Gold Rises As Treasury Yields Pull Back Ahead Of US Jobs Data
Gold prices climbed on Thursday as yields eased from two-week highs and the dollar softened ahead of U.S. jobs data to be released Friday.
Spot gold jumped 0.9 percent to $1,780.70 per ounce, while U.S. gold futures were up 1.1 percent at $1,796.70.
The upside was supported by a pullback in U.S. Treasury yields after San Francisco Fed President Mary Daly said that it would be reasonable for the Fed to raise rates interest rates by 50 basis points at the next meeting in September.
U.S.-China tensions remained on investors’ radar after China said that it conducted “precision missile strikes” in the Taiwan Strait as part of military exercises that have raised tensions in the region to their highest level in decades.
China is staging live-fire military drills in six self-declared zones surrounding Taiwan in response to a visit by U.S. House Speaker Nancy Pelosi to the island Beijing claims as its own territory.
‘Memory Box’ Review: Reanimating a Painful Past
In this ambitious, intergenerational drama, a teenager in Montreal discovers her mother’s diaries and photos from her adolescent years in a war-torn Lebanon.
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By Devika Girish
Johnson Controls Inc Bottom Line Retreats In Q3
Johnson Controls Inc (JCI) revealed a profit for third quarter that decreased from the same period last year
The company’s earnings totaled $379 million, or $0.55 per share. This compares with $574 million, or $0.80 per share, in last year’s third quarter.
Excluding items, Johnson Controls Inc reported adjusted earnings of $594 million or $0.85 per share for the period.
The company’s revenue for the quarter rose 4.3% to $6.61 billion from $6.34 billion last year.
Johnson Controls Inc earnings at a glance (GAAP) :
-Earnings (Q3): $379 Mln. vs. $574 Mln. last year.
-EPS (Q3): $0.55 vs. $0.80 last year.
-Revenue (Q3): $6.61 Bln vs. $6.34 Bln last year.
Next quarter EPS guidance: $0.96 to $1.00
Full year EPS guidance: $2.98 to $3.02
Aptiv PLC Q2 Earnings Summary
Below are the earnings highlights for Aptiv PLC (APTV):
Earnings: -$61 million in Q2 vs. $147 million in the same period last year.
EPS: -$0.23 in Q2 vs. $0.54 in the same period last year.
Excluding items, Aptiv PLC reported adjusted earnings of $62 million or $0.22 per share for the period.
Revenue: $4.06 billion in Q2 vs. $3.81 billion in the same period last year.
Full year EPS guidance: $3.05 – $3.55
Full year revenue guidance: $17,000 -$17,300 Mln
Crocs Inc. Q2 Profit Decreases, but beats estimates
Crocs Inc. (CROX) revealed earnings for second quarter that decreased from last year but beat the Street estimates.
The company’s earnings totaled $160.32 million, or $2.58 per share. This compares with $318.95 million, or $4.93 per share, in last year’s second quarter.
Excluding items, Crocs Inc. reported adjusted earnings of $201.35 million or $3.24 per share for the period.
Analysts on average had expected the company to earn $2.66 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 50.5% to $964.58 million from $640.77 million last year.
Crocs Inc. earnings at a glance (GAAP) :
-Earnings (Q2): $160.32 Mln. vs. $318.95 Mln. last year.
-EPS (Q2): $2.58 vs. $4.93 last year.
-Analyst Estimates: $2.66
-Revenue (Q2): $964.58 Mln vs. $640.77 Mln last year.
Next quarter revenue guidance: $915 to $955 Mln
Full year revenue guidance: $3.395 to $3.505 Bln
Oil Rebounds In Cautious Trade
Oil prices were a tad higher on Thursday, after having fallen around 4 percent to almost six-month lows in the U.S. trading session overnight.
Benchmark Brent crude futures rose 0.4 percent to $97.16 a barrel, while WTI crude futures were up 0.6 percent at $91.22.
The dollar’s weakness contributed to the mild upside as investors await the all-important U.S. jobs data on Friday for directional cues.
Both benchmarks reached their weakest levels since February on Wednesday, as data showed an unexpected surge in stockpiles and the oil producer group, known as OPEC+, approved a small increase in production.
Data released by U.S. Energy Information Administration (EIA) showed crude stockpiles in the U.S. rose by 4.5 million barrels last week versus expectations for a draw of 630,000 barrels.
Gasoline stockpiles increased by 163,000 barrels last week, as against expectations for a drop of 1.61 million barrels, offering fresh signs of weakening demand in the United States during the peak summer driving season.
The Organization of Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed to increase production by 100,000 barrels per day in September amid flagging global demand and China’s strict COVID-19 restrictions.
Marks and Spencer to cut down on plastic coat hangers after customers complained
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The chain will trial sending out online orders without them – and is already displaying some clothes on tables. It was swamped with criticism about items shipped out, especially lingerie, nightwear and children’s clothes.
One shopper posted a photo online of plastic packaging, saying: “Coat hangers for pyjamas?! Come on, M&S, you can do better than this.
Another shopper agreed following a delivery: “No need to send knickers on hangers!”
Customers also said they had them foisted on them in shops – and couldn’t return items without them.
M&S said some hangers were made of part-recycled plastic and all could be returned to stores to be made use of.
It added: “We are looking at ways to remove them.”