Compared to the previous year, Samsung Electronics' profit rose by 44% for the first quarter. The reason was the early release of a new smartphone line and strong sales. Samsung is the world's biggest memory chip maker. It warned about growth decline in the first quarter and expected a weaker demand. However, the economic recovery after the pandemic is happening faster than experts predicted. Therefore, semiconductor prices are now growing. Samsung's smartphone shipments are estimated to be up 25%, and the average selling price to be more than 20% higher compared to the last year.
The U.K. will begin rolling out the Moderna vaccine today. Meanwhile, by the end of June, the European Union expects most member states to have enough vaccine supplies and vaccinate most of the population.
The market participants are focusing on talks about the troubled nuclear deal between Iran and other world powers. The talks began on Tuesday. They also include negotiators from U.S. Oil steady. Analysts are wondering whether talks could lead to an increase in Iranian supply.
The International Monetary Fund stated the global economy is set to expand 6% this year. In January, they estimated 5.5%. The increase would be the most in four decades, surprisingly, while it comes after the world peacetime decline since the Great Depression. Investors are also focused on the minutes of the March Federal Reserve meeting. The policymakers seek significant slack in the labor market.
European stocks, like Nokia, Royal Dutch Shell, and Electricite de France, also rose. Nokia's (NYSE: NOK) stock rose 0.5% after settling a patent fight with China's Lenovo Group (OTC: LNVGY), which is the world's biggest PC maker. Royal Dutch Shell (LON: RDSa) stock rose 1%. It was influenced by higher crude prices, while the oil giant expressed it expects a hit of $200 million from the cold snap that disrupted the energy complex in Texas in February. Electricite de France (PA: EDF) stock soared 6.6%.