1. Nike earnings cheer as inventories fall Nike (NYSE: NKE ) shares leaped after the sports gear giant said it had made good progress in whittling down excess inventory over the last three months. Nike reported a chunky 27% rise in constant-currency sales in the last three months late on Thursday and net income 30% ahead of expectations, with markdowns in North America particularly useful in shifting excess stock. It consequently raised its guidance for full-year. As Nike goes, so goes the global consumer? Maybe that's a bit of an exaggeration, but the world's largest maker of sportswear isn't the worst proxy for consumer discretionary spending. Rivals Adidas (ETR: ADSGN ) and Puma (ETR: PUMG ) both gained in European morning trading in sympathy, as did U.K. retailer JD Sports (LON: JD ). 2.