US stock future indexes are fractionally in the green (SPY +0.1%) supporting a higher opening, but one that may slip into losses before the morning session is over. Ahead of the G20 meeting, the IMF painted a dark outlook for the global economy and crude futures ease, face weekly decline as glut fears persist.
Here is the current market situation from CNN Money
European markets are mixed today. The FTSE 100 is up 0.41% while the CAC 40 gains 0.14%. The DAX is off 0.07%.
Thursday's Key Earnings
AMD (NASDAQ:AMD) +9.8% AH swinging to a profit.
AT&T (NYSE:T) -0.9% AH despite DirecTV gains. Biogen (NASDAQ:BIIB) +7.6% after topping expectations.
Blackstone (NYSE:BX) +3.8% boosted by an energy rebound.
Chipotle (NYSE:CMG) -1.2% AH failing to win back customers.
Dunkin' Brands (NASDAQ:DNKN) -0.7% feeling the breakfast heat.
General Motors (GM) +1.6% raising its forecast for 2016.
Pandora (NYSE:P) -8.8% AH amid lackluster subscription growth.
PayPal (NASDAQ:PYPL) +1.5% AH announcing a partnership with Visa (NYSE:V).
Schlumberger (NYSE:SLB) -0.4% AH posting a loss and more job cuts.
Skyworks Solutions (NASDAQ:SWKS) -3.5% AH despite beating estimates.
Southwest Airlines (NYSE:LUV) -11.2% following a downbeat outlook.
Starbucks (NASDAQ:SBUX) -2.8% AH on disappointing comparable sales.
Union Pacific (NYSE:UNP) -3.4% as freight revenues declined.
Visa (V) flat AH despite higher payments volume.
In Asia, Japan -1.1% to 16627. Hong Kong -0.2% to 21964. China -0.9% to 3013. India +0.3% to 27803. In Europe, at midday, London +0.5%. Paris +0.2%. Frankfurt -0.1%. Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.2%. Crude +0.2% to $44.83. Gold -0.5% to $1325.70. Ten-year Treasury Yield +1 bps to 1.57%
(Reuters) - U.S. stock index futures were higher on Friday, a day after the Dow industrials snapped a nine-session streak of gains and as investors assessed earnings reports from a host of industrial companies including GE.
NEW YORK (Reuters) - General Electric Co on Friday reported a sharp rise in adjusted net income in the second quarter, as its aviation, healthcare and power businesses countered weak demand for oil and gas and transportation equipment. A boost from the sale of its appliances business also lifted earnings.
NEW YORK/LOS ANGELES (Reuters) - Roger Ailes on Thursday resigned as chairman and chief executive of Fox News Channel following allegations of sexual harassment, an abrupt end to his 20-year rein over America's most lucrative and powerful cable news channel for conservatives.
PARIS (Reuters) - France's highest appeals court ruled on Friday that IMF chief Christine Lagarde must stand trial for her role in a 400 million euros ($440 million) payout as French finance minister in 2008 to businessman Bernard Tapie.
WASHINGTON (Reuters) - General Motors Co said on Thursday it may be forced by U.S. regulators to recall another 4.3 million vehicles for potentially defective Takata air bag inflators, a call-back that would cost the U.S. automaker $550 million.
(Reuters) - Syngenta, the world's largest pesticides maker being taken over by state-owned ChemChina, still expects the deal to close this year despite concerns that U.S. regulators could throw a spanner in the works, it said on Friday.
SAN FRANCISCO/NEW YORK (Reuters) - U.S. companies, facing investors in their first earnings reporting season since Great Britain voted to leave the European Union, are broadly conceding that the so-called "Brexit" could weigh on profits.
LONDON (Reuters) - Britain's economy is shrinking, the broadest survey of business confidence since last month's historic vote to quit the European Union showed on Friday, leading finance minister Philip Hammond to pledge a loosening of purse strings if the weakness endures.
In December we warned of her career's "terminal decline," and it appears, just as with Dominic Strauss-Kahn, someone is upset at the IMF Director (perhaps she has just been too darn negative, or pushy towards policy-makers?). In a surprising twist for 'the establishment' Bloomberg reports that Christine Lagarde may face consequences for her actions (or lack of them). France's Supreme Court rules that The IMF director will have to stand trial for alleged "negligence" in accepting an arbitration panel decision in favor of a French businessman.
As we detailed previously,
It was over a year ago when we reported that a French court has put Christine Lagarde, head of the International Monetary Fund, under a formal probe for negligence in a corruption investigation involving famous financier Bernard Tapie, dating back to her days as finance minister.
Back then Lagarde said the decision was "without basis," adding she would challenge it with a higher court. The investigation is part of a complex, drawn-out probe into the alleged misuse of state funds. The case stems from a decision in the 2008 to use arbitration to settle a dispute with business tycoon Bernard Tapie. The arbitration panel awarded 420 million to Mr. Tapie.
"The magistrates of the court of justice of the Republic have decided to place me under formal investigation," Ms. Lagarde said in statement in August of 2014. "After three years of procedure, the sole surviving allegation is that through inadvertence or inat ...
Sterling plummeted nearly 200 pips this morning, after rising in early trade to just shy of 1.33, when the latest July Markit flash PMI surveys suggested the UK is heading for a quick recession in the form of a 0.4% GDP contraction in the third quarter. Manufacturing PMI tumbled from 52.1 to 49.1, modestly beating expectations, if still the lowest in 41 months, but it was the service economy which imploded, with the Service PMI plunging from 52.3 to 47.4, in line with the worst estimate, and the lowest print in 88 months.
While considered "soft data", and perhaps suggesting that Markit had not gotten the memo that Brexit fearmongering is now a thing of the past and is instead increasingly spun as positive for the local and global economy, the surveys pointed to the worst performance for more than seven years - when the economy was in the depths of a recession - in the aftermath of Brexit. As a result of renewed recession fear, the pound was trading below 1.31 at last check.
Ironically, UK stocks jumped, with the FTSE trading well in the green as traders quickly figured these figures will add to pressure on the Bank of England to cut interest rates next month to cushion the economy from the Brexit blow.
The poor data comes as new Chancellor Philip Hammond indicated the UK could "reset fiscal policy" as data emerges about how the econom ...
Rising macroeconomic risks, low real interest rates, and a decline in the dollar versus emerging market currencies are major price catalysts for gold.
Since hitting its high of over $1,900 an ounce in 2011 after a 12 year bull run, gold fell steadily until 2015 when it reached a low near $1,000. However, this year alone we have seen a 25% increase in the yellow metal. It hit a high of $1,370 pre-Brexit and while this new bull run seems to be currently taking a breather, many analysts feel that there is still plenty of steam left in this rally.
An article in Forbes today cites continued stimulus measures by Central Banks and the current under-bought nature of gold as being indicative of a prolonged rally to come for gold.
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