predictions of $1.37.


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