The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
China's Huawei 2017 revenue ascends backed by smartphone sales and cost controls
On Friday, the world's number three smartphone producer, China's Huawei Technologies reported a 28% jump in the previous year’s net revenue, powered by cost controls as well as a sturdy performance in its home market.
The outlook for the high-tech Chinese company, actually trailing Samsung Electronics along with Apple Inc in mobile devices, is clouded by fierce competition in the domestic market, not to mention diving sales in America because Washington’s considering higher import duties on China's tech stuff.
Shenzhen-based Huawei boasted net revenue surge to about 47.5 billion Yuan the previous year, steeply up from a 0.4% leap in 2016. Apparently, the surge turned to be partly the outcome of a 85% sag in net financing expenses because the Chinese company had smaller foreign exchange losses booked.
Profit inched up 15.7% hitting 603.6 billion Yuan, which is in line with Huawei’s previous guidance as well as its slowest surge for four years.
The Chinese company vowed to concentrate on improving revenue having posted the slowest revenue surge for five years in 2016 because its slim-margin smartphone business suppressed revenue surge.
The company’s consumer business, including smartphone operations, tacked on at a slower 31.9% ending up with 237.2 billion Yuan having shipped up to 153 million smartphones in 2017. The given segment had managed to inch up 43.6% in 2016.
The carrier business, which accounts for almost half of the group's total profit, ascended at a slower tempo of 2.5%, versus 2016's 23.6% expansion because telecom operators are about to present next-generation 5G wireless networks in the nearer future.
Market share revenues in the European Union have helped Huawei to compensate the company's exclusion from America, which appears to be the world's most profitable market for smartphone makers.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
Australia will release employment change and an unemployment rate on Thursday, October 14, at 03:30 MT (GMT+3).
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).