[Music] Hello and welcome to Morning Brief Market Sunrise. I'm Raman Carmali live from Yahoo Finance Studios in London. It's Wednesday, 5th November.Coming up on the show, global stocks continue to slide after Wall Street's tech selloff. The current government shutdown is now the longest on record. And New York has a new mayor.>> This is not only how we stop Trump, it's how we stop the next one. So, Donald Trump, since I know you're watching, I have four words for you. Turn the volume up.[Music] Well, the f ...

Core Viewpoint - Steven Madden Ltd. reported third quarter results that missed Wall Street's revenue estimates, leading to a decline in share price [1] Financial Performance - For the three months ended September 30, net income decreased by 62.9% to $20.5 million, or 29 cents per diluted share, compared to $55.3 million, or 77 cents, in the same quarter last year [4] - Total revenue increased by 6.9% to $667.9 million from $624.7 million, driven by a 6.9% rise in net sales to $664.2 million and a 4.9% increase in licensing fee income to $3.7 million [4] - For the nine months, net income was $21.5 million, or 30 cents per diluted share, down from $134.6 million, or $1.87, in the same period last year, while total revenue grew by 4.7% to $1.78 billion [7] Revenue Breakdown - Wholesale revenue fell by 10.7% to $442.7 million, with a 19.0% decline when excluding the recently acquired Kurt Geiger brand [5] - Direct-to-consumer revenue rose by 76.6% to $221.5 million, with a 1.5% increase when excluding Kurt Geiger [6] Future Outlook - The company guided adjusted diluted EPS for the fourth quarter to be in the range of 41 cents to 46 cents, expecting revenue to rise by 27% to 30% from year-ago levels [8] - The acquisition of Kurt Geiger is expected to contribute positively to financial results starting in the fourth quarter [3] Analyst Commentary - Jefferies analyst Corey Tarlowe has a "Hold" rating on the company, describing the third quarter results as "solid" and noting strong performance from the Kurt Geiger brand [9]

Core Insights - Shopify's stock surged 17% in October due to improved market sentiment regarding tariffs and a strong third-quarter earnings report, although the market reaction was muted [1][4][7] Company Overview - Shopify is evolving from a provider of e-commerce websites for small businesses to a comprehensive commerce platform, offering a wide range of financial and operational management services for retailers [3] - The company is increasingly focusing on serving large enterprise customers, with notable additions like e.l.f. Beauty and Estee Lauder in its client roster [6] Financial Performance - In the third quarter, Shopify reported a 32% year-over-year increase in revenue, a 20% rise in free cash flow with an 18% margin, and a 21% increase in operating income with a 12% margin [5] - Despite strong revenue growth, the gross margin slightly declined year-over-year, attributed to a higher mix of lower-margin merchant solutions revenue [5][8] Market Sentiment - The stabilization of tariff situations has led to a more optimistic market outlook for Shopify and similar companies [4] - However, the market was disappointed with Shopify's earnings due to expectations for better margins, leading to a decline in stock price post-earnings report [7][8]

Legal & Political Landscape - The Supreme Court is hearing arguments on President Trump's use of emergency powers to enact tariffs, testing the limits of executive authority [1] - The core issue is whether a trade deficit constitutes a national emergency, justifying the president's unilateral imposition of tariffs [1] - Small businesses argue the tariffs are a national emergency for them, leading to a separation of powers issue [1] - Some members of Congress have expressed discomfort with the White House's unilateral trade policies [1] - The court's decision, potentially arriving in late June or early July, could significantly impact the president's economic agenda [5] Economic Implications - The case has major implications for America's economic policy, particularly regarding trade relations and consumer costs [1][3] - Other countries must abide by trade levels set by the US, impacting their relations [2] - Consumers are affected by the tariffs, influencing the origin and price of goods [3] - Existing tariffs, such as 10% or 15%, are under scrutiny [2]

Core Insights - Matson, the largest U.S. ocean container carrier, experienced a stock increase due to improved shipping prospects from China, despite reporting lower earnings in Q4 [1][2] - The company reported a net income of $134.7 million, or $4.24 per diluted share, down from $199.1 million, or $5.89 per diluted share, year-over-year [1] - Consolidated revenue for the quarter was $880.1 million, a decrease from $962 million in the previous quarter [1] Financial Performance - Operating income fell to $147.4 million from $226.9 million a year ago, with margins decreasing from 28.4% to 20.5% [3] - Logistics operating income declined year-over-year primarily due to reduced contributions from freight forwarding, transportation brokerage, and supply chain management [3] Market Trends - Domestic volumes for Hawaii increased by 0.3% and for Alaska by 4.1% year-over-year, while Guam's volume decreased by 4.2% [2] - The China business saw a significant decline of 12.1% due to tariffs and trade issues [2] Future Outlook - The company anticipates that customers in China will be cautious regarding inventory levels in Q4 2025, but expects a more stable trading environment due to reduced uncertainty from tariffs and geopolitical factors following a recent U.S.-China trade deal [4]

South Korea’s Kospi Index has surged 55% in the past year, the best performance among major countries, reflecting its status as Asia’s most attractively valued AI proxy.Asian equities have outperformed thanks to the region’s position at the heart of the AI supply chain — home to major chipmakers, foundries, and semiconductor-equipment bellwethers such as Taiwan Semiconductor Manufacturing Co., Samsung Electronics Co., and Tokyo Electron Ltd.Hartnett, for one, now expects the pace of outperformance to slow a ...

Justices will weigh whether the president lawfully levied global tariffs without Congress's approval ...

German medical-tech firm Siemens Healthineers expects the impact from tariffs to roughly double to €400 million in fiscal 2026 https://t.co/tKkDTiZfVN ...

China has halted retaliatory tariffs that it imposed on a range of US agricultural products, after Washington officially halved its fentanyl-related levies on Chinese goods https://t.co/GJE9RfCbdS ...

Carney seeks to fortify Canada against tariffs shocks in first budget https://t.co/26ctzarIuK ...