Wed. Sep 23rd, 2020

European stocks hit four-year high; John Deere profits warning – business live

Shares rally on hopes of a trade deal, but the US-China dispute has already hurt Deere & Co

Earlier:

1.04pm GMT

Despite Deere’s gloominess, Wall Street could hit a new all-time high when trading begins in 90 minutes.

US Opening Calls:#DOW 28158 +0.14%#SPX 3148 +0.27%#NASDAQ 8414 +0.33%#RUSSELL 1627 +0.32%#FANG 2886 +0.49%#IGOpeningCall

12.46pm GMT

Looking ahead, Deere & Co is also bracing for equipment sales to fall significantly next year.

Here’s the details:

Agriculture & Turf. Deere’s worldwide sales of agriculture and turf equipment are forecast to decline 5 to 10 percent for fiscal-year 2020, including a negative currency-translation effect of 1 percent. Industry sales of agricultural equipment in the U.S. and Canada are forecast to be down about 5 percent, driven by lower demand for large equipment. Full-year industry sales in the EU28 member nations are forecast to be approximately flat as are South American industry sales of tractors and combines. Asian sales are forecast to be about the same as the prior year. Industry sales of turf and utility equipment in the U.S. and Canada are expected to be about flat.

Construction & Forestry. Deere’s worldwide sales of construction and forestry equipment are anticipated to be down 10 to 15 percent for 2020, with foreign-currency rates having an unfavorable translation effect of 1 percent. The outlook reflects slowing construction activity as well as the company’s efforts to manage dealer inventory levels. In forestry, global industry sales are expected to be in line with the previous year.

Continue reading…Shares rally on hopes of a trade deal, but the US-China dispute has already hurt Deere & CoLatest: John Deere profit warningStoxx 600 index at highest since 2015FTSE 100 hits two-month highEarlier:Chinese factory profits plunge 9.9%Worst monthly slide since 2011 (apart from Jan-Feb) 1.04pm GMTDespite Deere’s gloominess, Wall Street could hit a new all-time high when trading begins in 90 minutes.US Opening Calls:#DOW 28158 +0.14%#SPX 3148 +0.27%#NASDAQ 8414 +0.33%#RUSSELL 1627 +0.32%#FANG 2886 +0.49%#IGOpeningCall 12.46pm GMTLooking ahead, Deere & Co is also bracing for equipment sales to fall significantly next year.Here’s the details: Agriculture & Turf. Deere’s worldwide sales of agriculture and turf equipment are forecast to decline 5 to 10 percent for fiscal-year 2020, including a negative currency-translation effect of 1 percent. Industry sales of agricultural equipment in the U.S. and Canada are forecast to be down about 5 percent, driven by lower demand for large equipment. Full-year industry sales in the EU28 member nations are forecast to be approximately flat as are South American industry sales of tractors and combines. Asian sales are forecast to be about the same as the prior year. Industry sales of turf and utility equipment in the U.S. and Canada are expected to be about flat.Construction & Forestry. Deere’s worldwide sales of construction and forestry equipment are anticipated to be down 10 to 15 percent for 2020, with foreign-currency rates having an unfavorable translation effect of 1 percent. The outlook reflects slowing construction activity as well as the company’s efforts to manage dealer inventory levels. In forestry, global industry sales are expected to be in line with the previous year. Continue reading…

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