Stocks Mixed as Trade Talks Wrap Up; Dollar Steady: Markets Wrap - Yahoo Finance

Stocks Mixed as Trade Talks Wrap Up; Dollar Steady: Markets Wrap

(Bloomberg) -- Stocks in Europe drifted, American equity futures gained and Asian shares retreated as the U.S. and China concluded the latest round of trade talks with no obvious breakthrough and investors grappled with a flood of corporate earnings. Treasuries and the dollar were steady before the Federal Reserve’s rate decision.

The Stoxx Europe 600 index struggled for direction amid mixed company reports, with personal and household-goods shares among the biggest losers as L’Oreal dropped after posting disappointing sales figures. Construction companies led gains after upbeat results from Vinci. On a big day for banks, Credit Suisse and BNP Paribas rose after reporting earnings that beat expectations, while Lloyds Banking Group fell after a miss. Futures on the S&P 500, Dow Jones Industrial Average and Nasdaq 100 all advanced. Hong Kong shares were the hardest-hit in Asia before the city’s markets closed early due to a storm. Samsung slid after it reported a sharp decline in profit.

The euro weakened after data showed economic growth in the common-currency area slowed by half in the second quarter, the latest in a string of reports flagging a deteriorating outlook. Most European bonds gained.

With one of the week’s key events -- trade talks -- over for now, investors still have the Fed, a slew of corporate results and Friday’s U.S. jobs data to contend with. American delegates wrapped up negotiations with their Chinese counterparts in Shanghai on Wednesday with little evidence of progress toward ending the year-long trade dispute. And with a Fed rate cut already baked into market pricing, Chairman Jerome Powell’s post-meeting press conference later Wednesday will be parsed for clues on the policy path.

“The bond and equity markets have fully priced in a cut,” Paul Brain, head of fixed income at Newton Investment Management, said in a note. “On balance, there may be some that are disappointed by the size of the cut and the subsequent messaging, but once that is out of the way there will be a realization that rates are heading lower.”

Shares in China and Hong Kong were also weighed down by a pledge by the Communist Party’s Politburo to avoid applying stimulus to the property market. Nasdaq futures were buoyed after Apple shares jumped more than 4% in late trading, spurred by projected revenue that topped estimates. Crude oil extended its recent rally.

Here are some of the key events to watch as the week unfolds:

Fed officials announce their decision Wednesday. Chairman Jerome Powell will hold a press conference following the FOMC’s meeting.The Bank of England policy decision is due Thursday.The U.S. July jobs report is due Friday.

Here are the main moves in markets:

Stocks

The Stoxx Europe 600 Index was little changed at as of 10:16 a.m. London time.Futures on the S&P 500 Index climbed 0.2%.The MSCI All-Country World Index fell 0.1%, the lowest in more than a week.The U.K.‘s FTSE 100 Index dipped 0.4%.

Currencies

The Bloomberg Dollar Spot Index was little changed.The euro decreased 0.1% to $1.1145.The British pound increased 0.1% to $1.2168, the first advance in a week.The Japanese yen was little changed at 108.57 per dollar.

Bonds

The yield on 10-year Treasuries decreased one basis point to 2.05%, the lowest in a week.Germany’s 10-year yield decreased one basis point to -0.41%.Britain’s 10-year yield increased one basis point to 0.644%.Japan’s 10-year yield declined less than one basis point to -0.153%.

Commodities

West Texas Intermediate crude climbed 0.7% to $58.48 a barrel, hitting the highest in more than two weeks with its fifth straight advance.Gold was little changed at $1,430.59 an ounce.The Bloomberg Commodity Index rose 0.2% to 79.20, the highest in a week.

--With assistance from Moxy Ying, Joanna Ossinger and Andreea Papuc.

To contact the reporter on this story: Robert Brand in Cape Town at rbrand9@bloomberg.net

To contact the editor responsible for this story: Samuel Potter at spotter33@bloomberg.net

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

Let's block ads! (Why?)

https://finance.yahoo.com/news/asia-stocks-seen-lower-trade-215455777.html

2019-07-31 08:28:00Z
CBMiSmh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9hc2lhLXN0b2Nrcy1zZWVuLWxvd2VyLXRyYWRlLTIxNTQ1NTc3Ny5odG1s0gFSaHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS9hbXBodG1sL25ld3MvYXNpYS1zdG9ja3Mtc2Vlbi1sb3dlci10cmFkZS0yMTU0NTU3NzcuaHRtbA

Dow futures higher as investors anticipate first Fed rate cut in a decade - CNBC

U.S. stock index futures were higher Wednesday morning, as market participants braced for the outcome of the Federal Reserve's meeting later in the session.

At around 03:30 a.m. ET, Dow futures rose 70 points, indicating a positive open of more than 66 points. Futures on the S&P and Nasdaq were both slightly higher.

The U.S. central bank is widely expected to cut interest rates for the first time since the financial crisis more than a decade ago. Market expectations point to a quarter-point rate cut.

The Fed is set to deliver its decision at 2:00 p.m. ET, with Chairman Jerome Powell scheduled to hold a press conference at 2:30 p.m. ET.

The projected move from the Fed has supported risk asset prices worldwide in recent days. However, trade war concerns have resurfaced to cap gains.

President Donald Trump said in a series of tweets Tuesday that Beijing is not keeping its promise of buying more U.S. agricultural products, decreasing hope that the world's two largest economies could soon reach a trade deal.

China insists it has bought U.S. agricultural products.

Washington and Beijing agreed to restart trade talks late last month after they fell through in May. The two countries have been engaged in a trade war since last year. In that time, they've slapped tariffs on billions of dollars' worth of each other's goods.

Economic data and earnings

On the data front, ADP payrolls for July will be released at around 08:15 a.m. ET. Employment cost index figures for the second quarter and Chicago Purchasing Manager Index (PMI) data for July will follow slightly later in the session.

In corporate news, General Electric, Occidental Petroleum and Spotify are among the companies scheduled to report their latest quarterly earnings before the opening bell.

Qualcomm, Vale and Sturm Ruger are among those set to post their results after market close.

— CNBC's Fred Imbert contributed to this report.

Let's block ads! (Why?)

https://www.cnbc.com/2019/07/31/stock-market-wall-street-poised-for-first-fed-rate-cut-in-a-decade.html

2019-07-31 06:34:04Z
52780341383806

CAPITAL ONE CRISIS: Transgender hacker wanted to kill herself - Toronto Sun

Oil Jumps On Bullish API Inventory Data | OilPrice.com - OilPrice.com

The American Petroleum Institute (API) reported a crude oil inventory draw of 6.024 million barrels for the week ending July 25, compared to analyst expectations of a much smaller, 1.818-million barrel draw.

The inventory draw this week compares to last week’s massive draw of 10.961 million barrels in what was the largest inventory draw this year, according to the API. A day later, the EIA confirmed an inventory drawdown of 10.8 million barrels.

After today’s inventory move, the net result is a draw for the year at -4.83 million barrels for the 31-week reporting period so far, using API data.

Oil prices were trading up on Tuesday on expectations of a Fed rate cut and escalating tensions in the Persian Gulf as Iran and Russia sign an MoU to conduct drills in the Gulf and as the US and the UK seek to buddy up to ensure safe travels through the area. Weakening demand growth is capping gains.

At 11:38am EST, WTI was trading up by $0.38 (+0.67%) at $57.25—roughly $.50 above last week’s spot price. Brent was trading up $0.51 (+0.80%) at $64.13—less than a $0.50 increase.

The API this week reported a 3.135-barrel draw in gasoline inventories for week ending July 25. Analysts predicted a draw in gasoline inventories of 1.449-million barrels for the week.

Distillate inventories fell by 890,000 barrels for the week, while inventories at Cushing fell by 1.4494-million barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending July 18 fell sharply this week to 11.3 million bpd, 1.1-million bpd off the all-time high hit earlier this year.

The U.S. Energy Information Administration report on crude oil inventories is due to be released at its regularly scheduled time on Wednesday at 10:30a.m. EST.

By 4:41pm EST, WTI was trading at $58.25 while Brent traded at $64.88.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

from Business - Latest - Google News https://ift.tt/2Yr2Tw4
via IFTTT
July 31, 2019 at 03:41AM

New ICBC pilot project will monitor behaviours of new drivers - CityNews Vancouver

VANCOUVER (NEWS 1130) – In an effort to improve road safety, ICBC is kicking off a one-year pilot project designed to monitor the behaviour of new drivers.

The Techpilot Project, which begins in November, will include as many as 7,000 drivers. It is a telematic device installed in your vehicle and paired with your smartphone. It monitors driving behaviours such as speeding, braking patterns and the level of distracted driving and provides an overall score.

ICBC President and CEO Nicolas Jimenez says the program is focusing on drivers with less than four years of experience.

“The unfortunate reality is that inexperienced drivers are about three-and-a-half times more likely to be in a crash,” says Jimenez. “And when they’re in a crash, those crashes tend to be more serious.”

Here’s what you need to participate:
– A smartphone with a data plan
– Class 7N driver's licence that you got within the last 4 years or
– Your combined driving experience (7N and full licence) is less than 4 years
– Access to a vehicle. pic.twitter.com/dHqz8TSHZ8

— Lasia Kretzel (@lkretzel1130) July 30, 2019

This risk decreases gradually as drivers gain more experience behind the wheel.

In a release, North Vancouver MLA Bowinn Ma says this is just one way ICBC is looking to improve the driving experience and auto insurance.

“This pilot will help us reward the kind of good driving behaviour that is critical to making B.C. roads safer for all users,” she says.

Participation in the pilot will not impact the insurance premiums of those involved. Instead, participants can receive gift cards to popular retailers and restaurants if they have a good overall score.

Drivers can sign up here to be a part of the pilot.

– With files from Lasia Kretzel

from Business - Latest - Google News https://ift.tt/2yqbQLq
via IFTTT
July 31, 2019 at 01:35AM

AMD Quarterly Earnings Report Q2 FY 2019 - AnandTech

AMD announced their second quarter earnings for the 2019 fiscal year, and the company’s revenue was $1.53 billion for the quarter. This is down 13% from the same quarter last year. Gross margin improved from 37% to 41% year-over-year. Operating income was $59 million, down from $153 million a year ago, and net income was down $81 million to $35 million. This resulted in earnings-per-share of $0.03.

AMD Q2 2019 Financial Results (GAAP)
	Q2'2019	Q1'2019	Q2'2018
Revenue	$1531M	$1272M	$1756M
Gross Margin	41%	41%	37%
Operating Income	$59M	$38M	$153M
Net Income	$35M	$16M	$116M
Earnings Per Share	$0.03	$0.01	$0.12

Although AMD was in the black for yet another quarter, this is certainly a dip that AMD does not expect to last. Their forecast for Q3 2019 is a 9% year-over-year increase in revenue to $1.8 billion, and they’ve recently launched new products that could help them achieve those goals.

AMD Q2 2019 Computing and Graphics
	Q2'2019	Q1'2019	Q2'2018
Revenue	$940M	$831M	$1086M
Operating Income	$22M	$16M	$117M

Looking back at Q2 though, Computing and Graphics revenue was down 13% to $940 million, and AMD attributes this drop to lower graphics channel sales. This drop was slightly offset though by higher client CPU and datacenter GPU sales. Also good for AMD and their investors is that their average selling price for client processors has increased thanks to more Ryzen sales, and GPU average selling price has also increased thanks to datacenter GPU sales. The Computing and Graphics segment had an operating income of $22 million for the quarter, compared to $117 million a year ago.

AMD Q2 2019 Enterprise, Embedded and Semi-Custom
	Q2'2019	Q1'2019	Q2'2018
Revenue	$591M	$441M	$670M
Operating Income	$89M	$68M	$69M

AMD’s other major segment is their Enterprise, Embedded, and Semi-Custom, and this product group also saw revenues fall 12% to $591 million for the quarter. AMD attributes this drop to lower semi-custom product revenue, which you can more or less read as console sales, and that makes sense since the current generation consoles are reaching the end of their life, but both Microsoft and Sony have both committed to AMD platforms for their next generation consoles, so expect this segment’s fortunes to get a bit better soon. Operating income was $89 million for this group, which was up from $69 million last year. The higher operating income is thanks to higher EPYC processor sales, which is also a great sign for this segment.

Although this quarter’s revenue certainly saw a dip, AMD did just launch their latest third generation Ryzen this month, which wouldn’t be reported in their Q2 earnings which ended June 29th. As we saw in our review, this is a great step forward for AMD’s processor designs, and they have also launched their Navi based GPUs in July, so it makes some sense to see a dip prior to a major product launch. We’ll keep our eye on their results for Q3, but as previously mentioned they are expecting this to be a short-term drop, and with their new product lineup, that seems like a safe bet.

Source: AMD Investor Relations

Let's block ads! (Why?)

https://www.anandtech.com/show/14691/amd-quarterly-earnings-report-q2-fy-2019

2019-07-31 05:20:00Z
CBMiTWh0dHBzOi8vd3d3LmFuYW5kdGVjaC5jb20vc2hvdy8xNDY5MS9hbWQtcXVhcnRlcmx5LWVhcm5pbmdzLXJlcG9ydC1xMi1meS0yMDE50gEA

Everything Canadians need to know about the Capital One data breach - CBC News

The recent data breach that was announced by Capital One Financial Corp. has affected about 100 million people in the United States and about six million people in Canada. 

The hacker obtained unauthorized access to personal information of Capital One customers and those who applied for Capital One credit card products.

Capital One said in a statement that the person responsible has been arrested. The U.S. financial institution, which is one of the world's largest issuers of credit cards, said more specific details on how this will impact customers will be shared over the next few days.

What do we know so far about how this will affect Canadians?

The different kinds of information breached

Information from applications for Capital One credit card products between 2005 and early 2019 makes up the largest set of data compromised. 

Capital One said the breach includes names, addresses, postal codes, phone numbers, email addresses, dates of birth and income.

Aside from information found on credit card application forms, some credit card customer data was also involved. This includes credit scores, limits, balances, payment history, contact information and some transaction history from the last three years. 

Approximately one million Social Insurance Numbers were compromised.

Capital One said that customer login credentials were not hacked. 

How to know if your data has been breached

Capital One said in a statement that they will notify customers if their data has been compromised, and free credit monitoring and identity theft insurance will be offered to anyone impacted by the breach.

The company did not specify how customers will be notified, but said more information will be available within the next few days. Capital One said they will not be calling anyone about the breach. If anyone does receive a call, it's a scam.

If anyone has provided personal information over the phone or clicked on fraudulent links over email or text, Capital One urges customers to call them immediately and change their online banking password.

Capital One credit cards issued in Canada

Capital One offers Canadian customers various Capital One Mastercard credit card products including a cashback card for Costco Wholesale members. 

Retailer Hudson's Bay Co. also offers a Mastercard product where the credit itself is being offered by Capital One.

"There is no indication at this time that this issue impacts any of our businesses' credit cards or card applications," HBC vice president of corporate communications Nicole Shoenberg said in an email. 

"Customers should feel comfortable shopping with us in stores and online."   

Costco Canada did not immediately respond to a request for comment about what impact the breach has had on their networks.

How to monitor your accounts in the meantime

Capital One encourages customers to monitor their accounts for suspicious activity. If anyone notices suspicious activity on their account, Capital One says to call the number on the back of their credit card. 

Customers can also order a copy of their credit report from either Equifax Canada or TransUnion Canada. Either credit bureau can place fraud alerts on credit reports for up to six years. 

from Business - Latest - Google News https://ift.tt/2LRkjAb
via IFTTT
July 31, 2019 at 01:17AM