The long-running trade standoff between the United States and China has often moved markets, as investors have feared the cumulating effect of higher costs and growing uncertainty on corporate performance.
Chairman and CEO Michael McGarry said in a conference call that the company expects “global economy activity to remain sluggish in the third quarter” citing “regional and country trade disputes” as a reason for recent, subdued demand. Chief Executive James Foote said in an earnings call on Tuesday that the “present economic backdrop is one of the most puzzling I have experienced in my career,” while Mark Wallace, executive vice president of sales and marketing, said “obviously what would help in the back half would be a resolution or clarity on trade tariffs.
Chief Financial Officer Greg Lewis said, however, that the company is “taking a cautious view on short-cycle growth as many macro signals: China GDP, U.S.-China trade tensions and Brexit, just to name a few, are still clouding the economic outlook. We think it’s prudent to plan conservatively, given the uncertainties. And our 3Q and second half guidance reflect that.”
“In response, equity volatility were increased, global markets turned risk-off, the U.S. yield curve inverted and client activity slowed across a variety of products as our corporate and investor clients stayed on the sidelines.”The global apparel giant reported fourth-quarter earnings on June 27, missing earnings forecasts.
Listening to them the market should be down 10000 points. How's it doing?
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