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29.10.2020

Xylem Q3 Profit Down

WASHINGTON (dpa-AFX) - Xylem Inc. (XYL) reported third quarter 2020 net income of $37 million or $0.20 per share, down from $65 million or $0.36 per share in the prior year.Excluding the impact of restructuring, realignment and special charges, adjusted net income for the latest-quarter was $114 million or $0.62 per share.Third quarter revenue was $1.2 billion, down 6 percent on a reported basis and 7 percent organically, declining less than previously expected, primarily driven by the resilience of the wastewater utility business and healthy residential demand.Orders were down 7 percent on a reported basis and 8 percent, organically.Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share and revenues of $1.16 billion. Analysts' estimates typically exclude special items.Xylem expects fourth quarter organic revenue declines in the range of 6 to 8 percent and adjusted operating margin in the range of 13.0 percent to 13.5 percent.Copyright RTT News/dpa-AFX
29.10.2020

Martin Marietta Materials Q3 Profit Rises

WASHINGTON (dpa-AFX) - Martin Marietta Materials Inc. (MLM) reported that its third-quarter net earnings attributable to the company rose to $294.4 million or $4.71 per share from $248.6 million or $3.96 per share in the prior year. But, total revenues for the quarter declined to $1.32 billion from $1.42 billion last year.Analysts polled by Thomson Reuters expected the company to report earnings of $3.76 per share and revenues of $1.27 billion. Analysts' estimates typically exclude special items.The company expects full-year 2020 Adjusted EBITDA to range from $1.35 billion to $1.37 billion.Copyright RTT News/dpa-AFX
29.10.2020

Incyte's Atopic Dermatitis Studies Of Ruxolitinib Cream Show Clinically Meaningful Improvements

WASHINGTON (dpa-AFX) - Incyte Corp.'s (INCY) ruxolitinib cream showed clinically meaningful improvements in patient-reported quality of life assessments, as per its phase 3 TRuE-AD1 and TRuE-AD2 atopic dermatitis studies results.The studies evaluate ruxolitinib cream for the treatment of patients with mild-to-moderate atopic dermatitis.The overall safety profile of ruxolitinib cream was consistent with previously reported data, with no new safety signals observed in the pooled analysis, the company said in a statement.The new, pooled data reinforce that treatment with ruxolitinib cream resulted in a rapid, substantial and sustained reduction in itch; and improved the extent and severity of AD as measured by the Eczema Area Severity Index (EASI) and Scoring Atopic Dermatitis assessment tools.The results also demonstrated improvement in patient-reported perceptions of sleep quality, sleep depth and restoration associated with sleep as measured by the PROMIS Short Form-Sleep Disturbance (8b) questionnaire.Atopic dermatitis is a chronic inflammatory skin condition that may result in decreased quality of life for patients; attributable in part to sleep disturbances resulting from intense and persistent itch.Copyright RTT News/dpa-AFX
29.10.2020

CBRE Group Q3 Profit Tops Estimates

WASHINGTON (dpa-AFX) - CBRE Group, Inc. (CBRE) reported that its third quarter adjusted earnings per share decreased to $0.73 from $0.79, prior year. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.42, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was $442 million compared to $455 million, previous year.Third quarter revenue declined to $5.65 billion from $5.93 billion, previous year. Analysts expected revenue of $5.3 billion, for the quarter.Copyright RTT News/dpa-AFX
29.10.2020

Tapestry Q1 Profit Tops Estimates

WASHINGTON (dpa-AFX) - Tapestry, Inc. (TPR) reported first quarter non-GAAP earnings per share of $0.58 compared to $0.40, prior year. On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $0.23, for the quarter. Analysts' estimates typically exclude special items.First quarter net sales totaled $1.17 billion compared to $1.36 billion in the prior year, a 14% decline. Analysts expected revenue of $1.07 billion, for the quarter. Tapestry is not providing detailed guidance for fiscal 2021. The company continues to expect a topline inflection in the second half of the fiscal year, with both revenue and bottom line growth now projected for fiscal 2021.Copyright RTT News/dpa-AFX
29.10.2020

Gildan Activewear Q3 Profit Down 46.2%, But Results Beat Estimates

OTTAWA (dpa-AFX) - Gildan Activewear Inc. (GIL, GIL.TO),a Canada-based manufacturer of apparel products, on Thursday reported third-quarter net earnings of $56.4 million or $0.28 per share, down from $104.9 million, or $0.51 per share in the year-ago period.Adjusted net earnings were $0.30 per share, compared to $0.53 per share in the prior-year quarter.Net sales for the quarter declined 18.6 percent to $602.3 million from $739.7 million a year ago.On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.10 per share for the quarter on revenues of $535.47 million. Analysts' estimates typically exclude special items. Looking ahead, Gildan Activewear said it is not providing a financial outlook currently. The company had withdrawn its guidance for fiscal 2020 in march due to uncertainty related to the impact of the COVID-19 pandemic.Copyright RTT News/dpa-AFX
29.10.2020

LKQ Corp. Q3 Profit Tops Estimates

WASHINGTON (dpa-AFX) - LKQ Corp. (LKQ) reported adjusted earnings per share for the third quarter of $0.75 compared to $0.61 for the same period of 2019, a 23.0% increase. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.53, for the quarter. Analysts' estimates typically exclude special items. Revenue for the third quarter was $3.0 billion, a decrease of 3.2% as compared to $3.1 billion in the third quarter of 2019. Parts and services organic revenue decreased 4.5% year-over-year. Analysts expected revenue of $2.95 billion, for the quarter.Copyright RTT News/dpa-AFX
29.10.2020

Royal Caribbean Group Posts Adj. Loss In Q3

WASHINGTON (dpa-AFX) - Royal Caribbean Group (RCL) reported an adjusted net loss of $1.2 billion or $5.62 per share for the third quarter of 2020 compared to adjusted net income of $896.8 million or $4.27 per share, prior year. The company noted that the loss for the quarter is the result of the impact of the COVID-19 pandemic on the business. On average, 12 analysts polled by Thomson Reuters expected the company to report a loss per share of $5.12, for the quarter. Analysts' estimates typically exclude special items. On March 13, 2020 , the company voluntarily suspended its global cruise operation. The company resumed limited cruise operations outside of the U.S. in July with three vessels from TUI cruises and two vessels from Hapag Lloyd, and in September, for a limited period, with one Silversea ship. The company expects that Quantum of the Seas, a ship from the Royal Caribbean International fleet, will resume cruising from Singapore in December 2020.As of September 30, 2020, the company had liquidity of approximately $3.7 billion, including $3.0 billion in cash and cash equivalents and a $0.7 billion commitment from the 364-day facility.Copyright RTT News/dpa-AFX
29.10.2020

European Patent Office Rules In Favor Of Sanofi, Regeneron On Praluent

THOUSAND OAKS (dpa-AFX) - The European Patent Office ruled in in favor of Sanofi (SNYNF, SNY) and Regeneron concerning Praluent or alirocumab. The ruling also invalidates Amgen's European patent claims directed to PCSK9 antibodies relevant to Praluent, Sanofi said in a statement. Praluent will continue to be available in European countries where it is approved for use and for sale. Sanofi possesses sole rights for Praluent outside the U.S. Regeneron has sole rights for Praluent inside the U.S. Each party is solely responsible for funding development and commercialization expenses in their respective territories.Praluent is not available in Germany, following an injunction granted by the Düsseldorf Regional Court in July 2019. Sanofi has appealed the decision, and a hearing for the appeal is scheduled for November 5, 2020.Praluent is approved in more than 60 countries worldwide across the European Union (EU), North and South Americas, Asia, Africa and Australia.In the European Union, Praluent is approved for use in adults: with primary hypercholesterolemia or mixed dyslipidemia, as an adjunct to diet in combination with a statin or statin with other lipid-lowering therapies in patients unable to reach LDL-C goals with the maximum tolerated dose of a statin.Copyright RTT News/dpa-AFX
29.10.2020

Penn National Gaming Q3 Profit Rises

WASHINGTON (dpa-AFX) - Penn National Gaming, Inc. (PENN) reported third quarter earnings per common share of $0.93 compared to $0.38, previous year. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $0.53, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA increased to $343.6 million from $311.6 million, last year.Third quarter revenues declined year-on-year to $1.13 billion from $1.35 billion, prior year. Analysts expected revenue of $1.09 billion, for the quarter.Copyright RTT News/dpa-AFX
29.10.2020

Dow Pulls Back Near Unchanged Line But Nasdaq Remains Sharply Higher

WASHINGTON (dpa-AFX) - Stocks remain mostly positive in mid-day trading on Thursday, partly offsetting the sell-off seen in the previous session. The tech-heavy Nasdaq continues to show a significant rebound, while the Dow has pulled back near the unchanged line.Currently, the Dow is posting a modest gain, up 12.85 points or 0.1 percent at 26,532.80. The Nasdaq is more firmly positive, up 131.85 points or 1.2 percent at 11,136.72, and the S&P 500 is up 22.01 points or 0.7 percent at 3,293.04.The advance by the tech-heavy Nasdaq is partly being led by Facebook (FB), with the social media spiking by 5 percent ahead of the release of its third quarter results after the close of trading.Tech giants Apple (AAPL), Alphabet (GOOGL) and Amazon (AMZN) are also moving higher ahead of the release of the quarterly results.The strength on Wall Street also comes following the release of a report from the Commerce Department showing a stronger than expected rebound by the U.S. economy in the third quarter.The Commerce Department said real gross domestic product skyrocketed by 33.1 percent in the third quarter after plunging by 31.4 percent in the second quarter. Economists had expected GDP to soar by 31.0 percent.The substantial rebound in GDP came as consumer spending bounced back sharply, spiking by 40.7 percent in the third quarter after plummeting by 33.2 percent in the second quarter.'Overall, the initial recovery in GDP after the first wave of lockdowns were lifted was stronger than we originally anticipated,' said Paul Ashworth, Chief U.S. Economist at Capital Economics.He added, 'But, with coronavirus infections hitting a record high in recent days and any additional fiscal stimulus unlikely to arrive until, at the earliest, the start of next year, further progress will be much slower.'Adding to the positive sentiment, the Labor Department released a report showing initial jobless claims fell to their lowest level since before the coronavirus-induced lockdowns in the week ended October 24th.The report said initial jobless claims dropped to 751,000, a decrease of 40,000 from the previous week's revised level of 791,000. Economists had expected jobless claims to dip to 775,000 from the 787,000 originally reported for the previous week.With the bigger than expected decrease, jobless claims fell to their lowest level since hitting 282,000 in the week ended March 14th.Meanwhile, the National Association of Realtors released a report showing pending home sales unexpectedly pulled back off a record high in the month of September.NAR said its pending home sales index slumped by 2.2 percent to 130.0 in September after spiking by 8.8 percent to 132.9 in August. The drop came as a surprise to economists, who had expected pending home sales to jump by another 3.4 percent.A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.Bargain hunting is also contributing to the rebound on Wall Street after the sell-off seen on Wednesday pulled the Dow down to a nearly three-month closing low. The Nasdaq and the S&P 500 also hit their lowest closing levels in over a month.Sector NewsSemiconductor stocks have shown a significant move to the upside over the course of the session, driving the Philadelphia Semiconductor Index up by 2 percent. The index is bouncing off its lowest closing level in nearly a month.Within the sector, shares of Inphi Corp. (IPHI) are skyrocketing after the chipmaker agreed to be acquired by Marvell Technology (MRVL) for $10 billion in cash and stock.Considerable strength also remains visible among gold stocks, as reflected by the 2 percent jump by the NYSE Arca Gold Bugs Index. The index ended the previous session at its lowest closing level in over three months.The rebound by gold stocks comes despite a continued decrease by the price of the precious metal, with gold for December delivery sliding $11.50 to $1,867.70 an ounce.Airline, commercial real estate and chemical stocks are also regaining ground, while natural gas stocks have come under pressure on the day.Other MarketsIn overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan's Nikkei 225 Index fell by 0.4 percent, while Australia's S&P/ASX 200 Index slumped by 1.6 percent.Meanwhile, the major European markets have moved to the upside on the day. While the German DAX Index has risen by 0.5 percent, the U.K.'s FTSE 100 Index is up by 0.2 percent and the French CAC 40 Index is up by 0.1 percent.In the bond market, treasuries have drifted lower over the course of the trading session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 3 basis points at 0.811 percent.Copyright RTT News/dpa-AFX
29.10.2020

Tech Stocks Helping Lead Rebound On Wall Street

WASHINGTON (dpa-AFX) - Stocks have moved mostly higher over the course of morning trading on Thursday, regaining some ground following the sell-off seen in the previous session. The major averages have all moved back to the upside, with the tech-heavy Nasdaq showing a notable advance.Currently, the major averages are just off their highs of the session. The Dow is up 147.12 points or 0.6 percent at 26,667.07, the Nasdaq is up 134.90 points or 1.2 percent at 11,139.77 and the S&P 500 is up 32.49 points or 1 percent at 3,303.52.The advance by the tech-heavy Nasdaq is partly being led by Facebook (FB), with the social media spiking by 4.4 percent ahead of the release of its third quarter results after the close of trading.Tech giants Apple (AAPL), Alphabet (GOOGL) and Amazon (AMZN) are also moving higher ahead of the release of the quarterly results.The strength on Wall Street also comes following the release of a report from the Commerce Department showing a stronger than expected rebound by the U.S. economy in the third quarter.The Commerce Department said real gross domestic product skyrocketed by 33.1 percent in the third quarter after plunging by 31.4 percent in the second quarter. Economists had expected GDP to soar by 31.0 percent.The substantial rebound in GDP came as consumer spending bounced back sharply, spiking by 40.7 percent in the third quarter after plummeting by 33.2 percent in the second quarter.'Overall, the initial recovery in GDP after the first wave of lockdowns were lifted was stronger than we originally anticipated,' said Paul Ashworth, Chief U.S. Economist at Capital Economics.He added, 'But, with coronavirus infections hitting a record high in recent days and any additional fiscal stimulus unlikely to arrive until, at the earliest, the start of next year, further progress will be much slower.'Adding to the positive sentiment, the Labor Department released a report showing initial jobless claims fell to their lowest level since before the coronavirus-induced lockdowns in the week ended October 24th.The report said initial jobless claims dropped to 751,000, a decrease of 40,000 from the previous week's revised level of 791,000. Economists had expected jobless claims to dip to 775,000 from the 787,000 originally reported for the previous week.With the bigger than expected decrease, jobless claims fell to their lowest level since hitting 282,000 in the week ended March 14th.Meanwhile, the National Association of Realtors released a report showing pending home sales unexpectedly pulled back off a record high in the month of September.NAR said its pending home sales index slumped by 2.2 percent to 130.0 in September after spiking by 8.8 percent to 132.9 in August. The drop came as a surprise to economists, who had expected pending home sales to jump by another 3.4 percent.A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.Bargain hunting is also contributing to the rebound on Wall Street after the sell-off seen on Wednesday pulled the Dow down to a nearly three-month closing low. The Nasdaq and the S&P 500 also hit their lowest closing levels in over a month.Airline stocks have moved sharply higher in morning trading, regaining ground after turning in some of the market's worst performances in the previous session. Reflecting the strength in the sector, the NYSE Arca Airline Index is jumping by 3 percent after ending Wednesday's trading at a two-month closing low.Significant strength is also visible among gold stocks, as reflected by the 2.2 percent gain being posted by the NYSE Arca Gold Bugs Index. The rebound comes despite a decrease by the price of gold.Semiconductor, chemical and steel stocks are also seeing notable strength on the day following the broad based sell-off seen on Wednesday.In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan's Nikkei 225 Index fell by 0.4 percent, while Australia's S&P/ASX 200 Index slumped by 1.6 percent.Meanwhile, the major European markets have moved to the upside on the day. While the German DAX Index has risen by 0.6 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are both up by 0.2 percent.In the bond market, treasuries have moved modestly lower over the course of the morning. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2 basis points at 0.801 percent.Copyright RTT News/dpa-AFX
29.10.2020

U.S. Stocks May Regain Ground On Upbeat Economic Data

WASHINGTON (dpa-AFX) - Stocks may move to the upside in early trading on Thursday, regaining ground following the sell-off seen in the previous session. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 38 points.Early buying interest may be generated in reaction to a report showing a stronger than expected rebound by the U.S. economy in the third quarter.The report from the Commerce Department said real gross domestic product skyrocketed by 33.1 percent in the third quarter after plunging by 31.4 percent in the second quarter. Economists had expected GDP to soar by 31.0 percent.The substantial rebound in GDP reflected increases in consumer spending, private inventory investment, exports, non-residential fixed investment, and residential fixed investment. Adding to the positive sentiment, the Labor Department released a report showing initial jobless claims fell to their lowest level since before the coronavirus-induced lockdowns in the week ended October 24th.The report said initial jobless claims dropped to 751,000, a decrease of 40,000 from the previous week's revised level of 791,000. Economists had expected jobless claims to dip to 775,000 from the 787,000 originally reported for the previous week.With the bigger than expected decrease, jobless claims fell to their lowest level since hitting 282,000 in the week ended March 14th.Bargain hunting may also contribute to strength on Wall Street after the sell-off seen on Wednesday pulled the Dow down to a nearly three-month closing low. The Nasdaq and the S&P 500 also hit their lowest closing levels in over a month.Shortly after the start of trading, the National Association of Realtors is due to release its report on pending home sales in the month of September. Pending home sales are expected to jump by 3.4 percent in September after spiking by 8.8 percent to a record high in August.A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.Following the mixed performance seen on Tuesday, stocks moved sharply lower during trading on Wednesday. With the steep drop on the day, the Dow ended the session at its lowest closing level in nearly three months.The major averages saw further downside going into the close, ending the session just off their lows of the day. The Dow tumbled 943.24 points or 3.4 percent to 26,519.95, the Nasdaq plunged 426.48 points or 3.7 percent to 11,004.87 and the S&P 500 plummeted 119.65 points or 3.5 percent to 3,271.03.In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan's Nikkei 225 Index fell by 0.4 percent, while Australia's S&P/ASX 200 Index slumped by 1.6 percent.The major European markets have also moved to the downside on the day. While the French CAC 40 Index has slid by 0.7 percent, the German DAX Index and the U.K.'s FTSE 100 Index are both down by 0.2 percent.In commodities trading, crude oil futures are tumbling $1.90 to $35.49 a barrel after plunging $2.18 to $37.39 a barrel on Wednesday. Meanwhile, after plummeting $32.70 to $1,879.20 an ounce in the previous session, gold futures are slumping $11.40 to $1,867.80 an ounce.On the currency front, the U.S. dollar is trading at 104.29 yen versus the 104.32 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1711 compared to yesterday's $1.1746.Copyright RTT News/dpa-AFX
29.10.2020

Wall Street Might Open Broadly Lower

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - On Thursday, the coronavirus updates are likely to be the highlight. The latest batch of earnings news and reports on initial jobless claims and pending home sales also might attract investor attention.Asian shares finished lower, while European shares are trading lower. Early signs from the U.S. Futures Index point to broadly lower open for Wall Street. As of 8.15 am ET, the Dow futures were losing 88.00 points, the S&P 500 futures were down 0.50 points and the Nasdaq 100 futures were adding 37.00 points.The U.S. major averages finished lower on Wednesday. The Dow tumbled 943.24 points or 3.4 percent to 26,519.95, the Nasdaq plunged 426.48 points or 3.7 percent to 11,004.87 and the S&P 500 plummeted 119.65 points or 3.5 percent to 3,271.03.On the economic front, the GDP for the third quarter will be issued at 8.30 am ET. The consensus is for an increase of 30.9 percent, while it was negative 31.4 percent in the prior quarter. The Labor Department's Jobless Claims for the week will be released at 8.30 am ET. The consensus is for 758K, down from 787K in the previous week. National Association of Realtors' Pending Home Sales Index for September is scheduled at 10.00 am ET. The consensus is for an increase of 3.5 percent, while it grew 8.8 percent in August.The Energy Information Administration or EIA's Natural Gas Report for the week is expected at 10.30 am ET. In the prior week, the gas stock was up 49 bcf.Seven-year Treasury Note auction will be held at 1.00 pm ET. Fed Balance Sheet for the week will be revealed at 4.30 pm ET. In the prior week, the level was at $7.177 trillion. Fed Money Supply for the week will be issued at 4.30 pm ET. In the prior week, the M2 weekly change was $106.30 billion. Asian stocks fell on Thursday. Chinese shares ended slightly higher. The benchmark Shanghai Composite index inched up 3.49 points, or 0.11 percent, to 3,272.73. Hong Kong's Hang Seng index dropped 0.49 percent to 24,586.60.Japanese shares extended losses for the fourth straight session. The Nikkei average slipped 86.57 points, or 0.37 percent, to 23,331.94, while the broader Topix index closed 0.10 percent lower at 1,610.93.Australian markets hit a fresh three-week low. The benchmark S&P/ASX 200 index tumbled 97.40 points, or 1.61 percent, to 5,960.30, while the broader All Ordinaries index ended down 93.80 points, or 1.50 percent, at 6,168.Copyright RTT News/dpa-AFX
29.10.2020

European Shares Rise Ahead Of ECB Rate Decision

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks were modestly higher on Thursday after suffering heavy losses the previous day on concerns about rising coronavirus cases and the impact of tough lockdown restrictions. Key focus is on the European Central Bank meeting later today, with investors looking for a dovish statement and hints at more asset purchases. ECB President Christine Lagarde is set to hold customary press conference at 9.30 am ET.The pan European Stoxx 600 rose half a percent to 343.97 after losing 3 percent on Wednesday. The German DAX gained 0.8 percent, France's CAC 40 index added 0.4 percent and the U.K.'s FTSE 100 was up 0.2 percent. The British pound strengthened versus the euro amid optimism that the U.K. and EU were making progress in securing a trade deal.Dutch chip-equipment maker ASM International NV surged 4 percent after raising its guidance for the fourth quarter. Swiss lender Credit Suisse Group AG fell 5 percent after it posted a steeper-than-expected slide in third-quarter profit.Nokia shares plunged over 16 percent. The Finnish telecom network equipment maker cut its full-year profit forecast and announced a new strategy under which it will have four business groups. British telecoms giant BT Group jumped 7 percent after boosting its earnings guidance for the full year.Royal Dutch Shell rallied 2.3 percent. The oil major increased dividend to shareholders after posting better-than-expected third-quarter earnings.Smith+Nephew shares fell about 1 percent. The medical technology company reported a fall in quarterly underlying revenue.Lender Standard Chartered slumped 5.2 percent after its third-quarter pretax underlying profit declined 40 percent.Lloyds Banking Group rose about 3 percent. The bank posted a forecast-beating quarterly profit amid a surge in demand for home loans.French telecoms operator Orange surged 5.4 percent after its third-quarter core operating profit topped expectations.Airbus dropped 1.5 percent. The aerospace and defense company reported a third quarter net loss of 767 million euros compared to profit of 989 million euros last year.LVMH shares gained about 1 percent after the luxury giant agreed to buy Tiffany & Co. at a reduced price of almost $16 billion.Volkswagen climbed 3 percent after the German automaker returned to a profit in the third quarter.Aixtron, a provider of deposition equipment to the semiconductor industry, slumped 14 percent after its net income for the first nine months of 2020 dropped to 9.6 million euros from the prior year's level of 20.2 million euros.Copyright RTT News/dpa-AFX
29.10.2020

FTSE 100 Modestly Higher On Brexit Optimism

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks eked out modest gains on Thursday amid optimism that the U.K. and EU were making progress in securing a trade deal. The benchmark FTSE 100 was up 22 points, or 0.4 percent, at 5,604 after declining 2.6 percent on Wednesday. Security provider G4S was declining 0.6 percent. The company's Board has unanimously rejected a 190 pence per share takeover offer by GardaWorld Security Corp., calling it inadequate.Royal Dutch Shell rallied 2.3 percent. The oil major increased dividend to shareholders after posting better-than-expected third-quarter earnings. Smith+Nephew shares fell about 1 percent. The medical technology company reported a fall in quarterly underlying revenue.Telecoms giant BT Group jumped 7 percent after boosting its earnings guidance for the full year. Lender Standard Chartered slumped 5.2 percent after its third-quarter pretax underlying profit declined 40 percent. Lloyds Banking Group rose about 3 percent. The bank posted a forecast-beating quarterly profit amid a surge in demand for home loans.Copyright RTT News/dpa-AFX
29.10.2020

CAC 40 Marginally Higher In Lackluster Trade

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks were moving in a narrow range on Thursday as investors grappled with the U.S. election uncertainty and a raft of new restrictions coming into force in Europe to tackle the rising number of coronavirus cases. The European Central Bank reviews its monetary policy later today, with economists expecting no major policy changes. However, as recession fears grow, ECB President Christine Lagarde may signal further monetary stimulus when economic conditions warrant. The benchmark CAC 40 was marginally higher at 4,575 after tumbling 3.4 percent in the previous session. Telecoms operator Orange surged 4.5 percent after its third-quarter core operating profit topped expectations. Pharmaceutical company Sanofi rose half a percent. The company raised its 2020 outlook for the second time this year and confirmed it was on track with its two vaccines projects to prevent Covid-19.Sodexo gained 0.8 percent. The food services and facilities management company scrapped dividend after posting a loss for its full fiscal year. Airbus dropped about 1 percent. The aerospace and defense company reported a third quarter net loss of 767 million euros compared to profit of 989 million euros last year. LVMH shares rose over 1 percent after the luxury giant agreed to buy Tiffany & Co. at a reduced price of almost $16 billion.Copyright RTT News/dpa-AFX
29.10.2020

DAX Rebounds Ahead Of ECB Decision

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks rebounded Thursday from the previous day's tumble, even as underlying sentiment remained cautious after Germany, Italy, Spain and the U.K. all reported record coronavirus numbers.Key focus is on the European Central Bank meeting later today, with investors looking for a dovish statement and hints at more asset purchases. The benchmark DAX rose 58 points, or half a percent, to 11,614 after plunging as much as 4.2 percent on Wednesday.Volkswagen rose about 1 percent after the automaker returned to a profit in the third quarter. Aixtron, a provider of deposition equipment to the semiconductor industry, slumped 15 percent after its net income for the first nine months of 2020 dropped to 9.6 million euros from the prior year's level of 20.2 million euros.MTU Aero Engines gained 0.7 percent. The aircraft engine manufacturer said its revenue for the year will be at the upper end of the range forecast to date. Healthcare company Fresenius advanced 2.8 percent after affirming its FY20 outlook. Deutsche Boerse fell over 1 percent. The exchange operator confirmed its profit guidance for the year after reporting lower profit for its third-quarter. In economic releases, Germany's unemployment rate remained unchanged in September, labor force survey results from Destatis showed.The jobless rate held steady at seasonally adjusted 4.5 percent in September. On an unadjusted basis, the unemployment rate fell to 4.4 percent from 4.6 percent in the previous month.The number of unemployed decreased by 54,000 or 2.5 percent from the previous month to 1.97 million.Copyright RTT News/dpa-AFX
29.10.2020

Asian Shares Retreat Amid Virus Risks

CANBERA (dpa-AFX) - Asian stocks fell on Thursday, tracking overnight declines in the U.S. and Europe, as rising coronavirus infections and new restrictions being introduced in European countries added to worries about the economic outlook.Lingering uncertainty about U.S. fiscal stimulus and the U.S. election anxiety also kept investors on the sidelines. Chinese shares recovered from an early slide to end slightly higher as investors awaited cues from third-quarter earnings and a meeting of China's Communist Party leaders that will set the next five-year plan. The benchmark Shanghai Composite index inched up 3.49 points, or 0.11 percent, to 3,272.73. Hong Kong's Hang Seng index dropped 0.49 percent to 24,586.60.Japanese shares extended losses for the fourth straight session on rising concerns over escalating coronavirus cases in the northern hemisphere. Investors also reacted to weak retail sales data and the Bank of Japan's (BOJ) interest-rate decision.The value of retail sales in Japan fell 8.7 percent from a year earlier in September, a government report showed. That missed forecasts for a decline of 7.7 percent following the 1.9 percent drop in August. On a monthly basis, retail sales dipped 0.1 percent after climbing 4.6 percent in the previous month.The BOJ held its monetary policy steady, but trimmed its growth and price forecasts for the current fiscal year. The central bank made no changes to a package of steps aimed at easing corporate funding strains.The Nikkei average slipped 86.57 points, or 0.37 percent, to 23,331.94, while the broader Topix index closed 0.10 percent lower at 1,610.93.Central Japan Railway and East Japan Railway both fell about 2.4 percent after reporting disappointing earnings results. Electronics and gaming giant Sony jumped 6.7 percent after revised up its full-year forecast.Australian markets hit a fresh three-week low on fears that a new wave of lockdowns and business restrictions sweeping across Germany, France and other places in Europe would damage a nascent economic recovery.The benchmark S&P/ASX 200 index tumbled 97.40 points, or 1.61 percent, to 5,960.30, while the broader All Ordinaries index ended down 93.80 points, or 1.50 percent, at 6,168.Gold miner Newcrest Mining lost 3.9 percent after reporting a decline in first-quarter output. Evolution Mining fell 4.3 percent and Northern Star Resources gave up 5 percent as gold hovered near a one-month low hit in the previous session.Banks ANZ, NAB and Westpac fell between 1.5 percent and 2.4 percent, while mining heavyweights BHP and Rio Tinto dropped 1-2 percent. Smaller rival Fortescue Metals rose 0.9 percent after it reported a 5 percent increase in first-quarter iron ore shipments.Beach Energy, Origin Energy, Oil Search and Santos slumped 4-5 percent after oil prices fell more than 5 percent on Wednesday. Online jobs portal Seek plunged 5.9 percent after U.S. activist short seller Blue Orca took on the company, claiming its business in China, Zhaopin, is full of junk listings.Seoul stocks fell notably as the latest statistics showed alarming surge in coronavirus cases in major global economies. The benchmark Kospi dropped 18.59 points, or 0.79 percent, to 2,326.67.Market bellwether Samsung Electronics declined 1.5 percent after saying it expects fourth-quarter profit to fall due to weak server chip demand and rising smartphone competition. No. 2 chipmaker SK Hynix also ended down 1.5 percent. Top pharmaceutical firm Samsung Biologics soared 9.4 percent after announcing the opening of a new research and development center in the U.S.Business sentiment in South Korea improved in October, the latest survey from the Bank of Korea showed today with a Business Survey Index score of 79.0 - up from 68.0 in September. The outlook also improved, rising to 78.0 from 70.0 in September.New Zealand shares finished modestly lower, with the benchmark NZX-50 index falling 62.72 points, or 0.51 percent, to 12,201.80. Oceania Healthcare tumbled 3.6 percent and Air New Zealand lost 3.4 percent, while Fisher & Paykel Healthcare rose 2.9 percent.Markets in Malaysia and Indonesia were closed in observance of the birth of the Prophet Muhammad.U.S. stocks slumped overnight amid widespread selling as investors grappled with a record number of Covid-19 cases in the U.S. and abroad accompanied by an increase in hospitalizations and deaths. Meanwhile, there were fears that a victory by Joe Biden could make Republicans less likely to approve a new relief package until next year.The Dow Jones Industrial Average lost 3.4 percent to end at its lowest level in nearly three months, while the tech-heavy Nasdaq Composite plummeted 3.7 percent and the S&P 500 plunged 3.5 percent.Copyright RTT News/dpa-AFX
29.10.2020

European Shares Seeking Rebound Ahead Of ECB Meet

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks are likely to open higher on Thursday, even as a cautious undertone may prevail on worries that tougher coronavirus restrictions could threaten the incipient economic recovery. The United States is scheduled to publish its advance Q3 GDP numbers later today, with investors looking for a stunning rebound in growth following the deepest decline in at least 73 years. Meanwhile, as recession fears grow, it remains to be seen whether the European Central Bank will ramp up stimulus support during the policy review later today. Amid concerns over the growth recovery and inflation outlook, many economists expect a dovish message signaling willingness to do more if needed.Earlier today, the Bank of Japan held its monetary policy steady, but trimmed its growth and price forecasts for the current fiscal year. The central bank made no changes to a package of steps aimed at easing corporate funding strains.Asian stocks remain mostly lower, with Chinese markets trading flat as investors await the outcome of a big Chinese Communist Party meeting -- the fifth plenary session of the 19th Central Committee - that will set the country's long-term priorities and draft a new 'Five-Year Plan.' The dollar held its overnight advance and oil regained some ground after falling more than 5 percent overnight, while gold hovered near one-month low.The British pound steadied as media reports indicated some progress on Brexit talks, raising hopes that a deal could be reached by the middle of November.U.S. stocks slumped overnight amid widespread selling as investors grappled with a record number of Covid-19 cases in the U.S. and abroad accompanied by an increase in hospitalizations and deaths. Meanwhile, there were fears that a victory by Joe Biden could make Republicans less likely to approve a new relief package until next year.The Dow Jones Industrial Average lost 3.4 percent to end at its lowest level in nearly three months, while the tech-heavy Nasdaq Composite plummeted 3.7 percent and the S&P 500 plunged 3.5 percent. European markets endured a brutal wave of selling on Wednesday as some countries restarted coronavirus lockdowns to halt the spread of the virus. The pan European Stoxx 600 declined 3 percent. The German DAX plunged 4.2 percent, France's CAC 40 index shed 3.4 percent and the U.K.'s FTSE 100 gave up 2.6 percent.Copyright RTT News/dpa-AFX
29.10.2020
29.10.2020

U.S. Pending Home Sales Unexpectedly Pull Back Off Record High In September

WASHINGTON (dpa-AFX) - Pending home sales unexpectedly pulled back off a record high in the month of September, according to a report released by the National Association of Realtors on Thursday.NAR said its pending home sales index slumped by 2.2 percent to 130.0 in September after spiking by 8.8 percent to 132.9 in August. The drop came as a surprise to economists, who had expected pending home sales to jump by another 3.4 percent.Despite the unexpected monthly decrease, pending home sales in September were up by 20.5 percent compared to the same month a year ago.A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.'The demand for home buying remains super strong, even with a slight monthly pullback in September, and we're still likely to end the year with more homes sold overall in 2020 than in 2019,' said NAR chief economist Lawrence Yun.He added, 'With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future.'The unexpected drop in pending home sales came as three of four regional indices recorded decreases in contract activity on a month-over-month basis in September.Pending home sales fell by 3.2 percent in the Midwest, 3.0 percent in the South and 2.6 percent in the West, while pending home sales in the Northeast rose by 2.0 percent.Copyright RTT News/dpa-AFX
29.10.2020
29.10.2020
29.10.2020
29.10.2020

ECB Signals December Move

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European Central Bank left its key interest rates and massive stimulus unchanged on Thursday, citing a highly uncertain outlook amid a resurgence in the Covid-19 pandemic, and hinted at a move in December when the latest set of macroeconomic projections will be available. The Governing Council, led by ECB President Christine Lagarde, left the main refi rate unchanged at a record low zero percent and the deposit rate was kept at -0.50 percent, in line with economists' expectations. The lending rate was left unchanged at 0.25 percent. The bank made changes to its policy statement this time and had a fresh introductory paragraph.Policymakers will carefully assess the incoming information, including the dynamics of the pandemic, prospects for a roll-out of vaccines and developments in the euro exchange rate as the risks remain clearly tilted to the downside, the bank said. 'The new round of Eurosystem staff macroeconomic projections in December will allow a thorough reassessment of the economic outlook and the balance of risks,' the ECB said. 'On the basis of this updated assessment, the Governing Council will recalibrate its instruments, as appropriate, to respond to the unfolding situation and to ensure that financing conditions remain favorable to support the economic recovery and counteract the negative impact of the pandemic on the projected inflation path.'A new wave of coronavirus infections in the euro area has raised the prospect of further disruption to economic activity and normal life. On Thursday, Germany and France announced lockdowns. 'The door for December action is wide open,' ING economist Carsten Brzeski said. 'Let's hope that the situation doesn't worsen further so that the ECB has to rush through the door earlier than planned.'Reiterating its forward guidance on interest rates, the bank said it expects the key ECB interest rates to remain at their present or lower levels until the inflation outlook robustly converge to a level sufficiently close to, but below, 2 percent within its projection horizon. The size of the pandemic emergency purchase programme (PEPP) was left unchanged at EUR 1,350 billion.The ECB retained the forward guidance on its stimulus measures such as asset purchases and lending operations. Asset purchases under the PEPP will continue until at least the end of June 2021 or when policymakers assess that the coronavirus crisis is over, the ECB said. The future roll-off of the PEPP portfolio will be managed to avoid interference with the appropriate monetary policy stance, the central bank added. Further, the bank said the net purchases under the asset purchase programme (APP) will continue at a monthly pace of EUR 20 billion, together with the purchases under the additional EUR 120 billion temporary envelope until the end of the year. Policymakers continue to expect monthly net asset purchases under the APP to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before they start raising the key ECB interest rates. The Governing Council will also continue to provide ample liquidity through its refinancing operations, the bank said.Copyright RTT News/dpa-AFX
29.10.2020

LAGARDE: ECB STRATEGY REMAINS ONGOING

Copyright RTT News/dpa-AFX
29.10.2020
29.10.2020

Euro Mixed After ECB Maintains Rates, Pandemic Emergency Purchase Programme

BRUSSELS (dpa-AFX) - The euro came in mixed against its major counterparts during the European session on Thursday, after the European Central Bank kept its key interest rates and the size of the pandemic emergency purchase programme unchanged as expected.The Governing Council left the main refi rate at a record low of zero percent and the deposit rate at -0.50 percent. The marginal lending facility rate is at 0.25 percent. The decision was in line with expectations.The Governing Council will recalibrate its instruments if needed in December, when the new round of oeconomic projections are available.The Governing Council is prepared to respond to the unfolding situation and ensure that financing conditions remain favourable to support the economic recovery and counteract the negative impact of the pandemic on the projected inflation path.'The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics,' the bank said.The Governing Council retained the pandemic emergency purchase programme at EUR 1.35 trillion.The ECB will also continue its asset purchases under the asset purchase programme at a monthly pace of EUR 20 billion and an additional EUR 120 billion temporary envelope until the end of this year.Survey results from European Commission showed that Eurozone economic confidence stagnated in October as weaker sentiment in the services sector and among consumers was offset by a recovery of morale in industry, retail trade and construction.The economic confidence index held steady at 90.9 in October. The score was forecast to ease to 89.5.During the Asian session, the currency showed mixed performance, by rising against the yen but holding steady against the greenback and the franc. Versus the pound, it dropped.The euro was trading at 1.0684 against the franc, down from a high of 1.0703 hit at 9:45 pm ET. The euro is seen finding support around the 1.03 mark.The euro fell to 1.1691 against the greenback, its lowest level since October 15. Next key support for the euro is likely seen around the 1.14 level.The euro weakened to more than a 3-month low of 121.93 against the yen and held steady afterwards. The euro is poised to challenge support around the 119.00 mark.Japan's central bank maintained its monetary policy easing as widely expected, and cut its growth projections.The Policy Board of the BoJ headed by Haruhiko Kuroda voted 8-1 to retain the interest rate at -0.1 percent on current accounts that financial institutions maintain at the central bank.The euro rebounded to 0.9050 against the pound, from a 1-1/2-month low of 0.9006 set at 5:30 am ET. The euro is likely to face resistance around the 0.92 region, if it gains again. Data from the Bank of England showed that UK mortgage approvals rose to the highest level since late 2007 as the property market continued to recover from the coronavirus driven downturn.The number of mortgage approvals increased unexpectedly to 91,454 from 85,530 in the previous month. Approvals were forecast to drop to 76,110.Copyright RTT News/dpa-AFX
29.10.2020

Euro Little Changed Following ECB Decision

BRUSSELS (dpa-AFX) - As expected, the European Central Bank left the refi rate at 0.00 percent and the marginal lending facility rate at -0.50 percent. Following the announcement, the euro changed little against its major counterparts. The euro was trading at 1.1706 against the greenback, 122.11 against the yen, 1.0683 against the franc and 0.9050 against the pound around 8:46 am ET.Copyright RTT News/dpa-AFX
29.10.2020

Euro Drops Vs Most Majors Ahead Of ECB Decision

BRUSSELS (dpa-AFX) - At 8:45 am ET Thursday, the European Central Bank announces its decision on interest rates. Economists expect the refi rate and the marginal lending facility rate to be kept at 0.00 percent and -0.50 percent, respectively.Ahead of the announcement, the euro traded mixed against its major counterparts. While the currency recovered against the pound, it dropped against the rest of major counterparts.The euro was worth 1.1710 against the greenback, 122.08 against the yen, 1.0682 against the franc and 0.9045 against the pound as of 8:40 am ET.Copyright RTT News/dpa-AFX
29.10.2020

Dollar Little Changed Following U.S. GDP Data

BRUSSELS (dpa-AFX) - U.S. GDP data for the third quarter and weekly jobless claims for the week ended October 24 have been released at 8:30 am ET Thursday. The greenback changed little against its major counterparts following these data.The greenback was trading at 104.27 against the yen, 0.9122 against the franc, 1.2940 against the pound and 1.1707 against the euro around 8:33 am ET.Copyright RTT News/dpa-AFX
29.10.2020

Dollar Mixed Ahead Of U.S. GDP Data

BRUSSELS (dpa-AFX) - At 8:30 am ET Thursday, U.S. GDP data for the third quarter and weekly jobless claims for the week ended October 24 are due. Ahead of these data, the greenback traded mixed against its major counterparts. While it held steady against the yen, it rose against the rest of major counterparts.The greenback was worth 104.28 against the yen, 0.9130 against the franc, 1.2941 against the pound and 1.1702 against the euro at 8:25 am ET.Copyright RTT News/dpa-AFX
29.10.2020

Euro Little Changed After Eurozone Economic Confidence Index

BRUSSELS (dpa-AFX) - At 6.00 am ET Thursday, Eurozone economic confidence survey data has been published. After the data, the euro changed little against its major counterparts. The euro was trading at 1.1726 against the greenback, 122.09 against the yen, 1.0693 against the franc and 0.9008 against the pound around 6:05 am ET.Copyright RTT News/dpa-AFX
29.10.2020

Euro Declines Ahead Of Eurozone Economic Confidence Index

BRUSSELS (dpa-AFX) - At 6.00 am ET Thursday, Eurozone economic confidence survey data is due. The sentiment index is expected to fall to 89.5 in October from 91.1 in the previous month.Ahead of the data, the euro dropped against its major counterparts. The euro was worth 1.1727 against the greenback, 122.13 against the yen, 1.0694 against the franc and 0.9010 against the pound at 5:55 am ET.Copyright RTT News/dpa-AFX
29.10.2020

Pound Advances After U.K. Mortgage Approvals

BRUSSELS (dpa-AFX) - The Bank of England has published UK mortgage approvals data for September at 5.30 am ET Thursday. The pound rose against its major counterparts after the data. The pound was trading at 135.64 against the yen, 1.1869 against the franc, 0.9007 against the euro and 1.3024 against the greenback around 5:35 am ET.Copyright RTT News/dpa-AFX
29.10.2020

Pound Mixed Ahead Of U.K. Mortgage Approvals

BRUSSELS (dpa-AFX) - At 5.30 am ET Thursday, the Bank of England publishes mortgage approvals for September. Economists forecast mortgage approvals to fall to 76,110 from 84,720 in the previous month.Ahead of the data, the pound traded mixed against its major counterparts. While the pound fell against the yen and the dollar, it rose against the euro and the franc.The pound was worth 135.58 against the yen, 1.1864 against the franc, 0.9016 against the euro and 1.3014 against the greenback as of 5:25 am ET.Copyright RTT News/dpa-AFX
29.10.2020

Euro Little Changed After German Unemployment Data

BRUSSELS (dpa-AFX) - At 4.55 am ET Thursday, the Federal Labor Agency has released German unemployment data for October. After the data, the euro changed little against its major counterparts. The euro was trading at 1.1731 against the greenback, 122.26 against the yen, 1.0686 against the franc and 0.9028 against the pound around 4:58 am ET.Copyright RTT News/dpa-AFX

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