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The French Ministry of Finance has set a target of a budget deficit of 5.0% of GDP in 2027 and 5.4% in 2026.On September 19th, local time, Michael Mara was elected as the new leader of the Scottish Labour Party, succeeding Anas Saval who resigned. Mara received 4,266 votes, while his opponent, Joe Fagan, received 2,485. Mara stated that becoming the leader of the Scottish Labour Party was an "honor of my life" and pledged to work towards a fairer and more equitable Scotland. The Scottish Labour Party is facing a challenging situation. In the Scottish Parliament election in May, the party suffered a defeat, falling significantly behind the winning Scottish National Party.On September 19th, the German business daily Handelsblatt reported on Saturday that Volkswagens massive turnaround plan is expected to further cut more than 4,000 jobs at Porsche. Documents show that Volkswagens supervisory board recently approved an agreement aimed at advancing the companys largest restructuring plan to date. The documents state that the Porsche brand will cut "approximately 4,100 employees" to offset a shortfall of approximately €700 million in indirect costs. These layoffs will be "added on top of existing agreements." In July, Porsche management and labor representatives agreed to add 5,000 more jobs to the previously agreed-upon 4,000. Volkswagen lowered its full-year profit margin target on Friday, now expecting a maximum of only 1%, down from a previous range of 4.0% to 5.5%. This adjustment is primarily due to asset impairment at Porsche. Porsche CEO Michael Leiters is currently under pressure to develop a recovery strategy to address the sharp decline in market sales and the high costs associated with the automakers reversal of its electric vehicle strategy.The French draft budget projects that the debt-to-GDP ratio will reach 121.7% in 2027.The French draft budget projects that public spending will account for 56.9% of GDP in 2027 and 57.1% of GDP in 2026.

The Dow Futures drop following a strong week

Charlie Brooks

Jul 11, 2022 10:59

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After major benchmark indexes completed the week higher, U.S. stock futures dropped during Sunday evening trade as investors anticipated company earnings reports and important inflation data.


By 7:00pm ET (11:00pm GMT), the Dow Jones Futures were down 0.2 percent , the S&P 500 Futures were down 0.3 percent , and the Nasdaq 100 Futures were down 0.4 percent .


Ahead this week, market participants will concentrate on new CPI data, with the inflation rate predicted to hit 8.8 percent, the highest level since December 1981. Investors will examine, among other data releases, retail sales, manufacturing production, Michigan consumer mood, NFIB Small Business Optimism, consumer inflation expectations, producer pricing, export and import prices, and the New York Empire State Manufacturing Index.


PepsiCo Inc (NASDAQ:PEP) and Delta Air Lines Inc (NYSE:DAL) are scheduled to report earnings on Tuesday and Wednesday, respectively, while JPMorgan Chase & Co (NYSE:JPM), Morgan Stanley (NYSE:MS), Wells Fargo & Company (NYSE:WFC), and Citigroup Inc (NYSE:C) are scheduled to report earnings later in the week.


During trading on Friday, the Dow Jones Industrial Average sank 46.4 points, or 0.2 percent, to 31,338.2, the S&P 500 finished 0.3 points, or 0.1 percent, down at 3,894.4, and the NASDAQ Composite climbed for the sixth consecutive day, adding 14 points, or 0.1 percent, to 11,635.3. The Dow rose 1.4 percent for the week, while the S&P 500 climbed 2.7 percent and the NASDAQ gained 6.1 percent .


On the bond markets, 10-Year United States rates jumped to 3.08 percent.


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