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04.08.2020

Ford Names Jim Farley New President & CEO

DEARBORN (dpa-AFX) - Ford Motor Company (F) announced that Jim Hackett plans to retire as President and CEO. He will continue as a special advisor to the company through March of 2021. The company has named Jim Farley as new president and CEO. He will join the board of directors, effective Oct. 1.Farley joined Ford in 2007 as global head of Marketing and Sales. In April 2019, he was selected to lead Ford's New Businesses, Technology & Strategy team. Farley was named chief operating officer in February, 2020.'Jim has been instrumental in crafting our new product portfolio and redesigning our businesses around the world. He is also a change agent with a deep understanding of how to lead Ford in this new era defined by smart vehicles in a smart world,' Hackett said.Bill Ford, Ford's executive chairman, said: 'Jim's passion for great vehicles and his intense drive for results are well known, and I have also seen him develop into a transformational leader with the determination and foresight to help Ford thrive into the future.'Ford said Hackett and Farley will work together on a smooth leadership transition over the next two months.Copyright RTT News/dpa-AFX
04.08.2020

Booking.com To Cut Global Workforce By Up To Approx. 25%

NORWALK (dpa-AFX) - Booking Holdings Inc. (BKNG, PCLN) said it intends to reduce Booking.com's global workforce by up to approximately 25% as a result of the impact of the COVID-19 pandemic. The company expects to finalize its plans and make relevant announcements to employees on a country by country basis, with the first countries starting in September 2020, and expects to complete all such announcements by the end of 2020.Booking Holdings is a provider of online travel and related services, to customers and partners in over 230 countries and territories through six primary brands - Booking.com, KAYAK, priceline, agoda.com, Rentalcars.com and OpenTable.Copyright RTT News/dpa-AFX
04.08.2020

Expeditors International of Washington Inc. Announces Increase In Q2 Earnings

SEATTLE (dpa-AFX) - Expeditors International of Washington Inc. (EXPD) reported a profit for its second quarter that climbed from the same period last year.The company's bottom line totaled $183.87 million, or $1.09 per share. This compares with $153.15 million, or $0.88 per share, in last year's second quarter.The company's revenue for the quarter rose 26.5% to $2.58 billion from $2.04 billion last year.Expeditors International of Washington Inc. earnings at a glance:-Earnings (Q2): $183.87 Mln. vs. $153.15 Mln. last year.-EPS (Q2): $1.09 vs. $0.88 last year.-Revenue (Q2): $2.58 Bln vs. $2.04 Bln last year.Copyright RTT News/dpa-AFX
04.08.2020

IPG Photonics Guides Q3 In Line With Estimates

WASHINGTON (dpa-AFX) - While reporting financial results for the second quarter on Tuesday, IPG Photonics Corp. (IPGP) provided earnings and revenues guidance for the third quarter, in line with analysts' estimates.For the third quarter, IPG expects earnings in a range of $0.70 to $1.00 per share on revenues between $280 million and $310 million.On average, 9 analysts polled by Thomson Reuters expect the company to report earnings of $0.80 per share on revenues of $303.26 million for the quarter. Analysts' estimates typically exclude special items.Copyright RTT News/dpa-AFX
04.08.2020

Ralph Lauren Corp. Q1 adjusted earnings Miss Estimates

WASHINGTON (dpa-AFX) - Below are the earnings highlights for Ralph Lauren Corp. (RL):-Earnings: -$127.7 million in Q1 vs. $117.1 million in the same period last year. -EPS: -$1.75 in Q1 vs. $1.47 in the same period last year. -Excluding items, Ralph Lauren Corp. reported adjusted earnings of -$133 million or -$1.82 per share for the period. -Analysts projected -$1.72 per share -Revenue: $0.49 billion in Q1 vs. $1.43 billion in the same period last year.Copyright RTT News/dpa-AFX
04.08.2020

Incyte Q2 Profit Tops Estimates

WASHINGTON (dpa-AFX) - Incyte (INCY) reported second quarter non-GAAP earnings per share of $1.24 compared to $0.75, prior year. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.87, for the quarter. Analysts' estimates typically exclude special items.Second quarter Total GAAP revenue increased year-on-year to $688.04 million from $529.93 million. Analysts expected revenue of $613.91 million for the quarter. Jakafi net product revenue improved 16% to $473.71 million. Looking forward, the company reaffirmed its full year 2020 financial guidance.Copyright RTT News/dpa-AFX
04.08.2020

Incyte Corporation Q2 adjusted earnings Beat Estimates

WASHINGTON (dpa-AFX) - Incyte Corporation (INCY) announced a profit for its second quarter that advanced from last year.The company's profit came in at $290.30 million, or $1.32 per share. This compares with $105.32 million, or $0.48 per share, in last year's second quarter.Excluding items, Incyte Corporation reported adjusted earnings of $273.58 million or $1.24 per share for the period. Analysts had expected the company to earn $0.87 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.The company's revenue for the quarter rose 29.8% to $688.04 million from $529.93 million last year.Incyte Corporation earnings at a glance:-Earnings (Q2): $273.58 Mln. vs. $162.47 Mln. last year.-EPS (Q2): $1.24 vs. $0.75 last year.-Analysts Estimate: $0.87 -Revenue (Q2): $688.04 Mln vs. $529.93 Mln last year.Copyright RTT News/dpa-AFX
04.08.2020

Vulcan Materials Says Not Reinstating FY20 Earnings Outlook

WASHINGTON (dpa-AFX) - While reporting its financial results for the second quarter on Tuesday, Vulcan Materials Co. (VMC),a producer of construction aggregates, said it is not reinstating its full-year earnings guidance at this time as the coronavirus pandemic's effect on demand and the broader economy remains unclear.'The recent surge in new COVID-19 cases could impact the progress made so far if new restrictions on economic activity are put in place. We believe this uncertainty could continue to weigh on construction activity in the second half of the year, making it difficult to predict the level and timing of shipments. We are continuously reviewing our operating plans to ensure an effective response to demand shifts,' said Tom Hill, Chairman and Chief Executive Officer.Copyright RTT News/dpa-AFX
04.08.2020

AECOM Increases 2020 Guidance

WASHINGTON (dpa-AFX) - AECOM (ACM) increased its full year adjusted EBITDA guidance to $720 million - $740 million, which would reflect 11% growth over the prior year at the mid-point of the range. The company also reiterated its full year free cash flow guidance of between $100 million and $300 million. Third quarter adjusted earnings per share was $0.55 compared to $0.43, prior year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.49, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA increased by 18% over the prior year to $187 million. Operating cash flow was $186 million and free cash flow was $272 million.Third quarter revenue was $3.2 billion, and net service revenue was unchanged compared to the prior year on an organic basis. Analysts expected revenue of $3.14 billion for the quarter.Copyright RTT News/dpa-AFX
04.08.2020

Allegheny Technologies Inc Q2 adjusted earnings Beat Estimates

WASHINGTON (dpa-AFX) - Below are the earnings highlights for Allegheny Technologies Inc (ATI):-Earnings: -$422.6 million in Q2 vs. $75.1 million in the same period last year. -EPS: -$3.34 in Q2 vs. $0.54 in the same period last year. -Excluding items, Allegheny Technologies Inc reported adjusted earnings of -$2.3 million or -$0.02 per share for the period. -Analysts projected -$0.12 per share -Revenue: $770.3 million in Q2 vs. $1.08 billion in the same period last year.Copyright RTT News/dpa-AFX
04.08.2020

Dow Climbs Firmly Into Positive Territory, Nasdaq Nearly Unchanged

WASHINGTON (dpa-AFX) - After showing a lack of direction early in the session, stocks continue to turn in a relatively lackluster performance in mid-day trading on Tuesday. The Nasdaq and the S&P 500 are showing only modest moves, although the narrower Dow has climbed more firmly into positive territory.The Dow, which has recently underperformed the other major averages, is currently up 118.86 points or 0.5 percent at 26,783.26. The S&P 500 is also up 6.65 points or 0.2 percent at 3,301.26, while the Nasdaq is down 1.81 points or less than a tenth of a percent at 10,900.99.The choppy trading on Wall Street comes as traders express some uncertainty about the near-term outlook for the markets after the tech-heavy Nasdaq reached a new record closing high on Monday. The S&P 500 also finished Monday's trading at its best closing level since February.Traders cashed in on some of the recent strength in the markets early in the session, although selling pressure waned shortly after the open amid worries about missing out on further upside.Uncertainty about the prospects for a new coronavirus relief bill may also be keeping traders on the sidelines, as negotiators struggle to reach an agreement even as new cases continue to spike and enhanced unemployment benefits expired last week.Democrats and Trump administration officials said they made progress towards a deal during a meeting on Monday, but House Speaker Nancy Pelosi, D-Calif., noted the two sides 'still have our differences.'The amount of the federal unemployment benefit remains a key sticking point, as Republicans want to slash the benefit to $200 per week and Democrats want to keep the benefit at $600 per week.A disagreement over funding for state and local governments is also holding up a deal, with President Donald Trump accusing Democrats of seeking to bail out poorly run Democratic-run states and cities.On the U.S. economic front, the Commerce Department released a report showing another substantial increase in new orders for manufactured goods in the month of June.The Commerce Department said factory orders soared by 6.2 percent in June after skyrocketing by a revised 7.7 percent in May.Economists had expected factory orders to jump by 5.0 percent compared to the 8.0 percent spike originally reported for the previous month.Sector NewsWhile many of the major sectors are showing only modest moves on the day, airline stocks continue to see substantial strength in mid-day trading.Reflecting the strength in the sector, the NYSE Arca Airline Index has surged up by 2.9 percent after ending the previous session at a two-month closing low.Natural gas stocks have also moved sharply higher over the course of the session, driving the NYSE Arca Natural Gas Index up by 2.8 percent to its best intraday level in over a month.The strength among natural gas stocks comes amid a notable increase by the price of the commodity, with natural gas for September delivery climbing $0.054 to $2.155 per million BTUs.Gold, oil, and commercial real estate stocks are also seeing considerable strength on the day, while software stocks are giving back ground after helping to lead the rally in the previous session.After soaring by 3.8 percent to a record closing high on Monday, the Dow Jones U.S. Software Index is slumping by 1.8 percent.Other MarketsIn overseas trading, most stock markets across the Asia-Pacific region moved sharply higher during trading on Tuesday. Japan's Nikkei 225 Index jumped by 1.7 percent, while Hong Kong's Hang Seng Index spiked by 2 percent.Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index fell by 0.4 percent, the U.K.'s FTSE 100 Index inched up by 0.1 percent and the French CAC 40 Index rose by 0.3 percent.In the bond market, treasuries are showing a notable rebound following the pullback seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4.3 basis points at 0.520 percent.Copyright RTT News/dpa-AFX
04.08.2020

U.S. Stocks Turning In Lackluster Performance In Morning Trading

WASHINGTON (dpa-AFX) - Stocks have shown a lack of direction over the course of morning trading on Tuesday following the strong upward move seen in the previous session. The major averages have spent the morning bouncing back and forth across the unchanged line.Currently, the major averages are posting modest gains. The Dow is up 33.97 points or 0.1 percent at 26,698.37, the Nasdaq is up 6.98 points or 0.1 percent at 10,909.77 and the S&P 500 is up 2.26 points or 0.1 percent at 3,296.87.Profit taking contributed to early weakness on Wall Street, although selling pressure waned shortly after the start of trading.Traders seem reluctant to make significant moves amid some uncertainty about the near-term outlook for the markets after the tech-heavy Nasdaq reached a new record closing high on Monday. The S&P 500 also finished Monday's trading at its best closing level since February.Uncertainty about the prospects for a new coronavirus relief bill may also be keeping traders on the sidelines, as negotiators struggle to reach an agreement even as new cases continue to spike and enhanced unemployment benefits expired last week.Democrats and Trump administration officials said they made progress towards a deal during a meeting on Monday, but House Speaker Nancy Pelosi, D-Calif., noted the two sides 'still have our differences.'The amount of the federal unemployment benefit remains a key sticking point, as Republicans want to slash the benefit to $200 per week and Democrats want to keep the benefit at $600 per week.A disagreement over funding for state and local governments is also holding up a deal, with President Donald Trump accusing Democrats of seeking to bail out poorly run Democratic-run states and cities.On the U.S. economic front, the Commerce Department released a report showing another substantial increase in new orders for manufactured goods in the month of June.The Commerce Department said factory orders soared by 6.2 percent in June after skyrocketing by a revised 7.7 percent in May.Economists had expected factory orders to jump by 5.0 percent compared to the 8.0 percent spike originally reported for the previous month.Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.Airline stocks have shown a substantial move to the upside, however, with the NYSE Arca Airline Index surging up by 2.6 percent. The index ended the previous session at its lowest closing level in two months.Natural gas and gold stocks are also seeing considerable strength, moving higher along with the prices of their associated commodities.On the other hand, biotechnology stocks are giving back ground following yesterday's rally, dragging the NYSE Arca Biotechnology Index down by 1.2 percent. Software stocks are also partly offsetting Monday's strong gains.In overseas trading, most stock markets across the Asia-Pacific region moved sharply higher during trading on Tuesday. Japan's Nikkei 225 Index jumped by 1.7 percent, while Hong Kong's Hang Seng Index spiked by 2 percent.Meanwhile, the major European markets have turned mixed on the day. While the French CAC 40 Index has risen by 0.3 percent, the U.K.'s FTSE 100 Index is down by 0.1 percent and the German DAX Index is down by 0.4 percent.In the bond market, treasuries are showing a notable rebound following the pullback seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4.6 basis points at 0.517 percent.Copyright RTT News/dpa-AFX
04.08.2020

U.S. Stocks May Give Back Ground In Early Trading

WASHINGTON (dpa-AFX) - Following the strong upward move seen in the previous session, stocks may give back some ground in early trading on Tuesday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 72 points.Profit taking may contribute to initial weakness on Wall Street as some traders look to cash in on recent strength in the markets.The tech-heavy Nasdaq has closed higher for four consecutive sessions and ended the previous session at a new record closing high. The S&P 500 also finished Monday's trading at its best closing level since February.Uncertainty about the prospects for a new coronavirus relief bill may also weigh on the markets, as negotiators struggle to reach an agreement even as new cases continue to spike and enhanced unemployment benefits expired last week.Democrats and Trump administration officials said they made progress towards a deal during a meeting on Monday, but House Speaker Nancy Pelosi, D-Calif., noted the two sides 'still have our differences.'The amount of the federal unemployment benefit remains a key sticking point, as Republicans want to slash the benefit to $200 per week and Democrats want to keep the benefit at $600 per week.A disagreement over funding for state and local governments is also holding up a deal, with President Donald Trump accusing Democrats of seeking to bail out poorly run Democratic-run states and cities.Not long after the start of trading, the Commerce Department is scheduled to release its report on new orders for manufactured goods in the month of June. Factory orders are expected to jump by 5.0 percent in June after spiking by 8.0 percent in May.Stocks moved mostly higher during trading on Monday, with strength among tech stocks once again contributing to an advance on Wall Street. The tech-heavy Nasdaq jumped to a new record closing high, while the S&P 500 ended the session at its best closing level in well over five months.The major averages all closed firmly in positive territory, although the Nasdaq outperformed its counterparts. While the Nasdaq surged up 157.52 points or 1.5 percent to 10,902.80, the Dow advanced 236.08 or 0.9 percent to 26,664.40 and the S&P 500 climbed 23.49 points or 0.7 percent to 3,294.61.In overseas trading, most stock markets across the Asia-Pacific region moved sharply higher during trading on Tuesday. Japan's Nikkei 225 Index jumped by 1.7 percent, while Hong Kong's Hang Seng Index spiked by 2 percent.Meanwhile, the major European markets have moved to the downside on the day. While the German DAX Index has fallen by 0.6 percent, the French CAC 40 Index is down by 0.2 percent and the U.K.'s FTSE 100 Index is just below the unchanged line.In commodities trading, crude oil futures are sliding $0.72 to $40.29 a barrel after climbing $0.74 to $41.01 a barrel on Monday. Meanwhile, after inching up $0.40 to $1,986.30 an ounce in the previous session, gold futures are rising $8.10 to $1,994.40 an ounce.On the currency front, the U.S. dollar is trading at 106.116 yen compared to the 105.95 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1730 compared to yesterday's $1.762.Copyright RTT News/dpa-AFX
04.08.2020

Futures Point To Moderately Lower Open For Wall Street

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Investors are also likely to keep an eye on earnings, as well as the new coronavirus relief bill. Factory Orders is the major economic announcement on the day. The World Health Organization warned that there might never be a 'silver bullet for the new coronavirus, despite the rush for vaccines.Asian shares finished mostly lower, while European shares are trading down.Early signs from the U.S. Futures Index suggest that Wall Street might open moderately down.As of 8.20 am ET, the Dow futures were down 76.00 points, the S&P 500 futures were sliding 13.50 points and the Nasdaq 100 futures were progressing 40.50 points.The U.S. major averages all closed firmly in positive territory on Monday. The Nasdaq surged 157.52 points or 1.5 percent to 10,902.80, the Dow advanced 236.08 or 0.9 percent to 26,664.40 and the S&P 500 climbed 23.49 points or 0.7 percent to 3,294.61.On the economic front, the Redbook data for the week will be issued at 8.55 am ET. In the prior week, the Store Sales were down 7.2 percent.The Factory Orders for June will be published at 10.00 am ET. The consensus is a growth of 5.2 percent, while it was up 8 percent in the previous week. Asian stocks rose higher on Tuesday. Chinese shares edged up slightly, with banks rising after the People's Bank of China said it will extend the grace period for implementation of sweeping asset management rules to the end of 2021.The benchmark Shanghai Composite index inched up 0.11 percent to 3,371.69, while Hong Kong's Hang Seng index jumped 2 percent to 24,946.63.Japanese shares extended gains from the previous session. The Nikkei average jumped 378.28 points, or 1.70 percent, to 22,573.66, while the broader Topix index closed 2.14 percent higher at 1,555.26.Australian shares rose the most in two weeks. The benchmark S&P/ASX 200 index climbed 111.50 points, or 1.88 percent, to 6,037.60, while the broader All Ordinaries index rallied 112.60 points or 1.86 percent, to 6,166.50.European shares are trading mostly lower. CAC 40 of France is losing 2.24 points or 0.05 percent. DAX of Germany is down 64.66 points or 0.51 percent. FTSE 100 of England is progressing 3.17 points or 0.05 percent. Swiss Market Index is sliding 73.59 points or 3.99 percent.Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.18 percent.Copyright RTT News/dpa-AFX
04.08.2020

Oil Falls As Virus Cases Surge

WASHINGTON (dpa-AFX) - Oil prices fell over 1 percent on Tuesday as rising coronavirus cases in many countries cast a shadow over a pickup in fuel demand.Besides, investors remain concerned about oversupply weighing on prices. It is expected that a recovery in oil prices from record lows will encourage U.S. shale producers to ramp up output.Benchmark Brent crude fell 63 cents, or 1.4 percent, to $43.52 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 60 cents, or 1.5 percent, at $40.41 a barrel.The overall number of global coronavirus cases has topped 18.1 million mark, while the deaths have increased to over 691,000, according to the Johns Hopkins University as of Tuesday morning. As countries race to find a vaccine for Covid-19, the World Health Organization warned that there might never be a 'silver bullet' for the new coronavirus.With infection rates starting to rise, tougher lockdown restrictions have been enforced in parts of Northern England. The Philippines said it will reimpose a stricter lockdown in the capital, Manila, and nearby provinces, with restrictions expected to remain till August 18.Mayor of Greater Manchester Andy Burnham warned the 'R Rate' in the North West may be above one, meaning the infection is spreading. Amid renewed concerns about ongoing demand distress, investors await inventory data from the American Petroleum Institute and the U.S. Energy Information Administration for further direction.Copyright RTT News/dpa-AFX
04.08.2020

U.K. Stocks Swinging Between Gains And Losses

LONDON (dpa-AFX) - U.K. stocks are swinging between gains and losses after opening modestly higher Tuesday morning, with investors reacting to quarterly earnings reports. After slipping into the red following an early uptick, the market recovered some lost ground and is moving around the flat line about an hour before noon.Despite the market's sharp surge in the previous session, worries about the economic impact of the coronavirus pandemic, and U.S.-China tensions continue to weigh on sentiment.The benchmark FTSE 100, which advanced to 6,952.91 in early trades, dropped to 5,986.77 subsequently, is up 1.82 points or 0.03 percent at 6,034.67.Diageo shares are down more than 5 percent, weighed down by a sharp 47 percent drop in operating profits. The company also reported an 8 percent fall in net sales in the latest quarter, hurt by lockdown measures due to the coronavirus pandemic.Intertek Group, Aveva, Experian, Hargreaves Lansdown, Rentokil Initial and AstraZeneca are down 2 to 2.5 percent.Reckitt Benckiser, Berkeley Group, Taylor Wimpey, Smurfit Kappa Group, Auto Trader Group and Hikma Pharmaceutical Group are declining 1.5 to 2 percent.On the other hand, EasyJet is climbing more than 10 percent, Rolls-Royce Holdings is up 6.7 percent and IAG is gaining 4.5 percent. TUI, Hiscox, Meggitt and Royal Dutch Shell are up 3 to 4 percent.BP is up nearly 7 percent. The energy major has cut its dividend for the first time in a decade after reporting a record $6.7 billion loss in the second quarter.BT Group shares are rising 5 percent and Melrose is moving up 4.4 percent. WPP, ITV, BAE Systems and Morrison Supermarkets are also up sharply.Copyright RTT News/dpa-AFX
04.08.2020

European Shares Mostly Lower Amid Soaring US-China Tensions

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks were mostly lower on Tuesday and the dollar's rebound stalled as earnings proved to be a mixed bag and investors waited to see if negotiators will make any progress on U.S. stimulus. U.S.-China tensions also remained on investors' radar after U.S. President Donald Trump said he will ban popular Chinese-owned video app TikTok in the United States unless a tech company such as Microsoft buys it.China will not accept U.S. theft of TikTok, the China Daily newspaper said today. In another development, the editor of a newspaper published by China's ruling Communist Party's People's Daily said that Beijing would retaliate if all Chinese journalists based in the United States are forced to leave the country.The pan European Stoxx 600 was down 0.3 percent at 362.64 after rising 2.05 percent on Monday in reaction to encouraging economic data from the euro zone, China and the U.K. The German DAX slid 0.4 percent and the U.K.'s FTSE 100 was little changed, while France's CAC 40 index was rising 0.3 percent.Energy giant BP Plc jumped 7 percent after it posted a record loss and cut its dividend, as widely expected. Bayer AG fell nearly 3 percent after the multinational pharma and life sciences company said it expects sales of 43 billion euros to 44 billion euros this year, a range that's 1 billion euros lower than the previous target.Chipmaker Infineon surged 3.8 percent. The company confirmed its revenue guidance for the year after posting an after-tax loss for the third quarter of its fiscal year on higher revenue. Fashion house Hugo Boss rose about 1 percent. After reporting an overall 59 percent fall in sales for the second quarter, the company said it expects a gradual improvement in the second half of the year. Diageo Plc, the world's largest spirits maker, plunged 5 percent after it posted a bigger-than-expected decline in underlying net sales.On the economic front, preliminary data from Eurostat showed that euro area industrial producer prices increased for the first time in five months in June and at a faster than expected pace, even though economic activity remained damped by the Covid-19 containment measures in most of the countries in the EU.The producer price index for Eurozone rose 0.7 percent from May, when it fell 0.6 percent. Economists had forecast a 0.5 percent increase.Copyright RTT News/dpa-AFX
04.08.2020

CAC 40 Modestly Higher As Stocks Recover After Mild Setback

PARIS (dpa-AFX) - French stocks retreated after a firm start and briefly slipped into the red Tuesday morning, but rebounded swiftly to move fairly well above the flat line after buying resumed at some key counters amid hopes about economic recovery.The benchmark CAC 40, which briefly slipped into the red after scaling a high of 4,920.80, is up 20.73 points or 0.43 percent at 4,896.66 about an hour before noon. The index gained 1.93 percent on Monday.Renault is rallying about 5 percent and Peugeot is moving up nearly 4 percent. Societe Generale is up about 4 percent and Airbus Group shares are gaining 3.6 percent. Safran is up 3.3 percent, while Unibail Rodamco, Total, Thales and Accor are rising 2.5 to 2.8 percent.BNP Paribas is advancing 1.8 percent, AXA is firming up 1.7 percent and ArcelorMittal is up 1.4 percent, while Credit Agricole and Publicis Groupe are higher by 1.3 percent and 0.9 percent, respectively.Among the stocks losing ground, Worldline SA is declining 2.3 percent and Dassault Systemes is down 2 percent, while Schneider Electric, Teleperformance and Kering are lower by 1.2 to 1.3 percent. STMicroElectronics and Pernod Ricard are down with modest losses. In Euro area economic news, preliminary data from Eurostat showed euro area industrial producer prices increased for the first time in five months in June and at a faster than expected pace, even though economic activity remained damped by the Covid-19 containment measures in most of the countries in the EU.The producer price index for Eurozone rose 0.7 percent from May, when it fell 0.6 percent. Economists had forecast a 0.5 percent increase.On a year-on-year basis, producer prices fell 3.7 percent after a 5 percent drop in May. Economists had expected a 3.9 percent decline.In the EU, producer prices grew 0.7 percent month-on-month in June after a 0.5 percent fall in May. On a year-on-year basis, producer prices decreased 3.4 percent following a 4.6 percent drop in the previous month.Copyright RTT News/dpa-AFX
04.08.2020

DAX Retreats After Fairly Strong Start

BERLIN (dpa-AFX) - German stocks are exhibiting weakness an hour before noon on Tuesday, paring early gains as investors react to some disappointing earnings announcements.Worries about the impact of coronavirus pandemic on the global economy continued to weigh despite recent strong data on manufacturing sector activity in the euro area, the U.S., China and the U.K.The benchmark DAX, which advanced to 12,768.58 in early trades, gaining more than 120 points in the process, is now down 55 points or 0.44 percent, at 12,591.98. The index ended 2.71 percent up on Monday.Shares of multinational pharma and life sciences company Bayer AG are down 4 percent, weighed down by weak earnings. The company reported a 9.5 billion euro net loss for the second-quarter as it spent about $10.9 billion in law suits settlements in the U.S. over allegations about its weedkiller causing cancer.SAP is down 2.8% and Wirecard shares are lower by about 2.1%. Linde, Henkel and Merck are losing 1 to 1.25 percent.On the other hand, MTU Aero shares are climbing nearly 6.5 percent. Lufthansa is gaining 4.5 percent and Infineon is surging up 4.7 percent, while BMW and Daimler are rising 2.8 percent and 2.2 percent, respectively. Volkswagen is rallying 1.5 percent.BASF is moving up 3.2 percent and Covestro is rising 2.6 percent. Continental and Deutsche Bank are gaining 1.7 percent and 1.3 percent, respectively. Deutsche Bank and Deutsche Telekom are modestly higher.Copyright RTT News/dpa-AFX
04.08.2020

Asian Shares Follow Wall Street Higher

CANBERA (dpa-AFX) - Asian stocks rose broadly on Tuesday after Wall Street's main indexes rose overnight on data showing a bigger than expected acceleration in the pace of growth in U.S. manufacturing activity in July and Microsoft's statement confirming that it is continuing talks to purchase the U.S. operations of Chinese-owned video-sharing app TikTok.Investors shrugged off surging coronavirus caseloads in dozens of countries, with the World Health Organization warning that there might never be a 'silver bullet' for the new coronavirus, despite the rush to discover effective vaccines.Chinese shares edged up slightly, with banks rising after the People's Bank of China said it will extend the grace period for implementation of sweeping asset management rules to the end of 2021.The benchmark Shanghai Composite index inched up 0.11 percent to 3,371.69, while Hong Kong's Hang Seng index jumped 2 percent to 24,946.63. Japanese shares extended gains from the previous session as a weaker yen helped lift exporters' stocks. The Nikkei average jumped 378.28 points, or 1.70 percent, to 22,573.66, while the broader Topix index closed 2.14 percent higher at 1,555.26. Exporters Canon, Toyota Motor, Sony and Honda Motor jumped 3-6 percent. Retail group Seven & I Holdings, owner of the 7-Eleven convenience store chain, surged 8.9 percent after the company announced a deal to buy Speedway gas stations in the U.S. from Marathon Petroleum for $21 billion.Z Holdings tumbled 3.2 percent. The owner of Yahoo Japan and messaging app provider Line Corp. said they have decided to postpone their merger to March 2021 due to the impact of the coronavirus pandemic. On the data front, official data showed that overall consumer prices in the Tokyo region were up 0.6 percent year-on-year in July. That exceeded expectations for an increase of 0.4 percent and was up from 0.3 percent in June.Core CPI, which excludes volatile food prices, advanced an annual 0.4 percent - again exceeding expectations for 0.2 percent, which would have been unchanged.Australian shares rose the most in two weeks as the Reserve Bank of Australia kept its monetary policy settings steady and said 'the downturn is not as severe as earlier expected and a recovery is now underway in most of Australia'.Investors ignored domestic data showing that retails sales volumes suffered their biggest plunge in two decades in the second quarter.The benchmark S&P/ASX 200 index climbed 111.50 points, or 1.88 percent, to 6,037.60, while the broader All Ordinaries index rallied 112.60 points, or 1.86 percent, to 6,166.50. Financials, energy and technology companies paced the gainers. The big four banks rose between 1.2 percent and 2.3 percent, while Santos advanced 4.7 percent and Afterpay surged 6.5 percent.Seoul stocks ended at a near two-year high, with strong U.S. manufacturing data and hopes of fresh stimulus helping underpin investor sentiment. The top Democrats in the U.S. Congress and White House negotiators said on Monday they had made progress in talks on a new coronavirus relief bill.The benchmark Kospi rose 28.93 points, or 1.29 percent, to 2,279.97 - its highest close since Oct 2, 2018. That also marked the biggest daily gain in a week.New Zealand shares rose as positive leads from global markets helped investors ignore the devastating effects of the coronavirus pandemic. The benchmark NZX-50 index inched up 105.63 points, or 0.91 percent, at 11771.72.Ryman Healthcare shares fell 2.3 percent after a contractor at one of its Melbourne construction sites tested positive for Covid-19. U.S. stocks rose overnight as upbeat manufacturing data from the U.S., Europe and China raised hopes of a quick economic rebound from the coronavirus pandemic.The tech-heavy Nasdaq Composite index surged 1.5 percent, while the Dow Jones Industrial Average rose 0.9 percent and the S&P 500 gained 0.7 percent.Copyright RTT News/dpa-AFX
04.08.2020

U.S. Factory Orders Spike More Than Expected In June

WASHINGTON (dpa-AFX) - A report released by the Commerce Department on Tuesday showed another substantial increase in new orders for U.S. manufactured goods in the month of June.The Commerce Department said factory orders soared by 6.2 percent in June after skyrocketing by a revised 7.7 percent in May.Economists had expected factory orders to jump by 5.0 percent compared to the 8.0 percent spike originally reported for the previous month.The bigger than expected increase in factory orders came as orders for durable goods surged up by 7.6 percent in June after soaring by 15.0 percent in May.Orders for transportation equipment led the increase in durable goods orders once again, skyrocketing by 20.2 percent in June.The report said orders for non-durable goods also jumped by 5.0 percent in June following a 2.0 percent increase in the previous month.The Commerce Department said shipments of manufactured goods also spiked by 9.8 percent in June after surging up by 3.0 percent in May.Inventories of manufactured goods also rose by 0.6 percent in June after edging up by 0.2 percent in the previous month.With shipments jumping by much more than inventories, the inventories-to-shipments ratio slumped to 1.51 in June from 1.65 in May.Copyright RTT News/dpa-AFX
04.08.2020

US JUN DURABLE ORDERS 7.6%

Copyright RTT News/dpa-AFX
04.08.2020
04.08.2020
04.08.2020

Ireland Manufacturing Sector Recovers Sharply In July

DUBLIN (dpa-AFX) - Ireland's manufacturing sector expanded robustly in July as lockdown restrictions to battle the coronavirus pandemic continued to ease, survey data from IHS Markit showed on Tuesday.The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, rose to 57.3 in July from 51.0 in June. This was the strongest improvement since August 2018. Any reading above 50 indicates expansion in the sector.Production rose at the fastest rate since December 1999 and new orders grew at the strongest pace since December 2017. New export orders increased at the fastest rate since November 2017. Backlogs of work increased in July and the rate of job creation was in line with the long-run survey average. Firms remained optimistic on the 12-month outlook with sentiment underpinned by renewed growth of new orders and higher backlogs of work in July.'The improvement in the Irish data is in line with thetrend in other countries,' Oliver Mangan, AIB Chief Economist, said.'The flash readings for the Eurozone and UK July manufacturing PMIs also saw large rises to 51.1 and 53.6, respectively, as economies re-open for business.'Copyright RTT News/dpa-AFX
04.08.2020

Turkey Manufacturing Growth Highest Since February 2011

ANKARA (dpa-AFX) - Turkey's manufacturing sector expanded in July at the fastest rate since February 2011, due to the recovery from the disruption caused by the Covid-19 pandemic, survey data from IHS Markit showed on Tuesday.The Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index, or PMI, rose to 56.9 in July from 53.9 in June. Any reading above 50 indicates expansion in the sector.New orders increased for the second straight month in July with the rate of expansion fastest since the survey began in June 2005. New export orders rose, albeit to a lesser extend. Production increased at the fastest rate since February 2011 and output rose for the second month in a row. Backlogs of work rose since August 2017. Employment and purchasing activity increased in July due to higher production requirements. Delivery times lengthened in July with restrictions on transportation due to Covid-19 pandemic and rising inputs.Input prices rose sharply in July, though at a softer pace, and output price inflation quickened. 'The PMI data at the start of the second half of the year provides optimism that the recovery from the COVID-19 downturn is solidifying,' Andrew Harker, economics director at IHS Markit, said.'Growth will help to claw back some of the output lost during the downturn, but will have to be sustained for a longer period for a full recovery to be secured,' Harker said.Copyright RTT News/dpa-AFX
04.08.2020

Hungary Producer Price Inflation Rises In June

BRUSSELS (dpa-AFX) - Hungary's producer prices grew at a faster pace in June after easing in the previous month, figures from the Hungarian Central Statistical Office showed on Tuesday.The producer price index rose 3.1 percent year-on-year in June, after a 1.7 percent increase May. In April, prices rose 3.7 percent.The development of prices was influenced by economic trends due to the coronavirus epidemic, their impact was felt in the forint exchange rate changes and the world market prices of raw and base materials, the agency said.Domestic market producer prices fell 1.1 percent in June, while foreign market prices grew 5.2 percent.Copyright RTT News/dpa-AFX
04.08.2020

New Zealand Dollar Weakens Before NZ Jobs Report

CANBERA (dpa-AFX) - The New Zealand dollar fell against its major opponents in the European session on Tuesday, as a slew of mixed earnings from major European companies soured risk sentiment.U.S.-China tensions also remained on investors' radar after U.S. President Donald Trump said he will ban popular Chinese-owned video app TikTok in the United States unless a tech company such as Microsoft buys it.China will not accept U.S. theft of TikTok, the China Daily newspaper said today.In another development, the editor of a newspaper published by China's ruling Communist Party's People's Daily said that Beijing would retaliate if all Chinese journalists based in the United States are forced to leave the country.New Zealand jobs data is due tomorrow, which is expected to show a jump in unemployment in the June quarter.The unemployment rate is expected to rise to 5.6 percent from 4.2 percent in the first quarter.The number of jobs is expected to have declined by 2 percent, after a 0.7 percent rise in the prior quarter.The kiwi dropped to more than 2-month lows of 1.7858 against the euro and 1.0811 against the aussie, from its early highs of 1.7760 and 1.0750, respectively. The kiwi is seen finding support around 1.82 against the euro and 1.10 against the aussie.The kiwi edged down to 0.6597 against the greenback and 69.88 against the yen, after rising to 0.6625 and 70.30, respectively in early deals. The kiwi is likely to find support around 0.63 against the greenback and 68.00 against the yen.Looking ahead, U.S. factory orders data for June is set for release in the New York session.Copyright RTT News/dpa-AFX
04.08.2020

Euro Little Changed After Eurozone PPI

BRUSSELS (dpa-AFX) - At 5.00 am ET Tuesday, Eurostat has issued Eurozone producer prices for June. The euro changed little against its major counterparts after the data. The euro was trading at 124.95 against the yen, 1.0795 against the franc, 1.1795 against the greenback and 0.9021 against the pound around 5:05 am ET.Copyright RTT News/dpa-AFX
04.08.2020

Euro Mixed Ahead Of Eurozone PPI

BRUSSELS (dpa-AFX) - At 5.00 am ET Tuesday, Eurostat is slated to issue Eurozone producer prices for June. Economists forecast producer prices to fall 3.9 percent annually, following a 5 percent decrease in May.Ahead of the data, the euro traded mixed against its major counterparts. While it rose against the pound, it was steady against the greenback and the yen. Against the franc, it eased.The euro was worth 124.90 against the yen, 1.0795 against the franc, 1.1790 against the greenback and 0.9020 against the pound as of 4:55 am ET.Copyright RTT News/dpa-AFX
04.08.2020

Australian Dollar Advances As RBA Holds Rate, QE Steady

CANBERA (dpa-AFX) - The Australian dollar gained ground against its major counterparts in the Asian session on Tuesday, after the Reserve Bank of Australia left the cash rate and quantitative easing unchanged, saying that the economic downturn was not as severe as earlier expected and a recovery is underway in most parts of the country.The board of Reserve Bank of Australia, governed by Philip Lowe, decided to maintain cash rate and the targeted yield on three-year government bonds of 25 basis points.Lowe said that fiscal and monetary stimulus will be required for some time amid uncertainty over the global outlook.The bank vowed to maintain accommodative approach as long as it is required.The Board will not raise the cash rate target until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2-3 per cent target band, Lowe said. Risk sentiment lifted up as upbeat manufacturing data from the U.S., Europe and China raised hopes of a global economic rebound despite the coronavirus crisis.Data from the Australian Bureau of Statistics showed that Australia's retail sales grew at a moderate pace in June.Retail turnover advanced 2.7 percent on a monthly basis in June, following a 16.9 percent increase in May. The rate was faster than the 2.4 percent increase estimated previously.Separate report from the statistical office showed that the trade surplus rose to A$8.2 billion in June from A$7.34 billion in May.Exports climbed 3 percent from the previous month and imports gained 1 percent in June.The currency showed mixed performance against its major opponents on Monday. While it held steady against the kiwi and the yen, it dropped against the greenback and the euro.The aussie added 0.5 percent to 0.7138 against the greenback, from a low of 0.7106 seen at 8:15 pm ET. The pair had finished Monday's deals at 0.7123. The aussie is seen facing resistance around the 0.73 mark.The aussie was up by 0.3 percent against the yen, at 75.71. The pair was valued at 75.47 when it ended trading yesterday. The aussie is likely to locate resistance around the 78.00 region, if it gains again.Data from the Ministry of Internal Affairs and Communications showed that Tokyo inflation climbed 0.6 percent on year in July.That exceeded expectations for an increase of 0.4 percent and was up from 0.3 percent in June.After falling to 1.6540 at 8:15 pm ET, the aussie bounced off 0.3 percent to 1.6493 against the euro. The euro-aussie pair was quoted at 1.6509 at Monday's close. Next near term resistance for the aussie is likely seen around the 1.62 level.The aussie was 0.3 percent higher at 0.9555 against the loonie, recovering from a low of 0.9522 it set at 8:15 pm ET. At yesterday's close, the pair was worth 0.9539. Extension of the aussie's uptrend may lead it to a resistance around the 0.98 region. The AUD/NZD pair approached 1.0786, gaining 0.1 percent. The aussie had finished yesterday's trading session at 1.0771 against the kiwi. Immediate resistance for the aussie is possibly seen around the 9 1.09 level. Looking ahead, Eurozone PPI for June will be featured in the European session.U.S. factory orders data for June is set for release in the New York session.Copyright RTT News/dpa-AFX
04.08.2020

Aussie Rises After RBA Decision

CANBERA (dpa-AFX) - The Reserve Bank of Australia kept its benchmark lending rate at 0.25 percent, as expected. Following the announcement, the aussie climbed against its major rivals. The aussie was trading at 75.65 against the yen, 1.6500 against the euro, 0.7135 against the greenback and 1.0777 against the kiwi around 12:34 am ET.Copyright RTT News/dpa-AFX
04.08.2020

Aussie Steady Ahead Of RBA Decision

CANBERA (dpa-AFX) - At 12:30 am ET Tuesday, the Reserve Bank of Australia announces its decision on interest rates. The RBA is widely expected to keep its benchmark lending rate at 0.25 percent.Ahead of the announcement, the aussie held steady against its major rivals. The aussie was worth 75.61 against the yen, 1.6515 against the euro, 0.7126 against the greenback and 1.0765 against the kiwi as of 12:25 am ET.Copyright RTT News/dpa-AFX
03.08.2020

Dollar Stays Mostly Higher Against Peers

WASHINGTON (dpa-AFX) - The U.S. dollar exhibited strength against most of its peers on Monday, bouncing back from recent losses, due largely to some short-covering by traders. While data showing a stronger-than-expected pace of acceleration in U.S. manufacturing activity supported the greenback's uptick, a report showing a drop in construction spending weighed on the currency.The Institute for Supply Management's report said its purchasing managers index rose to 54.2 in July from 52.6 in June, with a reading above 50 indicating growth in manufacturing activity. Economists had expected the index to inch up to 53.6.Reflecting decreases in sending on both private and public construction, the Commerce Department released a report on Monday showing U.S. construction spending fell by more than expected in the month of June.The report said construction spending slid by 0.7% to an annual rate of $1.355 trillion in June after tumbling by 1.7% to a revised rate of $1.365 trillion in May.Economists had expected construction spending to decrease by 0.5% percent compared to the 2.1% slump originally reported for the previous month.The bigger than expected drop came as spending on private construction fell by 0.7% to an annual rate of $1.002 trillion in June from the revised May estimate of $1.009 trillion.The dollar index climbed to 93.99 around mid morning, and despite easing to 93.60 by late afternoon, still remained in positive territory, gaining nearly 0.3% from previous close.Against the Euro, the dollar was slightly stronger at $1.1768, compared with $1.1780 Friday evening. The euro area manufacturing sector returned to growth in July for the first time in a year-and-a-half as output and demand continued to recover with the further easing of restrictions related to the coronavirus disease, final data from IHS Markit showed.The Pound Sterling was down marginally at $1.3076, after having slipped to $1.3004 from a high of $1.3113 touched in the Asian session. The UK manufacturing sector expanded the most in more than a year in July as output growth hit a 32-month high due to further loosening of the lockdown conditions in place due to the coronavirus disease, final data from IHS Markit showed.The IHS Markit/Chartered Institute of Procurement & Supply final manufacturing Purchasing Managers' Index rose to a 16-month high of 53.3 in July from 50.1 in June. However, this was below the flash estimate of 53.6.The Yen was down 0.1% at 105.95 a dollar, after moving between 105.58 and 106.47 earlier in the day.Against the Aussie, the dollar firmed up to $0.7124 from $0.7143.The Swiss franc was weaker by over 0.5% at CHF0.9177, losing ground from previous close of CHF0.9129.The Loonie was stronger at C$1.3391 a unit of greenback, firming up from C$1.3412, thanks to higher crude oil prices.Copyright RTT News/dpa-AFX
03.08.2020

Dollar Little Changed After U.S. Construction Spending, ISM Manufacturing Index

BRUSSELS (dpa-AFX) - Following the release of the U.S. construction spending for June and ISM manufacturing index for July at 10:00 am ET Monday, the greenback changed little against its major rivals.The greenback was trading at 106.40 against the yen, 0.9221 against the franc, 1.1726 against the euro and 1.3017 against the pound around 10:01 am ET.Copyright RTT News/dpa-AFX
03.08.2020

Dollar Advances Ahead Of U.S. Construction Spending, ISM Manufacturing Index

BRUSSELS (dpa-AFX) - The U.S. construction spending for June and ISM manufacturing index for July are due at 10:00 am ET Monday.Ahead of the data, the greenback climbed against its major rivals.The greenback was worth 106.36 against the yen, 0.9219 against the franc, 1.1716 against the euro and 1.3011 against the pound as of 9:55 am ET.Copyright RTT News/dpa-AFX
03.08.2020

Pound Falls As U.K. Manufacturing PMI Misses Forecast

BRUSSELS (dpa-AFX) - The pound dropped against its major counterparts in the European session on Monday, after the UK manufacturing sector activity expanded less-than-expected in the month of July.The Chartered Institute of Procurement & Supply/ IHS Markit manufacturing Purchasing Managers' Index rose to 53.3 in July from 50.1 in June. The flash reading was 53.6.New orders expanded for the first time since February, mainly reflecting a strengthening of domestic demand. But new export business fell for the ninth straight month, albeit to the weakest level since February. European stocks rose after a private gauge of China's manufacturing activity rose in July to its highest level in more than nine years.The upside, however, remained capped amid worries over a further tightening of restrictions in Europe and a deadlock in the deliberations over a new stimulus deal in the U.S. The pound depreciated to 1.3021 against the greenback, setting a 2-day low. The next possible support for the pound is seen around the 1.25 level. The pound pared gains to 137.75 against the yen, from a high of 139.03 seen at 8:30 pm ET. The pound is seen finding support around the 134 region.The latest survey from Jibun Bank showed that Japan manufacturing sector continued to contract in July, albeit at a slower rate, with a manufacturing PMI score of 45.2.That's up from 40.1 in June, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.After rising to a 1-1/2-month high of 1.2035 at 4.30 am ET, the pound moved off to 1.1953 against the franc. On the downside, 1.15 is possibly seen as the next support level for the pound. The pound edged down to 0.9013 against the euro from Friday's closing value of 0.8997. If the pound slides further, it may find support around the 0.92 level. Final data from IHS Markit showed that the euro area manufacturing sector returned to growth in July for the first time in a year-and-a-half as output and demand continued to recover with the further easing of restrictions related to the coronavirus disease.The manufacturing Purchasing Managers' Index rose to 51.8 in July from 47.4 in June. This was also above the flash reading of 51.1. Looking ahead, U.S. construction spending for June and ISM manufacturing index for July will be out in the New York session.Copyright RTT News/dpa-AFX

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