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Puma hikes sales outlook despite supply challenges

BERLIN (Reuters) – German sportswear company Puma increased its 2021 sales outlook on Wednesday even as it cautioned that a coronavirus lockdown in Vietnam, port congestion and container shortages were hurting its supply chain.

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Puma hikes sales outlook despite supply challenges
© Reuters. FILE PHOTO: The logo of German sports goods firm Puma is seen at the entrance of one of its stores in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger

BERLIN (Reuters) – German sportswear company Puma increased its 2021 sales outlook on Wednesday even as it cautioned that a coronavirus lockdown in Vietnam, port congestion and container shortages were hurting its supply chain.

Third-quarter sales rose a currency-adjusted 20.4% to 1.9 billion euros ($2.21 billion), while operating profit jumped to 229 million euros, both well ahead of average analyst forecasts.

Puma said it now expects full-year currency-adjusted sales to rise at least 25%, up from a previous outlook for at least 20%, while it now sees operating profit between 450 million and 500 million euros, compared to a previous 400-500 million.

($1 = 0.8593 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Wall Street bounces back from Omicron, inflation jitters

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Wall Street bounces back from Omicron, inflation jitters
© Reuters. FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File Photo

(Reuters) – U.S. stocks jumped at the open on Wednesday, recovering from a sharp sell-off triggered by concerns over rising inflation and the new Omicron coronavirus variant.

The rose 195.22 points, or 0.57%, at the open to 34,678.94.

The opened higher by 35.82 points, or 0.78%, at 4,602.82. The gained 214.58 points, or 1.38%, to 15,752.27 at the opening bell.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Germany stocks higher at close of trade; DAX up 2.47%

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Germany stocks higher at close of trade; DAX up 2.47%
© Reuters. Germany stocks higher at close of trade; DAX up 2.47%

Investing.com – Germany stocks were higher after the close on Wednesday, as gains in the , and sectors led shares higher.

At the close in Frankfurt, the gained 2.47%, while the index climbed 1.29%, and the index added 0.99%.

The best performers of the session on the were Infineon Technologies AG NA O.N. (DE:), which rose 5.32% or 2.123 points to trade at 42.053 at the close. Meanwhile, Bayerische Motoren Werke AG (DE:) added 4.23% or 3.600 points to end at 88.675 and Daimler AG NA O.N. (DE:) was up 4.17% or 3.470 points to 86.620 in late trade.

The worst performers of the session were HelloFresh SE (DE:), which fell 3.49% or 3.12 points to trade at 86.28 at the close. Sartorius AG VZO O.N. (DE:) declined 3.03% or 18.400 points to end at 588.600 and Qiagen NV (DE:) was down 2.06% or 1.005 points to 47.895.

The top performers on the MDAX were AUTO1 Group SE (DE:) which rose 5.65% to 26.20, Deutsche Lufthansa AG (DE:) which was up 5.07% to settle at 5.633 and Jungheinrich AG O.N.VZO (DE:) which gained 4.87% to close at 43.540.

The worst performers were Wacker Chemie O.N. (DE:) which was down 3.69% to 146.88 in late trade, Carl Zeiss Meditec AG (DE:) which lost 2.20% to settle at 173.050 and LEG Immobilien AG (DE:) which was down 1.94% to 121.100 at the close.

The top performers on the TecDAX were Infineon Technologies AG NA O.N. (DE:) which rose 5.32% to 42.053, Jenoptik AG (DE:) which was up 5.09% to settle at 37.600 and Aixtron SE (DE:) which gained 4.65% to close at 18.620.

The worst performers were Sartorius AG VZO O.N. (DE:) which was down 3.03% to 588.600 in late trade, Carl Zeiss Meditec AG (DE:) which lost 2.20% to settle at 173.050 and Qiagen NV (DE:) which was down 2.06% to 47.895 at the close.

Rising stocks outnumbered declining ones on the Frankfurt Stock Exchange by 536 to 187 and 51 ended unchanged.

Shares in Jenoptik AG (DE:) rose to 3-years highs; up 5.09% or 1.820 to 37.600.

The , which measures the implied volatility of DAX options, was down 12.27% to 24.17.

Gold Futures for February delivery was up 0.61% or 10.90 to $1787.40 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January rose 2.10% or 1.39 to hit $67.57 a barrel, while the February Brent oil contract rose 2.20% or 1.52 to trade at $70.75 a barrel.

EUR/USD was down 0.15% to 1.1319, while EUR/GBP fell 0.22% to 0.8503.

The US Dollar Index Futures was down 0.04% at 95.972.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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UniCredit mulls 3,000 voluntary job cuts under new plan – sources

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UniCredit mulls 3,000 voluntary job cuts under new plan - sources
© Reuters. FILE PHOTO: UniCredit bank logo is seen in Siena, Italy June 29, 2017. REUTERS/Stefano Rellandini//File Photo

By Valentina Za

MILAN (Reuters) – UniCredit is considering cutting around 3,000 jobs through voluntary departures under a new strategic plan the Italian lender is due to present on Dec. 9, two sources familiar with the matter said on Wednesday.

The majority of the job cuts will affect corporate centres, the sources said, adding the figure was still tentative because the bank would start negotiations with unions only after unveiling the plan.

UniCredit, which last year lost the title of Italy’s No.1 bank to Intesa Sanpaolo (OTC:) when the rival took over mid-tier player UBI, hired in April investment banker Andrea Orcel as its new chief executive to replace Jean Pierre Mustier.

Intesa said this month it had agreed with unions 2,000 early departures and 1,100 new hires https://www.reuters.com/business/finance/intesa-signs-accord-with-unions-2000-early-staff-exits-1100-new-hires-2021-11-16 ahead of a new business plan due in February.

UniCredit, which operates in 13 markets including Germany, Austria and eastern Europe, employs 87,102 staff globally, of which around 36,000 are in Italy. The cuts would amount to 3.4% of UniCredit’s overall workforce.

In Italy, where a significant portion of the reductions would be concentrated given its relative weight for UniCredit, banks only lay off people on a voluntary basis and usually through costly early retirement schemes.

In recent years, the goal of Italian banking unions in accords over job redundancies has been to replace half of the people leaving with young hires.

UniCredit’s previous plan, unveiled in December 2019 and due to run through 2023, had envisaged 8,000 job cuts, leading to 1.6 billion euros in restructuring charges.

Following negotiations with unions after the plan, UniCredit in April 2020 agreed with Italian unions https://www.reuters.com/article/us-eurozone-banks-unicredit-idUKKBN21K2WP 5,200 voluntary departures in the country, partly offset by 2,600 new hires.

When he was hired in 2016 to bring UniCredit back from the brink, Mustier slashed 14,000 jobs under his first four-year plan.

Separately on Tuesday, sources said UniCredit was looking to streamline its insurance joint-ventures in Italy and discussing an extension of an option to take full control of a joint venture with France’s CNP Assurances.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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