Latest news with #JacksonHoleSymposium
Yahoo
18 hours ago
- Business
- Yahoo
Finance week ahead: Jackson Hole Symposium, UK inflation, Walmart, Palo Alto Networks and Baidu
Earnings season is winding down but there are still a number of companies due to report, along with key economic data and events on both sides of the Atlantic – including the Jackson Hole Symposium. This year's Jackson Hole Symposium will see central bankers from around the world gather to discuss economic policy – an event that will be closely watched by investors for any signals on the US Federal Reserve's plans for future interest rate cuts. Back in the UK, the focus will be on the latest inflation data, which has been ticking higher over the past couple of months. In terms of earnings releases, investors will be looking at results from US retail giant Walmart (WMT), which is considered a barometer for consumer sentiment. In the tech sector, US cybersecurity giant Palo Alto Networks (PANW) is set to report, with the stock having seen a couple of analyst ratings upgrades this week. China's Baidu ( BIDU) is another major tech company scheduled to report, having recently struck a deal with Uber (UBER) to deploy its autonomous cars on the ride-hailing platform across markets outside of the US and mainland China. Here's more on what to look out for: Jackson Hole Symposium – Takes place from Thursday 21 August to Saturday 23 August The theme for this year's Jackson Hole event is "Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy". This comes amid concerns about a cooling labour market, as economic uncertainty sees firms put off hiring decisions. Central bankers keep a close eye on labour market data, which includes payroll numbers, unemployment rates, job vacancies and wage growth. This data helps inform their decisions on interest rates, as they seek to balance maintaining labour market health, with ensuring inflation continues to ease to the widely used 2% target. This has been more challenging amid fears that US president Donald Trump's tariffs could weigh on economic growth but also drive inflation higher. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "Although the effect of Trump's tariffs on monetary policy will be the undercurrent theme, investors will be looking specifically for clues as to the Fed's inclination to cut interest rates going forward." Read more: Analysts' top emerging market fund and trust picks "Bets on a cut in September have increased sharply following a stable inflation reading for July and there will focus on what could lie ahead for borrowing costs," she said. Data released on Tuesday showed that "core" inflation rose 0.3% in July, surpassing June's 0.2% uptick. On an annual basis, the core consumer prices index (CPI) reading came in at 3.1%, up from 2.9% in June. Another inflation measure, the producer price index (PPI) came in hotter than expected in July, according to figures released on Thursday. US PPI for July showed inflation for businesses rose 0.9% over the prior month, well ahead of the 0.2% increase that was forecast. On an annual basis, prices rose 3.3%, which was also ahead of the 2.5% expected. This data dented investor hopes of a bigger 50-basis-point interest rate cut by the Fed. In addition, Streeter said: "How to bolster productivity in an era of demographic change will also be a big focus of discussions, with labour markets around the world in a state of upheaval as population changes, tougher immigration laws and AI developments are set to be hugely disruptive in the years to come." UK consumer price inflation – Data due out on Wednesday 20 August Following a year-on-year uptick in the UK consumer prices index (CPI) to 3.6% in June from 3.4% in May, Streeter said that there is set to be a "steamier inflation reading for July". "The Bank of England is now forecasting that CPI will hit a peak of 4% in September so, for now, it looks like the only way is up for prices," she said. "Barclaycard data has shown that there was an uplift in card spending in July, especially around events like the Oasis tour," she added. "The hot but stormy weather also led to a spurt in clothing purchases. Wage inflation has remained sticky." Office for National Statistics (ONS) data, released on Tuesday, showed that annual wage growth excluding bonuses came in at 5% in April to June, unchanged from the previous three months. Read more: What are bitcoin ETNs? "Although pay growth has slowed, it's now static and is still outstripping inflation, so there's a risk that firms will pass on heavier costs as higher prices," said Streeter. "Unless there's a marked and unexpected fall in inflation, the Bank of England looks set to stay cautious and delay another interest rate cut at least November or December." Sanjay Raja, senior economist at Deutsche Bank ( said in a note on Friday that his team expect headline CPI to rise to 3.8% in July. "July inflation will likely see price momentum rise further into uncomfortable territory," he said. Walmart (WMT) – Releases second quarter earnings on Thursday 21 August As the largest retailer in the US, Walmart (WMT) is consider to act as a bellwether for consumer health, so it's earnings are closely watched by investors. Shares are up more than 11% year-to-date but edged lower after Walmart released a mixed set of first quarter results in May. Walmart (WMT) posted first quarter revenue of $165.5bn (£122.02bn) , which was up 2.5% from the same period last year, though this missed Wall Street expectations of $166.02bn. Adjusted earnings per share grew 1.7% year over year to $0.61, beating estimates of $0.58. US same-store sales also beat expectations with a 4.5% increase, led by health and wellness, and groceries. However, the retailer signalled that there could be more pain ahead. In an earnings call, Walmart (WMT) CEO Doug McMillon said: "We will do our best to keep our prices as low as possible, but given the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margins." Stocks: Create your watchlist and portfolio John David Rainey, chief financial officer of Walmart (WMT), said in the earnings release that the company had decided to hold off on providing a specific range of guidance for operating income growth and earnings per share for the second quarter, given the "dynamic nature of the backdrop". Walmart (WMT) did guide to net sales growth of 3.5% to 4.5% for the quarter, based on the $167.8bn it reported a year ago. AJ Bell's (AJB.L) investment director Russ Mould and head of financial analysis Danni Hewson said that analysts expect a headline figure for net sales of $174bn. "That turns into a consensus analysts' forecasts for [net profit in] the second quarter of $5.8bn, and a headline earnings per share (EPS) figure of $0.72, up from $0.67 a year ago," they said. "For the full year to January 2026, Walmart has thus far guided to a net sales increase on a constant currency basis of 3% to 4% and analysts' headline estimate for the top line is $699bn," they added. "Management expects full-year EPS to come in between $2.50 and $2.60, and the current analysts' consensus is $2.58." Palo Alto Networks (PANW) – Releases fourth quarter earnings on Monday 18 August Ahead of the release of its fourth quarter earnings, Palo Alto Networks (PANW) has seen two analyst rating upgrades this week. Analysts at Piper Sandler (PIPR) upgraded their rating on Palo Alto (PANW) to "overweight" and raised their price target on the stock from $200 to $225, according to data gathered by Yahoo Finance. The shares are currently down 4.6% year-to-date, with the stock having closed Thursday's session at $173.55 per share. Deutsche Bank ( also upgraded its rating to a "buy" and raised its price target from $200 to $220. Read more: Stocks that are trending today Brad Zelnick, managing director, software equity research at Deutsche Bank ( said in a note on Wednesday that his team upgraded the stock given its "thoughts on the health of the business, quality of its leadership, and forward prospects for the announced acquisition of CyberArk (CYBR)". Palo Alto (PANW) announced at the end of July that it had agreed to buy Israeli rival CyberArk in a $25bn deal. "With the stock underperforming broader cyber by 15% YTD and 11% since credible speculation of the acquisition, we think investor concerns are overblown," said Zelnick. Shares in the Palo Alto (PANW) came under pressure following the release of its third quarter earnings in May, as the results failed to impress investors. The cybersecurity company's third quarter revenue came in at $2.3bn, just above expectations, while adjusted earnings per share (EPS) were $0.80. For the fourth quarter, Palo Alto (PANW) guided to total revenue in the range of $2.49bn to $2.51bn, representing year-over-year growth of between 14% and 15%. Baidu ( BIDU) – Releases second quarter earnings on Wednesday 20 August In July, Baidu ( BIDU) and ride-hailing app Uber (UBER) announced a multi-year partnership to deploy thousands of the Chinese company's Apollo Go autonomous vehicles on the Uber platform across multiple global markets. The companies said that the first deployments are expected in Asia and the Middle East later this year. Baidu's ( BIDU) Hong Kong-listed shares rose following the news, though the stock is still trading just 5.3% in the green year-to-date. In terms of financial performance, Baidu's ( BIDU) total revenue was up 3% year-on-year in the first quarter to $4.47bn, though adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were down 13% year-on-year at $993m. Read more: EU economic growth slows to 0.2% in second quarter Robin Li, CEO of Baidu ( BIDU), said that 7% growth in the company's core revenue was "driven by the accelerating momentum" of its AI cloud business. "The strong performance of our AI cloud business underscores the growing market recognition of our distinctive strength in providing full-stack AI products and solutions with a highly competitive price-performance advantage," he said. "We also achieved a pivotal milestone in our robotaxi business, as Apollo Go expanded internationally by entering Dubai and Abu Dhabi." "We are confident that our AI-first strategy positions us to remain at the forefront and to capture long-term growth opportunities in the AI era," Li added. Other companies reporting next week include: Monday 18 August BATM Communications (BVC.L) Thungela Resources (TGA.L) Tuesday 19 August IWG (IWG.L) Tribal (TRB.L) BHP (BHP.L) Xiaomi ( Coloplast ( Home Depot (HD) Medtronic (MDT) Amer Sports (AS) Toll Brothers (TOL) Wednesday 20 August OSB (OSB.L) Costain (COST.L) Ithaca Energy (ITH.L) Kenmare Resources (KMR.L) Hong Kong Exchanges ( DFDS ( Lowe's (LOW) Analog Devices (ADI) Estée Lauder (EL) Coty (COTY) Thursday 21 August Hays (HAS.L) Brambles ( AIA ( Aegon ( GN Store Nord ( Tessenderlo ( Zoom Communications (ZM) Dollar Tree (DLTR) Friday 22 August Meituan ( GoldFields ( You can read Yahoo Finance's full calendar here. Read more: Bank of England cuts gilt holdings by £32.5bn in second quarter The most popular stocks and funds investors bought in July UK job market continues to weaken as vacancies fall
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Week Ahead for FX, Bonds: Fed's Powell Comments at Jackson Hole in Focus
Comments from U.S. Federal Reserve President Jerome Powell at the Jackson Hole Symposium, alongside minutes to the Fed's most recent meeting, will be closely watched as investors increasingly anticipate that U.S. interest-rate cuts will resume next month. In Europe, U.K. inflation data, provisional purchasing managers' surveys and a rate decision in Sweden are due.
Yahoo
a day ago
- Business
- Yahoo
Finance week ahead: Jackson Hole Symposium, UK inflation, Walmart, Palo Alto Networks and Baidu
Earnings season is winding down but there are still a number of companies due to report, along with key economic data and events on both sides of the Atlantic – including the Jackson Hole Symposium. This year's Jackson Hole Symposium will see central bankers from around the world gather to discuss economic policy – an event that will be closely watched by investors for any signals on the US Federal Reserve's plans for future interest rate cuts. Back in the UK, the focus will be on the latest inflation data, which has been ticking higher over the past couple of months. In terms of earnings releases, investors will be looking at results from US retail giant Walmart (WMT), which is considered a barometer for consumer sentiment. In the tech sector, US cybersecurity giant Palo Alto Networks (PANW) is set to report, with the stock having seen a couple of analyst ratings upgrades this week. China's Baidu ( BIDU) is another major tech company scheduled to report, having recently struck a deal with Uber (UBER) to deploy its autonomous cars on the ride-hailing platform across markets outside of the US and mainland China. Here's more on what to look out for: Jackson Hole Symposium – Takes place from Thursday 21 August to Saturday 23 August The theme for this year's Jackson Hole event is "Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy". This comes amid concerns about a cooling labour market, as economic uncertainty sees firms put off hiring decisions. Central bankers keep a close eye on labour market data, which includes payroll numbers, unemployment rates, job vacancies and wage growth. This data helps inform their decisions on interest rates, as they seek to balance maintaining labour market health, with ensuring inflation continues to ease to the widely used 2% target. This has been more challenging amid fears that US president Donald Trump's tariffs could weigh on economic growth but also drive inflation higher. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "Although the effect of Trump's tariffs on monetary policy will be the undercurrent theme, investors will be looking specifically for clues as to the Fed's inclination to cut interest rates going forward." Read more: Analysts' top emerging market fund and trust picks "Bets on a cut in September have increased sharply following a stable inflation reading for July and there will focus on what could lie ahead for borrowing costs," she said. Data released on Tuesday showed that "core" inflation rose 0.3% in July, surpassing June's 0.2% uptick. On an annual basis, the core consumer prices index (CPI) reading came in at 3.1%, up from 2.9% in June. Another inflation measure, the producer price index (PPI) came in hotter than expected in July, according to figures released on Thursday. US PPI for July showed inflation for businesses rose 0.9% over the prior month, well ahead of the 0.2% increase that was forecast. On an annual basis, prices rose 3.3%, which was also ahead of the 2.5% expected. This data dented investor hopes of a bigger 50-basis-point interest rate cut by the Fed. In addition, Streeter said: "How to bolster productivity in an era of demographic change will also be a big focus of discussions, with labour markets around the world in a state of upheaval as population changes, tougher immigration laws and AI developments are set to be hugely disruptive in the years to come." UK consumer price inflation – Data due out on Wednesday 20 August Following a year-on-year uptick in the UK consumer prices index (CPI) to 3.6% in June from 3.4% in May, Streeter said that there is set to be a "steamier inflation reading for July". "The Bank of England is now forecasting that CPI will hit a peak of 4% in September so, for now, it looks like the only way is up for prices," she said. "Barclaycard data has shown that there was an uplift in card spending in July, especially around events like the Oasis tour," she added. "The hot but stormy weather also led to a spurt in clothing purchases. Wage inflation has remained sticky." Office for National Statistics (ONS) data, released on Tuesday, showed that annual wage growth excluding bonuses came in at 5% in April to June, unchanged from the previous three months. Read more: What are bitcoin ETNs? "Although pay growth has slowed, it's now static and is still outstripping inflation, so there's a risk that firms will pass on heavier costs as higher prices," said Streeter. "Unless there's a marked and unexpected fall in inflation, the Bank of England looks set to stay cautious and delay another interest rate cut at least November or December." Sanjay Raja, senior economist at Deutsche Bank ( said in a note on Friday that his team expect headline CPI to rise to 3.8% in July. "July inflation will likely see price momentum rise further into uncomfortable territory," he said. Walmart (WMT) – Releases second quarter earnings on Thursday 21 August As the largest retailer in the US, Walmart (WMT) is consider to act as a bellwether for consumer health, so it's earnings are closely watched by investors. Shares are up more than 11% year-to-date but edged lower after Walmart released a mixed set of first quarter results in May. Walmart (WMT) posted first quarter revenue of $165.5bn (£122.02bn) , which was up 2.5% from the same period last year, though this missed Wall Street expectations of $166.02bn. Adjusted earnings per share grew 1.7% year over year to $0.61, beating estimates of $0.58. US same-store sales also beat expectations with a 4.5% increase, led by health and wellness, and groceries. However, the retailer signalled that there could be more pain ahead. In an earnings call, Walmart (WMT) CEO Doug McMillon said: "We will do our best to keep our prices as low as possible, but given the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margins." Stocks: Create your watchlist and portfolio John David Rainey, chief financial officer of Walmart (WMT), said in the earnings release that the company had decided to hold off on providing a specific range of guidance for operating income growth and earnings per share for the second quarter, given the "dynamic nature of the backdrop". Walmart (WMT) did guide to net sales growth of 3.5% to 4.5% for the quarter, based on the $167.8bn it reported a year ago. AJ Bell's (AJB.L) investment director Russ Mould and head of financial analysis Danni Hewson said that analysts expect a headline figure for net sales of $174bn. "That turns into a consensus analysts' forecasts for [net profit in] the second quarter of $5.8bn, and a headline earnings per share (EPS) figure of $0.72, up from $0.67 a year ago," they said. "For the full year to January 2026, Walmart has thus far guided to a net sales increase on a constant currency basis of 3% to 4% and analysts' headline estimate for the top line is $699bn," they added. "Management expects full-year EPS to come in between $2.50 and $2.60, and the current analysts' consensus is $2.58." Palo Alto Networks (PANW) – Releases fourth quarter earnings on Monday 18 August Ahead of the release of its fourth quarter earnings, Palo Alto Networks (PANW) has seen two analyst rating upgrades this week. Analysts at Piper Sandler (PIPR) upgraded their rating on Palo Alto (PANW) to "overweight" and raised their price target on the stock from $200 to $225, according to data gathered by Yahoo Finance. The shares are currently down 4.6% year-to-date, with the stock having closed Thursday's session at $173.55 per share. Deutsche Bank ( also upgraded its rating to a "buy" and raised its price target from $200 to $220. Read more: Stocks that are trending today Brad Zelnick, managing director, software equity research at Deutsche Bank ( said in a note on Wednesday that his team upgraded the stock given its "thoughts on the health of the business, quality of its leadership, and forward prospects for the announced acquisition of CyberArk (CYBR)". Palo Alto (PANW) announced at the end of July that it had agreed to buy Israeli rival CyberArk in a $25bn deal. "With the stock underperforming broader cyber by 15% YTD and 11% since credible speculation of the acquisition, we think investor concerns are overblown," said Zelnick. Shares in the Palo Alto (PANW) came under pressure following the release of its third quarter earnings in May, as the results failed to impress investors. The cybersecurity company's third quarter revenue came in at $2.3bn, just above expectations, while adjusted earnings per share (EPS) were $0.80. For the fourth quarter, Palo Alto (PANW) guided to total revenue in the range of $2.49bn to $2.51bn, representing year-over-year growth of between 14% and 15%. Baidu ( BIDU) – Releases second quarter earnings on Wednesday 20 August In July, Baidu ( BIDU) and ride-hailing app Uber (UBER) announced a multi-year partnership to deploy thousands of the Chinese company's Apollo Go autonomous vehicles on the Uber platform across multiple global markets. The companies said that the first deployments are expected in Asia and the Middle East later this year. Baidu's ( BIDU) Hong Kong-listed shares rose following the news, though the stock is still trading just 5.3% in the green year-to-date. In terms of financial performance, Baidu's ( BIDU) total revenue was up 3% year-on-year in the first quarter to $4.47bn, though adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were down 13% year-on-year at $993m. Read more: EU economic growth slows to 0.2% in second quarter Robin Li, CEO of Baidu ( BIDU), said that 7% growth in the company's core revenue was "driven by the accelerating momentum" of its AI cloud business. "The strong performance of our AI cloud business underscores the growing market recognition of our distinctive strength in providing full-stack AI products and solutions with a highly competitive price-performance advantage," he said. "We also achieved a pivotal milestone in our robotaxi business, as Apollo Go expanded internationally by entering Dubai and Abu Dhabi." "We are confident that our AI-first strategy positions us to remain at the forefront and to capture long-term growth opportunities in the AI era," Li added. Other companies reporting next week include: Monday 18 August BATM Communications (BVC.L) Thungela Resources (TGA.L) Tuesday 19 August IWG (IWG.L) Tribal (TRB.L) BHP (BHP.L) Xiaomi ( Coloplast ( Home Depot (HD) Medtronic (MDT) Amer Sports (AS) Toll Brothers (TOL) Wednesday 20 August OSB (OSB.L) Costain (COST.L) Ithaca Energy (ITH.L) Kenmare Resources (KMR.L) Hong Kong Exchanges ( DFDS ( Lowe's (LOW) Analog Devices (ADI) Estée Lauder (EL) Coty (COTY) Thursday 21 August Hays (HAS.L) Brambles ( AIA ( Aegon ( GN Store Nord ( Tessenderlo ( Zoom Communications (ZM) Dollar Tree (DLTR) Friday 22 August Meituan ( GoldFields ( You can read Yahoo Finance's full calendar here. Read more: Bank of England cuts gilt holdings by £32.5bn in second quarter The most popular stocks and funds investors bought in July UK job market continues to weaken as vacancies fall
Yahoo
2 days ago
- Business
- Yahoo
Powell may lean hawkish next week—Wolfe
-- In a note to clients Thursday, Wolfe Research analysts warned that Federal Reserve Chair Jerome Powell could deliver a hawkish message at next week's Jackson Hole Symposium, potentially unsettling equity markets. Following Tuesday's slightly hotter-than-expected Core CPI reading, the analysts said they expect today's July Producer Price Index to be 'highly watched' because some components feed into the Fed's preferred inflation gauge, the PCE Deflator, later this month. 'Markets have surprisingly reacted favorably to hotter inflation thus far,' Wolfe said, noting that Fed funds futures still price in about 2.5 rate cuts by year-end. With U.S. stocks continuing to hit record highs, Wolfe argued the symposium could be 'a chance for Fed Chair Powell to take a hawkish stance on interest rate policy.' The firm said the annual Jackson Hole gathering has historically been an opportunity for Powell 'to reset expectations and reiterate the central bank's stance on monetary policy.' After the CPI report showed 'stickier Core Services Ex. Housing and Core Goods components contributing more to the rise in inflation,' Wolfe sees 'risk of the Fed potentially cutting fewer times than market expectations.' The analysts cautioned that the event could be 'a potentially negative event for stocks' and reiterated their recommendation for 'barbell positioning' in portfolios, balancing exposure to both defensive and cyclical assets. Wolfe added that inflation pressures remain 'hiding in plain sight' and that investors should prepare for the possibility that the Fed's path toward easing may be more gradual than markets currently anticipate. Related articles Powell may lean hawkish next week—Wolfe Risks Rising? Smart Money Dodged 46%+ Drawdowns on These High-Flying Names Tesla: Hype Aside, How Much Is the EV Giant Really Worth Now? Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
4 days ago
- Business
- Yahoo
US inflation rises in July, in line with expectations
NEW YORK (Reuters) -U.S. consumer prices increased moderately in July, though rising costs for goods because of import tariffs led to a measure of underlying inflation posting its largest gain in six months. The consumer price index rose 0.2% last month after gaining 0.3% in June, data showed. In the 12 months through July, the CPI advanced 2.7% after rising 2.7% in June. Economists polled by Reuters had forecast the CPI rising 0.2% and increasing 2.8% year-on-year. Excluding the volatile food and energy components, the CPI rose 0.3%, the biggest gain since January, after climbing 0.2% in June. The so-called core CPI increased 3.1% year-on-year in July after advancing 2.9% in June. MARKET REACTION: STOCKS: U.S. stock index futures were steady after the CPI data. The S&P 500 E-minis were slightly up on the day. BONDS: The yield on benchmark U.S. 10-year notes slipped 1 basis point to 4.263%. FOREX: The dollar index fell 0.3% to 98.209, while the euro rose 0.3% to $1.1644 COMMENTS: BEN LAIDLER, HEAD OF EQUITY STRATEGY, BRADESCO BBI, LONDON: "The market is taking a lot of comfort from the headline number, which came in a little bit lower than expected. On the face of it, it's validating this overwhelming consensus for a Fed rate cut in September, however we:re a bit cautious on that." "When you look at the core number, it's maybe not as much as a slam dunk as the market may think. We don't think this report is quite as good as the market maybe initially taking it out. We're going to get a lot more information at the Jackson Hole Symposium where we're going to get some guidance from Powell as to what's going to happen in September." "The market is going to continue to overwhelmingly price this September cut. The odds are not quite as firmly stacked as the market would think. When you scratch the surface, the core inflation number, which the feds focus is not as good a reading as the headline number. That said, the Fed is going to come under an awful lot of pressure to give some guidance at Jackson Hole and the market will be very disappointed if you don't get a September cut." JUAN PEREZ, DIRECTOR OF TRADING, MONEX USA, WASHINGTON: "Thus far it looks like the U.S. dollar is down as a result of CPI coming in basically just as expected. Markets seem eager to price in more than just one interest rate reduction for the year, but these numbers suggest inflation remains growing though at a slow pace." BRIAN JACOBSEN, CHIEF ECONOMIST, ANNEX WEALTH MANAGEMENT, BROOKFIELD, WISCONSIN: (VIA EMAIL) "The core message in core inflation is that any tariff-induced inflation is likely to be a process, not an event. Eventually, tariffs can show up in varying degrees in consumer prices, but these one-off price increases don't happen all at once. That will confound the Fed and economic commentators for months to come. As long as breakeven inflation rates and other market based measures of inflation expectations stay contained, the Fed should feel comfortable enough to recommence cutting in September." (Compiled by the Global Finance & Markets Breaking News team) Sign in to access your portfolio
