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Adidas turns to Yeezy after dropping rapper Ye

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Adidas announced its plan to release a second batch of exclusive Yeezy sneakers following its separation from rapper Ye, formerly known as Kanye West.

The German sportswear brand aims to address the issue of unsold shoes while simultaneously supporting organizations fighting antisemitism.

The online sale is scheduled to begin on Wednesday through Adidas’ smartphone apps and official website, building on the success of the initial sales in May. The models available in this release include the sought-after Yeezy Boost 350 V2, 500, and 700, as well as the Yeezy Slide and Foam RNR.

The decision to cut ties with Ye came after he made offensive remarks, including antisemitic comments, both online and during interviews. This left Adidas with a substantial inventory of unsold Yeezys amounting to 1.2 billion euros ($1.3 billion), prompting them to seek a responsible solution for handling the surplus stock.

Dropping Ye

Adidas CEO Bjørn Gulden emphasized in May that selling the popular sneakers and donating a portion of the profits was the most suitable approach to tackle the unsold inventory while making a positive impact.

The company consulted with non-governmental organizations and groups affected by Ye’s controversial comments and actions.

A part of the profits generated from the Yeezy sales will be contributed to the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, an organization run by social justice advocate Philonise Floyd, George Floyd’s brother.

To demonstrate solidarity in rejecting antisemitism, Adidas will include blue square pins from Robert Kraft’s Foundation to Combat Anti-Semitism with shoes sold directly in North America.

While Adidas did not provide specific details on the number of shoes to be released or the exact amount to be donated, they assured that they would honor contractual obligations regarding Ye’s royalties.

The first sale of Yeezy shoes had a positive impact on Adidas’ preliminary second-quarter financial results, leading the company to improve its outlook for the year. Instead of a high single-digit decline in revenue, they now anticipate a mid-single digit decline, resulting in an operating loss of 450 million euros (approximately $494 million) rather than 700 million euros.

Adidas looks forward to its upcoming earnings report for the first half of the year and is optimistic that future Yeezy sales will further contribute to boosting their results.

 

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Stocks rally ahead of Thanksgiving as markets log four days of gains

Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.

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Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.


Markets are moving into the Thanksgiving break with strong momentum, as stocks notch four straight days of gains. The Dow Jones Industrial Average jumped 388 points, while the S&P 500 added 0.9%, pushing both indexes toward their best week since June.

Oracle led major movers, rising more than 4% after Deutsche Bank reaffirmed its bullish outlook on the tech giant. Broad investor optimism continues building across sectors as economic data softens and earnings remain resilient.

All eyes are now on the Federal Reserve and what potential shifts in interest-rate policy may mean for the markets. U.S. markets will close Thursday for the Thanksgiving holiday and reopen Friday for a shortened trading session.

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#Markets #Stocks #Thanksgiving #DowJones #SP500 #Oracle #FederalReserve #FinanceNews


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Dow surges 500 points amid rate cut optimism

Dow jumps 569 points on fresh hopes for December rate cut and AI market optimism

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Dow jumps 569 points on fresh hopes for December rate cut and AI market optimism

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In Short:
– Dow Jones rose 569 points, reflecting optimism for a Federal Reserve interest rate cut.
– Alphabet’s stock increased as Meta may invest in AI chips, but Nvidia’s declined amid market concerns.
The Dow Jones Industrial Average increased by 569 points or 1.2% on Tuesday, reflecting investor optimism for an upcoming Federal Reserve interest rate cut. The S&P 500 and Nasdaq Composite also posted gains, up 0.8% and 0.4% respectively. This represented a recovery from earlier losses, where the S&P 500 briefly fell by 0.7%.Banner

Markets anticipate an 85% chance of a quarter-point rate cut in December, driven by comments from New York Fed President John Williams, who indicated the possibility of lower rates soon. Investor sentiment strengthened following reports that Kevin Hassett may be appointed as the next Fed chair, potentially resulting in a more lenient monetary policy.

Tech Sector

Alphabet saw its stock rise by over 1% after reports indicated that Meta Platforms might invest in its AI chips. This could signal increased demand for AI technology, benefiting the sector overall. However, Nvidia’s stock fell more than 3%, suggesting concerns about its dominance in the AI chip market.

Investors are also wary of the valuation of tech stocks. Despite recent gains, the S&P 500 and Nasdaq remain down over 1% and 3%, respectively, for November, while the Dow has lost more than 1% this month. The broader market’s performance indicates ongoing scrutiny regarding tech valuations amid changing economic expectations.


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Gold prices surge as Central Banks buy big, but risks grow ahead

Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.

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Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.


Gold prices are climbing fast as central banks ramp up buying, pushing demand to its highest levels in years. The metal’s reputation as a safe haven is strengthening, especially amid rising geopolitical tensions and global financial uncertainty.

But experts warn the shine could fade. A stronger US dollar and the possibility of rising interest rates may weigh on momentum, making investors question how long the rally can last.

Dr Steven Enticott from CIA Tax breaks down the drivers behind gold’s surge—from ETF inflows to physical bar demand—and what could send the price sharply higher… or lower.

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#gold #markets #centralbanks #economy #finance #investing #interestRates #usdollar


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