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  1. Asian Stocks, US Futures Drift Higher as Yen Gains: Markets Wrap

    (Bloomberg) — Equities showed signs of recovery as traders balanced resilience in the US economy with firming expectations of Federal Reserve cuts in coming months. Stocks in Australia and South Korea climbed along with futures contracts for US equities on Friday. Japanese equities inched lower with the yen resuming a rally ahead of next week’s Bank of Japan.

  2. S&P 500, Nasdaq close lower Thursday as tech comeback attempt falters

    The S&P 500 and Nasdaq Composite dropped on Thursday, building on the previous session’s losses as investors continued to dump some of 2024′s leading technology stocks. The S&P 500 declined 0.51% to finish at 5,399.22, while the Nasdaq dropped 0.93% to settle at 17,181.72. The Russell 2000 gained 1.26% as investors continued their rotation into small caps. The Dow Jones Industrial Average outperformed the major averages, rising 81.20 points, or 0.2%, to close at 39,935.07. The 30-stock index surged nearly 585 points, or about 1.5%, at session highs.

  3. Stellantis shares fell 8.7% after the maker of Jeeps, Fiats and Peugeots reported net income that almost halved in the six months through June due to a massive sales drop in the US and Europe.

    Stellantis floated the possibility of shedding one or more of the auto giant’s 14 brands should they fail to remain profitable. Carmakers are contending with weakening demand, especially for electric cars, and facing intensifying competition in Asia and Europe from Chinese manufacturers. For Stellantis, the problems were most acute in the US, where the company has seen high inventory levels, a string of executive departures and quality issues. To counter the slump, the manufacturer is already moving to shed assets. On Thursday, it announced the sale of a majority stake in robotic unit Comau and said it will conduct a strategic review of its UK operations.

  4. JAPAN REACT: Tokyo’s Hot Core CPI Gives BOJ Nod on July Hike

    (Bloomberg Economics) — OUR TAKE: Tokyo’s accelerating core inflation in July gives strong support for the Bank of Japan to raise interest rates at next week’s meeting as we have been projecting. The reading got a boost from a recent cut in subsidies for utility costs. Services inflation likely the BOJ’s main focus slowed, but this was due to the base effect from last year’s rollback of travel subsidies.

  5. ‘Crazy’ Yen Rally Is at Risk of Shattering as Soon as Next Week

    (Bloomberg) — Investors have fallen over each other in recent weeks to buy the yen on bets that interest rates are finally about to tip in Japan’s favor. They face a reckoning as soon as Wednesday. The currency is holding onto an advance of about 5% against the dollar since just before it began surging on July 11, in a move that was amplified by suspected intervention.


  6. Nissan Global Production Cuts Imperil CEO’s Recovery Plan

    (Bloomberg) — Four months into a three-year plan meant to reinvigorate Nissan Motor Co., Chief Executive Officer Makoto Uchida is already struggling. On Thursday, Nissan slashed its operating-profit outlook to ¥500 billion ($3.3 billion) for the year through March 2025, down from its prior forecast of ¥600 billion far more than analysts had expected due to weak sales.

  7. Amazon Says Washington State Injury Case Has Been Dismissed

    (Bloomberg) — A case alleging that Amazon.com Inc. exposed warehouse workers to injuries has been dismissed for lack of evidence, the company said in a statement Thursday. The Washington state Department of Labor and Industries cited the e-commerce giant for setting rapid productivity targets that risked hurting employees working at multiple company facilities.

  8. Dexcom Plummets 40% After Cutting Full-Year Sales Forecast

    (Bloomberg) — Dexcom Inc. plunged in late New York trading after the company cut its full-year sales forecast for the glucose monitoring devices relied upon by type 1 diabetics who need to closely track their blood sugar levels. The San Diego-based medical device manufacturer said it expects revenue of $4 billion to $4.05 billion for 2024, compared to an earlier estimate.

  9. Ackman Eyes $4 Billion for Closed-End Fund, Short of Goal

    (Bloomberg) — Billionaire hedge-fund manager Bill Ackman’s initial public offering for a closed-end fund is poised to raise far less than the $25 billion he floated two weeks ago. The head of Pershing Square Capital Management expects the fund will file with US regulators to raise $2.5 billion to $4 billion, according to a filing Thursday.

  10. Lineage’s Shares Climb 3.6% After Biggest IPO Since Arm

    (Bloomberg) — Temperature-controlled storage and logistics giant Lineage Inc. shares rose 3.6% in its debut as a public company after raising about $4.4 billion in the year’s largest initial public offering. Shares of Novi, Michigan-based Lineage pared early gains to close at $80.78 each on Thursday in New York, above the $78 IPO price.

  11. Harris Says She Pressured Netanyahu to Get Cease-Fire Deal Done

    (Bloomberg) — Vice President Kamala Harris said she pressed Israeli Prime Minister Benjamin Netanyahu to accept a cease-fire and warned him about the civilian death toll in Gaza during a meeting their first since she entered the 2024 race for the White House. “As I just told Prime Minister Netanyahu, it is time to get this deal done.


  12. Treasuries Gain as Debate Rages Over Timing of Fed’s First Cut

    (Bloomberg) — Treasuries held onto their recent gains as traders weighed signs of a resilient US economy against calls for quicker interest-rate cuts from the Federal Reserve. US government debt remained stronger across the maturity spectrum on Thursday, though it pared the day’s early gains after data showing growth accelerated by more than forecast in the second quarter.

  13. Trump Wants a Weaker Dollar but Wall Street Doubts He’ll Get One

    (Bloomberg) — Donald Trump wants to be a weak-dollar president. But he’s running on a strong-dollar platform. That’s the prevailing view of Wall Street economists who’ve run the numbers on Trump’s second-term plans. Tariffs on US trade partners, and tax cuts that could push inflation and interest rates higher, add up to a mix that would encourage the greenback to rise.

  14. Singapore Keeps Tight Monetary Policy Even as Inflation Ebbs

    (Bloomberg) — Singapore’s central bank kept its monetary policy settings unchanged for a fifth straight time even as a resilient local currency tempers price pressures. The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool rather than interest rates, maintained the slope, width, and center of the currency band, it said in a statement.

  15. Harris Narrows Gap Against Trump, Times/Siena Poll Finds

    In a survey taken after President Biden stepped aside, Donald Trump and Kamala Harris are locked in a tight race separated by a single percentage point among likely voters. Vice President Kamala Harris begins a 103-day sprint for the presidency in a virtual tie with former President Donald J. Trump, according to the latest New York Times/Siena College poll.

  16. Harris Says She’ll Debate Trump After Republican Balked at Host

    (Bloomberg) — Kamala Harris said she would debate Donald Trump and accused her Republican opponent of trying to back out of a previously scheduled face-off in September. “I am ready to debate Donald Trump,” the vice president told reporters Thursday upon returning to Washington from a speech in Houston.

  17. Tokyo Inflation Quickens, Keeping BOJ Hike Option in Play

    (Bloomberg) — Inflation in Tokyo accelerated for a third month in July, keeping the door open to a possible interest rate hike when the central bank’s policy board meets next week. Consumer prices excluding fresh food rose 2.2% in the capital, versus 2.1% in June, the Internal Affairs Ministry reported Friday.


  18. Hermes Li’s $9 Billion Aspex Hedge Fund Gains 21% in First Half

    (Bloomberg) — Hermes Li’s Aspex Management (HK) Ltd. posted double-digit returns in the first half, helping boost the firm’s assets under management to more than $9 billion, according to people familiar with the matter. Aspex’s hedge fund, one of the largest in Asia, returned 21% in the six months through June, said the people, who asked not to be named as the information.

  19. NYCB Shares Tumble Most Since March as Loan Provisions Surge

    (Bloomberg) — New York Community Bancorp’s stock fell as much as 17% after reporting provisions for loan losses higher than every analyst’s estimate. The second-quarter loan provision was $390 million, well above the average estimate of $193 million. The figure reflects an increase in charge-offs, primarily office loans, and the continuing impact of higher interest rates.

  20. Unilever shares rose 6.2% after it increased volumes and raised profitability in the first half of the year.

    The consumer group’s underlying operating margin was almost 20% in the first half, compared with around 18% expected by analysts. Volume growth also ramped up as some shoppers started buying more branded goods again as inflationary pressures eased. The maker of Dove soap is in the middle of a shakeup which includes a potential spinoff or sale of its ice cream business and a cost-cutting initiative that will shed 7,500 jobs globally. Volumes have risen for the last three quarters, CEO Hein Schumacher said, in a sign some shoppers are spending more or switching back to branded goods, including “power brands” like Hellmann’s mayonnaise and Knorr stock cubes. However, overall sales growth in the first half was lower than expected, tempered by falling prices in India and Indonesian shoppers boycotting western brands over the war in Gaza.

  21. Nestle shares dropped 5.07%, touching a four-year low, after it reported its earnings results for the first half of the year.

    In the first half, organic revenue grew by 2.1%, which missed estimates of 2.52%. Sales came in at CHF45.05 billion, while estimates were at CHF45.26 billion. The Swiss company now expects its sales to grow at least 3% for the year ahead, lower than its previous target of 4%. The results show that Nestle has struggled to win back market share, as shoppers switched to cheaper alternatives.

  22. Nissan shares fell by 6.98%, after the company reported first quarter earnings that missed estimates. Net income came in at ¥28.56 billion, while estimates were at ¥97.08 billion yen.

    Net sales were at ¥3.00 trillion, while estimates came in at ¥3.11 trillion. Nissan attributed its results to weak sales in Japan and US; and believes that the most important factor for the company going forward will be its business in the US, where it aims to clear inventory. For the year ahead, the company cut its operating income from ¥600 billion to ¥500 billion and revised its full-year sales target from 3.70 million to 3.65 million units.


  23. Apple’s no longer among top 5 smartphone vendors in China as domestic brands dominate market
    Apple’s market share has been shrinking in China, down to 14% in second quarter compared with 15% in the first quarter and 16% a year earlier.


    “It is the first quarter in history that domestic vendors dominate all the top five positions,” said Canalys research analyst Lucas Zhong. Localization of Apple’s Intelligence services in mainland China will be an important move in the next 12 months, Canalys said, as Chinese brands are aggressively incorporating generative AI into their products.

  24. Gold hits over 2-week low as investors book profit; U.S. data in focus

    Gold prices slipped to its lowest in over two weeks on Thursday as profit-taking kicked in after gold’s recent rally, while traders awaited U.S. economic data that could offer more cues on when the central bank will cut interest rates. Spot gold fell 1.7% to $2,357.89 per ounce, having touched its lowest since July 9. U.S. gold futures dropped about 2.5% to $2,355.10.

  25. Samsung hints at new products as it bets on AI to drive upgrades to its latest foldable phones

    Speaking to CNBC, Samsung Electronics’ mobile boss TM Roh discussed Galaxy AI and software strategy, while hinting at future foldable products and mixed reality headsets. Samsung recently launched the Z Fold6 and Z Flip6 as well as the Galaxy Ring, its first foray into the smart ring category. Roh said the company hopes its suite of AI software will push users to upgrade to its latest smartphones.

  26. OpenAI announces a search engine called SearchGPT; Alphabet shares dip

    OpenAI announced a prototype of its SearchGPT search engine on Thursday. The company says it aims to give users “fast and timely answers with clear and relevant sources.” The AI-powered search engine could ramp up pressure on Google.

  27. ‘It is time for this war to end,’ Harris tells Netanyahu; ‘I will not be silent’ on Palestinian suffering
    Vice President Kamala Harris said “Israel has a right to defend itself … and how it does so matter.”


    Harris’ remarks followed a meeting with Israeli Prime Minister Benjamin Netanyahu. “It is time for this war to end, and end in a way where Israel is secure, all the hostages are released and the suffering of Palestinians in Gaza ends,” said Harris.

  28. Kamala Harris debuts official TikTok account as presidential campaign picks up

    Kamala Harris debuts official TikTok account as presidential campaign picks up. “I thought I’d get on here myself,” Harris said. Harris’s quick adoption of TikTok contrasts with President Joe Biden, who personally appeared with Harris on the campaign’s @BidenHQ (now @KamalaHQ) page.


  29. Rich Chinese travellers are flocking to Tokyo to take advantage of the weak yen

    Luxury brands are seeing a surge in sales in Japan, largely driven by purchases from Chinese travelers taking advantage of a weak yen, according to earnings results this month. LVMH, Kering and Burberry all noted the uptick, despite weaker sales in China that weighed on overall results. About half of Chinese luxury spending took place abroad prior to the pandemic, but that has now halved to about 20% to 25%, according to Oliver Wyman.

  30. Northrop Grumman shares gained 6.4% after the defense company reported stronger-than-expected sales and profit for the second quarter and boosted its projections for the full year.

    SECOND QUARTER RESULTS: EPS $6.36 vs. $5.34 y/y, estimate $5.94. Sales $10.22 billion, +6.7% y/y, estimate $10.02 billion. Operating income $1.09 billion, +13% y/y, estimate $1.03 billion. Capital expenditure $320.0 million, +5.3% y/y, estimate $389.6 million. Backlog $83.12 billion. YEAR FORECAST: Sees sales $41.0 billion to $41.4 billion, saw $40.80 billion to $41.20 billion, estimate $41.22 billion. Sees adjusted EPS $24.90 to $25.30, saw $24.45 to $24.85, estimate $24.74. Still sees free cash flow $2.25 billion to $2.65 billion, estimate $2.48 billion. Still sees capital expenditure about $1.80 billion, estimate $1.79 billion.

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