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- The BOJ Changes Course
Good Morning!
Happy Wednesday! Let’s have a great day:
👉BOJ changes course
👉Disney earnings are in
👉Uber earnings are in
BOJ: Changes Course
Global stock markets rebounded Wednesday night, with Japanese equities leading the charge. Bank of Japan Deputy Governor Shinichi Uchida reassured investors by stating that there would be no interest rate hikes during periods of market instability.
Source: Japan Times
Uchida explained that a stronger yen, which lowers import prices and overall inflation, will influence the BOJ’s policy decisions. Market volatility will also shape the central bank’s approach. If this volatility changes their economic outlook or the likelihood of achieving the 2% inflation target, the BOJ will adjust its strategy accordingly.
🎯GRIT TAKE: The Bank of Japan caving… upgrade to VIP now to read the full GRIT Take!
EARNINGS: Disney
Disney reported strong fiscal third-quarter earnings, surpassing analyst expectations. The highlight was its streaming business, which turned a profit a quarter earlier than anticipated. Combined streaming, including Disney+, Hulu, and ESPN+, posted a $47 million profit, reversing a $512 million loss from last year. Excluding ESPN+, the direct-to-consumer unit had a $19 million loss.
Source: CNBC
Disney's entertainment segment saw a 4% revenue increase to $10.58 billion, driven by subscription growth and price hikes. Total revenue rose 4% to $23.155 billion. ESPN's domestic and international revenue grew 5%, with a 17% rise in domestic advertising. However, U.S. theme parks faced challenges due to slowing demand and inflation. Overall experience revenue, including parks and products, was up 2% to $8.386 billion. Despite higher costs, Disney remains committed to investing $60 billion in its parks over the next decade.
EARNINGS: Uber
Uber's second-quarter earnings beat Wall Street estimates, boosting the stock by 6%. Revenue jumped 16% to $10.92 billion. The mobility unit saw a 23% increase in gross bookings to $20.6 billion, while delivery bookings rose 16% to $18.1 billion. CEO Dara Khosrowshahi had predicted around 20% growth due to expanding mobility and rising food and trip orders.
Source: Uber
For Q3, Uber forecasts bookings between $40.25 billion and $41.75 billion, with expected adjusted earnings of $1.58 billion to $1.68 billion. Monthly active users hit 156 million with 2.77 billion trips. Net income was $1.02 billion, including a $333 million benefit from equity revaluations. Uber partnered with Instacart for restaurant deliveries in May and BYD in July to bring 100,000 EVs to Europe and Latin America.
Chart of the Day
📊 China Leads Minerals Production
Source: Statista
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Source: @wallstbets
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