What's the Takeaway From This Week's Earnings Reports?

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The lowest income families are struggling to find room in their budgets. But even wealthier families are often trading down to shops like Walmart and Target from higher-end shops that they would have gone to before. It's been an incredibly confusing picture for all retailers trying to understand where consumer spending would be right now. Some of these retailers, particularly Target, ended up with the wrong stock on its shelves.

Middle East states are expected to bring in $1.3tn in additional oil revenues, big US retailers posted quarterly earnings this week and results were mixed, scientists have discovered a way to destroy harmful “forever chemicals”. Plus, we’ll look at the longlist for this year’s FT Business Book of the Year award.

Mentioned in this podcast:

Middle East states set for $1.3tn oil windfall, IMF says

Walmart and Home Depot ease fears of recession even as inflation persists

Target’s profit tumbles on price cuts and efforts to clear inventory

Business Book of the Year 2022 — the longlist

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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