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Hims and Hers beats quarterly profit on steady subscription growth

Hims and Hers beats quarterly profit on steady subscription growth

Reutersa day ago
NEW YORK, Aug 4 (Reuters) - Hims and Hers Health (HIMS.N), opens new tab beat Wall Street estimates for second-quarter profit on Monday, aided by continued subscription growth and surging volume in the telehealth company's weight-loss business.
The company reported a quarterly profit of 17 cents per share, higher than the average analyst estimate of 15 cents, according to LSEG data.
However, shares fell about 10% in extended trading as quarterly revenue of $544.8 million missed analysts' average expectation of $551.6 million.
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Oil rebounds on Trump threats on Russian crude buyers
Oil rebounds on Trump threats on Russian crude buyers

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Oil rebounds on Trump threats on Russian crude buyers

SINGAPORE, Aug 6 (Reuters) - Oil prices climbed on Wednesday, rebounding from a five-week low in the previous day, on concerns of supply disruptions after U.S. President Donald Trump's threats of tariffs on India over its Russian crude purchases. Brent crude futures gained 43 cents, or 0.6%, to $68.07 a barrel by 0330 GMT, while U.S. West Texas Intermediate crude was up 40 cents, or 0.6%, at $65.56 a barrel. "There's still plenty of uncertainty over the U.S. imposing secondary tariffs on buyers of Russian oil ... market chatter is growing that China's purchases of Russian oil may come into focus next," ING commodity strategists said on Thursday. "If India were to stop buying Russian oil amid tariff threats, we believe the market would be able to cope with the loss of this supply," they said, adding that the bigger risk was if other buyers also started to shun Russian oil. Both oil contracts fell by more than $1 on Tuesday to settle at their lowest in five weeks, marking a fourth session of losses, on oversupply concerns from OPEC+'s planned September output hike. "Investors are assessing whether India will reduce its Russian crude purchases in response to Trump's threats, which could tighten supply, but it remains to be seen if that will actually happen," said Yuki Takashima, economist at Nomura Securities. "If India's imports remain steady, WTI is likely to stay within the $60-$70 range for the rest of the month," he said. The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, a move that will end its most recent output cut earlier than planned. The OPEC+ pumps about half of the world's oil and had been curtailing production for several years to support the market, but the group introduced a series of accelerated output hikes this year to regain market share. At the same time, U.S. demands for India to stop buying Russian oil as Washington seeks ways to push Moscow for a peace deal with Ukraine could upset supply flows as Indian refiners seek alternatives and Russian crude is redirected to other buyers. Trump on Tuesday again threatened higher tariffs on Indian goods over the country's Russian oil purchases over the next 24 hours. Trump also said declining energy prices could pressure Russian President Vladimir Putin to halt the war in Ukraine. New Delhi called Trump's threat "unjustified" and vowed to protect its economic interests, deepening a trade rift between the two countries. Nomura's Takashima also pointed to industry data showing crude inventories in the U.S., the world's biggest oil consumer, as supportive for the oil market. U.S. crude inventories fell by 4.2 million barrels last week, sources citing American Petroleum Institute figures said on Tuesday. That compares with a Reuters poll estimate of a 600,000 barrels draw for the week to August 1. The U.S. Energy Information Administration is due to release its weekly inventory data on Wednesday.

China's export growth likely slowed in July as US tariff deadline looms: Reuters poll
China's export growth likely slowed in July as US tariff deadline looms: Reuters poll

Reuters

time7 minutes ago

  • Reuters

China's export growth likely slowed in July as US tariff deadline looms: Reuters poll

BEIJING, Aug 6 (Reuters) - China's export growth probably slowed in July, as manufacturers await clarity on whether Beijing can reach a deal with its top consumer market, the United States, or if President Donald Trump will reinstate additional tariffs on Chinese goods. Outbound shipments were expected to have risen an annual 5.4% in value terms, according to the median forecast of 34 economists in a Reuters poll, down from a 5.8% increase in June. Imports likely shrank 1.0%, reversing a 1.1% rise previously, with domestic demand still in the doldrums amid a protracted property crisis that has consumers tightening their purse strings. Trump's erratic trade policy - marked by multiple rounds of tit-for-tat tariff hikes with Beijing - has heaped pressure on China's export-oriented economy, posing a serious test to its long-standing growth model. China is facing an August 12 deadline to reach a durable tariff agreement with the U.S. administration, after Beijing and Washington reached framework agreements in May and June to reduce non-tariff barriers such as in rare earth minerals and technology to avoid further escalating their trade war. Without a deal, global supply chains could face renewed turmoil from U.S. duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. Trump said on Tuesday the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping before the end of the year if the world's two largest economies could come to an agreement. China's July trade surplus is forecast to narrow to $105 billion from $114.77 billion in June. Separate data from the U.S. Commerce Department's Bureau of Economic Analysis on Tuesday showed that the U.S.'s trade gap with China shrank to its lowest in more than 21 years in June. Chinese government advisers are stepping up calls to make the household sector's contribution to broader economic growth a top priority at Beijing's upcoming five-year policy plan, as trade tensions and deflation threaten the outlook. And top leaders have vowed to step up regulation of aggressive price-cutting by Chinese companies that is pushing prices ever lower. But economists warn that reversing the current deflationary slump will be far more difficult than during the last round of supply-side reforms a decade ago, as the downturn now poses a broader threat to employment, which Chinese leaders have emphasised is a core component of social stability. Reaching an agreement with the United States — and with the European Union, which has accused China of producing and selling goods too cheaply — would give Chinese officials more room to advance their reform agenda. However, analysts expect little relief from Western trade pressures. Export growth is projected to slow sharply in the second half of the year, hurt by persistently high tariffs, President Trump's renewed crackdown on the rerouting of Chinese shipments and deteriorating relations with the EU.

South Korea says timing of U.S. tariff cut on autos not decided
South Korea says timing of U.S. tariff cut on autos not decided

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South Korea says timing of U.S. tariff cut on autos not decided

SEOUL, Aug 6 (Reuters) - South Korea's Industry Minister Kim Jung-kwan said on Wednesday that Seoul needs to hold further discussions with Washington on the timing of the promised tariff cuts on the country's car exports to the U.S. from the current level of 25%. President Donald Trump said last week the U.S. will charge a 15% tariff on imports from South Korea, including autos, as part of a deal that eases tensions with a top-10 trading partner and key Asian ally. The 15% U.S. tariffs on most items coming from South Korea are due to take effect starting from Thursday. South Korean auto makers such as Hyundai Motor ( opens new tab and Kia ( opens new tab want the tariff cut brought in swiftly to create a level playing field with Japanese and European rivals. Separately, Japan's top tariff negotiator Ryosei Akazawa said he would head to Washington this week to press Trump to sign an executive order to bring the cut to tariffs on Japanese auto imports into effect. In the technology sector, Kim said the countries had agreed to continue talks on online platform legislation to make sure U.S. tech companies were not unfairly treated compared with domestic firms. "Although the digital issue was not included in the latest agreement, there are major concerns about it among the U.S. government, parliament and businesses," he said at a parliamentary session. The minister reiterated that there had been no agreement on the opening of the agriculture market, including beef, rice, fruit and other farm goods as part of the deal. But he said the countries will increase cooperation in the quarantine process for fruit and vegetables, which has been cited by Washington as one of the non-tariff barriers that U.S. farmers face. South Korean Finance Minister Koo Yun-cheol said at a separate parliamentary session that the U.S. viewed the quarantine process for fruit and vegetables as too slow and asked Seoul to introduce a rational and scientific process.

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