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U.S. stocks traded lower this morning, with the Dow Jones dropping around 100 points on Wednesday.
Following the market opening Wednesday, the Dow traded down 0.30% to 33,823.27 while the NASDAQ fell 0.22% to 13,525.21. The S&P 500, also fell, dropping, 0.31% to 4,364.76.
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General Mills Inc (NYSE:GIS) reported better-than-expected fourth-quarter earnings, while sales missed estimates.
General Mills reported fourth-quarter FY23 sales growth of 3% year-on-year to $5.03 billion, missing the analyst consensus of $5.17 billion. Adjusted EPS of $1.12 topped the consensus of $1.07.
General Mills sees FY24 Organic net sales growth of 3% - 4%. The company sees FY24 adjusted EPS to grow 4% - 6% in constant currency from the base of $4.30 earned in fiscal 2023.
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In commodity news, oil traded up 0.1% to $67.72 while gold traded down 0.4% at $1,915.60.
Silver traded down 1.2% to $22.695 on Wednesday while copper fell 1.2% to $3.7440.
European shares were higher today. The eurozone’s STOXX 600 rose 0.6%, London’s FTSE 100 rose 0.7% while Spain’s IBEX 35 Index rose 0.8% The German DAX gained 0.8% French CAC 40 rose 0.8% and Italy’s FTSE MIB Index rose 0.5%.
Bank lending to households in the Eurozone rose by 2.1% year-over-year to EUR 6.87 trillion in May. German GfK Consumer Climate Indicator fell to a reading of -25.4 heading into July versus a revised level of -24.4 in the earlier month.
Industrial producer prices in Italy dropped by 4.3% year-over-year in May, while annual inflation rate in Italy eased to 6.4% in June, the lowest in fourteen months. Retail sales in Spain climbed by 6% year-over-year in May, while consumer confidence indicator in France rose to 85 in June from 83 in the prior month.
Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 jumping 2.02%, Hong Kong’s Hang Seng Index gaining 0.12%, China’s Shanghai Composite Index slipping 0.01%. India’s S&P BSE Sensex jumped 1.6%.
Profits earned by China's industrial firms dipped by 18.8% year-over-year to CNY 2,668.89 billion during the first five months of the year.
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The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,298,300 cases with around 1,168,040 deaths. India confirmed a total of at least 44,994,030 cases and 531,900 deaths, while France reported over 40,135,200 COVID-19 cases with 167,640 deaths. In total, there were at least 690,892,530 cases of COVID-19 worldwide with more than 6,895,110 deaths.
