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The Securities and Exchange Commission today charged a Canadian citizen
with conducting a scheme to conceal his control and ownership of a
microcap company whose price quickly spiked last year. The SEC
suspended trading in the stock, Cynk Technology Corp., before the
alleged schemer, Phillip Thomas Kueber, could profit on the gains from
the stock’s rise to more than $21 from less than 10 cents per share.
FedEx-TNT Express Deal to Be Investigated in EuropeThe European
Commission said it had concerns that the $4.8 billion merger could
decrease competition and lead to higher prices for consumers.
Stocks close higher for July amid earnings, global growth concerns
Evelyn Cheng
U.S. stocks closed mildly lower on Friday, the final day of trade for
July, as investors digested energy earnings misses and soft data that
could push an initial rate hike further out.
Stocks were mixed to slightly lower in afternoon trade
after earlier attempting to rally. The Nasdaq struggled to hold higher
in afternoon trade as shares of major tech firms declined. The S&P
500 and Dow Jones industrial average traded lower as declines in energy
stocks weighed.
Europe ends mostly higher on last trading day in July
Arjun Kharpal, Holly Ellyatt
European equities closed higher on Friday after a choppy end to
trading in July, as investors eyed key earnings and data from the U.S.,
ongoing volatility in Chinese equities and slipping commodity prices.
The pan-European STOXX 600 provisionally closed flat, after moving between gains and losses throughout the day.
Britain's FTSE 100 ended around 0.5 percent higher in the afternoon, while the German DAX closed around 0.4 percent higher, while the French CAC was the main out-performer, finishing 0.7 percent higher.
Got a question about a product or an account from a big-name online
retailer that makes you want to speak directly to their customer service
representative? What do you do first? Go to their website, of course.
Can’t find a phone number there? Then you may do what seems like the
next best thing and just type the company name into a search engine.
U.S. stock futures perk up after employment cost data
Anora Mahmudova, Victor Reklaitis
Reuters
Earnings from energy giants Exxon Mobil and Chevron disappoint investors.U.S. stock futures turned higher before the opening bell
Friday after data showed a measure of labor costs decelerated sharply
in the second quarter, suggesting the Federal Reserve could be patient
with raising interest rates this year.
Compensation costs little changed at 0.2
percent for civilian workers, seasonally adjusted, from March to June
2015. Over the year, compensation rose 2.0 percent, wages and salaries
up 2.1 percent, and benefits rose 1.8 percent.
Euro inflation unchanged, Commodities rout continues and China
stocks worst monthly decline in six years. Here are some of the things
that people in markets are talking about this morning.
Euro-area inflation
This morning's flash estimate of inflation from Eurostat, the European statistical agency showed euro-area inflation unchanged at 0.2 percent in July,
in line with the median forecast of economists surveyed by Bloomberg.
Core inflation unexpectedly rose to 1 percent, the highest rate in 15
months.
Commodities rout continues
Commodities extended their worst monthly fall since 2011, with the Bloomberg Commodity Index set for a 10 percent slump in
July. The broad-based sell-off has seen oil drop with WTI down 19
percent and gold fall 7.5 percent during the month. Meanwhile the U.S.
dollar spot index is 2.6 percent higher as expectations of Fed
tightening increased.
China stocks
The Shanghai Composite Index dropped 1.1% in Friday trade to cap its worst monthly performance since
August 2009. The index has fallen 14 percent, the biggest loss among 93
global benchmarks tracked by Bloomberg. The fall comes in spite of
unprecedented government intervention in the Chinese equity market.
Japan inflation
Japanese inflation barely grew in June with
consumer prices excluding fresh food rising 0.1 percent. Inflation in
the Tokyo dropped bu 0.1 percent under the same measure. With the Bank
of Japan still falling far short of its 2 percent target, Abenomics is
starting to come under pressure. The median estimate of economists
surveyed by Bloomberg is for a drop in GDP growth to 0.8 percent in the quarter ending June from the previous quarter's 3.9 percent.
Employment Cost Index
Bloomberg News executive editor for economics, Dan Moss highlights the release at 8:30 a.m. ET of the quarterly Employment Cost Index by
the U.S. Bureau of Labor Statistics. The index, which is another way of
tracking labor costs, has been accelerating in recent quarters. And it
offers some hope that average hourly earnings will also rise. Morgan
Stanley is looking for year-on-year growth of 2.6 percent.
Tsipras says Varoufakis has odd taste in shirts, but didn't wreck Greece's economy.
And finally, here’s what Joe’s excited about today
Even if the Greek situation ultimately resolves in a quiet manner, it
seems indisputable that the eurozone still has big, slow-moving
problems to contend with. Today we got fresh unemployment data out of
the eurozone that underscores just how weak the economy is. The headline
unemployment rate remains at an elevated 11.1 percent. At the extremes,
you have German unemployment at 4.7 percent and Greek unemployment at
25.6 percent. The most worrisome number, however, probably came from
Italy where unemployment jumped to 12.7 percent from 12.5 percent in the
previous month. More ominously, Italian youth unemployment jumped to a
record high above 44 percent. As Matt O'Brien at The Washington Post pointed out yesterday,
Italy and Greece have both grown the same amount since 1999 at just 4.6
percent in total -- in other words, both countries have seen horrible
stagnation. What's going on in Italy is a story that bears a lot of
watching.
SUPREME COURT ASKED TO REVIEW INSIDER TRADING CASEPreet Bharara, the United States attorney in Manhattan, will get one more chance to preserve his near-perfect record in insider trading prosecutions, Alexandra Stevenson and Matthew Goldstein report in DealBook.
Mr. Bharara persuaded the Justice Department to ask the Supreme Court
to review an appellate court ruling that narrowed the definition of
insider trading and overturned the convictions of two hedge fund
managers.
Hillary
Rodham Clinton spoke at the New York University Stern School of
Business last week. Michael Appleton for The New York Times
7/31/2015
By Maggie Haberman
Good Friday
morning from Washington, where the House has gone on summer vacation
and the Senate left the nitty-gritty of a highway bill for September.
But rivals from across the aisle will share a crowd and address race
relations and the Black Lives Matter movement, issues that have stirred
anger and presented challenges for the 2016 candidates.
U.S. stock futures wobble with monthly rises in sight
Victor Reklaitis
Reuters
Earnings from energy giants ExxonMobil and Chevron could provide a spark for Friday’s trading.U.S. stocks on Friday eyed gains for the past week and
month, as stock futures pointed to a roughly flat open, though analysts
warned about the potential for end-of-the-month choppiness as investors
revamp their holdings.
China’s
shares suffered their worst month in nearly six years this July, after
confidence in a government-led recovery wavered earlier this week,
knocking shares lower.
Shaken conviction in Beijing’s support drove wild intraday swings this week in the Shanghai Composite Index
SHCOMP, -1.13%
which ended 1.1% lower at 3,663.73. The smaller Shenzhen Composite
399106, -0.82%
fell 0.8% to 2,110.62.
In
this episode of the Keiser Report Max Keiser and Stacy Herbert discuss
the b-b-b-bad to the bone Fannie Mae and Freddie Mac, the two government
owned facilitators of mortgage lending which are bigger and badder than
ever. In the second half Max interviews Dr Youssef El-Gingihy about How
to Dismantle the NHS in 10 Easy Steps.
U.S. Asks Supreme Court to Review Insider Trading RulingThe Justice
Department has asked the Supreme Court to review a court ruling that
sharply narrowed the definition of insider trading. Donald B. Verrilli
Jr., the solicitor general, filed a petition with the court to examine
the ruling by a three-judge panel in a federal appellate court in
December that overturned the convictions of two hedge fund managers,
Anthony Chiasson and Todd Newman, and threatened to undermine a number
of other convictions.
The U.S. Commerce Department’s Bureau of Economic Analysis today released its first estimate of
gross domestic product (GDP) growth for the second quarter of
2015. Real GDP increased 2.3 percent at an annual rate, an increase from
a 0.6 percent annual growth rate in the previous quarter.
“Today’s advance estimate of real GDP growth demonstrates that our
economy continues to improve,” said U.S. Secretary of Commerce Penny
Pritzker. “Through our ‘Open for Business Agenda,’ the Department of
Commerce is committed to creating the conditions for continued business
and job growth by supporting advanced manufacturing, fostering
innovation, increasing trade and investment, and equipping our workers
with the skills and training needed to succeed in a competitive global
economy.”
U.S. stocks closed narrowly mixed on Thursday as investors digested
more earnings and second-quarter GDP, a day after the Federal Reserve
left interest rates unchanged.
"I think there's a lot of confusion really. The focus was
trying to understand what's going on with economic growth and the Fed,"
said David Kelly, chief global strategist at JPMorgan Funds. "People
aren't quite sure whether the data makes it more likely or less likely
that they will tighten."
After the second-quarter gross
domestic product report came in slightly below expectations, traders
will watch Friday's employment cost index for another indicator on the
labor market and inflation.
The Federal Reserve System on Thursday announced the appointment
of Federal Reserve Bank of Chicago Senior Vice President Sean Rodriguez
as its Faster Payments Strategy Leader. In this role, Rodriguez will
lead activities to identify effective approaches for implementing a
safe, ubiquitous, faster payments capability in the United States.
Reuters
RT
