- Asia Stocks Echo US Rally with Eyes on Fed Meet: Markets Wrap
(Bloomberg) — Stocks in Asia rose after US equities touched fresh highs and bonds also rallied as traders brace for the latest monetary policy decision from the Federal Reserve. Equities advanced in Australia and South Korea, while Hong Kong equity futures also rose. Japanese markets are closed for a holiday. - Borse Dubai Plans to Sell $1.6 Billion of Its Nasdaq Stake
(Bloomberg) — Nasdaq Inc.’s biggest shareholder, Borse Dubai, is selling roughly one third of its stake — or 27 million shares — in the exchange operator at $59 each, which would raise as much as $1.6 billion. Borse Dubai would still own more than 10% of Nasdaq’s stock and plans to agree to an 18-month lockup of the shares, according to a statement Tuesday. - Supreme Court Allows Texas Deportation Law in Biden Loss
(Bloomberg) — A divided US Supreme Court let Texas start arresting and deporting people who enter the country illegally, refusing to block a new law that the Biden administration says will be an unprecedented intrusion on federal power to set immigration policy. - Ueda’s Fast Move Triggers Split on Whether BOJ Is Done Hiking
(Bloomberg) — Now that Japan increased interest rates for the first time since 2007, investors and economists are divided over how long it will take before the central bank opts for another hike. Bank of Japan watchers agree that it won’t aggressively raise rates at the pace the Federal Reserve moved when it was battling inflation. - Trump-Backed Moreno Wins GOP US Senate Primary in Ohio
(Bloomberg) — Bernie Moreno, an Ohio businessman, won the state’s Republican US Senate primary, according to the Associated Press, prevailing over the traditionalist GOP establishment with Donald Trump’s backing and a populist appeal. - Yen Falls to Lowest Since 2008 Vs. Euro as BOJ Path Seen Gradual
(Bloomberg) — The yen fell to the weakest level since 2008 against the euro on speculation the Bank of Japan will keep its monetary policy accommodative even after it ended the world’s last negative-interest-rate policy on Tuesday. Japan’s currency dropped as much as 0.3% to 164.35 per euro before trimming some of the losses. - Fed to Give Fresh Clues on Path of Rate Cuts: Decision-Day Guide
(Bloomberg) — The Federal Reserve will likely avoid signalling an imminent rate cut this week, staying focused on stubborn inflation while keeping one eye on a slowly rising jobless rate. The Federal Open Market Committee is poised to keep rates in a range of 5.25% to 5.5% at its two-day policy meeting, a two-decade high first reached in July. - Macy’s Opens Its Books to Suitors Arkhouse and Brigade
(Bloomberg) — Macy’s Inc. has opened its books to Arkhouse Management Co. and Brigade Capital Management, the investment firms pushing to take over the famous US department store chain. New York-based Macy’s has signed a confidentiality agreement with its suitors, according to a spokesperson for the company. - Fraport shares fall as much as 6.9%, the most since May, after the airport operator’s guidance for 2024 Ebitda and free cash flow left analysts wanting more.
YEAR FORECAST: Sees Ebitda EU1.26 billion to EU1.36 billion, estimate EU1.34 billion (Bloomberg Consensus); Sees net income EU435 million to EU530 million, estimate EU500.6 million. 2023 YEAR RESULTS: Aviation revenue EU1.10 billion, estimate EU1.09 billion; Retail and Real Estate revenue EU499.0 million, estimate EU506.1 million; Ebitda EU1.2 billion, +17% y/y, estimate EU1.2 billion; Aviation Ebitda EU308.0 million, estimate EU299.4 million; Retail & Real Estate operating profit EU274.0 million, estimate EU296 million; Aviation operating profit EU152.0 million, estimate EU157.8 million; Net income EU430.5 million vs. EU166.6 million y/y, estimate EU420.7 million; Dividend per share EU0.0, estimate EU0.00; Revenue EU4 billion, +25% y/y, estimate EU3.95 billion; Frankfurt Airport passengers +21.3%; Frankfurt Airport passengers 59.4 million; Frankfurt Airport cargo -3.9%. - Unilever Plc plans to separate its ice cream business that includes brands such as Ben & Jerry’s as Chief Executive Officer Hein Schumacher streamlines the UK consumer-goods conglomerate by cutting 7,500 jobs.
The company said a range of options will be considered for the separation, with a demerger that creates a new listed business the most likely option. Unilever, which also owns Hellmann’s mayonnaise and Domestos cleaners, said the ice cream division had sales of €7.9 billion ($8.6 billion) in 2023. The move is part of a broader restructuring as Schumacher tries to jumpstart growth. Unilever said the job cuts, which will affect mainly office-based roles, are part of a plan to achieve €800 million in cost savings over the next three years. - Borse Dubai Ltd. is seeking to price the sale of shares in Nasdaq Inc. at $58 to $60 each, according to people familiar with the matter, who asked not to be identified as the information is private.
The Gulf-based exchange operator is offering close to 27 million Nasdaq shares, according to a statement earlier Tuesday. A representative for Nasdaq declined to comment, and Borse Dubai couldn’t immediately be reached for comment. Nasdaq shares closed at $62.46 each on Tuesday and fell as low as $60.01 in aftermarket trading before rebounding to $60.50 as of 4:28 p.m. New York time. - The founding family behind Nordstrom Inc. is seeking to take the US department store operator private, Reuters reports, citing people familiar with the matter. Its shares climb as much as 14%, the most intraday in more than a year.
Nordstrom is working with Morgan Stanley and Counterview Partners to reach out to private equity firms and gauge their interest for a potential deal. There is no certainty that a deal will happen. Nordstrom, Counterview and Morgan Stanley did not immediately respond to requests for comment: Reuters. Peers Macy’s and Kohl’s follow Nordstrom higher. - Chipotle Mexican Grill Inc.’s board approved a 50-to-1 split of this stock and will put the change before shareholders on June 6.
If shareholders approve the split, owners will get 49 additional shares per share held and split shares would start trading on June 26. - Kering SA warned that sales at Gucci will plunge about 20% in the first quarter due to steeper-than-expected decline in the Asia-Pacific region.
Kering’s American depositary receipts fell 10% post this release late Tuesday. With the recovery in China to remain slow to materialize, luxury companies became more dependent on the US. Company plans to release quarterly results on April 23.
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