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16.07.2018

Tidewater And GulfMark To Combine In All-stock Deal

WASHINGTON (dpa-AFX) - Tidewater Inc. (TDW) and GulfMark Offshore, Inc. (GLF) said that the boards of directors of both companies have unanimously approved a definitive agreement to combine the two companies in an all-stock deal. Under the terms of the agreement, GulfMark stockholders will receive 1.100 shares of Tidewater common stock for each share of GulfMark common stock held by them. Each GulfMark noteholder warrant will be automatically converted into the right to receive 1.100 Tidewater shares. Based on the Tidewater closing stock price of $30.62 on July 13, 2018, total value to these GulfMark securityholders is about $340 million and the equity market capitalization of the combined company is about $1.25 billion.Collectively, these GulfMark securityholders will beneficially own 27 percent ownership of the combined company after completion of the combination, or 26 percent on a fully-diluted basis. The combined company will be operated under the Tidewater brand and will be led by Tidewater CEO John Rynd. Upon the closing of the combination, the Tidewater Board of Directors will be expanded to ten seats by adding three directors selected by GulfMark. The transaction is expected to close in the fourth quarter of 2018. The companies noted that their combination, if consummated, will create a global offshore support vessel leader positioned to capitalize on significant cost synergies and superior growth opportunities as the OSV sector recovery gains traction. Concurrent with the closing, $100 million of existing GulfMark debt is expected to be repaid. Tidewater will assume GulfMark's obligations under existing GulfMark equity warrants at $100 strike price.The transaction is expected to be accretive to Tidewater's 2019 EBITDA and produce transaction-related cost synergies of about $30 million, which are expected to be realized by the fourth quarter of 2019, and additional efficiencies associated with greater scale and scope of operations.Copyright RTT News/dpa-AFX
16.07.2018

GGP Reiterates Recommendation For Proposed Deal With BPY

OTTAWA (dpa-AFX) - GGP Inc. (GGP) reiterated the recommendation of its Board, following the unanimous recommendation of the Special Committee of GGP's Board, that the company's stockholders vote for the merger proposal with Brookfield Property Partners L.P. The company also advised stockholders to vote in favor of: the charter proposals; the bylaws proposals; and the compensation proposal. GGP noted that, if the merger proposal receives the requisite vote of GGP stockholders, but the charter proposals and bylaws proposals do not receive the requisite vote, the transaction will not be consummated.Copyright RTT News/dpa-AFX
16.07.2018

Linde To Sell Assets In The Americas To Messer Group, CVC Capital For $3.3 Bln

MUNICH (dpa-AFX) - German gas and engineering company Linde AG (LDE.L, LNAGF.PK) said it has entered into an agreement to sell the majority of its gases business in North America and certain business activities in South America to a consortium comprising companies of German industrial gases manufacturer Messer Group and CVC Capital Partners Fund VII.The purchase price of $3.3 billion, or 2.8 billion euros, will be subject to customary adjustments at closing. The business to be sold generated annual sales of about $1.7 billion, or 1.4 billion euros, and an EBITDA of just over $360 million, or 305 million euros in 2017. It includes substantially all of Linde's U.S. bulk business, and its business in Brazil, Canada and Colombia.Linde said it considers a divestiture of such business to be necessary in order to allow merger clearance of the proposed business combination by the relevant competition agencies. This sale is still subject to the completion of the proposed business combination of Linde and Praxair Inc. (PX) as well as regulatory approvals.Linde noted that the receipt of regulatory approvals outstanding in other jurisdictions for the proposed business combination may require that the merger partners divest certain further businesses. Linde and Praxair are talks with the remaining authorities with the objective of completing their business combination in the second half of 2018.Copyright RTT News/dpa-AFX
16.07.2018

MDU Acquires Operations Of Molalla Redi-Mix And Rock Products

WASHINGTON (dpa-AFX) - MDU Resources Group, Inc. (MDU) announced it has acquired the operations of Molalla Redi-Mix and Rock Products, Inc., which produces ready-mix concrete in Molalla, Oregon, south of Portland. MDU expects the acquisition will be accretive to 2018 earnings per share.Molalla Redi-Mix will become part of Knife River Corp., the construction materials subsidiary of MDU Resources.Copyright RTT News/dpa-AFX
16.07.2018

Bank Of America Q2 Profit Surges; Revenue Up 3% Excl. Prior Year Gain

CHARLOTTE (dpa-AFX) - Bank of America Corp. (BAC) reported that its second-quarter earnings per share was up 43% year-over-year to $0.63. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.57 for the quarter. Analysts' estimates typically exclude special items. Net income to shareholders increased to $6.5 billion from $4.8 billion, driven by improved operating performance and the benefits of tax reform . Second-quarter revenue, net of interest expense, decreased 1% to $22.6 billion. Excluding the gain in the prior year quarter, revenue was up 3%. Net interest income increased 6%, to $11.7 billion, reflecting benefits from higher interest rates, as well as loan and deposit growth. Non-interest income decreased 7%, including the $793 million prior-year gain, to $11.0 billion. Total revenue, net of interest expense on a fully taxable-equivalent basis, was $22.8 billion compared to $23.1 billion, prior year. Analysts expected revenue of $22.27 billion for the quarter. For the second-quarter, provision for credit losses increased $101 million to $827 million. Non-interest expense declined 5%, to $13.3 billion. Excluding the data center impairment charge in the prior year quarter, non-interest expense was down 3%. Average deposit balances rose 3%, to $1.3 trillion. The company said its overall credit quality remained strong across both the consumer and commercial portfolios. The company returned $6.2 billion to shareholders in second-quarter through common dividends and share repurchases.For Consumer Banking Segment, net income increased 42%, to $2.9 billion, driven by solid operating leverage of 9%. Revenue increased 8%, to $9.2 billion.'Solid operating leverage and client activity drove earnings higher this quarter. Responsible growth continued to deliver as a driver for every area of the company. We grew consumer and commercial loans; we grew deposits; we grew assets within our Merrill Edge business; we generated more net new households in Merrill Lynch; and we supported more institutional client activity - all of this while we continued to invest in our businesses and began an additional $500 million technology investment, which we intend to spend over the next several quarters, due to the benefits we received from tax reform. Even while making investments in people, technology, new markets and real estate, we managed to lower expenses again this period,' said Brian Moynihan, CEO.Copyright RTT News/dpa-AFX
16.07.2018

KKR Agrees To Acquire RBmedia For Undisclosed Terms

WASHINGTON (dpa-AFX) - Global investment firm KKR & Co. (KKR) announced Monday the signing of a definitive agreement under which KKR will acquire RBmedia from Shamrock Capital. Financial details of the transaction were not disclosed.RBmedia is the largest independent publisher of audiobooks in the world with a catalogue of more than 35,000 titles spanning all genres - from romance to business to sci-fi - with thousands of works being added each year. KKR has a long history of successfully investing in market-leading businesses in the digital media and content sectors. KKR's recent and related investments include WebMD, UFC, Sonos, BMG Rights Management, Next Issue Media, Fotolia, Emerald Media, and Nielsen, among others.KKR is making the investment in RBmedia primarily from its KKR Americas XII Fund.Copyright RTT News/dpa-AFX
16.07.2018

JB Hunt Transport Services Inc. Q2 Profit Climbs

LOWELL (dpa-AFX) - JB Hunt Transport Services Inc. (JBHT) announced earnings for its second quarter that climbed from the same period last year.The company's earnings totaled $151.65 billion, or $1.37 per share. This compares with $97.87 billion, or $0.88 per share, in last year's second quarter.Analysts had expected the company to earn $1.28 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.The company's revenue for the quarter rose 23.7% to $2.14 billion from $1.73 billion last year.JB Hunt Transport Services Inc. earnings at a glance:-Earnings (Q2): $151.65 Bln. vs. $97.87 Bln. last year.-EPS (Q2): $1.37 vs. $0.88 last year.-Analysts Estimate: $1.28-Revenue (Q2): $2.14 Bln vs. $1.73 Bln last year.Copyright RTT News/dpa-AFX
16.07.2018

Bank of America Corporation Q2 Profit Rises

CHARLOTTE (dpa-AFX) - Bank of America Corporation (BAC) released earnings for its second quarter that rose from last year.The company's earnings totaled $6.47 billion, or $0.63 per share. This compares with $4.75 billion, or $0.44 per share, in last year's second quarter.Analysts had expected the company to earn $0.57 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.The company's revenue for the quarter fell 1.0% to $22.61 billion from $22.83 billion last year.Bank of America Corporation earnings at a glance:-Earnings (Q2): $6.47 Bln. vs. $4.75 Bln. last year.-EPS (Q2): $0.63 vs. $0.44 last year.-Analysts Estimate: $0.57-Revenue (Q2): $22.61 Bln vs. $22.83 Bln last year.Copyright RTT News/dpa-AFX
16.07.2018

Caledonia Investments Finance Director, Stephen King, To Step Down

LONDON (dpa-AFX) - Caledonia Investments plc (CLDN.L) announced that its Finance Director, Stephen King, will be stepping down from the board and leaving the company once a successor has been recruited.Stephen King said: 'I am pleased to be leaving Caledonia at a time when its strategy, performance and risk processes are established and well-positioned for the long term. I am now looking forward to developing a portfolio of non-executive roles.'Copyright RTT News/dpa-AFX
16.07.2018

Blackrock Inc. Q2 adjusted earnings Beat Estimates

WASHINGTON (dpa-AFX) - Blackrock Inc. (BLK) reported earnings for its second quarter that increased from last year.The company's profit came in at $1.07 billion, or $6.62 per share. This compares with $0.85 billion, or $5.20 per share, in last year's second quarter.Excluding items, Blackrock Inc. reported adjusted earnings of $1.08 billion or $6.66 per share for the period. Analysts had expected the company to earn $6.55 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.The company's revenue for the quarter rose 11.4% to $3.61 billion from $3.24 billion last year.Blackrock Inc. earnings at a glance:-Earnings (Q2): $1.08 Bln. vs. $0.86 Bln. last year.-EPS (Q2): $6.66 vs. $5.22 last year.-Analysts Estimate: $6.55-Revenue (Q2): $3.61 Bln vs. $3.24 Bln last year.Copyright RTT News/dpa-AFX
16.07.2018

European Shares Mixed In Cautious Trade

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks were moving in a narrow range on Monday after a raft of Chinese data proved to be a mixed bag. Amid lack of triggers, investors looked ahead to Federal Reserve Chairman Jerome Powell's semi-annual congressional testimonies as well as U.S. President Donald Trump's highly anticipated meeting with Russian President Vladimir Putin for further direction.The euro was little changed against the dollar after Eurostat data showed Eurozone trade surplus dropped to EUR 16.9 billion in May from EUR 18.0 billion in April, as imports grew faster than exports.The British pound held steady after a former senior British minister called for a second referendum to solve a parliamentary stalemate on Brexit.The pan-European Stoxx Europe 600 index was marginally higher at 385.15 in late opening deals after rising 0.2 percent on Friday. The German DAX was rising 0.2 percent, while French shares were marginally lower and the U.K.'s FTSE 100 dropped half a percent. Elevator firm Kone rose more than 2 percent on a report that it has held merger talks with Germany's Thyssenkrupp.Mining and energy stocks were moving lower on concerns about slowing growth in China. SDL shares rallied 3.5 percent. The British software and professional services firm has agreed to acquire the business and assets of Donnelley Language Solutions on a cash-free, debt-free basis for a cash consideration of $77.5 million (60.1 million pounds) from Donnelley Financial Solutions Inc. Drugmaker Indivior soared 25 percent after a U.S. district court granted a preliminary injunction against India's Dr. Reddy's on generic (buprenorphine and naloxone) sublingual film.French technology consultancy firm Altran jumped almost 6 percent after losing as much as 30 percent on Friday on news that it had uncovered forged orders at its recently acquired U.S. business Aricent.Media conglomerate Lagardere advanced 1.6 percent after Morgan Stanley upgraded the stock rating.Dialog Semiconductor advanced 4 percent in Frankfurt. The firm expects higher than anticipated profitability in the second quarter of 2018, driven by manufacturing cost efficiencies.Deutsche Bank shares jumped 8 percent. The German lender said it expects income before income taxes of approximately EUR 700 million and net income of approximately EUR 400 million in the second quarter of 2018.Copyright RTT News/dpa-AFX
16.07.2018

FTSE 100 Drifts Lower On Brexit Concerns

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks were modestly lower on Monday as trade worries lingered and a raft of Chinese data proved to be a mixed bag. The pound held steady after a former senior British minister called for a second referendum to solve a parliamentary stalemate on Brexit.The benchmark FTSE 100 was down 14 points or 0.18 percent at 7,647 in late opening deals after closing marginally higher on Friday.Mining and energy stocks were moving lower on concerns about slowing growth in China. Rolls-Royce Holdings slid half a percent in choppy trade. The engine maker has designed a propulsion system for a flying taxi and said it would start a search for partners to help develop a project it hopes could take to the skies as soon as early next decade.SDL shares rallied 3.5 percent. The software and professional services firm has agreed to acquire the business and assets of Donnelley Language Solutions on a cash-free, debt-free basis for a cash consideration of $77.5 million (60.1 million pounds) from Donnelley Financial Solutions Inc. Drugmaker Indivior soared 25 percent after a U.S. district court granted a preliminary injunction against India's Dr. Reddy's on generic (buprenorphine and naloxone) sublingual film.Copyright RTT News/dpa-AFX
16.07.2018

CAC 40 Little Changed In Cautious Trade

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks were trading on a flat note Monday after a raft of Chinese data proved to be a mixed bag. Amid lack of triggers, investors looked ahead to Federal Reserve Chairman Jerome Powell's semi-annual congressional testimonies as well as U.S. President Donald Trump's highly anticipated meeting with Russian President Vladimir Putin for further direction.The benchmark CAC 40 was up 2 points at 5,431 in opening deals after closing 0.4 percent higher on Friday. Orange Group was marginally lower after announcing acquisition of Basefarm Holding.Technology consultancy firm Altran jumped almost 5 percent after losing as much as 30 percent on Friday on news that it had uncovered forged orders at its recently acquired U.S. business Aricent.Media conglomerate Lagardere advanced 1.7 percent after Morgan Stanley upgraded the stock rating.Copyright RTT News/dpa-AFX
16.07.2018

DAX Little Changed In Lackluster Trade; Deutsche Bank Shares Rally

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks were little changed in cautious trade on Monday after a raft of Chinese data proved to be a mixed bag. Amid lack of triggers, investors looked ahead to Federal Reserve Chairman Jerome Powell's semi-annual congressional testimonies as well as U.S. President Donald Trump's highly anticipated meeting with Russian President Vladimir Putin for further direction. The benchmark DAX was up 11 points at 12,552 in opening deals after closing 0.4 percent higher on Friday.Medical and safety technology provider Dragerwerk fell 1.5 percent after reporting lower profit in the second quarter.Dialog Semiconductor advanced 2.6 percent. The firm expects higher than anticipated profitability in the second quarter of 2018, driven by manufacturing cost efficiencies.Automakers BMW, Daimler and Volkswagen were modestly lower on concerns about slowing growth in China. Deutsche Bank shares jumped 5.3 percent. The lender said it expects income before income taxes of approximately EUR 700 million and net income of approximately EUR 400 million in the second quarter of 2018.In economic news, Bundesbank Governor Jens Weidmann has warned of an economic slowdown due to trade tensions.Copyright RTT News/dpa-AFX
16.07.2018

Asian Shares End Mostly Lower After China Data

CANBERA (dpa-AFX) - Asian stocks closed mostly lower on Monday as a raft of Chinese data proved to be a mixed bag and investors awaited Federal Reserve Chairman Jerome Powell's semi-annual congressional testimonies on Tuesday and Wednesday for directional cues. The Japanese market was closed in observance of Marine Day. China's Shanghai Composite index shed 17.14 points or 0.61 percent to close at 2,814.04 after official data showed China's GDP growth slowed to 6.7 percent in the second quarter, its slowest pace since 2016. That matched forecasts but was a tad lower than 6.8 percent in the first quarter of 2018.Retail sales numbers for June exceeded expectations and fixed asset investment grew in line with expectations while industrial output growth came in shy of forecasts.Hong Kong's Hang Seng index closed little changed with a positive bias. Telecommunications equipment maker ZTE soared 10 percent after the Trump administration lifted a ban on the company from purchasing technology from U.S. corporations.Australian shares fell modestly as investors awaited quarterly production results from mining and energy companies, and weak weekend property auction results weighed on the banking sector. The benchmark S&P/ASX 200 index dropped 26.90 points or 0.43 percent to 6,241.50 while the broader All Ordinaries index ended down 25.20 points or 0.40 percent at 6,326.70.Banks Commonwealth, NAB and Westpac fell between 0.4 percent and 0.8 percent while mining heavyweights BHP Billiton and Rio Tinto declined 0.8 percent and half a percent, respectively. Whitehaven Coal lost 2.1 percent after the coal miner flagged a rise in earnings.Seoul stocks closed lower on lingering trade war fears and concerns over slowing Chinese growth. The benchmark Kospi eased 8.91 points or 0.39 percent to 2,301.99 after the previous session's rally. Financials and tech stocks were among the top decliners, with LG Electronics, Woori Bank and KB Financial ending down 2-3 percent. Automakers bucked the weak trend, with Hyundai Motor climbing 2.9 percent and Kia Motors rising 1.6 percent.New Zealand shares fell, dragged down by healthcare stocks. The benchmark S&P/NZX 50 index dropped 43.88 points or 0.49 percent to 8,980.31.Activity in New Zealand's services sector continued to expand in June, albeit at a much slower rate, the latest survey from BusinessNZ revealed with a Performance of Services Index score of 52.8, down from the downwardly revised 57.1 in May.Malaysia's KLSE Composite was marginally lower. The country's jobless rate came in at 3.3 percent in May, the same rate as in April.Indian shares were little changed, Singapore's Straits Times index was declining 0.7 percent and the Taiwan Weighted shed 0.4 percent while Indonesia's Jakarta Composite index was down as much as 1.5 percent.U.S. stocks finished slightly higher on Friday as investors digested mixed earnings results from financial giants JPMorgan Chase, Citigroup and Wells Fargo. While the Fed's semi-annual monetary policy to Congress offered few surprises, a gauge of consumer sentiment dipped in July due to tariff concerns. The Dow rose 0.4 percent, the S&P 500 inched up 0.1 percent to reach its best closing level in five months, and the tech-heavy Nasdaq Composite gained marginally to hit a fresh record high.Copyright RTT News/dpa-AFX
16.07.2018

European Shares To Open Higher After China Data

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks may open slightly higher on Monday as investors digest a raft of economic data from China. China's GDP growth slowed to 6.7 percent in the second quarter, its slowest pace since 2016. That matched forecasts but was a tad lower than 6.8 percent in the first quarter of 2018.Retail sales numbers for June exceeded expectations and fixed asset investment grew in line with expectations while industrial output growth came in shy of forecasts. Asian markets are mostly lower in thin trade, with Japanese markets closed for a public holiday. The dollar rose slightly against the yen and held flat against the euro as investors await Federal Reserve Chairman Jerome Powell's semi-annual congressional testimonies on Tuesday and Wednesday.The media spotlight is also likely to be on President Donald Trump's highly anticipated meeting with Russian President Vladimir Putin in Helsinki, Finland, later today.Oil prices dipped in Asian trade as fears of supply disruptions eased and Libyan ports resumed export activities. The British pound rose against the dollar after fluctuating on Friday in reaction to Trump's Brexit comments. Property tracking website Rightmove said earlier today that the average asking price for a house in the United Kingdom fell 0.1 percent sequentially in July. On a yearly basis, house prices were up 1.4 percent - slowing from 1.7 percent in the previous month.U.S. stocks finished slightly higher on Friday as investors digested mixed earnings results from financial giants JPMorgan Chase, Citigroup and Wells Fargo. While the Fed's semi-annual monetary policy to Congress offered few surprises, a gauge of consumer sentiment dipped in July due to tariff concerns. The Dow rose 0.4 percent, the S&P 500 inched up 0.1 percent to reach its best closing level in five months and the tech-heavy Nasdaq Composite gained marginally to hit a fresh record high.European markets also finished in positive territory on Friday as investors brushed aside trade worries and stayed focused on the earnings season. The pan-European Stoxx Europe 600 index gained 0.2 percent. The German DAX index and France's CAC 40 index both rose by 0.4 percent while the U.K.'s FTSE 100 edged up 0.1 percent.Copyright RTT News/dpa-AFX
16.07.2018

Asian Markets Lower As Investors Digest China Data

CANBERA (dpa-AFX) - Asian stock markets are in negative territory on Monday despite the positive cues from Wall Street and European markets on Friday, with investors turning cautious as they digested a raft of mixed economic data from China. The Japanese market is closed for a holiday.While China's GDP growth in the second quarter and fixed asset investment in June matched forecasts, June retail sales beat expectations and industrial production for the month missed estimates.The Australian market is declining in cautious trades ahead of quarterly production results from mining and energy companies later this week. Investors are also digesting a raft of economic data from China, Australia's largest trading partner.In late-morning trades, the benchmark S&P/ASX 200 Index is losing 14.40 points or 0.23 percent to 6,254.00, off a low of 6,249.30. The broader All Ordinaries Index is down 10.00 points or 0.16 percent to 6,341.90. The major miners are mostly weak amid lower copper prices. BHP Billiton is declining 0.5 percent and Rio Tinto is lower by 0.6 percent, while Fortescue Metals is adding 0.2 percent. Whitehaven Coal CEO Paul Flynn said the company remains on track for record financial results in 2017-18 as thermal coal prices hovered at seven-year highs. The company's shares are rising 2 percent.Gold miners are also weak after gold prices fell to a seven-month low. Evolution Mining is losing more than 1 percent and Newcrest Mining is down 1 percent.In the banking space, ANZ Banking, Commonwealth Bank, Westpac and National Australia Bank are lower in a range of 0.6 percent to 1 percent.Meanwhile, oil stocks are mostly higher after crude oil prices rose 1 percent on Friday. Oil Search is adding 1 percent and Woodside Petroleum is up 0.4 percent, while Santos is lower by 0.8 percent.In the currency market, the Australian dollar is higher against the U.S. dollar on Monday. The local currency was quoted at US$0.7422, up from US$0.7403 on Friday.Elsewhere in Asia, Shanghai, South Korea, Singapore, New Zealand, Indonesia, Malaysia, Hong Kong and Taiwan are also in negative territory. The Japanese market is closed in observance of Marine Day. On Wall Street, stocks closed modestly higher on Friday in choppy trading as traders seemed reluctant to make significant moves on the heels of the considerable volatility seen over the past few sessions. Traders were also digesting mixed quarterly earnings results from financial giants JPMorgan Chase, Citigroup and Wells Fargo.The Dow rose 94.52 points or 0.4 percent to 25,019.41, the Nasdaq inched up 2.06 points or less than a tenth of a percent to 7,825.98 and the S&P 500 edged up 3.02 points or 0.1 percent to 2,801.31.The major European markets also moved to the upside on Friday. While the U.K.'s FTSE 100 Index inched up by 0.1 percent, the German DAX Index and the French CAC 40 Index both rose by 0.4 percent.Crude oil prices rose on Friday, trimming the week's significant losses. WTI crude added $0.68 or 1 percent to $71.01 a barrel on the New York Mercantile Exchange.Copyright RTT News/dpa-AFX
16.07.2018

Renewed Support Called For China Stock Market

BEIJING (dpa-AFX) - The China stock market has moved lower in two of three trading days since the end of the three-day winning streak in which it had jumped more than 90 points or 3.3 percent. The Shanghai Composite Index now rests just above the 2,830-point plateau although it figures to bounce higher again on Monday.The global forecast for the Asian markets suggests mild upside thanks to a bump is crude oil prices and optimism ahead of quarterly earnings. The European and U.S. markets were up om Friday and the Asian markets are tipped to follow that lead.The SCI finished slightly lower on Friday following losses from the properties and oil companies, while the financials and insurance stocks were mixed.For the day, the index fell 6.48 points or 0.23 percent to finish at 2,831.18 after trading between 2,818.85 and 2,835.46. The Shenzhen Composite Index added 7.28 points or 0.46 percent to end at 1,604.45.Among the actives, Industrial and Commercial Bank of China dropped 1.11 percent, while Bank of China skidded 1.39 percent, China Merchants collected 0.73 percent, China Construction Bank added 0.14 percent, China Life eased 0.18 percent, Ping An Insurance added 0.27 percent, China Petroleum and Chemical (Sinopec) dipped 0.16 percent, PetroChina fell 0.52 percent, China Shenhua Energy retreated 1.46 percent, Gemdale slid o.34 percent, China Vanke lost 0.55 percent and Poly Real Estate declined 0.36 percent.The lead from Wall Street is cautiously optimistic as stocks turned in a lackluster performance on Friday, although the NASDAQ hit a fresh record high and the S&P 500 reached its best closing level in five months.The Dow rose 94.52 points or 0.38 percent to 25,019.41, the NASDAQ added 2.06 points or 0.03 percent to 7,825.98 and the S&P 500 gained 3.02 points or 0.11 percent to 2,801.31. For the week, the Dow surged 2.3 percent, the NASDAQ jumped 1.8 percent and the S&P climbed 1.5 percent.The choppy trading came as traders hesitated to make significant moves following the considerable volatility of the past few sessions. Traders also digested mixed quarterly results from financial giants JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC).In economic news, the Federal Reserve delivered its semi-annual monetary policy to Congress, calling economic growth in the first half of the year solid and reiterating it expects further increases in interest rates.The University of Michigan noted a decrease in consumer sentiment in July due to concerns about potential impact of tariffs. The Labor Department note a drop in import prices in June but a slightly bigger than expected increase in export prices.Energy stocks saw some strength amid a rebound by the price of crude oil, while weakness was visible in the telecom and banking sectors.Closer to home, China is scheduled to release a raft of data this morning, including Q3 figures for GDP, as well as June numbers for retail sales, industrial production and fixed asset investment.GDP is expected to gain 1.2 percent on quarter and 6.7 percent on year after rising 1.4 percent on quarter and 6.8 percent on year in the three months prior.Retail sales are called higher by 9.0 percent on year, up from 8.5 percent in May. Industrial Production is expected to advance an annual 6.5 percent, slowing from 6.8 percent in the previous month. FAI is pegged at 6.2 percent, up from 6.1 percent a month earlier.Copyright RTT News/dpa-AFX
13.07.2018

The Swiss Stock Market Finished With Modest Gains

BRUSSELS (dpa-AFX) - The Swiss stock market climbed in early trade Friday, but settled into a sideways pattern for the majority of the session. Gains among the defensive heavyweights and luxury goods companies drove the market higher.The Swiss Market Index increased by 0.49 percent Friday and finished at 8,861.05. The Swiss Leader Index climbed 0.45 percent and the Swiss Performance Index added 0.40 percent.Roche advanced 1 percent, while Novartis and Nestle added 0.3 percent each.Swatch climbed 1.2 percent and rival Richemont gained 1 percent. Lonza increased 1.3 percent, Adecco and ABB finished higher by 0.8 percent each.Swiss Re rose 0.6 percent and Zurich Insurance added 0.1 percent. Credit Suisse gained 0.3 percent, while Julius Baer and UBS climbed 0.4 percent each.Copyright RTT News/dpa-AFX
13.07.2018

European Markets Clung To Small Gains After Early Strength Recedes

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European markets got off to a positive start Friday, but pared their early gains over the course of the morning. The markets settled into a sideways patter in the afternoon and ended the session with small increases. Traders have been keeping a close eye on the UK as they host a visit from U.S. President TrumpThe British pound weakened Friday, after Trump remarked that Prime Minister Theresa May's current 'soft-Brexit' proposal with the EU would probably 'kill' any future trade deals with the United States.In an interview with The Sun, Trump said that PM's 'soft Brexit' strategy would 'affect trade with the United States, unfortunately in a negative way.''If they do a deal like that, we would be dealing with the European Union instead of dealing with the U.K., so it will probably kill the deal,' Trump told the paper.The pan-European Stoxx Europe 600 index advanced 0.17 percent. The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.26 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.21 percent.The DAX of Germany climbed 0.38 percent and the CAC of France rose 0.43 percent. The FTSE 100 of the U.K. gained 0.14 percent and the SMI of Switzerland finished higher by 0.49 percent.In London, Ryanair Holdings rose 0.38 percent after it received EU approval to buy a 75 percent interest in Austrian airline, Laudamotion, in which it already owns 24.9 percent.Ashmore Group rallied 0.86 percent. The specialist Emerging Markets asset manager reported a drop in assets under management despite net inflows in its fourth quarter.Recruitment firm Hays jumped 8.58 percent after its Group net fees for the fourth quarter increased 14 percent on a headline basis and 15 percent on a like-for-like basis against the prior year.China's exports increased more-than-expected in June and its trade surplus with the U.S. reached a record high in the midst of escalating trade disputes between the two countries.Data from the General Administration of Customs showed that exports increased 11.3 percent year-on-year in June, bigger than the expected 9.5 percent, but slower than the 12.6 percent rise seen in May. At the same time, annual growth in imports slowed to 14.1 percent. Economists had forecast a sharp growth of 21.3 percent after May's 26 percent increase. Consequently, the overall trade surplus surged to $41.61 billion in June from about $24.9 billion in May. The surplus with the U.S. came in at record $28.97 billion, Reuters and Bloomberg reported, citing their own calculations.Germany's wholesale price inflation accelerated further in June to the highest level in nine months, data from Destatis showed Friday. Wholesale prices climbed 3.4 percent year-on-year in June, faster than the 2.9 percent increase seen in May.A report released by the Labor Department on Friday showed an unexpected decrease in U.S. import prices in the month of June, although the report also showed a slightly bigger than expected increase in export prices during the month.The Labor Department said import prices fell by 0.4 percent in June after climbing by an upwardly revised 0.9 percent in May.The pullback surprised economists, who had expected import prices to inch up by 0.1 percent compared to the 0.6 percent increase originally reported for the previous month.Meanwhile, the Labor Department also said export prices rose by 0.3 percent in June following a 0.6 percent increase in May. Economists had expected export prices to edge up by 0.2 percent.Reflecting concerns about the potential impact of tariffs, the University of Michigan released a report on Friday showing an unexpected deterioration in U.S. consumer sentiment in the month of July.The preliminary report said the consumer sentiment index dipped to 97.1 in July from the final June reading of 98.2. Economists had expected the index to come in unchanged.Copyright RTT News/dpa-AFX
16.07.2018
16.07.2018

New York Manufacturing Index Indicates Modestly Slower Growth In July

WASHINGTON (dpa-AFX) - A report released by the Federal Reserve Bank of New York on Monday showed New York manufacturing activity continued to grow at a fairly brisk pace in July, although the pace of growth slowed from the previous month.While the New York Fed said its general business conditions index dipped to 22.6 in July from 25.0 in June, a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to drop to 22.0.The decrease by the headline index came as the shipments index slumped to 14.6 in July from 23.5 in June and the new orders index dropped to 18.2 from 21.3. The report said the number of employees index also edged down to 17.2 in July from 19.0 in June, indicating a modest slowdown in the pace of job growth.On the inflation front, the prices paid index tumbled to 42.7 in July from 52.7 in June, while the prices received index slipped to 22.2 from 23.3.The New York Fed also said firms were slightly less optimistic about the six-month outlook than they were last month.The index for future business conditions fell to 31.1 in July from 38.9 in June, essentially reversing the previous month's gain.On Thursday, the Philadelphia Federal Reserve is scheduled to release its report on regional manufacturing activity in the month of July. The Philly Fed Index is expected to rise to 22.0 in July from 19.9 in June.Copyright RTT News/dpa-AFX
16.07.2018

U.S. Dollar Falls After Soft China Data; Powell's Testimony Awaited

CANBERA (dpa-AFX) - The U.S. dollar slipped against its major counterparts in the European session on Monday, as China's economy expanded at a slower pace in the second quarter and investors awaited Fed Chair Jerome Powell's congressional testimony due this week for more clues about monetary policy outlook.Data from the National Bureau of Statistics showed that gross domestic product expanded 6.7 percent year-on-year in the three months to June after growing 6.8 percent in the first quarter. Growth was in line with economists' expectations.The pace of expansion was the slowest since the third quarter of 2016, when the economy grew 6.7 percent.Concerns over trade war persisted, as China filed a complaint with the World Trade Organization against the U.S. plan to impose tariffs on Chinese goods worth 200 billion.Powell will appear before the Congress on Tuesday and Wednesday, when he will discuss the state of the economy and monetary policy.Data from the Commerce Department showed that U.S. retail sales increased in line with economist estimates in the month of June.The report said retail sales climbed by 0.5 percent in June after soaring by an upwardly revised 1.3 percent in May. Economists had expected sales to rise by 0.5 percent compared to the 0.8 percent increase originally reported for the previous month.Excluding a jump in auto sales, retail sales still rose by 0.4 percent in June following a 1.4 percent spike in May. The increase in ex-auto sales also matched economist estimates.The currency has been trading in a negative territory against its major rivals in the Asian session, with the exception of the yen.The greenback dropped to a 4-day low of 0.9969 against the franc, from a high of 1.0024 hit at 7:10 pm ET. On the downside, 0.98 is likely seen as the next support level for the greenback.Reversing from an early high of 0.6758 against the kiwi, the greenback depreciated to a 5-day low of 0.6793. The greenback is likely to find support around the 0.69 level.The latest survey from BusinessNZ showed that the services sector in New Zealand continued to expand in June, albeit at a much slower rate, with a Performance of Services Index score of 52.8.That's down from the downwardly revised 57.1 in May.The greenback slipped to a 5-day low of 1.1725 against the euro and a 6-day low of 1.3293 against the pound, coming off from its early highs of 1.1676 and 1.3225, respectively. The next possible support for the greenback is seen around 1.19 against the euro and 1.34 against the pound.The greenback declined to 5-day lows of 0.7443 against the aussie and 1.3137 against the loonie, from its previous highs of 0.7409 and 1.3163, respectively and held steady thereafter. The greenback finished Friday's trading at 0.7422 against the aussie and 1.3153 against the loonie.The greenback eased back to 112.27 against the yen, not far from its early 4-day low of 112.20. If the greenback continues its fall, 111.00 is possibly seen as its next support level. The U.S. business inventories for May are due shortly.Copyright RTT News/dpa-AFX
16.07.2018

Dollar Mixed After U.S. Retail Sales

BRUSSELS (dpa-AFX) - Following the release of U.S. retail sales for June at 8.30 am ET Monday, the greenback traded mixed against its major counterparts. While the greenback ticked up against the yen and the franc, it changed little against the euro and the pound.The greenback was worth 1.1718 against the euro, 1.3274 against the pound, 112.37 against the yen and 0.9981 against the franc around 8:33 am ET.Copyright RTT News/dpa-AFX
16.07.2018

Dollar Falls Ahead Of U.S. Retail Sales

WASHINGTON (dpa-AFX) - The Commerce Department's Retail Sales for June will be published at 8.30 am ET Monday. The consensus is for increase of 0.6 percent, compared to 0.8 percent growth last month. Ahead of the data, the greenback dropped against its major counterparts.The greenback was worth 1.1720 against the euro, 1.3280 against the pound, 112.32 against the yen and 0.9978 against the franc as of 8:25 am ET.Copyright RTT News/dpa-AFX
16.07.2018

Pound Higher Against Majors

BRUSSELS (dpa-AFX) - The pound climbed against its major counterparts in the European session on Monday, in reaction to comments from U.S. President Donald Trump, who indicated readiness to strike a deal with the U.K., if the latter finalizes its exit from the European Union.In an interview with the Mail on Sunday, Trump said suggested that there could be a 'great' trade deal between the US and UK after Brexit. 'We would make a great deal with the United Kingdom because they have product that we like. I mean they have a lot of great product. They make phenomenal things, you know.'European shares were mixed, as a raft of Chinese data proved to be a mixed bag. Amid lack of triggers, investors looked ahead to Federal Reserve Chairman Jerome Powell's semi-annual congressional testimonies as well as U.S. President Donald Trump's highly anticipated meeting with Russian President Vladimir Putin for further direction.Data from property tracking website Rightmove showed that the average asking price for a house in the United Kingdom was down 0.1 percent on month in July, coming in at 309,191 pounds.On a yearly basis, house prices were up 1.4 percent - slowing from 1.7 percent in the previous month.The currency traded mixed against its major rivals in the Asian session. While it rose against the yen and the greenback, it held steady against the euro and the franc.The pound advanced to 1.3267 against the franc, its strongest since June 15. The pound is seen finding resistance around the 1.34 level. The U.K. currency that closed Friday's trading at 148.64 against the yen appreciated to near a 2-month high of 149.19. The next possible resistance for the pound is seen around the 151.00 level. Reversing from an early low of 1.3225 against the greenback, the pound climbed to a 5-day high of 1.3274. If the pound continues its rise, 1.34 is possibly seen as its next resistance level. The pound climbed to a 4-day high of 0.8821 against the euro, after having fallen to 0.8837 at 2:15 am ET. The pound is likely to find resistance around the 0.87 level. Looking ahead, U.S. retail sales for June, business inventories for May, New York Fed's empire manufacturing data for July and Canada existing home sales for June are due in the New York session.Copyright RTT News/dpa-AFX
16.07.2018

Yen Falls Against Most Majors

CANBERA (dpa-AFX) - The Japanese yen slipped against its most major counterparts in early European deals on Monday.The yen dropped to 149.12 against the pound, its lowest since May 22.The yen fell to a 4-day low of 112.49 against the franc and a 2-1/2-month low of 131.62 against the euro, from its early highs of 111.94 and 131.08, respectively.The yen dropped back to 83.64 against the aussie, heading to pierce its early near 5-week low of 83.69. The yen was trading lower at 76.24 against the kiwi, down from a high of 75.82 hit at 5:00 pm ET. The yen is likely to find support around 133.00 against the euro, 114.00 against the franc, 152.00 against the pound, 86.00 against the aussie and 77.5 against the kiwi.Copyright RTT News/dpa-AFX
16.07.2018

Euro Little Changed After Eurozone Trade Data

BRUSSELS (dpa-AFX) - Eurostat has released Eurozone trade data for May at 5:00 am ET Monday. After the data, the euro changed little against its major counterparts.The euro was trading at 131.55 against the yen, 1.1700 against the franc, 0.8825 against the pound and 1.1694 against the greenback around 5:02 am ET.Copyright RTT News/dpa-AFX
16.07.2018

Euro Mixed Ahead Of Eurozone Trade Data

BRUSSELS (dpa-AFX) - Eurostat releases Eurozone trade data for May at 5:00 am ET Monday. Ahead of the data, the euro traded mixed against its major counterparts. While the euro eased against the franc and the pound, it rose against the yen. Against the greenback, it held steady.The euro was worth 131.57 against the yen, 1.1699 against the franc, 0.8825 against the pound and 1.1700 against the greenback as of 4:55 am ET.Copyright RTT News/dpa-AFX
16.07.2018

U.S. Dollar Drops Against Majors

CANBERA (dpa-AFX) - The U.S. dollar declined against its major counterparts in pre-European deals on Monday.The greenback dropped to a 4-day low of 1.0005 against the franc, from a high of 1.0024 hit at 7:10 pm ET.Reversing from an early high of 0.6758 against the kiwi, the greenback edged down to 0.6783.The greenback slipped to 5-day lows of 1.1707 against the euro, 1.3251 against the pound, 0.7440 against the aussie and 1.3137 against the loonie, from its early highs of 1.1676, 1.3225, 0.7409 and 1.3163, respectively.The greenback eased back to 112.34 against the yen, heading to pierce its early 4-day low of 112.20.The greenback is likely to find support around 0.98 against the franc, 1.19 against the euro, 1.34 against the pound, 111.00 against the yen, 0.76 against the aussie, 0.69 against the kiwi and 1.30 against the loonie.Copyright RTT News/dpa-AFX
13.07.2018

Dollar Turns Lower After Reversing Early Gains

WASHINGTON (dpa-AFX) - The dollar got off to a positive start Friday, but has since reversed and is now down against its major rivals. Traders reacted negatively to the weaker than expected consumer sentiment report this morning.Reflecting concerns about the potential impact of tariffs, the University of Michigan released a report on Friday showing an unexpected deterioration in U.S. consumer sentiment in the month of July.The preliminary report said the consumer sentiment index dipped to 97.1 in July from the final June reading of 98.2. Economists had expected the index to come in unchanged.A report released by the Labor Department on Friday showed an unexpected decrease in U.S. import prices in the month of June, although the report also showed a slightly bigger than expected increase in export prices during the month.The Labor Department said import prices fell by 0.4 percent in June after climbing by an upwardly revised 0.9 percent in May.The pullback surprised economists, who had expected import prices to inch up by 0.1 percent compared to the 0.6 percent increase originally reported for the previous month.Meanwhile, the Labor Department also said export prices rose by 0.3 percent in June following a 0.6 percent increase in May. Economists had expected export prices to edge up by 0.2 percent.The dollar climbed to an early high of $1.1612 against the Euro Friday, but has since retreated to around $1.1675.Germany's wholesale price inflation accelerated further in June to the highest level in nine months, data from Destatis showed Friday. Wholesale prices climbed 3.4 percent year-on-year in June, faster than the 2.9 percent increase seen in May.President Trump remarked that Prime Minister Theresa May's current 'soft-Brexit' proposal with the EU would probably 'kill' any future trade deals with the United States.In an interview with The Sun, Trump said that PM's 'soft Brexit' strategy would 'affect trade with the United States, unfortunately in a negative way.''If they do a deal like that, we would be dealing with the European Union instead of dealing with the U.K., so it will probably kill the deal,' Trump told the paper.The buck rose to a high of $1.3102 against the pound sterling Friday morning, but has since eased back to around $1.3225.The greenback advanced to a high of Y112.798 against the Japanese Yen Friday morning, but has since pulled back to around Y112.335.Japan's industrial production declined as initially estimated in May, preliminary figures from the Ministry of Economy, Trade and Industry showed Friday. Industrial production dropped a seasonally-adjusted 0.2 percent month-over-month in May, reversing 0.5 percent rise in the previous month. That was in line with the flash data published on June 29.Copyright RTT News/dpa-AFX
13.07.2018

Dollar Ticks Down Following U.S. Consumer Sentiment Index

WASHINGTON (dpa-AFX) - The University of Michigan's preliminary consumer sentiment index for June has been released at 10:00 am ET Friday. After the data, the greenback inched down against its major rivals. The greenback was trading at 1.1652 against the euro, 1.3177 against the pound, 112.47 against the yen and 1.0042 against the franc around 10:03 am ET.Copyright RTT News/dpa-AFX

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