Nestle’s report turned out greater than expected

News of the day, Thursday, April 21

U.S. Treasury yields climbed today as Fed’s Chairman Jerome Powell is about to make speeches later today, and investors are carefully spectating his public behavior to find any hint of the next monetary policy moves. Consequently, the 10-year Treasury bond rose 4 basis points to 2.8728%, and the 30-year Treasury note increased by 4 basis points to 2.9227%. Today, Powell is going to give a welcoming speech at the Volcker Alliance and Penn Institute for Urban Research Special Briefing. This happens after the IMF reported to cut their global economic growth estimation on Tuesday.

Nestle SA has started the year with a sound gain in revenue, showing investors the strongest report for more than a decade. Sales increased 7.6%, while analysts expected 5.1%. The report excludes Russia where Nestle has partially suspended its operations. 

“We are getting used to companies beating consensus sales growth expectations this quarter — L’Oreal, Danone and Heineken have all done it — but in our view, Nestle is the most impressive yet,” James Edwardes Jones, an analyst at RBC, wrote.

The price of Brent crude is $108.00, WTI — $103.00, GBP/USD — 1.3060, EUR/USD — 1.0921, and gold costs $1946.00 per ounce