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31.07.2021

Musk Denies Wanting To Be Apple CEO; Slams IPhone Maker For Monopolization

CUPERTINO (dpa-AFX) - A recently published book by Wall Street Journal reporter Tim Higgins claimed Elon Musk wanted to become the CEO of Apple Inc (AAPL) back in 2016. However, Musk has denied that claim on Twitter on Friday. Tesla and SpaceX CEO Musk allegedly wanted Apple to acquire Tesla. In a phone call with Apple CEO Tim Cook, he laid down the groundrules as he wanted to be the CEO of the iPhone maker. According to Higgins' book, Power Play: Tesla, Elon Musk and the Bet of the Century, 'According to a former aide who heard (Musk's) retelling of the exchange,' Cook agreed to buy Tesla but when Musk said that he wanted to be the chief of Apple, Cook said 'F**k you' and disconnected. Musk took to Twitter to denounce the second part of the story. 'Cook & I have never spoken or written to each other ever. 'There was a point where I requested to meet with Cook to talk about Apple buying Tesla. There were no conditions of acquisition proposed whatsoever. He refused to meet. Tesla was worth about 6% of today's value,' wrote Musk in his tweet. When asked for his reaction, Cook's office referred to a previously published interview where the Apple head said, 'You know, I've never spoken to Elon, although I have great admiration and respect for the company he's built.'Musk doubled down on Higgins with another tweet calling Higgins' book 'false and boring'. 'Higgins managed to make his book both false *and* boring,' added the billionaire entrepreneur.A note added by the author at the end of the book read, '(Musk) was given numerous opportunities to comment on the stories, facts, and characterizations presented in these pages. Without pointing to any specific inaccuracies, he offered simply this: 'Most, but not all, of what you read in this book is nonsense.''In a completely unrelated incident, Musk sided with Epic Games in an ongoing legal battle with Apple. Through another tweet on Friday, Musk said, 'Apple app store fees are a de facto global tax on the Internet. Epic is right.'Epic Games, makers of Fortnite, got entangled in a legal battle with Apple last summer accusing it of monopolizing the market through its steep fee. The lawsuit was filed against Apple charging the company over 30% for the in-app purchases made and also not allowing the apps to use outside payment options.Tim Sweeney, the CEO and Founder of Epic and a long-time critic of Apple's business policy weighed in tweeting, 'The Apple Tax is far more pernicious than many realize. 'It only applies to digital goods accessible on iOS', they say - but in the future all physical goods will have a digital presence, and Apple will tax and gatekeep world commerce. Apple must be stopped.'The ruling is set to take place next month.Copyright RTT News/dpa-AFX
30.07.2021

W.P. Carey Boosts FY21 AFFO Outlook

WASHINGTON (dpa-AFX) - While reporting its financial results for the second quarter on Friday, net lease real estate investment trust W.P. Carey Inc. (WPC) raised and narrowed its adjusted funds from operations or AFFO to a range of $4.94 to $5.02 per share, including Real Estate AFFO of between $4.82 and $4.90 per share.Previously, the company expected or AFFO in the range of $4.87 to $4.97 per share, including Real Estate AFFO of between $4.74 and $4.84 per share.On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.83 per share for the year. Analysts' estimates typically exclude special items.The guidance primarily reflects the positive impact on rent collections as businesses recover from the initial effects of the COVID-19 pandemic and increased expectations for full year investment volume.Copyright RTT News/dpa-AFX
30.07.2021

Imperial Oil Swings To Profit In Q2

OTTAWA (dpa-AFX) - Imperial Oil Ltd. (IMO, IMO.TO) reported Friday a second-quarter net income of C$366 million or C$0.50 per share, compared to a net loss of C$526 million or C$0.72 per share in the prior-year quarter.Total revenues and other income for the quarter soared to C$8.05 billion from C$3.71 billion in the same quarter last year.On average, analysts polled by Thomson Reuters expected the company to report earnings of C$0.76 per share on revenues of C$8.61 billion for the quarter. Analysts' estimates typically exclude special items.The company's production averaged 401,000 gross oil-equivalent barrels per day in the quarter, up from 347,000 barrels per day in the same period of 2020.Copyright RTT News/dpa-AFX
30.07.2021

W.W. Grainger Maintains FY21 Outlook

WASHINGTON (dpa-AFX) - While reporting financial results for the second quarter on Friday, W.W. Grainger, Inc. (GWW) maintained its earnings and net sales guidance for the full-year 2021.For fiscal 2021, the company continues to project earnings in the range of $19.00 to $20.50 per share on net sales between $12.7 billion and 13.0 billion.On average, analysts polled by Thomson Reuters expect the company to report earnings of $19.84 per share on revenue of $12.85 billion for the year. Analysts' estimates typically exclude special items.Copyright RTT News/dpa-AFX
30.07.2021

Illinois Tool Works Again Boosts FY21 Outlook

WASHINGTON (dpa-AFX) - While reporting financial results for the second quarter on Friday, Illinois Tool Works, Inc. (ITW) again raised its earnings, revenue and organic revenue guidance for the full-year 2021.For fiscal 2021, the company now projects earnings in the range of $8.55 to $8.95 per share on revenue growth of 14 to 16 percent, with organic revenue growth of 11 to 13 percent.Previously, the company expected earnings in the range of $8.20 to $8.60 per share on revenue growth of 12 to 14 percent, with organic revenue growth of 10 to 12 percent.On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.51 per share on revenue growth of 14.2 percent to $14.36 billion for the year. Analysts' estimates typically exclude special items.Copyright RTT News/dpa-AFX
30.07.2021

Illinois Tool Works Inc Bottom Line Climbs In Q2

WASHINGTON (dpa-AFX) - Illinois Tool Works Inc (ITW) revealed earnings for its second quarter that advanced from last year.The company's profit came in at $775 million, or $2.45 per share. This compares with $319 million, or $1.01 per share, in last year's second quarter.Analysts had expected the company to earn $2.05 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.The company's revenue for the quarter rose 43.8% to $3.68 billion from $2.56 billion last year.Illinois Tool Works Inc earnings at a glance:-Earnings (Q2): $775 Mln. vs. $319 Mln. last year.-EPS (Q2): $2.45 vs. $1.01 last year.-Analysts Estimate: $2.05 -Revenue (Q2): $3.68 Bln vs. $2.56 Bln last year. -Guidance:Full year EPS guidance: $8.55 to $8.95Copyright RTT News/dpa-AFX
30.07.2021

Newell Brands Boosts FY21 Net Sales Outlook

WASHINGTON (dpa-AFX) - While reporting financial results for the second quarter on Friday, consumer goods company Newell Brands, Inc. (NWL) maintained its normalized earnings guidance for the full-year 2021, while raising annual net sales outlook, to reflect the stronger than expected demand, higher productivity savings, as well as an unprecedented escalation in inflation.For fiscal 2021, the company now projects normalized earnings in a range of $1.63 to $1.73 per share on net sales between $10.1 billion to $10.35 billion, with core sales growth of 7 to 10 percent.Previously, the company expected normalized earnings in a range of $1.63 to $1.73 per share on net sales between $9.9 billion to $10.1 billion, with core sales growth of 5 to 7 percent.On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.72 per share on revenues of $10.10 billion for the year. Analysts' estimates typically exclude special items.For the third quarter, the company anticipates normalized earnings in a range of $0.46 to $0.50 per share on net sales between $2.70 billion to $2.78 billion, with core sales growth of flat to 3 percent.The Street is looking for earnings of $0.55 per share on revenues of $2.59 billion for the quarter.Copyright RTT News/dpa-AFX
30.07.2021

AbbVie Lifts FY Adj. Profit View

WASHINGTON (dpa-AFX) - AbbVie (ABBV) raised its adjusted earnings per share outlook for the full-year 2021 to a range of $12.52 - $12.62 from the prior outlook of $12.37 to $12.57 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $12.6 per share for fiscal year 2021. Analysts' estimates typically exclude special items. AbbVie cut its annual GAAP earnings per share guidance to a range of $6.04 - $6.14 from the prior outlook of $7.27 - $7.47 per share. The company's 2021 adjusted earnings per share guidance excludes $6.48 per share of intangible asset amortization expense, non-cash charges for contingent consideration adjustments and other specified items.Copyright RTT News/dpa-AFX
30.07.2021

Grainger (W.W.) Inc. Q2 adjusted earnings Miss Estimates

WASHINGTON (dpa-AFX) - Grainger (W.W.) Inc. (GWW) released earnings for its second quarter that advanced from last year.The company's bottom line came in at $225 million, or $4.27 per share. This compares with $114 million, or $2.10 per share, in last year's second quarter.Excluding items, Grainger (W.W.) Inc. reported adjusted earnings of $225 million or $4.27 per share for the period. Analysts had expected the company to earn $4.58 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.The company's revenue for the quarter rose 13.0% to $3.21 billion from $2.84 billion last year.Grainger (W.W.) Inc. earnings at a glance:-Earnings (Q2): $225 Mln. vs. $204 Mln. last year.-EPS (Q2): $4.27 vs. $3.75 last year.-Analysts Estimate: $4.58 -Revenue (Q2): $3.21 Bln vs. $2.84 Bln last year.Copyright RTT News/dpa-AFX
30.07.2021

VF Corp. Boosts FY22 Outlook; Declares Dividend

WASHINGTON (dpa-AFX) - While reporting financial results for the first quarter of fiscal 2022 on Friday, VF Corp. (VFC) raised its adjusted earnings and revenue guidance for the full-year 2022.For fiscal 2022, the company now projects adjusted earnings to be approximately $3.20, including an approximate $0.25 contribution from the Supreme brand.The company also now expects full-year revenues to be approximately $12.0 billion, reflecting growth of approximately 30 percent, including an approximate $600 million contribution from the Supreme brand.Previously, the company expected adjusted earnings to be approximately $3.05 on revenues of approximately $11.8 billion.On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.08 per share on revenues of $11.86 billion for the year. Analysts' estimates typically exclude special items.'Though the first quarter is a relatively small portion of our total year, this strong start reinforces my confidence in our ability to accelerate growth through fiscal 2022 and beyond,' said Steve Rendle, Chairman, President and CEO.Further, VF's Board of Directors declared a quarterly dividend of $0.49 per share, payable on September 20, 2021, to shareholders of record on September 10, 2021. Subject to approval by its Board of Directors, VF intends to continue to pay its regularly scheduled dividend.Copyright RTT News/dpa-AFX
30.07.2021

U.S. Stocks Close Mostly Lower Amid Steep Drop By Amazon

WASHINGTON (dpa-AFX) - After coming under pressure at the start of trading, stocks remained mostly lower over the course of the session on Friday. With the pullback on the day, the major averages offset the strength seen in the previous session.The major averages all finished the day firmly in negative territory. The Dow fell 149.06 points or 0.4 percent to 34,935.47, the Nasdaq slid 105.59 points or 0.7 percent to 14,672.68 and the S&P 500 dropped 23.89 points or 0.5 percent to 4,395.26.For the week, the tech-heavy Nasdaq slumped by 1.1 percent, while the Dow and the S&P 500 both decreased by 0.4 percent.However, the major averages all posted strong gains for the month of July. The S&P 500 surged up by 2.3 percent, while the Dow and the Nasdaq jumped by 1.3 percent and 1.2 percent, respectively.A steep drop from Amazon (AMZN) weighed on the markets, with the online retail giant plunging by 7.6 percent to its lowest closing level in well over a month.The nosedive by Amazon came after the company reported second quarter earnings that beat expectations, but its revenues missed estimates for the first time since the third quarter of 2018.Shares of Pinterest (PINS) also moved sharply lower after the image-sharing website operator reported better than expected second quarter earnings and revenues but a quarterly decline in monthly average users.Caterpillar (CAT), Exxon Mobil (XOM) and Chevron (CVX) also moved to the downside despite reporting quarterly results that exceeded analyst estimates.On the other hand, Procter & Gamble (PG) posted a strong gain after reporting better than expected fiscal fourth quarter results, although the consumer products giant also warned about the impact of higher input costs.In U.S. economic news, the Commerce Department released a report unexpectedly showing a slight increase in personal income in the month of June.The report showed personal income inched up by 0.1 percent in June after tumbling by a revised 2.2 percent in May.The uptick surprised economists, who had expected personal income to dip by 0.3 percent compared to the 2.0 percent slump originally reported for the previous month.Meanwhile, the Commerce Department said personal spending jumped by 1.0 percent in June after edging down by a revised 0.1 percent in May.Economists had expected personal spending to increase by 0.7 percent compared to the unchanged reading originally reported for the previous month.The report also showed the annual rate of core consumer price growth crept up to 3.5 percent in June from 3.4 percent in May.Revised data released by the University of Michigan showed consumer sentiment in U.S. decreased by slightly less than initially estimated in the month of July.The report said the consumer sentiment index for July was upwardly revised to 81.2 from a preliminary reading of 80.8 but remains below the June reading of 85.5. Economists had expected the index to be unrevised.Sector NewsRetail stocks saw substantial weakness amid the steep drop by Amazon, with the Dow Jones U.S. Retail Index plunging by 3.2 percent to its lowest closing level in a month.Significant weakness was also visible among airline stocks, as reflected by the 3.1 percent nosedive by the NYSE Arca Airline Index. Energy stocks also saw considerable weakness on the day even though the price of crude oil for September delivery rose $0.33 to $73.95 a barrel.Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index tumbled by 2.8 percent, while the NYSE Arca Oil Index and the NYSE Arca Natural Gas Index fell by 1.6 percent.Steel, banking and utilities stocks also saw notable weakness on the day, moving lower along with most of the other major sectors.Other MarketsIn overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. Japan's Nikkei 225 Index tumbled by 1.8 percent, while China's Shanghai Composite Index fell by 0.4 percent.The major European markets also moved to the downside on the day. While the French CAC 40 Index dipped by 0.3 percent, the German DAX Index and the U.K.'s FTSE 100 Index slid by 0.6 percent and 0.7 percent, respectively.In the bond market, treasuries moved higher after ending the previous session roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3 basis points to 1.239 percent.Looking AheadThe monthly jobs report is likely to be in the spotlight next week, while traders will also keep an eye on reports on manufacturing and service sector activity, factory orders and the U.S. trade deficit.Trading may also be impacted by reaction to the latest batch of earnings news, with a slew of well-known companies due to report their quarterly results.Copyright RTT News/dpa-AFX
30.07.2021

Swiss Market Ends Modestly Higher

BRUSSELS (dpa-AFX) - The Switzerland stock market ended modestly higher on Friday, bucking the largely weak trend seen across Europe.The market got off to a weak start, but recovered gradually and emerged into positive territory past noon and stayed fairly steady till the closing bell.The benchmark SMI, which hit a new all-time high at 12,146.68, ended the session with a gain of 30.08 points or 0.25% at 12,116.82.Lonza Group shares gained nearly 2%. Nestle, Givaudan and Roche Holding advanced 0.8 to 1%. Novartis, Swisscom and Sika posted modest gains.Swiss Re ended lower by about 3.2%. Holcim, ABB, Swatch Group, Richemont and Partners Group shed 0.6 to 1.1%.Among the stocks in the Swiss Mid Price Index, Ems Chemie Holding, Logitech, Kuehne & Nagel, Galenica Sante and SIG Combibloc gained 0.8 to 1.4%. Tecan Group, Straumann Holding, Schindler Ps and Sonova also closed on firm note.Dufry declined more than 4% and Adecco ended 3.2% down, while Flughafen Zurich closed lower by about 1.5%. Clariant, Baloise Holding, AMS and Helvetia lost 0.8 to 1%.In economic new, a report from Swiss Economic Institute said the KOF Economic barometer in Switzerland fell to 129.8 in July, from a downwardly revised 133.2 in June. It is the second consecutive fall from a record value in May but the barometer remained clearly above the long-term average of 99.3.Copyright RTT News/dpa-AFX
30.07.2021

European Stocks Close Lower On Inflation Worries, Virus Concerns

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks ended weak on Friday as disappointing earnings update from Amazon and fresh losses in Chinese markets amid concerns about China's policy risks outwieghed data showing a fairly strong rebound in euro area economic growth in the second quarter.Concerns about the spread of the delta variant of the coronavirus in several places across Europe weighed as well.The pan European Stoxx 600 drifted down 0.45%. The U.K.'s FTSE 100 declined 0.65%, Germany's DAX slid 0.61% and France's CAC 40 ended 0.32% down. Switzerland's SMI gained 0.25%.Among other markets in Europe, Austria, Belgium, Finland, Ireland, Netherlands, Norway, Poland, Portugal, Russia, Spain and Sweden ended weak.Czech Republic, Denmark, Greece, Iceland and Turkey closed higher.In the UK market, Intertek tumbled 8% despite the assurance and product testing group reporting a rise in first-half profits.IAG declined 7.4% after it plunged to a €2bn (1.7bn) half year loss. Intermediate Capital Group, Weir Group, Informa, Whitbread, Rolls-Royce Holdings, Melrose Industries, BP, Evraz and Compass Group lost 2 to 4%.Mining stocks Anglo American, Rio Tinto, Antofagasta, BHP Group and Glencore declined amid rising concerns about harsh regulation on a range of private companies in China.NatWest Group ended more than 1% down despite the bank returning to profit and announcing plans for a fresh round of dividends and share buybacks.Pearson moved up more than 3% as the company raised its interim dividend after reporting improved sales across all arms of its business in its latest half-year.Rightmove, Segro, Croda International, Avast, Sage Group, United Utilities, Just Eat Takeaway, Unilever, Auto Trader Group and BT Group ended notably higher.In the French market, Unibail Rodamco, Air France-KLM, Carrefour, Engie, Technip, Thales and Safran lost 2 to 4%. Renault declined nearly 3% after the company said the supply chain issue and rising raw material prices could curb further recovery in profitability this year.Atos, Credit Agricole, WorldLine, STMicroElectronics and Sodexo also closed notably lower.BNP Paribas shares declined despite the lender reporting a 26% rise in net income in the second quarter and announcing an additional dividend.Essilor surged up nearly 4% after raising its full-year guidance. Saint Gobain gained 3.2%, while Legrand, Schneider Electric and Danone climbed 2 to 2.25%.In Germany, Fresenius Medical Care declined more than 3% despite posting better-than-expected second quarter results and raising its 2021 earnings guidance. Fresenius and Lufthansa also lost more than 3%. Thyssenkrupp, Infineon Technologies, Deutsche Post, Bayer, Daimler and Deutsche Bank shed 1 to 2.3%. Linde shares gained nearly 3%.The preliminary flash estimate published by Eurostat showed eurozone gross domestic product expanded 2% sequentially in the second quarter, reversing the 0.3% drop posted in the preceding period. The growth rate was bigger than the expected 1.5%.On a yearly basis, GDP rebounded 13.7% after shrinking 1.3% in the first quarter. GDP was forecast to grow 13.2%.Eurozone inflation accelerated more-than-expected in July, rising 2.2% in the month from 1.9% in June, flash data from Eurostat showed.Another preliminary report from Eurostat showed euro area unemployment rate dropped to 7.7% in June (the lowest level in over a year), falling for a second month in a row, after coming in at 8% in May. The rate was expected to remain unchanged at May's original 7.9%.The French economy rebounded at a faster-than-expected pace in the second quarter, underpinned by household spending and investment, flash data from the statistical office Insee revealed. Gross domestic product rebounded 0.9% in the second quarter, after being flat in the first quarter. Economists had forecast a quarterly growth of 0.8%.In the second quarter, GDP was 3.3% below the level of the fourth quarter of 2019, as compared to 4.2% in the two previous quarters, the statistical office said.France consumer price inflation slowed 1.2% in July from 1.5% in the previous month, provisional data from the statistical office Insee showed on Friday. Economists had expected inflation to come in at 1%. On a monthly basis, consumer prices edged up 0.1 percent, the same as in June. Prices were forecast to fall 0.1 percent.Germany's gross domestic product grew 1.5% from the first quarter, when it was down 2.1%, data from Destatis showed. Nonetheless, the second quarter growth was slower than the expected expansion of 2%.On a yearly basis, GDP grew by calendar-adjusted 9.2%, in contrast to the 3.1% drop posted in the first quarter. GDP was forecast to climb 9.6%.Copyright RTT News/dpa-AFX
30.07.2021

U.S. Stocks Remain Mostly Lower In Mid-Day Trading

WASHINGTON (dpa-AFX) - Stocks are mostly lower in mid-day trading on Friday, largely offsetting the strength seen in the previous session. Selling pressure has remained somewhat subdued, however, limiting the downside for the major averages. Currently, the major averages are off their worst levels of the day but still in negative territory. The Dow is down 116.22 points or 0.3 percent at 34,968.31, the Nasdaq is down 88.19 points or 0.6 percent at 14,690.07 and the S&P 500 is down 19.68 points or 0.5 percent at 4,399.47.A steep drop from Amazon (AMZN) is weighing on the markets, with the online retail giant currently down by 6.9 percent after hitting its lowest intraday level in well over a month.The nosedive by Amazon comes after the company reported second quarter earnings that beat expectations, but its revenues missed estimates for the first time since the third quarter of 2018.Shares of Pinterest (PINS) have also moved sharply lower after the image-sharing website operator reported better than expected second quarter earnings and revenues but a quarterly decline in monthly average users.Caterpillar (CAT), Exxon Mobil (XOM) and Chevron (CVX) have also moved to the downside despite reporting quarterly results that exceeded analyst estimates.On the other hand, Procter & Gamble (PG) is posting a strong gain after reporting better than expected fiscal fourth quarter results, although the consumer products giant also warned about the impact of higher input costs.In U.S. economic news, the Commerce Department released a report unexpectedly showing a slight increase in personal income in the month of June.The report showed personal income inched up by 0.1 percent in June after tumbling by a revised 2.2 percent in May.The uptick surprised economists, who had expected personal income to dip by 0.3 percent compared to the 2.0 percent slump originally reported for the previous month.Meanwhile, the Commerce Department said personal spending jumped by 1.0 percent in June after edging down by a revised 0.1 percent in May.Economists had expected personal spending to increase by 0.7 percent compared to the unchanged reading originally reported for the previous month.The report also showed the annual rate of core consumer price growth crept up to 3.5 percent in June from 3.4 percent in May.Revised data released by the University of Michigan showed consumer sentiment in U.S. decreased by slightly less than initially estimated in the month of July.The report said the consumer sentiment index for July was upwardly revised to 81.2 from a preliminary reading of 80.8 but remains below the June reading of 85.5. Economists had expected the index to be unrevised.Sector NewsRetail stocks continue to see substantial weakness amid the steep drop by Amazon, with the Dow Jones U.S. Retail Index tumbling by 2.9 percent. Earlier in the session, the index hit its lowest intraday level in a month.Significant weakness also remains visible among energy stocks, which are moving lower even as the price of crude oil for September delivery is rising $0.16 to $73.78 a barrel.Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index is down by 2.2 percent and the NYSE Arca Oil Index is down by 1.8 percent.Airline stocks have also shown a notable move to the downside on the day, dragging the NYSE Arca Airline Index down by 2.2 percent.Steel, natural gas and banking stocks are also seeing considerable weakness, moving lower along with most of the other major sectors.Other MarketsIn overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. Japan's Nikkei 225 Index tumbled by 1.8 percent, while China's Shanghai Composite Index fell by 0.4 percent.The major European markets also moved to the downside on the day. While the French CAC 40 Index dipped by 0.3 percent, the German DAX Index and the U.K.'s FTSE 100 Index slid by 0.6 percent and 0.7 percent, respectively.In the bond market, treasuries have moved higher after ending the previous session roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4 basis points at 1.229 percent.Copyright RTT News/dpa-AFX
30.07.2021

U.S. Stocks Regain Ground After Initial Drop But Remain Mostly Lower

WASHINGTON (dpa-AFX) - Stocks staged a recovery attempt after an initial move to the downside but remain mostly lower in morning trading on Friday. The weakness on the day comes after the major averages ended the previous session in positive territory.Currently, the major averages are all in the red. The Dow is down 94.67 points or 0.3 percent at 34,989.86, the Nasdaq is down 83.47 points or 0.6 percent at 14,694.79 and the S&P 500 is down 19.92 points or 0.5 percent at 4,399.23.A steep drop from Amazon (AMZN) is weighing on the markets, with the online retail giant plunging by 6.8 percent to its lowest intraday level in well over a month.The nosedive by Amazon comes after the company reported second quarter earnings that beat expectations, but its revenues missed estimates for the first time since the third quarter of 2018.Shares of Pinterest (PINS) have also moved sharply lower after the image-sharing website operator reported better than expected second quarter earnings and revenues but a quarterly decline in monthly average users.Caterpillar (CAT) and Exxon Mobil (XOM) have also moved to the downside despite reporting quarterly results that exceeded analyst estimates.On the other hand, Procter & Gamble (PG) is posting a strong gain after reporting better than expected fiscal fourth quarter results, although the consumer products giant also warned about the impact of higher input costs.In U.S. economic news, the Commerce Department released a report unexpectedly showing a slight increase in personal income in the month of June.The report showed personal income inched up by 0.1 percent in June after tumbling by a revised 2.2 percent in May.The uptick surprised economists, who had expected personal income to dip by 0.3 percent compared to the 2.0 percent slump originally reported for the previous month.Meanwhile, the Commerce Department said personal spending jumped by 1.0 percent in June after edging down by a revised 0.1 percent in May.Economists had expected personal spending to increase by 0.7 percent compared to the unchanged reading originally reported for the previous month.The report also showed the annual rate of core consumer price growth crept up to 3.5 percent in June from 3.4 percent in May.Revised data released by the University of Michigan showed consumer sentiment in U.S. decreased by slightly less than initially estimated in the month of July.The report said the consumer sentiment index for July was upwardly revised to 81.2 from a preliminary reading of 80.8 but remains below the June reading of 85.5. Economists had expected the index to be unrevised.Retail stocks are seeing considerable weakness amid the steep drop by Amazon, with the Dow Jones U.S. Retail Index tumbling by 2.8 percent.Significant weakness is also visible among oil service stocks, as reflected by the 2.2 percent drop by the Philadelphia Oil Service Index. The weakness among oil service stocks comes even though the price of crude oil for September delivery is rising $0.24 to $73.86 a barrel.Oil producer, steel and natural gas stocks are also seeing notable weakness on the day, while commercial real estate stocks have moved to the upside.In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. Japan's Nikkei 225 Index tumbled by 1.8 percent, while China's Shanghai Composite Index fell by 0.4 percent.Meanwhile, the major European markets have turned mixed on the day. While the French CAC 40 Index has inched up by 0.1 percent, the German DAX Index is down by 0.4 percent and the U.K.'s FTSE 100 Index is down by 0.5 percent.In the bond market, treasuries have moved higher after ending the previous session roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.8 basis points at 1.231 percent.Copyright RTT News/dpa-AFX
30.07.2021

U.S. Stocks May See Initial Weakness On Disappointing Amazon Results

WASHINGTON (dpa-AFX) - After ending the previous session mostly higher, stocks may move back to the downside in early trading on Friday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 79 points.The tech-heavy Nasdaq 100 futures have shown an even more substantial move to the downside, tumbling by 1.1 percent.A steep drop from Amazon (AMZN) is likely to weigh on the tech sector, with the online retail giant plunging by 7 percent in pre-market trading.The downward momentum for Amazon comes after the company reported second quarter earnings that beat expectations, but its revenues missed estimates for the first time since the third quarter of 2018.On the other hand, Procter & Gamble (PG) may move to the upside after reporting better than expected fiscal fourth quarter results, although the consumer products giant also warned about the impact of higher input costs.Shares of Exxon Mobil (XOM) and Chevron (CVX) could also see initial strength after the energy giants reported quarterly results that exceeded analyst estimates on both the top and bottom lines.In U.S. economic news, the Commerce Department released a report unexpectedly showing a slight increase in personal income in the month of June.The report showed personal income inched up by 0.1 percent in June after tumbling by a revised 2.2 percent in May.The uptick surprised economists, who had expected personal income to dip by 0.3 percent compared to the 2.0 percent slump originally reported for the previous month.Meanwhile, the Commerce Department said personal spending jumped by 1.0 percent in June after edging down by a revised 0.1 percent in May.Economists had expected personal spending to increase by 0.7 percent compared to the unchanged reading originally reported for the previous month.The report also showed the annual rate of core consumer price growth crept up to 3.5 percent in June from 3.4 percent in May.Just after the start of trading, MNI Indicators is scheduled to release its report on Chicago-area business activity in the month of July. The Chicago business barometer is expected to come in unchanged at 66.1, with a reading above 50 indicating growth.The University of Michigan is also due to release its revised reading on consumer sentiment in the month of July. The consumer sentiment index is expected to be unrevised at 80.8.Following the mixed performance seen on Wednesday, stocks moved mostly higher during trading on Thursday. With the upward move on the day, the Dow and the S&P 500 set new record intraday highs.The major averages pulled back off their best levels in afternoon trading but managed to remain positive. The Dow climbed 153.60 points or 0.4 percent to 35,084.53, the Nasdaq inched up 15.68 points or 0.1 percent to 14,778.26 and the S&P 500 rose 18.51 points or 0.4 percent to 4,419.15.In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. Japan's Nikkei 225 Index tumbled by 1.8 percent, while China's Shanghai Composite Index fell by 0.4 percent.The major European markets have also moved to the downside on the day. While the French CAC 40 Index has dipped by 0.2 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both down by 0.8 percent.In commodities trading, crude oil futures are slipping $0.11 to $73.51 a barrel after jumping $1.23 to $73.62 a barrel on Thursday. Meanwhile, after spiking $31.20 to $1,835.80 an ounce in the previous session, gold futures are falling $4.90 to $1,830.90 an ounce.On the currency front, the U.S. dollar is trading at 109.68 yen versus the 109.48 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1884 compared to yesterday's $1.1887.Copyright RTT News/dpa-AFX
30.07.2021

Wall Street Targets Lower Opening

WASHINGTON (dpa-AFX) - Trading on Friday might be influenced by reports on personal income and spending, Chicago-area business activity, and consumer sentiment.Concerns over the pandemic flareups are worrying investors. Reaction to the latest earnings reports of Amazon (AMZN), First Solar (FSLR), Pinterest (PINS), and T-Mobile (TMUS) might be a focus on the day.Asian shares finished lower, while European shares are trading mostly lower. Initials signs from the U.S. Futures Index suggest that Wall Street might open in negative.As of 8.05 am ET, the Dow futures were down 109.00 points, the S&P 500 futures were declining 30.75 points and the Nasdaq 100 futures were sliding 172.25 points.The U.S. major averages managed to remain positive on Thursday. The Dow climbed 153.60 points or 0.4 percent to 35,084.53, the Nasdaq inched up 15.68 points or 0.1 percent to 14,778.26 and the S&P 500 rose 18.51 points or 0.4 percent to 4,419.15.On the economic front, the Employment Cost Index for the second quarter will be published at 8.30 am ET. The consensus is for an increase of 0.9 percent, while it was up 0.9 percent in the prior quarter. The Commerce Department's Personal Income and Outlays for June will be issued at 8.30 am ET. The consensus is for a decline of 0.7 percent, while it was down 2.0 percent in the previous month. Market News International's Chicago PMI of July will be published at 9.45 am ET. The consensus is for 66.1 while it was up 66.1 in the prior month. The University of Michigan's Consumer Sentiment for July will be released at 10.00 am ET. The consensus is for 80.8, while it was up 80.8 in June.The Baker Hughes Rig Count for the week will be released at 1.00 pm ET. In the prior week, the North America rig count was $640 and the U.S. rig count was 491. The Agriculture Department's Farm Prices for June will be released at 3.00 pm ET. In the prior month the price was up 1.8 percent. St. Louis Federal Reserve Bank President James Bullard will speak on the U.S. economy and monetary policy before European Economics and Financial Centre Virtual Event via Zoom at 9.00 am ET. Federal Reserve Board Governor Lael Brainard to speak on 'Rebuilding the Post-Pandemic Economy' before Annual Meeting of the Aspen Economic Strategy Group at 8.30 pm ET. Asian stocks fell on Friday. Chinese shares ended lower amid fears of foreign investor exodus. The benchmark Shanghai Composite index slipped 14.37 points, or 0.42 percent, to 3,397.36 while Hong Kong's Hang Seng index ended down 354.29 points, or 1.35 percent, at 25,961.03.Japanese shares hit over six-month lows amid earnings disappointments. The Nikkei average slumped 498.83 points, or 1.80 percent, to 27,283.59.The broader Topix index finished down 1.37 percent at 1,901.08.Australian markets ended lower. The benchmark S&P/ASX 200 index dropped 24.80 points, or 0.33 percent, to 7,392.60 while the broader All Ordinaries index ended down 31 points, or 0.40 percent, at 7,664.20.European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is down 13.88 points or 0.21 percent. The German DAX is losing 125.94 points or 0.81 percent, the U.K. FTSE 100 Index is sliding 60.00 points or 0.85 percent. The Swiss Market Index is adding 9.96 points or 0.08 percent.The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.62 percent.Copyright RTT News/dpa-AFX
30.07.2021

European Shares Slide On China Concerns

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks retreated on Friday as Amazon reported disappointing earnings and fresh losses in Chinese markets stirred debates about China's policy risks. Meanwhile, the euro area economy recovered in the second quarter, the preliminary flash estimate published by Eurostat showed.Gross domestic product expanded 2 percent sequentially, reversing the 0.3 percent drop posted in the preceding period. The growth rate was bigger than the expected 1.5 percent.On a yearly basis, GDP rebounded 13.7 percent after shrinking 1.3 percent in the first quarter. GDP was forecast to grow 13.2 percent.Eurozone inflation accelerated more-than-expected in July, largely driven by higher energy prices, flash data from Eurostat showed.Inflation rose to 2.2 percent in July from 1.9 percent in June. The rate was above the expected 2 percent.The pan European Stoxx 600 dropped 0.6 percent to 461.01 after rising half a percent on Thursday. The German DAX lost about 1 percent, France's CAC 40 index slipped 0.3 percent and the U.K.'s FTSE 100 was down 1 percent. Italian lender UniCredit jumped 4.1 percent after posting higher-than-expected net profit.Miners Anglo American, Antofagasta and Glencore declined 2-3 percent amid mounting concerns about harsh regulation on a range of private companies in China.NatWest Group lost 1.7 percent even as the bank returned to profit and announced plans for a fresh round of dividends and share buybacks.Publishing company Pearson rallied 3.5 percent. The company raised its interim dividend after reporting improved sales across all arms of its business in its latest half-year.Intertek slumped 7.2 percent despite the assurance and product testing group reporting a rise in first-half profits.British Airways-owner IAG lost 6.3 percent after it plunged to a €2bn (1.7bn) half year loss.BNP Paribas edged down 0.6 percent. The French lender reported a 26 percent rise in net income in the second quarter and said it will pay shareholders an additional dividend.Automaker Renault declined 2.2 percent. The company said the supply chain issue and rising raw material prices could curb further recovery in profitability this year.Luxury glasses maker EssilorLuxottica jumped 3.7 percent after raising its full-year guidance.Airline Air France gave up 1.1 percent despite narrowing its loss for the second quarter.German electric power distribution company RWE rose 0.6 percent after raising its FY21 earnings forecast on strong trading business.Healthcare company Fresenius tumbled 4.6 percent despite posting better-than-expected second-quarter results and raising its 2021 earnings guidance.Copyright RTT News/dpa-AFX
30.07.2021

FTSE 100 Declines As Miners Drag

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks fell on Friday amid concerns that climbing inflation and rising coronavirus infections globally could derail economic growth.The benchmark FTSE 100 dropped 65 points, or 0.9 percent, to 7,013 after climbing 0.9 percent in the previous session. Miners Anglo American, Antofagasta and Glencore declined 2-3 percent amid mounting concerns about harsh regulation on a range of private companies in China. NatWest Group lost 1.7 percent even as the bank returned to profit and announced plans for a fresh round of dividends and share buybacks.Publishing company Pearson rallied 3.5 percent. The company raised its interim dividend after reporting improved sales across all arms of its business in its latest half-year.Intertek slumped 7.2 percent despite the assurance and product testing group reporting a rise in first-half profits.British Airways-owner IAG lost 6.3 percent after it plunged to a €2bn (1.7bn) half year loss.Copyright RTT News/dpa-AFX
30.07.2021

CAC 40 Subdued On China Selloff Worries

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks were subdued on Friday as investors reacted to a fresh reversal of market sentiment in China and a slew of mixed earnings updates. The benchmark CAC 40 was marginally lower at 6.627, recouping some early losses after first estimates from the statistical office Insee showed France's economic growth accelerated at a faster-than-expected pace in the second quarter, underpinned by household spending and investment.GDP rebounded 0.9 percent in the second quarter, after being flat in the first quarter. Economists had forecast a quarterly growth of 0.8 percent.Consumer price inflation slowed to a three-month low in July while household spending grew 0.3 percent in June after a sharp growth of 10.6 percent in May, separate data showed. BNP Paribas edged up slightly. The lender BNP Paribas reported a 26 percent rise in net income in the second quarter and said it will pay shareholders an additional dividend. Automaker Renault declined 1.7 percent. The company said the supply chain issue and rising raw material prices could curb further recovery in profitability this year.Luxury glasses maker EssilorLuxottica rallied 2.7 percent after raising its full-year guidance.Airline Air France KLM edged up slightly after narrowing its loss for the second quarter.Copyright RTT News/dpa-AFX
31.07.2021
30.07.2021

Portugal GDP Rebounds In Q2

LISBON (dpa-AFX) - Portugal's economy expanded in the second quarter after contracting in the previous three months, as activity began to gradually recover after a lockdown to curb the a fresh wave of the coronavirus pandemic. Gross domestic product grew 4.9 percent from the first quarter, when it shrunk 3.2 percent, preliminary estimates from Statistics Portugal showed Friday. 'There was a general confinement due to the worsening of the pandemic, followed by a plan to gradually reopen the economy as of mid-March,' the statistical office said. Quarterly growth was largely driven by the positive contribution of domestic demand and a less negative contribution of net external demand. Year-on-year, GDP rose 15.5 percent in the second quarter after a 5.3 percent fall in the previous quarter. The increase was the first since the fourth quarter of 2019. 'This evolution is influenced by a base effect, as the restrictions imposed on economic activity as a result of the pandemic were felt more intensely in the first two months of the second quarter of 2020, leading to unprecedented contraction of economic activity,' Statistics Portugal said.Copyright RTT News/dpa-AFX
30.07.2021

Austria Economy Rebounds In Q2

BRUSSELS (dpa-AFX) - Austria's economy rebounded strongly in the second quarter to exit a recession, preliminary estimates from the economic institute WIFO showed Friday. Gross domestic product grew 4.3 percent from the first quarter when the economy shrank 1.1 percent. Economists had forecast 3.5 percent growth. In the final three months of 2020, GDP decreased 3.1 percent. Year-on-year, GDP rose 11.4 percent in the second quarter after a 4.5 percent slump in the previous three months. Consumer demand and activity in the consumption-relevant service sectors increased as measures to contain the spread of the Covid-19 pandemic were relaxed. Private consumption increased 3.8 percent quarterly after falling in each of the previous two quarters. Investments continued to grow, up 2.1 percent in the second quarter. Exports and imports rebounded with growths of 14.9 percent and 9.8 percent, respectively. The industrial economy continued to recover in the second quarter, while construction shrank.Copyright RTT News/dpa-AFX
30.07.2021

U.S. Consumer Sentiment Drops Slightly Less Than Initially Estimated In July

WASHINGTON (dpa-AFX) - Revised data released by the University of Michigan on Friday showed consumer sentiment in U.S. decreased by slightly less than initially estimated in the month of July.The report said the consumer sentiment index for July was upwardly revised to 81.2 from a preliminary reading of 80.8 but remains below the June reading of 85.5. Economists had expected the index to be unrevised.'The largest monthly declines remained concentrated in the outlook for the national economy and complaints about high prices for homes, vehicles, and household durables,' said Surveys of Consumers chief economist Richard Curtin.He added, 'While most consumers still expect inflation to be transitory, there is growing evidence that an inflation storm is likely to develop on the not too distant horizon.'One-year inflation expectations jumped to 4.7 percent in July from 4.2 in June, while five-year inflation expectations were unchanged at 2.8 percent.The report also showed the current economic conditions index fell to 84.5 in July from 88.6 in June, while the index of consumer expectations slid to 79.0 from 83.5.A separate report released by the Conference Board earlier this week unexpectedly showed a slight improvement in its reading on consumer confidence in July.The Conference Board said its consumer confidence index inched up to 129.1 in July from an upwardly revised 128.9 in June. Economists had expected the index to drop to 124.9 from the 127.3 originally reported for the previous month.With the unexpected uptick, the consumer confidence index reached its highest level since hitting 132.6 in February of 2020.Copyright RTT News/dpa-AFX
30.07.2021

Chicago Business Barometer Unexpectedly Indicates Faster Growth In July

WASHINGTON (dpa-AFX) - A report released by MNI Indicators on Friday unexpectedly showed a notable acceleration in the pace of growth in Chicago-area business activity in the month of July.MNI Indicators said its Chicago business barometer jumped to 73.4 in July from 66.1 in June, with a reading above 50 indicating growth. Economists had expected the business barometer to come in unchanged.The unexpected increase by the business barometer came as the production index surged up by 8.8 points to a two-month high, as demand remained high and some firms benefited from supply chain issues.The report said the new orders index also shot up by 5.4 points during the month, while the employment index increased by 3.4 points.The supplier deliveries index was unchanged at its highest level since March of 1974, with firms noting that delivery delays and a lack of workforce availability remained a problem.MNI indicators said the prices paid index edged down by 0.3 points but remained at a historically high level amid higher prices for materials and freight.Copyright RTT News/dpa-AFX
30.07.2021
30.07.2021

Italy GDP Growth Accelerates In Q2

ROME (dpa-AFX) - Italy's economy expanded at a faster pace in the second quarter, the preliminary estimate from the statistical office Istat showed on Friday. Gross domestic product grew 2.7 percent sequentially in the second quarter, much faster than the 0.2 percent expansion posted in the first quarter. Economists had forecast a moderate 1.3 percent growth. Year-on-year, growth came in at a double-digit 17.3 percent, in contrast to a 0.7 percent fall seen in the first quarter. Economists had expected 15.6 percent growth for the second quarter.From the demand side, there is a positive contribution to quarterly growth from both the domestic component, namely gross of change in inventories and the net export component.The carry-over annual GDP growth for 2021 was equal to 4.8 percent.Copyright RTT News/dpa-AFX
30.07.2021

U.S. Personal Income Unexpectedly Inches Higher In June

WASHINGTON (dpa-AFX) - Personal income in the U.S. expectedly saw a slight increase in the month of June, according to a report released by the Commerce Department on Friday.The report showed personal income inched up by 0.1 percent in June after tumbling by a revised 2.2 percent in May.The uptick surprised economists, who had expected personal income to dip by 0.3 percent compared to the 2.0 percent slump originally reported for the previous month.The modest increase in personal income primarily reflected higher private wages and salaries, which were partly offset by decreases in economic impact payments and unemployment insurance.Disposable personal income, or personal income less personal current taxes, was virtually unchanged in June after plunging by 2.7 percent in May.Meanwhile, the Commerce Department said personal spending jumped by 1.0 percent in June after edging down by a revised 0.1 percent in May.Economists had expected personal spending to increase by 0.7 percent compared to the unchanged reading originally reported for the previous month.Excluding price changes, personal spending rose by a more modest 0.5 percent in June after falling by 0.6 percent in May.Reflecting the rebound in personal spending, personal saving as a percentage of disposable personal income slid to 9.4 percent in June from 10.3 percent in May.'That lower saving rate leaves less scope for households to fund further consumption growth in the second half of the year,' said Paul Ashworth, Chief U.S. Economist at Capital Economics.He added, 'Overall, we now expect third-quarter real consumption growth to be around 3% annualized, with GDP growth at 4%.'A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth crept up to 3.5 percent in June from 3.4 percent in May.Copyright RTT News/dpa-AFX
30.07.2021

Dollar Rebounds On Fairly Strong Economic Data

WASHINGTON (dpa-AFX) - The U.S. dollar scored gains against most of its major rivals on Friday, rebounding fairly strongly after recent losses, reacting to some strong economic data.Comments from St. Louis Federal Reserve President James Bullard that the Fed should start reducing its monthly bond purchases this fall and cut them 'fairly rapidly' so the program ends in the first months of 2022 to pave the way for a rate increase that year if needed.The Commerce Department released a report that showed an unexpected increase in personal income in the month of June. The report showed personal income inched up by 0.1% in June after tumbling by a revised 2.2% in May. Economists had expected personal income to dip by 0.3%.Meanwhile, the data showed personal spending jumped by 1% in June after edging down by a revised 0.1% in May. Economists had expected personal spending to increase by 0.7% in the month.Revised data released by the University of Michigan showed consumer sentiment in U.S. decreased by slightly less than initially estimated in the month of July. The report said the consumer sentiment index for July was upwardly revised to 81.2 from a preliminary reading of 80.8 but remains below the June reading of 85.5. Economists had expected the index to be unrevised.The dollar index, which edged down to 91.78 in the Asian session, recovered gradually and climbed to 92.20 around mid afternoon and has been staying firm since then. At 92.14, the index is now up 0.3% from the previous close.Against the Euro, the dollar firmed to $1.1864, from $1.1889. A flash estimate from Eurostat showed that eurozone gross domestic product expanded 2% sequentially, reversing the 0.3% drop posted in the preceding period. The growth rate was bigger than the expected 1.5%.On a yearly basis, GDP rebounded 13.7% after shrinking 1.3% in the first quarter. GDP was forecast to grow 13.2%.Separate data from Eurostat showed that Eurozone inflation rose to 2.2% in July from 1.9% in June. The rate was above the expected 2%. The Pound Sterling shed ground against the dollar, dropping to $1.3897 a unit from $1.3961 Thursday evening.Againt the Yen, the dollar climbed, fetching 109.72 yen a unit, compared to previous close of 109.49 yen a dollar. Industrial output in Japan advanced a seasonally adjusted 6.2% on month in June, the Ministry of Economy, Trade and Industry said. That beat expectations for an increase of 5% following the downwardly revised 6.5% contraction in May.Against the Aussie, the dollar strengthened to 0.7340, gaining from 0.7396.The Swiss franc slightly up at 0.9058 a dollar. A report from Swiss Economic Institute said the KOF Economic barometer in Switzerland fell to 129.8 in July, from a downwardly revised 133.2 in June. It is the second consecutive fall from a record value in May but the barometer remained clearly above the long-term average of 99.3.The dollar retreated against the Loonie after showing some strength earlier in the day. It was hovering around 1.2475 a unit of the Canadian currency a little while ago, about 0.22% down from Thursday evening.Copyright RTT News/dpa-AFX
30.07.2021

Dollar Little Changed After U.S. Consumer Sentiment Index

BRUSSELS (dpa-AFX) - The University of Michigan's final consumer sentiment index for July has been released at 10:00 am ET Friday. After the data, the greenback changed little against its major opponents. The greenback was trading at 109.71 against the yen, 1.1877 against the euro, 1.3947 against the pound and 0.9066 against the franc around 10:02 am ET.Copyright RTT News/dpa-AFX
30.07.2021

Dollar Little Changed After U.S. Personal Income And Spending Data

BRUSSELS (dpa-AFX) - The U.S. personal income and spending data for June has been released at 8:30 am ET Friday. The greenback changed little against its major counterparts after the data.The greenback was trading at 109.66 against the yen, 1.1889 against the euro, 1.3961 against the pound and 0.9057 against the franc around 8:33 am ET.Copyright RTT News/dpa-AFX
30.07.2021

Dollar Rebounds Ahead Of U.S. Personal Income And Spending Data

BRUSSELS (dpa-AFX) - The U.S. personal income and spending data for June is due at 8:30 am ET Friday. Ahead of the data, the greenback recovered against its major counterparts. The greenback was worth 109.64 against the yen, 1.1891 against the euro, 1.3966 against the pound and 0.9057 against the franc at 8:25 am ET.Copyright RTT News/dpa-AFX
30.07.2021

Euro Appreciates As Eurozone Economic Growth Beats Forecasts

CANBERA (dpa-AFX) - The euro climbed against its most major counterparts in the European session on Friday, as the euro area economy expanded more than forecast in the second quarter, signaling that the bloc's recovery is under way.Flash estimate from Eurostat showed that gross domestic product expanded 2 percent sequentially, reversing the 0.3 percent drop posted in the preceding period. The growth rate was bigger than the expected 1.5 percent.On a yearly basis, GDP rebounded 13.7 percent after shrinking 1.3 percent in the first quarter. GDP was forecast to grow 13.2 percent.Separate data from Eurostat showed that Eurozone inflation accelerated more-than-expected in July, largely driven by higher energy prices.Inflation rose to 2.2 percent in July from 1.9 percent in June. The rate was above the expected 2 percent.A falling dollar on the back of the Fed's reassurance that rate increases were far off also underpinned the euro.The euro spiked up to more than a 4-week high of 1.1909 against the greenback and a 3-day high of 0.8524 against the pound, off its prior lows of 1.1875 and 0.8509, respectively. The euro is seen finding resistance around 1.22 against the greenback and 0.86 against the pound. The euro rose to 130.50 against the yen and 1.7005 against the kiwi, recovering from its early low of 130.02 and a 3-day low of 1.6933, respectively. The next possible resistance for the euro is seen around 132.00 against the yen and 1.72 against the kiwi.The euro jumped to more than a 7-month high of 1.6165 against the aussie, after falling to 1.6061 at 11 pm ET. On the upside, 1.64 is possibly seen as the next resistance level for the euro.In contrast, the euro fell to its lowest level since January 29 against the franc, at 1.0762. The euro is likely to find support around the 1.045 level.After rising to 1.4820 in the Asian session, the euro eased off and held steady against the loonie. At yesterday's close, the pair was worth 1.4786.Looking ahead, Canada GDP data for May, U.S. personal income and spending data for June and University of Michigan's final consumer sentiment index for July will be featured in the New York session.Copyright RTT News/dpa-AFX
30.07.2021

Euro Little Changed After Eurozone GDP Data

BRUSSELS (dpa-AFX) - At 5.00 am ET Friday, Eurostat has published euro area preliminary flash GDP report, flash inflation estimate and unemployment data. After these data, the euro changed little against its major rivals.The euro was trading at 130.37 against the yen, 1.0773 against the franc, 0.8518 against the pound and 1.1903 against the greenback around 5:05 am ET.Copyright RTT News/dpa-AFX
30.07.2021

Euro Mixed Before Eurozone GDP Data

BRUSSELS (dpa-AFX) - At 5.00 am ET Friday, Eurostat is slated to issue euro area preliminary flash GDP report, flash inflation estimate and unemployment data. The currency bloc is expected to expand 1.5 percent in the second quarter, reversing a 0.3 percent drop in the prior quarter.Ahead of these data, the euro traded mixed against its major rivals. While it climbed against the greenback and the yen, it dropped against the pound. Against the franc, it held steady.The euro was worth 130.34 against the yen, 1.0773 against the franc, 0.8516 against the pound and 1.1906 against the greenback as of 4:55 am ET.Copyright RTT News/dpa-AFX
30.07.2021

Australian Dollar Falls In Cautious Trade

CANBERA (dpa-AFX) - The Australian dollar declined against its major counterparts in the Asian session on Friday, as continued concerns over China's crackdown on tech, education and property industries dampened risk sentiment.Amazon's second quarter revenue fell short of expectations and issued a weak guidance for the third quarter.A continued spike in the Delta variant of COVID-19 cases across the globe added to worries.Japan reported record daily infections for the third straight day on Thursday and a state of emergency already existing Tokyo is expected to extend to four more regions.The World Health Organization warned that the Delta strain could trigger a 'fourth wave' of cases in its Eastern Mediterranean zone amid low vaccination rates.The aussie dropped to 0.7376 against the greenback and 80.81 against the yen, off its early highs of 0.7403 and 81.05, respectively. The next possible support for the aussie is seen around 0.72 against the greenback and 78.00 against the yen.The aussie weakened to a 9-day low of 1.6112 against the euro and more than a 1-year low of 0.9184 against the loonie, from its prior highs of 1.6061 and 0.9215, respectively. The aussie is seen finding support around 1.63 against the euro and 0.90 against the loonie.The aussie fell back to 1.0542 against the kiwi, heading to pierce a 3-day low of 1.0535 seen earlier in the session. On the downside, 1.03 is likely seen as its next support level.Looking ahead, Eurozone GDP data for the second quarter, consumer price inflation for July and jobless rate for June are due out in the European session.Canada GDP data for May, U.S. personal income and spending data for June and University of Michigan's final consumer sentiment index for July will be featured in the New York session.Copyright RTT News/dpa-AFX
29.07.2021

Dollar Extends Losses Against Other Major Currencies

WASHINGTON (dpa-AFX) - The U.S. dollar lost ground against its major peers on Thursday, weighed down by a report saying the U.S. economy expanded less than forecast in the second quarter, and comments from Fed Chair Jerome Powell that the bank is unlikely to hike rates anytime soon.Powell said on Wednesday that the economy was 'still a ways off' from reaching a standard of 'substantial further progress' to scale back the asset purchase program.Powell added that although the economy has made progress towards its goals for inflation and labor market since the June meeting, the threshold to begin tapering bond purchases has not been achieved. He remarked that 'there is still a long way to go' to attain a full recovery in the labor market.Meanwhile, the U.S. Senate voted to push forward a bipartisan infrastructure plan amounting to $550 billion, which includes funding for roads, bridges, broadband and other physical infrastructure.The Commerce Department's report today said real GDP surged up by 6.5% in the second quarter following a 6.3% jump in the first quarter. Economists had expected GDP to spike by 8.5%.Data released by the Labor Department showed initial jobless claims dipped to 400,000 in the week ended July 24th, a decrease of 24,000 from the previous week's revised level of 424,000. Economists had expected jobless claims to drop to 380,000 from the 419,000 originally reported for the previous week.The dollar index dropped to 92.86 in the New York session, and was last seen at 91.91, down 0.45% from the previous close.Against the Euro, the dollar weakened to $1.1886 from $1.1844. Eurozone economic confidence hit a record high in July driven by rising sentiment in the industrial and service sectors, survey results from the European Commission showed.The economic confidence index rose to 119.0 from 117.9 in June. This was the highest since records began in 1985 and also well above economists' forecast of 118.5.The Pound Sterling firmed against the dollar, fetching $1.3962 a unit, more than 0.4% up from Wednesday's level of $1.3903. Data from the Bank of England showed that the UK mortgage borrowing hit a record level in June, ahead of the lower stamp duty rates began to taper off from July.Net mortgage borrowing reached a record GBP 17.9 billion in June. Evidence suggests there has been a shortening of time between a mortgage being approved and the lending itself, the BoE said.The dollar was weaker against the yen at 109.46 yen, compared to 109.91 Wednesday evening.The Aussie strengthened against the dollar, fetching $0.7392, nearly 0.25% from the previous close of $0.7374. Data from the Australian Bureau of Statistics showed that Australia export prices rose 13.2% on quarter in the second quarter of 2021, accelerating from 11.2% in the previous three months. On a yearly basis, export prices surged 26%.Against Swiss franc, the dollar weakened to CHF 0.9062 from CHF 0.9101. The Loonie firmed to 1.2448 from 1.2528 as crude oil prices rose sharply.Copyright RTT News/dpa-AFX
29.07.2021

Dollar Extends Fall On Disappointing U.S. GDP Data; Powell's Dovish Stance

CANBERA (dpa-AFX) - The U.S. dollar extended its decline against its major trading partners in the European session on Thursday, as the economy expanded less than forecast in the second quarter and on comments from Federal Reserve Chairman Jerome Powell that rate hikes are unlikely to happen anytime soon.Data from Commerce Department showed that GDP rose by 6.5 percent in the second quarter following a 6.3 percent jump in the first quarter. Economists had expected GDP to spike by 8.5 percent.The GDP growth in the second quarter reflected increases in consumer spending, non-residential fixed investment, exports, and state and local government spending.However, decreases in private inventory investment, residential fixed investment, and federal government spending limited the upside along with an increase in imports, which are a subtraction in the calculation of GDP. The Fed Chair affirmed that the economy was 'still a ways off' from reaching a standard of 'substantial further progress' to scale back the asset purchase program.Powell added that although the economy has made progress towards its goals for inflation and labor market since the June meeting, the threshold to begin tapering bond purchases has not been achieved.The Fed chief remarked that 'there is still a long way to go' to attain a full recovery in the labor market.The U.S. Senate voted to push forward a bipartisan infrastructure plan amounting to $550 billion, which includes funding for roads, bridges, broadband and other physical infrastructure. The five-year spending package would be paid for using COVID-19 relief funds, illegally paid unemployment benefits during the crisis and unutilized federal unemployment funds.The currency fell in the Asian session, as Powell maintained a dovish stance, saying that rate increases were far away.The greenback dropped to its lowest level since June 16 against the franc, at 0.9066. At yesterday's trading close, the pair was quoted at 0.9100. Further drop in the currency may challenge support around the 0.88 level.The greenback lost 0.4 percent to more than a 3-week low of 1.1889 against the euro. The pair was worth 1.1843 when it closed deals on Wednesday. Should the greenback dips further, 1.21 is possibly seen as its next support level. Survey results from the European Commission showed that Eurozone economic confidence hit a record high in July driven by rising sentiment in the industrial and service sectors.The economic confidence index rose to 119.0 from 117.9 in June. This was the highest since records began in 1985 and also well above economists' forecast of 118.5.The greenback declined 0.6 percent to 1.3982 against the pound for the first time since June 24. The pound-greenback pair had ended yesterday's trading session at 1.3897. The greenback is seen facing support around the 1.41 level. Data from the Bank of England showed that the UK mortgage borrowing hit a record level in June, ahead of the lower stamp duty rates began to taper off from July.Net mortgage borrowing reached a record GBP 17.9 billion in June. Evidence suggests there has been a shortening of time between a mortgage being approved and the lending itself, the BoE said.The greenback touched a 2-day low of 0.7005 against the kiwi, down from Wednesday's trading close of 0.6955. Immediate support for the greenback is likely located around the 0.72 level. Survey results from ANZ showed that New Zealand business confidence eased in July.The business confidence index fell to -3.8 in July from -0.6 in June. The own activity outlook index dropped to 26.3 from 31.6 in the previous month.The greenback was down by 0.4 percent against the yen, at a 9-day low of 109.50. The pair had closed Wednesday's deals at 109.91. The greenback is likely to test support around the 107.00 level. The greenback held steady against the loonie, after having fallen to a fresh 2-week low of 1.2451 at 4:30 am ET. The greenback was trading at 1.2521 against the loonie at yesterday's close. The U.S. currency, however, bounced off from nearly a 2-week low of 0.7413 against the aussie, with the pair trading at 0.7399. The greenback was worth 0.7374 per aussie at Wednesday's New York session close. Data from the Australian Bureau of Statistics showed that Australia export prices rose 13.2 percent on quarter in the second quarter of 2021 - accelerating from 11.2 percent in the previous three months.On a yearly basis, export prices surged 26.0 percent.Copyright RTT News/dpa-AFX

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