Market reports

  • By Myra P. Saefong and William Watts, MarketWatch. OPEC agrees to reduce overcompliance with production-cut pact. Oil prices rallied Friday, feeding a hefty gain for the week, as OPEC members agreed to raise output, but by an amount that appears likely to be less than traders had feared.
  • Worries about debt sustainability, global backdrop underline concerns. Call it a happier sort of "Grexit." Greece's eurozone partners on Friday cleared the way for the country to depart its third bailout program in August, ending an eight-year stretch of financial assistance.
  • OPEC agrees to scale back production cuts. The Organization of the Petroleum Exporting Countries agreed on Friday to rein in member production cuts, essentially lifting output to help make up for an expected shortfall in global supplies. The expected output increase, however, appears likely to be smaller than market participants had expected.
  • Harley-Davidson Inc (HOG.NaE) expects to have to raise prices in Europe this autumn, when new motorcycle models are due to hit dealers' showrooms, due to EU tariffs on U.S. goods, the head of its central European business said.
  • By Carla Mozee and Victor Reklaitis, MarketWatch. Stocks across Europe closed higher Friday, aided by data showing business activity picked up in the eurozone after a slowdown. Also helping sentiment was a eurozone agreement on a debt-relief plan for Greece after the country's bailout ends, and the energy sector got a lift from a rally for oil prices.
  • OPEC is "at it again," to borrow Donald Trump's wording, but not in the way he imagined. The oil cartel reached a preliminary decision Friday to boost output by an effective 600,000 barrels a day, six months before its agreement was set to expire. The Organization of the Petroleum Exporting Countries displayed a show of unity that seemed unlikely earlier this week, complicated, ironically enough, by the president's tweet.
  • President Donald Trump on Friday threatened to escalate a trade war with Europe by imposing a 20 percent tariff on all U.S. imports of European Union-assembled cars, a month after the administration launched an investigation into whether auto imports pose a national security threat.
  • By Victor Reklaitis, MarketWatch, Ryan Vlastelica. Energy stocks lead, supported by jump in crude prices. U.S. stocks rose in afternoon trading on Friday, in a partial rebound from a lengthy spat of trade-related weakness, though major indexes remained on track for weekly declines.
  • - A machine used for paper recycling caught fire Thursday night at Tesla Inc's Fremont, California, campus, outside the company's car production factory, but manufacturing was not affected, the company said. The fire occurred after a cardboard baling machines that is used for recycling overheated, and was contained, Fremont Fire Department Division Chief Diane Hendry said on Friday.
  • Analyst:' Equity markets are experiencing a bit of a bounce'. U.K. stocks finished sharply higher Friday, helped by a rally for the energy sector as oil prices gained, with the advance flipping the FTSE 100 benchmark into the green for the week. The FTSE 100 jumped 1.7% to close at 7,682.27, after dropping 0.9% Thursday.
  • The United States ramped up its challenge to the global trading system on Friday, telling the World Trade Organization that appeals rulings in trade disputes could be vetoed if they took longer than the allowed 90 days.
  • Bitcoin sheds close to 10%, on track for third consecutive losing week. Cryptocurrency prices tumbled Friday after the Japanese Financial Services Agency ordered six exchanges to improve business practices after a series of inspections over the past few months. The exchanges hit with the notices are QUOINE, BTC Box, Bit Bank, Tech Bureau, Bit Point and bitFlyer--Japans largest digital currency exchange.
  • A bearish' death cross' is forming in gold even as trade turmoil rattles stock market. The stock market has been rattled by the threat of a global trade war between two of the world largest economies, creating an environment that ought to draw bidders for gold, underlining its appeal as a haven asset in times of market uncertainty. However, that hasn't happened, puzzling a number of traders, who have watched gold futures tumble to a 2018 low, even as hand-wringing over mounting...
  • Cryptocurrencies have lost $350 billion in value year-to-date. Bitcoin and major digital currencies were in free fall Friday with most coins shedding as much as 10%, wiping billions off the market cap of cryptocurrencies. Bitcoin, the worlds biggest digital currency, is trading back at multimonth lows as ongoing exchange flaws continue to undermine the integrity of the market.
  • The U.S. Supreme Court ruled on Friday that companies can recover profits lost because of the unauthorized use of their patented technology abroad in a victory for Schlumberger NV, the world's largest oilfield services provider.
  • A trade war could cut short the Fed's tightening cycle, BAML analysts say. Analysts at Bank of America Merrill Lynch have offered a neat way to make sense of the bond market's reaction in the event of a trade war, which has confused investors who say tariffs can tug Treasury yields in opposite directions. A global economy reeling from a trade-driven slowdown could prompt the Federal Reserve to cut the number of interest- rate hikes in its current tightening cycle, stirring a rally in...
  • By Anneken Tappe and Rachel Koning Beals. Euro retraces some losses after supportive French data. The Canadian dollar fell to its lowest level in a year against its U.S. rival Friday morning following sluggish readings on consumer price inflation and retail sales, which underlined the fragility of Canada's economy.
  • Chinese stocks are almost in a bear market. That's leaving Beijing in a pickle. Shanghai's main benchmark closed Friday nearly 20% down from its most recent high, set in January.
  • - Wall Street rose on Friday boosted by higher oil prices after the OPEC agreed to a modest increase in output, but a drop in technology stocks capped gains. U.S. President Donald Trump threatened to impose a 20 percent tariff on all European Union car imports, a month after the administration launched a probe into whether auto imports pose a national security threat.
  • U.S. stock-index benchmarks opened solidly higher Friday, with the Dow industrials attempting to snap a eight-day skid, amid rising tensions over global trade between the U.S. and its partners in China and Europe. An agreement between members of the Organization of the Petroleum Exporting Countries and other oil producers to lift an output curb also was in focus. The Dow Jones Industrial Average rose 150 points, or 0.6%, at 24,608, the S&P 500 index climbed 0.5% to 2,762. The Nasdaq...
  • Critical information for the U.S. trading day. Keep one eye on oil and the other on the Dow today, where much is riding on how well investors can summon some appetite for buying after a tough week for stocks. If the Dow stretches its losing streak to nine sessions, that would match the longest such run since 1978, according to the WSJ Market Data Group.
  • Renault SA absorbing Nissan Motor Co. (NSANF.NaE) and Mitsubishi Motors Corp (MMTOF.NaE) is not an option as the carmakers look to strengthen their partnership while retaining their autonomy, alliance chairman Carlos Ghosn said on Friday.
  • Goldman Sachs (GS.NaE) and Morgan Stanley (MS.NaE) barely passed the Federal Reserve's annual stress tests, raising doubts about their ability to grow dividends and buybacks over the next year. All 35 banks subject to the tests passed, despite an unusually harsh exam that featured a severe global recession, the Federal Reserve said Thursday. But it was a close call for the Wall Street duo of Goldman Sachs (GS.NaE) and Morgan Stanley (MS.NaE) on one particular metric, the so- called supplementary leverage ratio.
  • Lufthansa's budget carrier Eurowings expects the transfer of planes from collapsed rival Air Berlin (AIBEF.NaE) planes into its fleet to be completed by the end of July, it said on Friday. Eurowings has come under fire in Germany recently for delays and cancellations, partly caused by its rapid expansion as it tries to move into the gap left by Air Berlin.
  • Members of the Organization of the Petroleum Exporting Countries agreed in principle Friday to a deal that would lift output by a nominal 1 million barrels a day, though the effective increase would be smaller, reports said. According to The Wall Street Journal, the deal would effectively add 600,000 barrels a day to global markets. The effective boost would be smaller than the headline figure because although each country would share a portion of the boost, not all can boost...
  • OPEC agreed on Friday to raise oil production by around 1 million barrels per day from July for the group and its allies, an OPEC source said. The output gain is nominal.
  • Treasury prices pulled back, nudging yields higher, on Friday as persistent anxieties, centered on trade clashes between the U.S. and major trading partners such as China and the European Union, cooled somewhat. Investors have feared that tariff disputes could--if they erupt into a full-blown trade war--prove a major headwind for the global economy. The 10- year Treasury note yield slid by 1.2 basis points to 2.911%, and are set for a weekly yield slide of 1.5 basis points.
  • Economic woes, high inflation, trade tariffs and an ailing currency overshadow Sunday's vote. Turkey will head to the polls on Sunday to vote for a new president, but the snap election called by incumbent President Recep Tayyip Erdogan comes as the emerging economy is beset by a flagging currency and economy, setting the stage for a downbeat stretch for the country. The election called in April was seen as intended to solidify Erdogan's political grip by forgoing a scheduled 2019...
  • Confidence can more easily be lost than won. After 2017' s strong growth and political calm brought hopes that Europe was finally turning a post-crisis page, 2018 is back to unfinished business. True, Friday brought two pieces of good news for the continent.
  • Former WPP (WPP.NaE) boss Martin Sorrell denied on Friday that he had visited a prostitute and paid using company money when pressed on a stage in front of hundreds of people about why he had left the advertising giant he founded.
  • Silver futures also set to register weekly decline. Gold futures on Friday were trading at break-even levels, but set to register a decline for the week as investors focus on expectations for higher rates ahead, a headwind for metals, and U.S. dollars, which have mostly strengthened recently. August gold was virtually unchanged at $1,270.50 an ounce, and set for a weekly slide of 0.6% based on last Friday's closing levels.
  • Shares in British satellite operator Inmarsat leapt on Friday after its U.S. suitor EchoStar (SATS.NaE) disclosed stakes in the London-listed company's equity and debt. Inmarsat stock jumped by as much as 11 percent after EchoStar (SATS.NaE) said that it had a near 3 percent shareholding in the British company, as well as a 10.4 percent position in its convertible bonds.
  • OPEC's member meeting will be held Friday. The Organization of the Petroleum Exporting Countries is hosting a number of events in Vienna this week, but the meetings set for Friday and Saturday are expected to yield decisions on crude production that could shake up the oil market. The oil market would normally hear a decision, and typically react, on the same day as the meeting of OPEC members, which is set for this Friday, "but this time could be different," said Phil Flynn, senior market...
  • It's a golden age for drug development, but the major pharmaceutical companies aren't enjoying the good times. U.S. health-care spending regularly grows faster than inflation and has reached about 18% of gross domestic product. Prescription drugs are a major component of that sum.
  • An overhauled telecommunications sector featuring most of the so-called FANG stocks could debut as Wall Street's hottest bet when it kicks off in September, boosted by a rising wave of media and television acquisitions.
  • Square short interest has stayed near $2 billion despite a recent stock rally. Two Jack Dorsey companies, alike in their huge stock rallies, differ when it comes to recent short-selling sentiment. That's according to a recent analysis from financial technology and analytics firm S3 Partners, which looked at short- interest trends for Square Inc. (SQ.NaE) and Twitter Inc..
  • Economist:' The most striking impact of Brexit has been the lower growth momentum'. Remember the market-shaking Brexit vote? As of Saturday, it has been exactly two years since U.K. voters backed leaving the European Union, with 52% supporting an exit and 48% wanting to remain.
  • Former Tesla worker claims to be a whistleblower, Tesla accuses him of sabotage and saying he would' shoot the place up'. The accusations flying back and forth between Tesla Inc. (TSLA.NaE) and a former employee continued to escalate Thursday, as Tesla accused him of threatening workplace violence at a Tesla facility after he accused the company of dangerous practices and inaccurate public statements. Tesla filed a lawsuit against employee Martin Tripp on Wednesday, after Elon Musk sent...
  • Automakers lead losses in Japan; Shanghai index salvages a small gain but teeters near bear-market territory. Asian markets recovered broad early losses to close mixed Friday. The region initially took its cues from weaker U.S. action Thursday, as the Dow posted its eighth straight decline and trade tensions between the U.S. and China remained high.
  • Amazon and Walmart have invested billions in e-commerce. Yet with one deal, Kroger (KR.NaE) took the lead in grocery delivery. Expect the two retail giants to fight back.
  • * Airbus says needs clarity on post-Brexit terms. * Businesses voicing concerns two years after vote. * Airbus has 14,000 employees in Britain. By Tim Hepher and Paul Sandle.
  • Volkswagen AG is handing over responsibility for regional markets to its different brands, the German carmaker said on Friday, its latest efforts to get closer to markets to respond to customer demand more quickly.
  • This day trader also scored a $12 million profit-- and is suing a brokerage in a bid to get his hands on it. Day traders can do the darndest things. This week has provided the tale of a huge demo-trading platform mixup, and it's on par with the story of the guy who launched a GoFundMe drive after a short bet went horribly wrong.
  • French supermarket retailer Casino and beauty products group L'Oreal have teamed up to launch new beauty stores in Paris, in a further sign of retailers' attempts to win over customers in the face of competition from online rivals.
  • OPEC agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to help reduce the price of crude and avoid a supply shortage.
  • * China Daily says U.S. protectionism harms its own economy. * Global Times says China should focus on own development. * War of words heating up amid bitter trade dispute with U.S. * "Protectionism symptom of paranoid delusions" - China Daily. By Ben Blanchard and David Stanway.
  • Debt-laden commodities trader Noble Group said on Friday it had secured $100 million in trade finance facilities from a group of investors, winning fresh support for a $3.4 billion debt restructuring plan that is key to its survival.
  • World shares climbed on Friday but were on track for their biggest weekly decline in three months due to trade war fears, though oil prices surged after OPEC decided on a modest production increase. U.S. Treasury yields edged higher, trading in narrow ranges as risk appetite improved a bit but worries over a trade conflict with China kept investors cautious.
  • The comfort in being Intel (INTC.NaE) is that big problems often seem a long way out. The surprise resignation of the company's chief executive makes them seem uncomfortably close. Intel (INTC.NaE) is now being forced to face some of those issues now--at least in the sense of finding the right person to address them.
  • Electric car maker Tesla Inc's move last week to cut 9 percent of its workforce will sharply downsize the residential solar business it bought two years ago in a controversial $2.6 billion deal, according to three internal company documents and seven current and former Tesla solar employees.
  • Complying with a U.S. Supreme Court ruling on Thursday that forces online retailers to collect sales tax just like their brick-and-mortar counterparts will be a heavy burden for smaller e-commerce businesses.