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On March 6th, Nicholas Gwee, portfolio strategist at RBC Wealth Management, stated that Japan faces greater challenges than other countries in the region given the Middle East conflict, as Japan is a net importer of oil. He noted, "Over 90% of Japans imported crude oil comes from the Middle East, with over 60% transported through the Strait of Hormuz. Japan also relies on Middle Eastern supplies of liquefied natural gas and naphtha." Gwee stated that if the conflict continues, the sectors most affected include banking and financial services, aviation and transportation, shipping, energy-intensive manufacturing, refining and petrochemicals, as well as electronics and export-oriented industries. He added, "If the conflict drags on and restricts energy supplies, the Japanese stock market will continue to be under pressure."The Indian government has mandated that all refineries operating in India should maximize the production of liquefied petroleum gas (LPG) from propane and butane fractions and supply it to IOCL, HPCL, and BPCL.On March 6th, Futures reported that gold prices rose and then fell this week. As of March 5th, the domestic 99.99% spot gold price was 1151.26 yuan/gram. The evolution of the Middle East geopolitical situation has a mixed impact on gold. Firstly, the escalating geopolitical fragmentation has led to a decrease in market risk appetite, supporting gold and thus driving up precious metal prices. Meanwhile, rising oil prices may lead to increased global energy costs, which in turn will push up inflation through the supply chain. Gold, due to its natural monetary characteristics, serves as a hedge against inflation and receives price support. Secondly, this event represents Trumps move to strengthen the dollars dominance in the global oil trade system, stimulating the US dollar index and indirectly putting downward pressure on gold prices. Looking ahead, the macroeconomic outlook remains mixed. It is recommended to pay attention to the power struggle between Trump and the Supreme Court over global tariffs and tariff refunds, US non-farm payroll and CPI data, and further developments in the Middle East geopolitical situation. Gold is expected to experience wide fluctuations in the short term.March 6th Futures News: Economies.com analysts latest view: Gold prices recently rose intraday, attempting to escape the clearly oversold condition on the Relative Strength Index (RSI), especially with the emergence of positive overlapping signals, gold prices gained some upward momentum and recorded cautious gains. However, downward pressure remains due to trading consistently below the EMA50, hindering its short-term recovery and impacting its ability to break through the short-term upward trend line.March 6th - Data released by the South Korean government on Friday showed that, affected by escalating tensions in the Middle East, the average price of gasoline and diesel in Seoul, the South Korean capital, has exceeded 1,900 won per liter (approximately 8.93 yuan). Meanwhile, the government continues to warn against any illegal activities, such as price collusion. According to data from Opinet, the oil price information service platform under the Korea National Oil Corporation (KNOC), as of 9:00 AM local time on Friday, the average price of gasoline in Seoul rose by 27.5 won from the previous day, reaching 1,916.5 won per liter; the average price of diesel rose by 38.9 won, reaching 1,934.1 won per liter. This is the first time in three years and seven months that gasoline prices in Seoul have exceeded the 1,900 won per liter mark. The last time diesel prices surpassed this level was three years and three months ago in December 2022.

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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