Market reports

  • Tesla is stuck in traffic in China. Its plan to move into the fast lane may not go smoothly. The electric car maker has been one of the biggest victims of China-U.S. trade tensions, ever since Beijing raised the tariff on cars imported from the U.S. to 45% from 25% in July.
  • Another two to three interest rate increases from the Federal Reserve will likely put U.S. borrowing costs in "neutral" territory where it is neither stimulating nor restricting economic growth, Dallas Federal Reserve President Robert Kaplan said on Friday.
  • By Sue Chang, MarketWatch, Chris Matthews. Friday marks 31st anniversary of the' Bloody Monday' crash. U.S. stocks closed mostly lower on Friday with bulls failing to defend early gains as weak housing data overshadowed solid corporate earnings.
  • Luxury brands are dependent on Chinese demand for growth. Investors concerned about Chinese consumption in the luxury retail sector could look closer at the four companies most likely to withstand contraction in this huge market, say HSBC analysts: Hugo Boss AG (HUGPF.NaE), Tiffany& Co., Tapestry Inc. (TPR.NaE) and Michael Kors Holdings Ltd. (KORS.NaE). In its most recent earnings report Hugo Boss (HUGPF.NaE) said it expected sales growth to accelerate in 2018. HSBC upgraded Hugo Boss (HUGPF.NaE) to buy from hold last month based on the...
  • - Honeywell International Inc (HON.NaE) said on Friday the U.S. Securities and Exchange Commission had opened an investigation into its accounting for asbestos-related liabilities. The industrial conglomerate's revised estimate for asbestos-related liabilities was $2.61 billion as of end-2017, some $1.09 billion higher than a prior estimate, a regulatory filing.
  • Investors digest sluggish China GDP and central bank comments. Foreign exchange markets reflected an improvement in risk sentiment after sluggish data on Chinese economic growth was offset by words of support Chinese authorities on Friday. Also, a European Union official attempted to ease tensions with Italy over the government's fiscal plans, helping soothe fears of a budget showdown between Rome and Brussels and boosting the euro.
  • After a frantic Monday it has been a sluggish end of the week for cryptos. Major digital currency prices are trading at or near Thursday's closing levels, continuing a trend that's held most coins inside tight ranges over the last four sessions. Bitcoin, the world's largest digital currency, was last changing hands at $6,436.28, down 0.2% since Thursday's level at 5 p.m.
  • A tougher stance by the Trump administration on the suspected death of a prominent Saudi journalist lifted oil futures Friday, analysts said, though the U.S. benchmark still posted a heavy weekly decline after a further rise in domestic supplies. West Texas Intermediate crude for November delivery on the New York Mercantile Exchange rose 47 cents, or 0.7%, to close at $69.12 a barrel, leaving it with a 3.1% weekly decline. Trump on Thursday said it appeared likely the journalist,...
  • Oil futures ended higher on Friday, with the global benchmark temporarily pushing back above $80 a barrel on worries about potential U.S.-Saudi tensions, but still saw a weekly decline. The U.S. benchmark, November West Texas Intermediate crude for November delivery on the New York Mercantile Exchange, rose 47 cents, or 0.7%, to end at $69.12 a barrel. For the week, it suffered a decline of 3.1%.
  • By Mark DeCambre, MarketWatch, Sunny Oh. Italian 10- year government bond yields retreated from their multiyear high on Friday as a key European Union official sought to play down tensions with Rome over the government's budget plan. Yields for 10- year Italian debt fell 13.2 basis points to 3.538%, after touching a fresh four-year high of 3.777% earlier in the day.
  • - AbbVie Inc (ABBV.NaE) said on Friday that William Chase stepped down as chief financial officer and will retire from the company in mid-2019, and the U.S. drugmaker promoted controller, Robert Michael, to the CFO role. Michael, 48, will report to Chase, who as of Friday becomes executive vice president of finance and administration.
  • The U.S. benchmark S&P 500 stock index edged lower on Friday as strong earnings from Procter & Gamble Co were balanced by ongoing concerns about rising interest rates and geopolitical tensions denting U.S. economic growth. Shares of Procter & Gamble jumped 8.3 percent after the consumer goods company reported a surprise rise in first-quarter sales.
  • A' don't fight the Fed' mentality has kept some investors away from builder stocks, but the millennial American dream may be a stronger force. In a rocky October for stocks, few companies have fared worse than those in the housing sector. Buffeted by a string of reports showing falling home sales and dwindling new construction, the SPDR S&P Homebuilders Index has fallen roughly 12% month-to-date, and 24% on the year.
  • Leading owners of prime U.S. office space are taking a page from the hotel industry to boost profits from coworking's rapid growth and to mitigate some of the risk they assume when signing long-term leases with these flexible workspace providers.
  • Another two to three interest rate increases from the Federal Reserve will likely put U.S. borrowing costs in "neutral" territory where it is neither stimulating nor restricting economic growth, Dallas Federal Reserve President Robert Kaplan said on Friday.
  • Gold futures fell Friday but secured a weekly advance, their third in a row, as a leading dollar index softened and stocks put in a mixed session. Investors kept tabs on budget tensions in Europe, which could have consequences for broader market sentiment. December gold fell $1, or 0.1%, to $1,229.10 an ounce after spending time in positive and negative territory.
  • The U.S. Treasury said on Friday it was extending a deadline for investors to divest certain operations, debt and equity of sanctioned Russian company Gaz Group until Dec. 12. The U.S. Treasury Department imposed sanctions in April against billionaire Oleg Deripaska and eight companies in which he is a large shareholder, including automaker Gaz, citing "malign activities" by Russia.
  • The U.K.' s main equity index finished higher for the day and week on Friday, pushing aside weakness across global markets and tensions surrounding the Italian budget, which had weighed on continental stocks. The U.K.' s FTSE 100 finished 0.3% higher at 7,049.80, after declining 0.1% on Wednesday. For the week, the index closed up 0.8%, representing its best weekly gain since Sept. 21..
  • Wanda Ferragamo, the honorary president of the Florentine shoemaker founded by her husband Salvatore, has died at the age of 96, the family said on Friday. Wanda was left a widow 58 years ago when her husband passed away.
  • Italy's FTSE MIB books fourth straight weekly skid. Italian stocks finished a choppy session near break even after an European Union commissioner offered comments that reduced--for the moment--concerns about the country's budget plan. But concerns on a clash with the EU pushed the index to a weekly loss.
  • Countries in Latin America and Africa are finding stores of value in Dash, bitcoin, ether and other cryptocurrencies. Strolling the aisles, it didn't take Eugenia AlcalA¬° long to pick out her weekly grocery items: rice, beans, bread and meat. That's about all that's available in Caracas, the capital of Venezuela.
  • Gold futures prices settled fractionally lower Friday although maintained a weekly gain. A decline for the leading dollar index boosted the metal, with gains held in check by a rebound for the U.S. stock market. December gold fell$ 1.00, or 0.1%, to $1,229.10 an ounce.
  • Fans of Swiss Army perfume can breathe a sigh of relief: the government and knifemaker Victorinox have settled a legal row that paves the way for military-grade scents to be sold in North America. Under the accord announced on Friday, state weapons procurement agency armasuisse gets the right to register fragrances in North America under the Swiss Military brand.
  • Fund managers love to "talk their book," waxing poetic about their portfolio's fortunes. Financial regulators usually refrain--except, that is, in China. Ahead of disappointing third-quarter figures released Friday that showed the Chinese economy grew at 6.5%-- its slowest rate since 2009-- the head of the country's central bank, securities and banking regulators took to state media to emphasize the financial system's stability, how cheap stocks look, and Beijing's recent...
  • AbbVie Inc (ABBV.NaE) said on Friday that William Chase stepped down as chief financial officer and will retire from the company in mid-2019, and the U.S. drugmaker promoted controller, Robert Michael, to the CFO role. Michael, 48, will report to Chase, who as of Friday becomes executive vice president of finance and administration.
  • What lesson has China drawn from the devaluation scare in 2015? Weakness in China's currency and a rout in its stock market in 2018 are raising warning bells among investors haunted by memories of the August 2015 devaluation scare and the ensuing volatility that spooked investors. Underscoring those fears, China's officials reported that gross domestic product grew at a slower pace than anticipated for the third quarter.
  • Air France-KLM's new Chief Executive Ben Smith struck a pay deal with French unions on Friday, drawing a line under a protracted standoff that had led to costly strikes and the abrupt departure of his predecessor earlier this year. Five out of seven recognized unions at Air France signed the wage deal providing for a 4 percent pay increase in two stages, the company said.
  • Critical information for the U.S. trading day. So far, October is shaping up just as we suspected it might: volatile, scary and brutal. Investors in the Nasdaq can attest to that fact after the index received a drubbing in the first three weeks of the month that has thusly slashed nearly 7% from the tech-heavy benchmark.
  • Facebook Inc (FB.NaE) has hired former British Deputy Prime Minister Nick Clegg to lead its global affairs and communications team, as the social network deals with a number of scandals related to privacy, fake news and election meddling.
  • Procter& Gamble executives sounded cautious on Friday despite reporting one of the company's best quarters in several years. There are good reasons why. The consumer-products giant said organic sales rose 4% in the quarter through September, the fastest pace of growth in five years.
  • - SolarWinds Corp's (SWI.NaE) shares rose as much as 3.2 percent in their downsized U.S. market debut on Friday, giving the enterprise software maker a market value of about $4.80 billion. The company's shares opened at $15.41, about 2.7 percent above its initial public offering price of $15.
  • The yield gap between 10- year Italian government bonds and German paper is near its widest in 5 years. Bond markets are on edge as investors around the world begin to pay closer attention to a looming battle between Italy's populist government and the European Union over Rome's deficit-expanding budget plans. Analysts say Italy's refusal to budge from their proposal could result in a breach of the European Union's fiscal rules, threatening a conflict that could threaten the...
  • Once uncertainty is resolved in November, solid fundamentals and strong seasonals could take over: LPL's Detrick. The bears have rampaged through the stock market in recent days with all major benchmarks falling in tandem for the month. But strategists like Ryan Detrick at LPL Research were sanguine about the retreat given the market's tendency to save the best for last during midterm years.
  • German carmaker Daimler AG said its operating profit would fall by over 10 percent this year, its second earnings warning since June, blaming "government proceedings and measures in various regions" as a crackdown on diesel emissions takes a toll. Daimler warned investors it expected its full-year earnings before interest and tax to be "significantly below" last year's level.
  • U.S. home sales fell in September by the most in over two years as the housing market continued to struggle despite strength across the broader economy. The National Association of Realtors said on Friday that existing home sales dropped 3.4 percent to a seasonally adjusted annual rate of 5.15 million units last month. Home sales have now fallen for six straight months.
  • The world's largest technology companies are selling more devices than ever, but only Apple makes much money doing it. That harsh reality is unlikely to change any time soon, despite a raft of new gadgets coming this fall from Google (GOOG.NaE), Amazon.com (AMZN.NaE) and Microsoft (MSFT.NaE). They include smartphones, smart speakers, tablets, laptops, headphones and even a voice-activated microwave oven.
  • - Dell Technologies Inc will ask holders of "tracking stock" tied to its software company VMware Inc to vote on its $21.7 billion cash-and-stock offer to buy it back from them on Dec. 11, according to people familiar with the matter. The move sets Dell on a collision course with some investors opposing the offer, including billionaire Carl Icahn, who owns 8.3 percent of the tracking stock.
  • Shares of the embattled lender have been flirting with an al-time low of EUR9.05 hit June 27. Shares in troubled German lender Deutsche Bank (DB.NaE) dropped sharply on Friday to the lowest since their all-time nadir in June, as analysts made gloomy forecasts for the bank's third-quarter results on October 24.. Deutsche shares fell by as much as 1.9% on Friday morning, touching a low of EUR9.40.
  • - Procter & Gamble Co (PG.NaE) reported better-than-expected quarterly profit and sales, and said it was raising prices on several products around the world, sending shares up on Friday by their most in a decade. Organic sales jumped 4 percent, the best growth in five years, boosted by demand for beauty and grooming products.
  • * Facebook (FB.NaE) appoints Nick Clegg to lead communications. * Clegg was Britain's deputy PM from 2010 to 2015. * Says he 'relished grappling with controversial issues' By Paul Sandle and Munsif Vengattil.
  • The Canadian dollar took a dive on Friday, flipping into negative territory versus its U.S. rival following economic data that missed consensus estimates. Consumer price inflation for September read 2.2% year-on-year, compared with the FactSet consensus of 2.7%. For the month, Canada actually recorded disinflation of 0.4%, versus 0.1% inflation expected.
  • The U.S. benchmark S&P 500 stock index edged lower on Friday as strong earnings from Procter & Gamble Co were offset by ongoing concerns about rising interest rates and tensions over trade policy denting economic growth. Shares of Procter & Gamble jumped 8.8 percent after the consumer goods company reported a surprise rise in first-quarter sales.
  • Procter & Gamble Co (PG.NaE) reported better-than-expected quarterly profit and sales, and said it was raising prices on several products around the world, sending shares up on Friday by their most in a decade. Organic sales jumped 4 percent, the best growth in five years, boosted by demand for beauty and grooming products.
  • Disputes over U.S. tariffs and retaliatory moves by other states have sparked 12 requests for adjudication at the World Trade Organization, signalling an escalation in global trade tensions. The agenda for an Oct. 29 meeting of the WTO's dispute settlement body on Friday confirmed the legal moves, which Reuters reported late on Thursday.
  • Schlumberger NV, the world's largest oilfield services provider, reported a slight profit beat on Friday but cautioned that North American growth would slow due to transportation bottlenecks and hurt results next quarter. Although quarterly profits rose from a year ago, the company has been hit by slower-than-anticipated growth in the largest U.S. Permian Basin.
  • Endocyte (ECYT.NaE) called its 2017 licensing deal' transformational'-- and it was right. More than a year ago, the biotech Endocyte Inc. (ECYT.NaE) was backed into a corner. The West Lafayette, Ind.-based company announced a "strategic restructuring," that dreaded corporate-speak, including about a 40% cut to its workforce, leaving it with just 47 employees.
  • - Schlumberger NV , the world's largest oilfield services provider, reported a slight profit beat on Friday but cautioned that North American growth would slow due to transportation bottlenecks and hurt results next quarter. Although quarterly profits rose from a year ago, the company has been hit by slower-than-anticipated growth in the largest U.S. Permian Basin.
  • The pressure is on for Amazon (AMZN.NaE), Alphabet and Microsoft (MSFT.NaE) as they prepare to report quarterly results at a time when confidence in those market leaders looks increasingly fragile and in danger of derailing Wall Street's rally.
  • PayPal (PYPL.NaE) shares have sold off sharply in the recent market correction, bringing its valuation down to more reasonable levels. Meanwhile, the payment company's growth story just got more compelling. PayPal (PYPL.NaE) reported solid quarterly earnings Thursday.
  • OPEC is struggling to add barrels to the market after agreeing in June to increase output, an internal document seen by Reuters showed, as an increase in Saudi Arabia was offset by declines in Iran, Venezuela and Angola.
  • - Shares of electric carmaker up 1.6 pct at $268.21 premarket. - Co introduces a new $45,000 version of Model 3 sedan, as U.S. tax breaks for TSLA cars are about to decrease. - Rear-wheel-drive model has a "mid range" battery, a range of 260 miles, according to TSLA's website. - Up to Thursday's close, stock had fallen ~15 pct this year, after gaining ~46 pct last year.