REUTERS: Caterpillar Inc spooked investors for a second straight quarter on Wednesday with a 4 percent drop in Asia-Pacific construction equipment sales that pointed to more weakness in China, its key growth market.
"CAT has most exposure to China in their construction industry business and that business was just a bit disappointing on revenue and margins," Jefferies analyst Stephen Volkmann said. The company reported first-quarter construction revenue of US$5.87 billion, missing analysts' expectation of US$5.95 billion, according to Refinitiv IBES.Still, overall revenues rose about 5 percent to US$13.5 billion and beat estimates due to higher demand in North America for equipment used in road construction activities.The company also raised its full-year profit forecast as it booked a tax gain in the first quarter stemming from President Donald Trump's tax reforms.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Amazon, facing entrenched rivals, says to shut China online storeAmazon.com Inc said it will shut its China online store by July 18, as the U.S. e-commerce giant focuses on the lucrative businesses of selling ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Nintendo shares jump 17 percent after Tencent wins key China Switch sales approvalNintendo Co Ltd shares jumped 17 percent in morning Tokyo trade on Friday, a day after China's Tencent Holdings Ltd won a key approval to begin ... see how China can change the whole thing so quickly
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Nintendo shares jump 17% after Tencent wins key China Switch sales approvalTOKYO: Nintendo Co Ltd shares jumped 17 percent in morning Tokyo trade on Friday, a day after China's Tencent Holdings Ltd won a key approval to ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Swine fever will hurt Brazil soy exports, lift China meat sales: ministerBrazilian soy exports to China will definitely decline this year as African swine fever in the world's No. 2 economy cuts demand for the animal ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Swine fever will hurt Brazil soy exports, lift China meat sales: MinisterBrazilian soy exports to China will definitely decline this year as African swine fever in the world's No. 2 economy cuts demand for the animal ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
GM says Cadillac brand points to strong growth in ChinaGeneral Motors' luxury Cadillac brand is enjoying strong growth in China, the No.1 U.S. automaker said at a conference on Wednesday in New York.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Wall Street dips as healthcare slide offsets chip boostU.S. stock index futures inched higher on Wednesday, buoyed by upbeat economic data from China, but gains were capped by disappointing quarterly ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China large enough to lift both SGX and HKExGROWING demand for hedging solutions to help investors manage their exposure to China will benefit both Singapore Exchange (SGX) and Hong Kong Exchanges and Clearing (HKEx). Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Europe: Shares hold on to 8-month highs on China data; Autos rally[BENGALURU] European shares ended higher on Wednesday led by a rally in auto stocks as better-than-expected sets of data from China assuaged investor concerns about the health of the world's second-largest economy. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Amazon to close domestic marketplace business in China - sources(Corrects paragraph 2 to reflect that Amazon's China-based customers can order from Germany, not Denmark)
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China local governments special bond issuance increased 219.3b yuan in March[BEIJING] Chinese local governments issued 391 billion yuan (S$79.1 billion) in special bonds in March, up sharply from 171.7 billion yuan in February, the finance ministry said, as Beijing looks to fast-track infrastructure projects to boost growth. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »