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January 13th - According to a source familiar with the matter, global central bank officials are working to issue a statement in support of Fed Chairman Jerome Powell following the Trump administrations significant escalation of pressure on the Federal Reserve. The joint statement is expected to be released under the name of the Bank for International Settlements and is open for signature by all central banks. The source also indicated that due to time zone differences, central bank governors will need time to refine their wording, so the statement could be released as early as Tuesday.Frances November government budget was -€155.407 billion, compared to -€136.2 billion in the previous month.Central banks around the world are drafting a statement to express their support for Federal Reserve Chairman Jerome Powell. The joint statement is expected to be released under the name of the Bank for International Settlements (BIS).The onshore yuan closed at 6.9765 against the US dollar at 16:30 on January 13, down 23 points from the previous trading day.On January 13th, Matt Weller, Head of Market Research at Forex.com, stated that he expects both the overall and core CPI in the US to rise by 2.7% year-on-year in December. Overall, the process of inflation falling back towards the 2% target has stalled for over a year, with the overall CPI year-on-year increase consistently hovering between 2.3% and 3%, while the core CPI has also remained in the mid-to-high range of 2.5% to 2.9%. Despite inflation continuing to exceed the target level, the Federal Reserves concerns about the job market are still considered a more pressing issue, and the market expects the federal funds rate to be further lowered this year. However, the implied probability of the Fed cutting rates again at its March meeting is only about 25%, and the market is confident that the Fed will keep rates unchanged this month. The news that the US Department of Justice subpoenaed Powell this weekend adds additional risk to the Feds independence. While this is a low-probability event, it increases the likelihood of Trump replacing the Fed chairman earlier than planned. If this happens (although the probability remains low), regardless of current inflation data, we may see more aggressive rate cuts.

Lyft's Stock Falls After Revenue And Passenger Misses

Charlie Brooks

Nov 08, 2022 14:12

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On Monday, ride-hailing startup Lyft Inc (NASDAQ:LYFT) forecast current-quarter revenue below Wall Street estimates as user growth on its platform slowed, falling behind bigger rival Uber Technologies Inc (NYSE:UBER) and sending its shares down 13%.


According to FactSet, Lyft's active riders climbed by 7.2% to 20.3 million in the third quarter, which was the year's slowest quarterly growth and fell short of the consensus estimate of 21.3 million.


However, revenue per active rider increased by 13.7% to $51.88, representing the highest increase compared to the previous two quarters.


Uber holds a greater percentage of the ridesharing sector, has international operations, and revenues from its food delivery business.


After Uber reported a lucrative quarter and said last week that it was not seeing any signs of a consumer slump, there were high hopes for Lyft.


Rider expansion for Lyft is slowing.


"Lyft is losing market share to Uber because it lacks the cross-platform offering Uber has established with ride-sharing and Eats," said Nicholas Cauley, an analyst at Third Bridge.


On a post-earnings conference call, Lyft executives advised analysts that they were not observing any worrisome macro patterns heading into the fourth quarter, and that they were relying on cost-cutting measures and demand to enhance profitability and growth.


John Zimmer, the president of Lyft, said in an interview, "Historically, in a recessionary context, transportation is more resilient than delivery and takeout because we need to move about."


According to Refinitiv IBES statistics, the company expects fourth-quarter revenues between $1.15 billion and $1.17 billion, while analysts predict $1.17 billion.


As the company pays for driver insurance in the current quarter, it expects growing insurance prices to have a negative impact.


The business expected adjusted EBITDA (profits before interest, taxes, depreciation, and amortization), a profitability measure frequently monitored by investors, to range between $80 million and $100 million, compared to the $84.5 million predicted by analysts.


An analyst at D.A. Davidson, Tom White, said, "It's more of a cost-cutting victory than a growth one."

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