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03.07.2020

Rolls-Royce Says Early Stages Of Reviewing Range Of Potential Options

LONDON (dpa-AFX) - Responding to the recent press speculation, Rolls-Royce Holdings plc (RYCEF.PK, RR.L, RYCEY.PK) confirmed Friday that it is in the early stages of reviewing a range of potential options to strengthen its balance sheet and position itself for the recovery following COVID-19. But, no decisions have been made. it's current financial position and liquidity remain strong, the company said in a statement.Earlier today, Bloomberg reported that the company is in the early stages of examining possibilities including selling shares and divesting assets. The company's ITP Aero unit is one potential disposal being considered.The company could seek up to to 2 billion pounds if it decides to proceed with an equity offering, the report said citing people familiar with the matter.Copyright RTT News/dpa-AFX
03.07.2020

EU Approves Gilead's Remdesivir To Treat COVID-19

FOSTER CITY (dpa-AFX) - Gilead Sciences Inc. (GILD) said Friday that the European Commission has granted conditional marketing authorization for Veklury or remdesivir as a treatment for SARS-CoV-2 infection, the virus that causes COVID-19.As per the authorization, Veklury is indicated for the treatment of COVID-19 in adults and adolescents, with pneumonia requiring supplemental oxygen.The company noted that the conditional marketing authorization for Veklury is supported by the U.S. National Institute of Allergy and Infectious Diseases' global Phase 3 trial of remdesivir.A conditional marketing authorization in Europe is initially valid for one year but can be extended or converted into an unconditional marketing authorization after the submission and assessment of additional confirmatory data.Remdesivir has been approved as a treatment for patients with severe COVID-19 in Japan, Taiwan, India, Singapore, the United Arab Emirates and the European Union. Outside of these regions, remdesivir is an investigational, unapproved drug, the company said.Last month, Gilead Sciences said it decided to price remdesivir at $390 per vial for governments of developed countries. In the U.S. also, the same government price of $390 per vial will apply. Based on current treatment patterns, the vast majority of patients are anticipated to receive a 5-day treatment course using 6 vials of remdesivir, which equates to $2,340 per patient.Copyright RTT News/dpa-AFX
03.07.2020

Alexion Pharma Agrees To Settle Charges Of FCPA Violations

WASHINGTON (dpa-AFX) - The SEC announced that Alexion Pharmaceuticals Inc. (ALXN) has agreed to pay more than $21 million to resolve charges that it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act. SEC found that two Alexion subsidiaries made payments to foreign government officials to secure favorable treatment for the company's primary drug, Soliris.'Alexion's internal accounting controls failed to detect and prevent payments to foreign government officials by its subsidiaries,' said Melissa Hodgman, an Associate Director in the SEC's Division of Enforcement.Copyright RTT News/dpa-AFX
03.07.2020

Land Securities Says £109 Mln Net Rent Due On 24 June

LONDON (dpa-AFX) - Real estate investment trust Land Securities Group Plc. (LAND.L) said that 122 million pounds of rent was due on the 24 June rent payment date. Taking concessions and deferrals into account, the net rent due was 109 million pounds. 60% of the net rent due on 24 June was paid within five working days compared with 94% for the equivalent period last year.The company noted that Covid-19 has resulted in some customers taking longer to pay their rent and we continue to have supportive and constructive dialogue with its customers. 75% of rent due on 25 March has now been received. There was an increase across all segments, particularly in Office, now at 98%. Overall, 30 million pounds of rent due on 25 March remains outstanding of which 5 million pounds relates to concessions and deferred payments which have subsequently been agreed with customers.The company noted that all of its shopping centres, outlets and retail parks are open, following the easing of restrictions on non-essential retail in England, Scotland and Wales.As at 30 June, 79% of the retail units were trading and 16 of our 18 leisure parks were open. The company's Accor managed hotels remain closed to the general public. Accor will phase the opening of the hotels over the next three months.In England, for the two-week period since non-essential retail opened on 15 June, footfall in centres was 60% of the level achieved in the equivalent period last year and like-for-like store sales were 80% of the level achieved last year. Over the same two-week period, average transaction values were up 22% compared with last year.Landsec said it remains in a financially robust position. At 30 June 2020, adjusted net debt was 3.92 billion pounds compared to 3.93 billion pounds at 31 March 2020, pro-forma group LTV was 30.6% using March 2020 valuations.Copyright RTT News/dpa-AFX
03.07.2020

Rank Group: FY Underlying Operating Profit To Be At Lower End Of Prior Guidance Range

LONDON (dpa-AFX) - Rank Group Plc (RNK.L) said underlying operating profit for the year ended 30 June 2020 is expected to be at the lower end of the previously provided guidance range of 48 million pounds to 58 million pounds after IFRS16 (40 million pounds to 50 million pounds pre-IFRS16) due to the venues reopening costs being expensed. Rank will announce its preliminary results on 19 August 2020.The Group will commence the reopening of its Mecca bingo clubs from 4 July 2020. Initially Rank Group will be opening 35 venues in England. A further 30 venues are expected to open in a phased approach throughout July and August including, when permitted, venues in Scotland and Wales. The remaining 12 venues will remain closed until October. The Group said Enracha clubs in Spain started to reopen from 10 June and all are now open.Copyright RTT News/dpa-AFX
03.07.2020

Sanofi, Regeneron Stop Kevzara COVID-19 Trial In U.S. After Failing To Meet Key Goals

PARIS (dpa-AFX) - Sanofi and Regeneron Pharmaceuticals, Inc. announced that the U.S. Phase 3 trial of arthritis drug Kevzara (sarilumab) 400 mg in COVID-19 patients requiring mechanical ventilation did not meet its primary and key secondary endpoints. In the trial, Kevzara was added to best supportive care compared to best supportive care alone (placebo).Based on the disappointing results, the companies have stopped the U.S. trial, including in a second cohort of patients who received a higher dose of Kevzara (800 mg).Meanwhile, a separate Sanofi-led trial outside of the U.S. in hospitalized patients with severe and critical COVID-19 using a different dosing regimen is ongoing. The Independent Data Monitoring Committee, which is overseeing both the Regeneron-led U.S. trial and the Sanofi-led trial outside of U.S., has recommended that the trial outside of the U.S. continue.The companies expect to report results in the third quarter.Kevzara, jointly developed by Sanofi and Regeneron, is an approved drug for rheumatoid arthritis and it is being tested for COVID-19 treatment. The latest trial was based on data from a single-arm study in China suggesting that the interleukin-6 pathway may play an important role in the overactive inflammatory response in the lungs of patients with COVID-19. Kevzara is also an interleukin-6 (IL-6) receptor antagonist.It was in mid-March that Sanofi and Regeneron initiated the clinical program evaluating Kevzara in Covid-19 patients.In the U.S. trial, the primary analysis group included 194 patients who were critically ill with COVID-19 and receiving mechanical ventilation at the time of enrolment.Sanofi and Regeneron noted that in the trial, minor positive trends were observed in the primary pre-specified analysis group that did not reach statistical significance. These were countered by negative trends in a subgroup of critical patients who were not mechanically ventilated at baseline.In the primary analysis group, adverse events were experienced by 80% of Kevzara patients and 77% of placebo patients.Copyright RTT News/dpa-AFX
03.07.2020

IMMU Continues Ascent, IDXG On Fire, REGN's Kevzara Disappoints In COVID-19 Trial, BLFS On Watch

PARIS (dpa-AFX) - Today's Daily Dose brings you news about BioLife Solutions' preliminary second-quarter revenue estimate; Immunomedics' immediate catalyst; Interpace Biosciences' stock price spike; MEI Pharma discontinuing Pracinostat trial in AML patients due to lack of efficacy and disappointing outcome from Regeneron/Sanofi's study evaluating Kevzara in COVID-19 patients.Read on.1. BioLife's Q2 Revenue Defies Covid-19 ImpactShares of BioLife Solutions Inc. (BLFS) were up over 12% in Thursday's trading, following better-than-expected revenue estimates for the second quarter of 2020.The Company has announced preliminary revenue for the second quarter of 2020 of $9.6 million to $9.8 million, representing 43% to 46% growth over the same quarter in 2019. Wall Street analysts are expecting revenue of $8.52 million for the quarter.BLFS closed Thursday's trading at $17.98, up 12.09%.2. Immunomedics To Provide Clinical Update On Monday Immunomedics Inc. (IMMU) is all set to provide a clinical update on Monday, July 6, 2020, at 8:00 a.m. Eastern Time.The Company's lead product is TRODELVY (sacituzumab govitecan-hziy), which received accelerated FDA approval as recently as April, for the treatment of adult patients with metastatic triple-negative breast cancer (mTNBC) who have received at least two prior therapies.Continued approval depends upon verification of clinical benefit in phase III confirmatory trial of Trodelvy in third-line mTNBC, dubbed ASCENT. The topline data readout from the ASCENT study is expected around mid-2020.A phase III study of Trodelvy in hormone receptor-positive, human epidermal growth factor receptor 2-negative metastatic breast cancer, known as TROPiCS-02, is underway.Trodelvy is also being tested in a phase II trial in stage IV urothelial cancer after failure of a platinum-based regimen and/or anti-PD-1/PD-L1-based therapies, dubbed TROPHY U-01.IMMU touched a new 52-week high of $37.69 in intraday trading before closing at $37.54, up 1.71%. In after-hours, the stock was up 3.89% at $39.00.3. Interpace Biosciences On FireInterpace Biosciences Inc. (IDXG) has developed COVIANT, a qualitative blood test for the detection of IgG antibodies against SARS-CoV-2 in human plasma and serum. According to the Company website, the test has not been reviewed by the FDA but its availability and performance have been determined to be appropriate with Emergency Use Authorization approval granted to the kit manufacturer, EUROIMMUN US, Mountain Lakes.Historically, the Company has been providing molecular diagnostics, bioinformatics, and pathology services for evaluation of the risk of cancer. ThyGeNEXT for the diagnosis of thyroid cancer from thyroid nodules utilizing a next-generation sequencing assay; ThyraMIR for the diagnosis of thyroid cancer from thyroid nodules utilizing a proprietary gene expression assay; PancraGEN for the diagnosis and prognosis of pancreatic cancer from pancreatic cysts and RespriDX that differentiates lung cancer of primary vs. metastatic origin are the Company's four commercialized molecular tests. One test is also in clinical development and it goes by the name BarreGEN for Barrett's Esophagus.COVIANT, the serology antibody ELISA testing for COVID-19, was developed in response to customer interest. IDXG closed Thursday's trading at $6.14, up 39.23%. In after-hours, the stock was up another 11.07% at $6.82.4. MEIP/Helsinn Pull The Plug On Pracinostat Trial In AML PatientsShares of MEI Pharma Inc. (MEIP) tumbled on Thursday after the Company's decision to discontinue the ongoing phase III study of Pracinostat in combination with chemotherapy drug Vidaza (azacitidine) in patients with Acute Myeloid Leukemia who are unfit to receive standard intensive chemotherapy.In August 2016, MEI Pharma licensed Pracinostat to Helsinn, a Swiss pharmaceutical group, in Acute Myeloid Leukemia and other indications, including MDS. The decision to discontinue the trial was based on the Independent Data Monitoring Committee's interim futility analysis that has demonstrated the study was unlikely to meet the primary endpoint of overall survival compared to the control group. However, patients currently enrolled in other Pracinostat studies will continue treatment, noted the companies.MEIP closed Thursday's trading at $3.49, down 18.27%.5. Regeneron/Sanofi's Arthritis Drug Kevzara Disappoints In COVID-19 TrialRegeneron Pharmaceuticals Inc. (REGN) and Sanofi (SNY) on Thursday announced that their U.S. phase III trial of arthritis drug Kevzara 400 mg in COVID-19 patients requiring mechanical ventilation did not meet its primary and key secondary endpoints when Kevzara was added to best supportive care compared to best supportive care alone (placebo). Moreover, adverse events were experienced by 80% of COVID-19 patients treated with Kevzara and 77% of placebo patients. Based on the disappointing outcome, the U.S.-based trial of Kevzara in COVID-19 patients has been stopped.A separate phase II/III trial led by Sanofi outside of the U.S. in hospitalized patients with severe and critical COVID-19 using a different dosing regimen is ongoing. The companies expect to report the results of this trial outside of the U.S. this quarter (Q3, 2020).Kevzara is an approved drug for rheumatoid arthritis and it is being tested for repurposing to treat COVID-19 based on data from a single-arm study in China suggesting that the interleukin-6 pathway may play an important role in the overactive inflammatory response in the lungs of patients with COVID-19. Kevzara is also an interleukin-6 (IL-6) receptor antagonist.REGN closed Thursday's trading at $622.45, up 2.18%. In after-hours, the stock was down 1.54% at $611.6. Stocks That Moved On No NewsMTBC Inc. (MTBC) closed Thursday's trading at $9.55, up 12.88%.Applied Genetic Technologies Corp. (AGTC) closed Thursday's trading at $6.43, up 10.29%.Rocket Pharmaceuticals Inc. (RCKT) closed Thursday's trading at $22.55, up 10%.Liminal BioSciences Inc. (LMNL) closed Thursday's trading at $16.75, down 26.50%.Qualigen Therapeutics, Inc. (QLGN) closed Thursday's trading at $4.10, down 10.28%.Copyright RTT News/dpa-AFX
02.07.2020

Stock Alert: Avis Budget Up 19%

WASHINGTON (dpa-AFX) - Shares Avis Budget Group, Inc. (CAR) gained over 19% on Thursday morning. The company's stock is currently trading at $26.74, up $4.26 or 18.95%, on the Nasdaq.The car rental company's stock has traded between $6.35 and $52.98 for the year-to-date period.Used car market is recovering quickly than expected, as auto industry continues to be negatively impacted by the ongoing coronavirus pandemic. Morgan Stanley upgraded the stock and raised its price target by nearly 50%.Copyright RTT News/dpa-AFX
02.07.2020

Zynga Closes Acquisition Of Peak

BASEL (dpa-AFX) - Zynga Inc. (ZNGA) said the company has closed the acquisition of Peak. The transaction has a total purchase price of approximately $1.85 billion comprised approximately of equal contributions of cash and Zynga common stock. Peak will continue to be led by founder and Chief Executive Officer Sidar Sahin and its current management team. Zynga said the close of the acquisition is effective as of July 1, 2020. The company expects to update its full year 2020 guidance when reporting its second quarter 2020 financial results on August 5, 2020.Copyright RTT News/dpa-AFX
02.07.2020

Tesla Deliveries About 90,650 Vehicles In Q2

WASHINGTON (dpa-AFX) - Luxury electric car maker Tesla Inc. (TSLA) announced Thursday that it delivered about 90,650 vehicles in the second quarter of 2020, while producing more than 82,000 vehicles.The deliveries include 80,050 Model 3 sedans and Model Y cross-over SUVs as well as 10,600 Model S and X vehicles.The carmaker said it produced 75,946 Model 3 sedans and Model Y cross-over SUVs as well as 6,326 Model S and X vehicles.The company said it has successfully ramped production back to prior levels, despite the main factory in Fremont being shut down for much of the quarter.Copyright RTT News/dpa-AFX
03.07.2020

Swiss Market Ends Weak

BRUSSELS (dpa-AFX) - The Switzerland stock market opened slightly higher Friday morning, but kept edging lower and lower as the day progressed to finally end the session notably down, amid uncertainty about pace of economic recovery rendered the mood bearish.According to reports, new cases of infection in the U.S. rose more than 53,000 in 24 hours Thursday, marking a record single-jump around the country, and raising fears some states may resort to another lockdown to prevent the virus from spreading.The benchmark SMI ended with a loss of 61.72 points or 0.61% at 10,125.84, after hitting a low of 10,110.25.Roche Holding shares declined by about 1.2%. Sika, Geberit, SGS, Givaudan, Novartis, Swatch Group, Nestle, Swisscom, UBS, Credit Suisse and Zurich Insurance Group lost 0.4 to 1%.Lonza Group shares moved up by about 1.1%, while Adecco ended modestly higher.In the midcap section, Dufry declined 2.8%. Sonova ended down 1.6%, while Schindler Holding, Logitech, BB Biotech and Flughafen Zurich lost 0.7 to 1.1%.On the other hand, AMS rallied more than 3%. Temenos Group gained 1.35%, while VAT Group and Vifor Pharma posted modest gains.The Swiss government said that effective from July 6, travellers to Switzerland from 29 countries will have register with the authorities and go into self-isolation to prevent a resurgence of the coronavirus.In an interview with the Journal of the American Medical Association, Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said that the virus may be mutating to become more transmissible, with high viral loads. 'We don't have a connection between whether an individual does worse with this or not. It just seems that the virus replicates better and may be more transmissible. But this is still at the stage of trying to confirm that,' said Fauci.Copyright RTT News/dpa-AFX
03.07.2020

European Markets Close Lower On Virus Jitters

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European markets ended lower on Friday as rising coronavirus cases in the U.S. raised fears of another lockdown in several states and dimmed hopes about a quick economic recovery notwithstanding recent upbeat data from China and the U.S.According to reports, new cases of infection in the U.S. rose more than 53,000 in 24 hours Thursday, marking a record single-jump around the country.Meanwhile, the German Parliament has passed a resolution saying that the European Central Bank (ECB) has met the requirements from a top German court concerning the bank's massive bond-buying program.The mood was bearish almost right through the session. The pan European Stoxx 600 shed 0.78%. The U.K.'s FTSE 100 declined 1.33%, Germany's DAX shed 0.64% and France's CAC 40 slid 0.84%, while Switzerland's SMI ended down 0.61%.Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Portugal, Spain, Sweden and Turkey ended notably lower.Czech Republic and Poland edged down marginally, while Russia closed on the positive side.Rolls-Royce Holdings tumbled nearly 10%. Next, Smurfit Kappa Group, Meggitt, Melrose, ITV, Barratt Developments, Anglo American, Lloyds Banking, Prudential and Evraz declined 2.5 to 4.5%.On the other hand, JD Sports Fashion and Taylor Wimpey both ended higher by nearly 3.5%. Hargreaves Lansdown gained 2.7%, while EasyJet, Whitbread and Fresnillo moved up 1 to 1.4%.In the German market, Continental, Beiersdorf, Henkel, Fresenius, Fresenius Medical Care, Adidas, Daimler, BMW, Volkswagen and Deutsche Bank lost 1 to 2%, while Wirecard and Covestro gained 3.5% and 1.8%, respectively.In France, Valeo declined more than 3%. LOreal, Peugeot, Michelin, Vivendi, Carrefour, Air Liquide, Hermes International, Renault, Societe Generale and ArcelorMittal lost 1.3 to 2.4%.On the other hand, Essilor gained more than 1%. Sodexo and STMicroElectronics also closed notably higher.In economic news, Eurozone private sector activity rebounded in June, as businesses reopened despite challenging economic conditions posed by the coronavirus pandemic, final data from IHS Markit showed. The report said the final composite output index climbed to 48.5 in June from 31.9 in the previous month. The flash score was 47.5.Both manufacturing output and service sector activity continued to fall in June. The services PMI came in at a four-month high of 48.3 versus 30.5 a month ago and the flash estimate of 47.3.According to survey data from IHS Markit, the pace of deterioration in the UK service sector slowed sharply in June, as more businesses reopened and started operating after meeting the social distancing requirements meant to fight the coronavirus.The final CIPS UK services Purchasing Managers' Index, or PMI, climbed to 47.1 from 29 in May, survey data from IHS Markit showed on Friday. The flash for June was 47. The latest reading was the highest in four months and well above April's record low of 13.4.UK consumer sentiment improved at the end of June, according to the flash survey conducted by the market research group GfK. The consumer sentiment index rose three points to -27 over the last two weeks of June. The June reading was -30.Copyright RTT News/dpa-AFX
03.07.2020

European Shares Fall As US Records New Virus Peak

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks fell in cautious trade on Friday as investors weighed another record surge in U.S. coronavirus cases against encouraging service sector data from China and the U.K. The U.S. notched more than 53,000 new Covid-19 cases in 24 hours Thursday, marking a record single-jump in infections around the country.Meanwhile, the German Parliament has passed a resolution saying that the European Central Bank (ECB) has met the requirements from a top German court concerning the bank's massive bond-buying program.The euro slipped after French Prime Minister Edouard Philippe tendered his resignation ahead of an expected government reshuffle by President Emmanuel Macron.The pan European Stoxx 600 dropped 0.3 percent to 367.29 after rallying 2 percent on Thursday. The German DAX slid marginally, France's CAC 40 index gave up 0.4 percent and the U.K.'s FTSE 100 was down 0.9 percent. Trading volumes were thinned by the Independence Day holiday in the U.S.Retailer Next lost 2.5 percent after Goldman Sachs downgraded its rating on the stock to 'sell'.Essentra, a supplier of plastic and fiber products, jumped 6 percent. The company reported that its like-for-like revenue trend improved as the second quarter progressed. For the third quarter, the company projected continued revenue progress on a stable operating base.Real estate investment trust Land Securities Group advanced 1.7 percent. The company said that 122 million pounds of rent was due on the 24 June rent payment date.Peugeot lost about 2 percent after reports that the French automotive manufacturer and Fiat Chrysler are considering options to reduce a planned cash payout to FCA shareholders ahead of their merger.Delivery Hero soared 6.4 percent after the online takeaway food company reported a near-doubling of orders in the second quarter.Copyright RTT News/dpa-AFX
03.07.2020

FTSE 100 Declines Despite Positive Data

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks fell notably on Friday even as the latest data indicated that the worst phase of the service sector downturn has passed.The U.K. Service sector Purchasing Managers' Index for June rose to 47.1 from 29.0 in May. The latest reading was better than the 'flash' estimate of 47.0.Separately, a flash survey conducted by the market research group GfK revealed that U.K. consumer sentiment improved at the end of June. The corresponding index rose three points to -27 over the last two weeks of June.Virus worries persist after the U.S. notched more than 53,000 new Covid-19 cases in 24 hours Thursday, marking a record single-jump in infections around the country.The benchmark FTSE 100 dropped 47 points, or 0.75 percent, to 6,193 after rising 1.3 percent on Thursday. Ryanair Holdings shed 0.7 percent. The budget airline welcomed acceptance by 100 percent of its Irish Pilots of a 4-year agreement which includes a 20 percent pay reduction, restored over 4 years, to minimize job losses. Retailer Next lost 2.5 percent after Goldman Sachs downgraded its rating on the stock to 'sell'.Rio Tinto declined 1.3 percent. The mining giant said Oyu Tolgoi LLC has completed an updated feasibility study (OTFS20) and is in the process of submitting this to the Government of Mongolia. Essentra, a supplier of plastic and fiber products, jumped 6 percent. The company reported that its like-for-like revenue trend improved as the second quarter progressed. For the third quarter, the company projected continued revenue progress on a stable operating base.Real estate investment trust Land Securities Group advanced 1.7 percent. The company said that 122 million pounds of rent was due on the 24 June rent payment date.Copyright RTT News/dpa-AFX
03.07.2020

CAC 40 Dips As US Virus Cases Surge

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks were moving lower on Friday after the U.S. notched more than 53,000 new Covid-19 cases in 24 hours Thursday, marking a record single-jump in infections around the country. Hopes of more stimulus and upbeat data from the U.S. and China helped to limit the downside to some extent.The euro slipped after French Prime Minister Edouard Philippe tendered his resignation ahead of an expected government reshuffle by President Emmanuel Macron.The benchmark CAC 40 dropped 11 points, or 0.2 percent, to 5,038 after rallying 2.5 percent the previous day. Sanofi edged down slightly. The French pharmaceutical company and Regeneron Pharmaceuticals, Inc. announced that the U.S. Phase 3 trial of arthritis drug Kevzara (sarilumab) 400 mg in Covid-19 patients requiring mechanical ventilation did not meet its primary and key secondary endpoints.Peugeot declined 1.2 percent after reports that the French automotive manufacturer and Fiat Chrysler are considering options to reduce a planned cash payout to FCA shareholders ahead of their merger.Copyright RTT News/dpa-AFX
03.07.2020

DAX Marginally Higher In Lackluster Trade

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks were little changed in lackluster trade on Friday as investors weighed another record surge in U.S. coronavirus cases against encouraging service sector data from China. Meanwhile, the German Parliament has passed a resolution saying that the European Central Bank (ECB) has met the requirements from a top German court concerning the bank's massive bond-buying program.The benchmark DAX was up 9 points at 12,617 after climbing as much as 2.8 percent the previous day.Technology stocks were moving up, with Infineon Technologies rising 0.6 percent and Dialog Semiconductor adding 1.7 percent. Banks Commerzbank and Deutsche Bank dropped around 1 percent.Delivery Hero surged 5 percent after the online takeaway food company reported a near-doubling of orders in the second quarter.Copyright RTT News/dpa-AFX
03.07.2020

Asian Shares Advance On Economic Optimism

CANBERA (dpa-AFX) - Asian stocks rose on Friday as upbeat economic data from the U.S. and China helped spur fresh optimism about the economic recovery from the Covid-19 pandemic. Chinese stocks extended gains for a fourth straight session after a survey showed China's service sector expanded strongly in June on improving market conditions following the easing of coronavirus related measures.The Caixin services Purchasing Managers' Index rose to 58.4 in June from 55.0 in May. The rate of expansion was the fastest since April 2010.Total new orders advanced at the quickest pace since August 2010 and new export work expanded for the first time since January. The composite output index rose to 55.7 in June from 54.5 in May.The benchmark Shanghai Composite index climbed 62.24 points, or 2.01 percent, to 3,152.81, while Hong Kong's Hang Seng index rose 0.99 percent to 25,373.12.Japanese shares closed higher as robust U.S. payrolls data helped offset worries about a spike in Covid-19 cases in the Japanese capital. Tokyo confirmed 124 new virus cases today, the largest daily increase in two months and up from 107 the day before.The Nikkei average rose 160.52 points, or 0.72 percent, to 22,306.48 after chief cabinet secretary said there was no need to reintroduce a state of emergency. The broader Topix index closed 0.62 percent higher at 1,552.33.Gaming company Nintendo surged 3.6 percent and medical data platform M3 jumped 4.5 percent as investors assessed the possibility of renewed restrictions. Travel-related stocks lost ground, with ANA Holdings, Kyushu Railway and Oriental Land all ending down over 1 percent. Australian markets ended off their day's highs despite positive retail sales and service sector data. Australian retail sales grew 16.9 percent month-on-month in May, after a 17.7 percent drop in April, a government report showed. Retail sales for May was revised up from 16.3 percent.The Commonwealth Bank of Australia services Purchasing Managers' Index surged to 53.1 in June from 26.9 in May. The flash reading was 53.2.The benchmark S&P/ASX 200 index inched up 25.20 points, or 0.42 percent, to 6,057.90, extending gains for a fourth straight session on hopes that a recovery from the coronavirus-led economic downturn was underway. The broader All Ordinaries index gained 21.40 points, or 0.35 percent, to finish at 6,163.70.Healthcare stocks extended gains from the previous session, with CSL climbing 2.7 percent and Resmed adding 1.6 percent. Hearing implant provider Cochlear surged 5.9 percent after it gained approval to introduce four products to the U.S. and European markets.Shipbuilder Austal rallied 3.7 percent amid positive brokerage calls. Rio Tinto declined 1.5 percent. The miner cut the estimated reserves it would mine at Oyu Tolgoi following a redesign to its mine plan.Woodside Petroleum, Santos and Origin Energy fell between 0.6 percent and 1.2 percent as oil prices dipped in Asian deals after rising overnight on upbeat U.S. jobs data and data showing a drawdown in crude inventories.Banks ended mostly lower, with ANZ, NAB and Westpac losing between 0.4 percent and 0.9 percent. Seoul stocks rose as investors cheered encouraging economic indicators from major economies, including the United States. The benchmark Kospi edged up 17.04 points, or 0.80 percent, to 2,152.41 despite rising virus infections in the country. South Korea confirmed 63 cases today, the highest daily hike since 67 cases on June 20.New Zealand shares ended notably higher, with the benchmark NZX 50 index ending up 56.18 points, or 0.49 percent, at 11,558.70. Auckland International Airport shares gained 1.9 percent. U.S. stocks eked out modest gains overnight after data showed the economy added more jobs than expected in June to set a second consecutive record. Massive rehiring sent the jobless rate down to 11.1 percent from 13.3 percent in May. Economists said they are cautiously optimistic about the numbers and the employment numbers are still well below pre-pandemic levels.The tech-heavy Nasdaq Composite index gained half a percent to reach a fresh record closing high. The Dow Jones Industrial Average rose 0.4 percent and the S&P 500 added half a percent.Copyright RTT News/dpa-AFX
03.07.2020

European Shares Seen Opening On Cautious Note

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks are seen opening slightly lower on Friday, with trading volumes likely to remain thin amid the Independence Day holiday in the U.S. Asian markets pared early gains as investors weighed an upbeat U.S. jobs report against concerns about a new swine flu virus that has jumped from pigs to humans in China.Meanwhile, coronavirus cases are rising in 37 out of 50 U.S. states including Florida, which confirmed more than 10,000 new cases on Thursday.The United States reported more than 55,000 new Covid-19 cases on Thursday, topping the previous single-day record of 54,771 set by Brazil on June 19.U.S.-China tensions persist, with more than 75 U.S. senators and House members on Thursday urging the Trump administration to make a formal determination on whether China's treatment of Muslim Uighurs and other groups constitutes an atrocity.The U.S. State Department has warned top American companies including Amazon.com Inc , Walmart Inc and Apple Inc over risks faced from maintaining supply chains associated with alleged human rights abuses against Uighurs in China's Xinjiang province.On the data front, China's service sector expanded strongly in June on improving market conditions following the easing of coronavirus related measures, survey data from IHS Markit showed.The Caixin services Purchasing Managers' Index rose to 58.4 in June from 55.0 in May. The rate of expansion was the fastest since April 2010. Total new orders advanced at the quickest pace since August 2010 and new export work expanded for the first time since January. The composite output index rose to 55.7 in June from 54.5 in May.Final composite Purchasing Managers' survey data from euro area is due later in the session, headlining a busy day for the European economic news.The dollar steadied while oil prices dipped in Asian deals on demand worries.U.S. stocks eked out modest gains overnight after data showed the economy added more jobs than expected in June to set a second consecutive record. Massive rehiring sent the jobless rate down to 11.1 percent from 13.3 percent in May. Economists said they are cautiously optimistic about the numbers and the employment numbers are still well below pre-pandemic levels.The tech-heavy Nasdaq Composite index gained half a percent to reach a fresh record closing high. The Dow Jones Industrial Average rose 0.4 percent and the S&P 500 added half a percent. European markets showed strong moves to the upside on Thursday, with sentiment boosted by continued optimism about a potential coronavirus vaccine and encouraging economic data from across the globe.The pan European Stoxx 600 surged 2 percent. The German DAX jumped 2.8 percent, France's CAC 40 index climbed 2.5 percent and the U.K.'s FTSE 100 advanced 1.3 percent.Copyright RTT News/dpa-AFX
03.07.2020

Asian Markets Higher After Upbeat U.S. Jobs Data

CANBERA (dpa-AFX) - Asian stock markets are higher on Friday following the overnight gains on Wall Street after a report by the U.S. Labor Department showed another record spike in employment in the month of June and added to optimism about an economic recovery. Data showing that China's service sector expanded strongly in June also boosted sentiment. Nevertheless, worries about the surge in coronavirus cases in the U.S. and other parts of the world weighed on the markets.The Australian market is advancing for a fourth straight day. The benchmark S&P/ASX 200 Index is adding 56.00 points or 0.93 percent to 6,088.70, after touching a high of 6,101.40 earlier. The broader All Ordinaries Index is up 54.20 points or 0.88 percent to 6,196.50. Australian stocks closed higher on Thursday.Among the major miners, BHP is advancing almost 1 percent and Fortescue Metals is adding 0.4 percent, while Rio Tinto is edging down 0.1 percent.Rio Tinto, which completed an updated feasibility study for the Oyu Tolgoi copper mine in Mongolia, said the schedule and cost estimates for the project are in line with earlier forecasts. However, it cut the estimated reserves it would mine at Oyu Tolgoi following a redesign to its mine plan.Gold miners are higher after gold prices advanced overnight. Newcrest Mining is rising more than 1 percent and Evolution Mining is up 0.5 percent.Oil stocks are rising after crude oil prices rose to a four-month high overnight. Santos and Woodside Petroleum are higher by more than 1 percent each, while Oil Search is adding almost 1 percent.In the banking sector, Westpac, Commonwealth Bank and ANZ Banking are higher in a range of 0.5 percent to 0.7 percent, while National Australia Bank is edging up 0.1 percent.Hearing implant provider Cochlear has gained approval to introduce four products to the U.S. and European markets. The four products are Nucleus Kanso 2 and Nucleus 7 cochlear implant sound processors, Custom Sound Pro fitting software and the Nucleus SmartNav system. Cochlear's shares are gaining almost 5 percent.In the currency market, the Australian dollar is lower against the U.S. dollar on Friday. The local unit was quoted at $0.6921, compared to $0.6929 on Thursday.The Japanese market is rising following the gains on Wall Street. Nevertheless, worries about the rising number of coronavirus cases in Tokyo weighed on sentiment.The benchmark Nikkei 225 Index is adding 136.59 points or 0.62 percent to 22,282.55, after touching a high of 22,312.44 earlier. Japanese shares closed marginally higher on Thursday.Market heavyweight SoftBank Group is rising almost 2 percent and Fast Retailing is adding almost 1 percent.In the financial sector, Sumitomo Mitsui Financial Group is up 0.4 percent, while Mitsubishi UFJ is lower by 0.2 percent.The major exporters are mixed. Mitsubishi Electric is advancing almost 1 percent and Canon is adding 0.1 percent, while Panasonic is edging down 0.1 percent and Sony is unchanged.In the tech space, Advantest is rising more than 2 percent and Tokyo Electron is higher by more than 1 percent. Among automakers, Honda is up 0.3 percent, while Toyota is lower by 0.4 percent.In the oil sector, Japan Petroleum is adding 0.5 percent, while Inpex is edging down 0.1 percent after crude oil prices rose overnight.Among the major gainers, M3 and Screen Holdings are rising more than 3 percent each, while Nissan Chemical and Yamato Holdings are higher by almost 3 percent each.On the flip side, J Front Retailing is losing 4 percent, Takashimaya Co. is lower by 3 percent and Tokyu Fudosan is declining more than 2 percent.In the currency market, the U.S. dollar is trading in the mid 107 yen-range on Friday.Elsewhere in Asia, Shanghai is rising more than 1 percent, while South Korea, Singapore, New Zealand, Hong Kong, Taiwan, Indonesia and Malaysia are also higher.On Wall Street, stocks rose on Thursday after the Labor Department report showed that non-farm payroll employment skyrocketed by 4.8 million jobs in June after soaring by an upwardly revised 2.7 million jobs in May. The data initially added to optimism about an economic recovery, although a number of economists pointed out that the employment numbers are still well below pre-pandemic levels. Concerns about the recent surge in new coronavirus cases contributed to a late-day pullback.The Dow rose 92.39 points or 0.4 percent to 25,827.36, the Nasdaq advanced 53.00 points or 0.5 percent to 10,207.63 and the S&P 500 climbed 14.15 points or 0.5 percent to 3,130.01.The major European markets also showed strong moves to the upside on Thursday. While the U.K.'s FTSE 100 Index jumped by 1.3 percent, the French CAC 40 Index and the German DAX Index surged up by 2.5 percent and 2.8 percent, respectively.Crude oil prices climbed on Thursday, with stronger than expected jobs data and optimism about a potential coronavirus vaccine triggering hopes that energy demand will pick up soon. WTI crude for August rose $0.83 or about 2.1 percent at $40.65 a barrel, the highest close for a front- month contract in four months.Copyright RTT News/dpa-AFX
03.07.2020

Japanese Market Rises

TOKYO (dpa-AFX) - The Japanese stock market is rising on Friday following the overnight gains on Wall Street after a report by the U.S. Labor Department showed another record spike in employment in the month of June and added to optimism about an economic recovery. Nevertheless, worries about the rising number of coronavirus cases in Tokyo weighed on sentiment.The benchmark Nikkei 225 Index is adding 136.59 points or 0.62 percent to 22,282.55, after touching a high of 22,312.44 earlier. Japanese shares closed marginally higher on Thursday.Market heavyweight SoftBank Group is rising almost 2 percent and Fast Retailing is adding almost 1 percent.In the financial sector, Sumitomo Mitsui Financial Group is up 0.4 percent, while Mitsubishi UFJ is lower by 0.2 percent.The major exporters are mixed. Mitsubishi Electric is advancing almost 1 percent and Canon is adding 0.1 percent, while Panasonic is edging down 0.1 percent and Sony is unchanged.In the tech space, Advantest is rising more than 2 percent and Tokyo Electron is higher by more than 1 percent. Among automakers, Honda is up 0.3 percent, while Toyota is lower by 0.4 percent.In the oil sector, Japan Petroleum is adding 0.5 percent, while Inpex is edging down 0.1 percent after crude oil prices rose overnight.Among the major gainers, M3 and Screen Holdings are rising more than 3 percent each, while Nissan Chemical and Yamato Holdings are higher by almost 3 percent each.On the flip side, J Front Retailing is losing 4 percent, Takashimaya Co. is lower by 3 percent and Tokyu Fudosan is declining more than 2 percent.In the currency market, the U.S. dollar is trading in the mid 107 yen-range on Friday.On Wall Street, stocks rose on Thursday after the Labor Department report showed that non-farm payroll employment skyrocketed by 4.8 million jobs in June after soaring by an upwardly revised 2.7 million jobs in May. The data initially added to optimism about an economic recovery, although a number of economists pointed out that the employment numbers are still well below pre-pandemic levels. Concerns about the recent surge in new coronavirus cases contributed to a late-day pullback.The Dow rose 92.39 points or 0.4 percent to 25,827.36, the Nasdaq advanced 53.00 points or 0.5 percent to 10,207.63 and the S&P 500 climbed 14.15 points or 0.5 percent to 3,130.01.The major European markets also showed strong moves to the upside on Thursday. While the U.K.'s FTSE 100 Index jumped by 1.3 percent, the French CAC 40 Index and the German DAX Index surged up by 2.5 percent and 2.8 percent, respectively.Crude oil prices climbed on Thursday, with stronger than expected jobs data and optimism about a potential coronavirus vaccine triggering hopes that energy demand will pick up soon. WTI crude for August rose $0.83 or about 2.1 percent at $40.65 a barrel, the highest close for a front- month contract in four months.Copyright RTT News/dpa-AFX
03.07.2020

Spain's Service Sector Returns To Growth

MADRID (dpa-AFX) - Spain's service sector returned to growth in June following the unprecedented declines in activity caused by the coronavirus pandemic, survey data from IHS Markit showed Friday.The services Purchasing Managers' Index climbed sharply to 50.2 in June from 27.9 in May. A score above 50 indicates expansion. The reading was forecast to rise to 45.9.Nonetheless, growth was marginal and followed on from a period of unprecedented contraction in service sector activity.The composite output index advanced to 49.7 in June from 29.2 in the previous month. This was the highest score since February. While firms in the services economy recorded marginal growth, manufacturing output continued to fall.Copyright RTT News/dpa-AFX
03.07.2020

South Africa Private Sector Downturn Slows In June

PRETORIA (dpa-AFX) - South Africa's private sector contracted at a softer pace in June as the government relaxed the lockdown restrictions imposed to slow the spread of the coronavirus, or Covid-19, pandemic, survey data from IHS Markit showed on Friday.The headline Purchasing Managers' Index rose to a three-month high of 42.5 in June from a record low 32.5 in May. Any reading below 50 indicates contraction in the sector. Output and new business declined further in June, with the rate of fall weaker than the previous month. Demand decreased at the slowest rate since March.New export orders declined at a softer pace in June and new business fell by historical standard. Employment continued to decline in June, and input purchases and stock levels curbed as firms eased cost pressure.Firms are confident about the growth in the next 12-months in June and was optimistic despite easing lockdown measures. Suppliers' delivery time lengthened for the seventeenth straight month in June and lower staffs led to decline in supplier performance. Input cost fell for the second month in a row in June and purchasing prices were reduced at a softer pace. Output charges eased sharply for the second consecutive month.'This relaxation of COVID-19-related measures came despite the continued rise in case numbers, as President Ramaphosa reportedly opted to preserve economic livelihoods and boost the ailing South African economy,' David Owen, Economist at IHS Markit, said.'However, demand levels still remain weak, and the growing surge of COVID-19 cases will likely worry consumers going forward,' Owen added.Copyright RTT News/dpa-AFX
03.07.2020

Turkey Consumer Price, Producer Price Inflation Rises In June

ANKARA (dpa-AFX) - Turkey's consumer prices and producer price inflation increased in June, figures from the Turkish Statistical Institute showed on Friday.The consumer prices index rose 12.62 percent year-on-year in June, following an 11.39 percent increase in May. Economists had expected a 12.9 percent rise.Prices for alcoholic beverages and tobacco grew 22.41 percent annually in June. Prices for miscellaneous goods and services, and housing increased by 19.80 percent and 14.95 percent, respectively.On a monthly basis, consumer prices rose 1.13 percent in June. Economists had expected a 0.65 percent increase.The producer price index rose 6.17 percent yearly in June, slower than the 5.53 percent increase in May.Among the main industrial sectors, prices for durable goods grew 13.04 percent annually in June and prices for capital goods gained 11.57 percent.Prices for non-durable consumer goods and intermediate goods prices rose by 8.0 percent and 6.14 percent. Meanwhile, energy prices fell 5.0 percent.On a month-on-month basis, producer prices increased 0.69 percent in June.Copyright RTT News/dpa-AFX
03.07.2020

Italy's Service Sector Downturn Eases In June

ROME (dpa-AFX) - Italy's service sector continued to shrink in June but the pace of downturn eased markedly as restrictions to combat the coronavirus disease pandemic were loosened, survey data from IHS Markit showed Friday.The services Purchasing Managers' Index advanced sharply to 46.4 in June from 28.9 in May. The score signaled a fourth consecutive reduction in service sector activity. Economists had forecast a reading of 47.0.Incoming new business dropped further, with the reduction remaining sharp despite easing. Amid muted demand conditions, service providers reduced staff numbers markedly. Encouragingly, activity expectations improved, but the level of positive sentiment remained subdued in the context of historical data.The composite output index logged a reading of 47.6 in June versus 33.9 in May. At the sector level, services remained the primary drag on output, as manufacturers recorded a return to marginal growth.With weak demand conditions domestically and around the world, any meaningful recovery from the brutal economic blow dealt by the pandemic is likely to remain slow, Lewis Cooper, an economist at IHS Markit said.Copyright RTT News/dpa-AFX
03.07.2020

Sweden Service Sector Rises In June

STOCKHOLM (dpa-AFX) - Sweden's services sector improved in June, survey data from Swedbank and the logistics association SILF showed on Friday.The Purchasing Managers' Index for the services sector increased to 49.2 in June from 41.6 in May. However, any reading below 50 indicates contraction in the sector.'The rapid recovery is partly a rebound following the deep fall in the spring, but is also supported by the easing of restrictions on the corona virus,' Swedbank analyst Jorgen Kennemar said.Among the sub-index, order intake increased in June. The employment index rose marginally, yet signaled decline in jobs. Suppliers' delivery time declined and business plans were more optimistic. The composite PMI, which combines manufacturing and services, rose to 48.7 in June from 41.1 in the previous month. 'Although the rise for a single month is not to be interpreted, the downward trend has been broken and the coming months will be a test if the recovery in business continues,' Kennemar said.Copyright RTT News/dpa-AFX
03.07.2020

Eurozone Private Sector Activity Rebounds In June

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Eurozone private sector activity rebounded in June, as businesses reopened despite challenging economic conditions posed by the coronavirus pandemic, final data from IHS Markit showed Friday. The final composite output index climbed to 48.5 in June from 31.9 in the previous month. The flash score was 47.5.Both manufacturing output and service sector activity continued to fall in June. The services PMI came in at a four-month high of 48.3 versus 30.5 a month ago and the flash estimate of 47.3.'Having sunk to an unprecedented low in April amid widespread business closures to fight the virus outbreak, the PMI has risen to a level indicative of GDP contracting at a quarterly rate of just 0.2 percent, suggestive of strong monthly GDP gains in both May and June,' Chris Williamson, chief business economist at IHS Markit said.Incoming new business continued to fall but at a slower pace, reflecting weak demand both at home and abroad. Companies continued to reduce staffing for the fourth straight month. Backlogs of work decreased for a sixteenth consecutive month but at a much slower rate.On price front, the survey showed that falling input prices for manufacturers were offset by higher employment expenses for service providers. Due to challenging business environment, companies reduced their output charges.Confidence amongst private sector companies returned to positive territory in June and hit its highest level for four months.Country level data showed that all countries enjoyed their best composite PMI readings since February. France was the best-performing country overall. Spain moved close to stabilization, but activity continued to fall at solid rates in Italy and Germany. Nonetheless, Germany's economy showed more signs of having turned a corner in June, following a record contraction in activity at the start of the second quarter. The composite PMI advanced to 47.0 from 32.3 in May. The flash score was 45.8.Likewise, the services PMI improved to 47.3 from 32.6 in May. This was above the flash 45.8.France's private sector logged its first growth in four months, following severe coronavirus lockdown restrictions. At 51.7, the final composite output index rose from 32.1 in May and was above the flash 51.3. Likewise, the services PMI climbed to 50.7 from 31.1 in May. The flash score was 50.3.Copyright RTT News/dpa-AFX
03.07.2020

UK Service Sector Contraction Sharply Slows In June

LONDON (dpa-AFX) - The pace of deterioration in the UK service sector slowed sharply in June, as more businesses reopened and started operating after meeting the social distancing requirements meant to fight the coronavirus, or Covid-19, pandemic. The final CIPS UK services Purchasing Managers' Index, or PMI, climbed to 47.1 from 29 in May, survey data from IHS Markit showed on Friday. The flash for June was 47. The latest reading was the highest in four months and well above April's record low of 13.4. However, a score below 50 suggests contraction in the sector. 'Encouragingly, more than one-in-four service providers reported an expansion of new business during June, which was commonly attributed to pent up demand and the phased restart of the UK economy,' Tim Moore, economics director at IHS Markit, said. 'However, lockdown measures continued to hold back travel and leisure, while companies across all main categories of service activity commented on subdued underlying business and consumer spending in the wake of the COVID-19 pandemic.'New work fell at the slowest pace since the downturn began in March, as businesses and consumers remained cautious. Export demand continued to fall at a steeper rate than domestic orders, largely due to international travel restrictions. Backlogs continued to be depleted at a steep rate signaling excess capacity. The pace of job shedding was the slowest since the downturn started in March.More than half of the survey panel, 53 percent, anticipate a rise in business activity during the year ahead, compared to 21 percent that foresee a decline, the survey showed. The business expectations index hit a four-month high in June. For a fourth straight month, price discounting was reported across the service sector, but cost burdens were broadly unchanged. Higher average costs due to spending on PPE and reduced operating capacity, lower fuel bills and reduced payroll costs were among the factor influencing pricing in June.The final composite PMI, which combines manufacturing and services, rose to 47.7 in June from 30.0 in May. This was the highest reading for four months, yet below the neutral 50.0 mark. The flash reading for June was 47.6. Earlier, survey data had shown that the manufacturing PMI rose to 50.7 in June, thus signaling modest growth in the sector.Copyright RTT News/dpa-AFX
03.07.2020

Russia Service Sector Contraction Slows In June

MOSCOW (dpa-AFX) - Russia's service sector contraction was the slowest in four months in June as firms started reopening after the restrictions to slow the spread of the coronavirus were eased, survey data from IHS Markit showed on FridayThe services Purchasing Managers' Index rose to 47.8 in June from 35.9 in May. Any reading below 50 indicates contraction in the sector. The pace of decline in output and new business eased with the rate of contraction in the latter being the slowest in four months. Export sales decreased in June at sharp rate, albeit slower than April's record. Employment fell further with the rate of contraction fastest since January 2016. Backlogs of work declined steeply in June with the rate of reduction fastest in the long-run series average. The degree of confidence was below the series trend as the pandemic continued to weigh on expectations. Output prices fell in June, while input prices rose as suppliers began to hike costs as demand for inputs increased. The composite output index increased to 48.9 in June from 35.0 in May. That marked the slowest decline in activity since February.'The damage done in the second quarter looks set to weigh on economic growth as our latest forecast for 2020 indicates an expected 8.6 percent decline in GDP,' Siān Jones, economist at IHS Markit, said.Copyright RTT News/dpa-AFX
03.07.2020
03.07.2020

Pound Little Changed After U.K. PMI Data

BRUSSELS (dpa-AFX) - UK CIPS/IHS Markit composite PMI data has been released at 4.30 am ET Friday. The pound changed little against its major rivals after the data.The pound was trading at 1.2463 against the greenback, 133.93 against the yen, 1.1792 against the franc and 0.9017 against the euro around 4.35 am ET.Copyright RTT News/dpa-AFX
03.07.2020

Pound Drops Ahead Of U.K. PMI Data

BRUSSELS (dpa-AFX) - UK CIPS/IHS Markit composite PMI data is due at 4.30 am ET Friday. The composite index is seen at 47.6 in June, unchanged from flash estimate, versus 30.0 in May. Ahead of the data, the pound fell against its major rivals.The pound was worth 1.2463 against the greenback, 133.96 against the yen, 1.1791 against the franc and 0.9018 against the euro as of 4:25 am ET.Copyright RTT News/dpa-AFX
03.07.2020

Euro Little Changed After Eurozone PMI

BRUSSELS (dpa-AFX) - At 4.00 am ET Friday, IHS Markit has released euro area final PMI data. The euro changed little against its major rivals after the data.The euro was trading at 1.1233 against the greenback, 120.73 against the yen, 1.0632 against the franc and 0.9018 against the pound around 4.05 am ET.Copyright RTT News/dpa-AFX
03.07.2020

Euro Mixed Ahead Of PMI Reports

BRUSSELS (dpa-AFX) - At 3.45 am ET Friday, IHS Markit releases Italy's composite PMI data. Final PMI figures are due from France and Germany at 3.50 and 3.55 am ET, respectively. At 4.00 am ET, IHS Markit is slated to release euro area final PMI data. Ahead of the data, the euro traded mixed against its major rivals. While the euro rose against the franc, it dropped against the rest of major rivals.The euro was worth 1.1233 against the greenback, 120.74 against the yen, 1.0632 against the franc and 0.9016 against the pound as of 3:40 am ET.Copyright RTT News/dpa-AFX
03.07.2020

Australian, NZ Dollars Higher Amid Strong Economic Data

CANBERA (dpa-AFX) - The Australian and NZ dollars climbed against their major counterparts in the Asian session on Friday amid rising risk appetite, as strong jobs data added to optimism about an economic recovery. Data showing that China's service sector expanded strongly in June also boosted sentiment.Data from the Labor Department showed that non-farm payroll employment skyrocketed by 4.8 million jobs in June after soaring by an upwardly revised 2.7 million jobs in May. Survey data from IHS Markit showed that China's service sector expanded at the fastest pace in more than a decade in June, driven by strong orders as measures related to the coronavirus pandemic were relaxed.The Caixin services Purchasing Managers' Index rose to 58.4 in June from 55.0 in May. The rate of expansion was the fastest since April 2010. Data from IHS Markit showed that Australia's service sector grew for the first time in five months in June amid a further easing of Covid-19 restrictions.The Commonwealth Bank of Australia services Purchasing Managers' Index surged to 53.1 in June from 26.9 in May. The flash reading was 53.2.The aussie rose to 0.6933 against the greenback, 74.52 against the yen and 0.9402 against the loonie, from its early lows of 0.6914, 74.33 and 0.9384, respectively. The next possible resistance for the aussie is seen around 0.72 against the greenback, 76.00 against the yen and 0.96 against the loonie.The aussie appreciated to more than a 3-week high of 1.6207 against the euro, after falling to 1.6249 at 8:45 pm ET. The aussie is seen finding resistance around the 1.59 level.The kiwi edged up to 0.6518 against the greenback and 70.09 against the yen, off its early lows of 0.6501 and 69.90, respectively. Next key resistance for the kiwi is seen around 0.68 against the greenback and 71.00 against the yen.The kiwi touched more than a 3-week high of 1.7233 against the euro, reversing from a low of 1.7276 seen at 9:00 pm ET. On the upside, 1.70 is possibly seen as the next resistance level for the kiwi.The kiwi gained to 1.0624 against the aussie and held steady thereafter. At Thursday's close, the pair was valued at 1.0629.Looking ahead, PMI reports from major European economies are due in the European session.Copyright RTT News/dpa-AFX
02.07.2020

Dollar Stays Subdued Despite Paring Early Losses

WASHINGTON (dpa-AFX) - After staying weak till about the end of the Asian session, the U.S. dollar rebounded in late morning trades on Monday, and moved above the flat line rest of the session amid reports showing a surge in number of new coronavirus cases.Data on U.S. non-farm payrolls for the month of June, and jobless claims data for the week ending June 29th, as well as economic data from other parts of the world, also impacted dollar's movements.Data from the Labor Department showed that non-farm payroll employment skyrocketed by 4.8 million jobs in June after soaring by an upwardly revised 2.7 million jobs in May. Economists had expected employment to surge up by about 3.0 million jobs compared to the spike of 2.5 million jobs originally reported for the previous month.The Labor Department also said the unemployment rate dropped to 11.1% in June from 13.3% in May. The unemployment rate had been expected to dip to 12.3%.Data from the Commerce Department showed new orders for U.S. manufactured goods saw a substantial rebound in the month of May, spiking by 8% in the month after plunging by a revised 13.5% in April.Economists had expected factory orders to surge up by 8.9% compared to the 13% plunge originally reported for the previous month.In other U.S. economic news, the Commerce Department released a report showing the U.S. trade deficit widened more than expected in the month of May amid a steep drop in the value of exports.The dollar index, which rallied to 97.34 from an early low of 96.81, was last seen at 97.22, up marginally from previous close.Against the Euro, the dollar firmed up to $1.224 a sterling, before retreating to $1.1240, recording a loss of about 0.12%. despite a deep recession, the euro area jobless rate rose only marginally in May as the short-time work programs of member countries to support jobs amid the downturn caused by the coronavirus pandemic suppressed actual unemployment.The unemployment rate climbed to 7.4% in May from 7.3% in April, data released by Eurostat showed. In the same period last year, the jobless rate was 7.6%.However, the unemployment rate was below the economists' forecast of 7.7%.The Pound Sterling was slightly stronger at $1.2466, while the Japanese Yen was little changed at 107.50 a dollar.Against the Aussie, the dollar was down at $0.6926, easing from Wednesday's close of $0.6915.The Swiss franc was up slightly at 0.9453 a dollar, compared with 0.9458 late Wednesday. Switzerland's consumer prices declined for the fifth straight month in June, data from the Federal Statistical Office showed. The consumer price index decreased 1.3% year-on-year in June, the same rate of decline as seen in May. Economists had expected a 1.2% fall. On a monthly basis, consumer prices remained unchanged again in June, while economists forecast a 0.1% rise.The core CPI fell 0.8% annually in June and declined 0.1% from the previous month. The EU measure of harmonized index of consumer prices fell 0.1% monthly in June and declined 1.3% from the previous year.Against the Loonie, the dollar dropped to C$1.3569, retreating from C$1.3587, as oil prices rose again. Canada's trade deficit narrowed sharply to C$ 0.68 billion in May 2020 from an upwardly revised C$ 4.27 billion in April.Copyright RTT News/dpa-AFX
02.07.2020

Yen Weakens After U.S. Jobs Data

CANBERA (dpa-AFX) - The Japanese yen fell against its major counterparts in the New York session on Thursday, as better-than-expected U.S. jobs report lifted global stocks.Data from the Labor Department showed that non-farm payroll employment skyrocketed by 4.8 million jobs in June after soaring by an upwardly revised 2.7 million jobs in May.Economists had expected employment to surge up by about 3.0 million jobs compared to the spike of 2.5 million jobs originally reported for the previous month.The Labor Department also said the unemployment rate dropped to 11.1 percent in June from 13.3 percent in May. The unemployment rate had been expected to dip to 12.3 percent. The yen weakened to 121.44 against the euro, 114.00 against the franc and 107.73 against the greenback, reversing from its early highs of 120.76 and 113.46 and a 3-day high of 107.33, respectively.The yen dropped to a new 2-week low of 134.71 against the pound, after rising to 133.78 at 7:45 pm ET.The yen depreciated to a new 3-week low of 70.27 against the kiwi, from a high of 69.53 seen at 8:15 pm ET.Against the aussie and the loonie, the yen edged down to 74.70 and 79.33, from its early high of 74.18 and a 2-day high of 78.93, respectively.Next key support for the yen is seen around 123 against the euro, 115.00 against the franc, 112.00 against the greenback, 139.00 against the pound, 73.00 against the kiwi, 76.00 against the aussie and 81.5 against the loonie.Copyright RTT News/dpa-AFX
02.07.2020

U.S. Dollar Rebounds After Strong Jobs Data

BRUSSELS (dpa-AFX) - The U.S. dollar erased some of its early losses against its major counterparts in the early New York session on Thursday, after a data showed that U.S. employment grew more than expected in June.Data from the Labor Department showed that non-farm payroll employment skyrocketed by 4.8 million jobs in June after soaring by an upwardly revised 2.7 million jobs in May.Economists had expected employment to surge up by about 3.0 million jobs compared to the spike of 2.5 million jobs originally reported for the previous month.The Labor Department also said the unemployment rate dropped to 11.1 percent in June from 13.3 percent in May. The unemployment rate had been expected to dip to 12.3 percent. The greenback climbed to 107.72 against the yen, from a 3-day low of 107.33 set in the Asian session. The pair was worth 107.47 when it ended deals on Wednesday. The greenback recovered to 1.1251 against the euro and 1.2469 against the pound, from its early 8-day lows of 1.1303 and 1.2530, respectively.The greenback reversed from its early 9-day low of 0.9427 against the franc and trading at 0.9457.The greenback is likely to find resistance around 112.00 against the yen, 1.10 against the euro, 1.22 against the pound and 0.97 against the franc.U.S. factory orders for May are due at 10:00 am ET.Copyright RTT News/dpa-AFX
02.07.2020

Loonie Mixed Following Canada Trade Data

CANBERA (dpa-AFX) - Following the release of Canada trade data for May at 8:30 am ET Thursday, the loonie traded mixed against its major counterparts. While it rose against the greenback and the yen, it changed little against the aussie and the euro.The loonie was trading at 79.01 against the yen, 0.9419 against the aussie, 1.5333 against the euro and 1.3591 against the greenback around 8:34 am ET.Copyright RTT News/dpa-AFX
02.07.2020

Dollar Mixed Following U.S. Jobs Data

BRUSSELS (dpa-AFX) - After the release of the U.S. jobs report for June, trade data for May and weekly jobless claims for the week ended June 27 at 8:30 am ET Thursday, the greenback traded mixed against its major counterparts. While it rose against the yen, it changed little against the rest of major counterparts. The greenback was trading at 107.50 against the yen, 0.9438 against the franc, 1.2527 against the pound and 1.1290 against the euro around 8:34 am ET.Copyright RTT News/dpa-AFX

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