Oil Rebounds From Three-week Lows
Oil prices rebounded from three-week lows on Friday, even as the upside remained limited after the release of mixed economic data from China, Japan and Europe.
Benchmark Brent crude edged up 0.2 percent to $43.34 a barrel, after having fallen 1.9 percent on Thursday after the release of weak U.S. GDP and unemployment claims data.
U.S. crude futures were up 0.3 percent at $40.03 a barrel after tumbling 3.3 percent in the previous session.
The manufacturing sector in China continued to expand in July, the National Bureau of Statistics said with a manufacturing PMI score of 51.1, up from 50.9 and beating expectations for a score of 50.7.
The non-manufacturing PMI came in with a score of 54.2 – matching forecasts and down from 54.4 in the previous month.
Elsewhere, industrial output in Japan was up a seasonally adjusted 2.7 percent sequentially in June, official data showed. That beat forecasts for a gain of 1.2 percent following the 8.9 percent decline in May.
On the flip side, the latest Eurozone data cast doubts on the overall strength of economic recovery from the coronavirus pandemic.
The euro area economy contracted at the fastest pace on record in the second quarter amid the coronavirus pandemic, preliminary flash estimate published by Eurostat showed.
Gross domestic product fell 12.1 percent on a quarterly basis, bigger than the 3.6 percent drop in the first quarter. This was bigger than the economists’ forecast of 11.2 percent and was the sharpest decline seen since the series began in 1995.
Year-on-year, GDP was down 15 percent in the second quarter versus a 3.1 percent decline a quarter ago.
Under Armour sales tank as coronavirus shutters stores
Coronavirus pandemic created a ‘tale of two retail worlds’: Shopify COO
Shopify COO Harley Finkelstein discusses how the coronavirus pandemic impacted e-commerce and its new series about entrepreneurs.
Under Armour revenue plunged 41 percent in the three months through June as the COVID-19 pandemic shuttered retail stores across the country.
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The Baltimore-based athletic apparel manufacturer reported a second-quarter net loss of $182.9 million, or an adjusted 31 cents per share, compared with a loss of $17.3 million a year prior. Net revenue was $707.6 million.
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"With the majority of our own stores and wholesale locations closed for most of the second quarter due to the COVID-19 pandemic, while we performed better than expected, we still experienced a significant decline in revenue across all markets," CEO Patrik Frisk said in a statement.
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This story is developing. Check back for updates.
Chile says June manufacturing output down 8.3 pct yr/yr
SANTIAGO, July 31 (Reuters) – Chile´s manufacturing output plunged 8.3% in June, government statistics agency INE said on Friday, as the coronavirus continued to hammer the economy of the world´s top copper producer. (Reporting by Dave Sherwood Editing by Chris Reese)
Maasai Mara migration: Few tourists see Kenya's wonder of world
Government officials say two million employees in tourism have lost their jobs due to the coronavirus pandemic.
One of the natural wonders of the world is under way in Africa – the annual migration of hundreds of thousands of wildebeest.
But unlike normal times, few tourists are able to see their journey from Kenya to Tanzania.
As Al Jazeera’s Catherine Soi reports from the Maasai Mara Game Reserve, the COVID-19 pandemic has already cost Kenya $800m in lost tourism revenue.
U.S. consumer spending rises for second straight month in June
U.S. consumer spending increased for second straight month in June, setting up consumption for a rebound in the third quarter, though the recovery could be limited by a resurgence in COVID-19 cases and the end of expanded unemployment benefits.
The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 5.6% last month after a record 8.5% jump in May as more businesses reopened.
Economists polled by Reuters had forecast consumer spending advancing 5.5% in June.
U.S. personal income fell 1.1% in the month, after tumbling 4.2% in May. Economists had expected June personal income to decline by 0.5%.
This is developing news. Please check back for updates.
—CNBC contributed to this report.
UK weather: It’s the hottest day – temperatures soar to 35C in Heathrow, and it could get hotter
Today is officially the hottest day of the year so far, with temperatures reaching 35C (95F) in Greater London.
The Met Office tweeted: “It’s the hottest day of the year so far….. and the temperature will rise further this afternoon.”
VF Corp. Sees Q2 Revenue Down Less Than 25% – Quick Facts
While reporting its financial results for the first quarter on Friday, VF Corp. (VFC) said that it is not possible to provide a financial outlook for full-year fiscal 2021 at this time due to the uncertainty of the duration and severity of COVID-19.
However, the company forecast second-quarter revenues to be down less than 25 percent from the year-ago period. On average, Analysts polled by Thomson Reuters expect the company to report revenues of $2.52 billion for the quarter, down 25.7 percent from the year-ago quarter. Analysts’ estimates typically exclude special items.
Full-year fiscal 2021 free cash flow is still expected by the company to exceed $600 million.
VF Corp.’s board of directors declared a quarterly dividend of $0.48 per share, payable on September 21, 2020, to shareholders of record on September 10, 2020.
Subject to approval by its board of directors, the company intends to continue to pay its regularly scheduled dividend and is not currently contemplating the suspension of its dividend.