2024-07-26 23:38
TOKYO, July 27 (Reuters) - U.S. Treasury Secretary Janet Yellen said Japan had explained its intervention into the currency market in 2022, the Nikkei Business daily reported on Saturday. "The Japanese government did explain to us that they saw volatility," Yellen told the Nikkei, referring to Japan's forex intervention in 2022. "There had been quite large movements in a short period of time. Not, obviously, driven by any fundamental changes," Yellen was quoted as saying by the Nikkei. She spoke to the Nikkei in Brazil where she was attending a meeting of G20 finance leaders. Japan conducted massive bouts of yen-buying intervention in 2022 and 2024 as the currency's excessive fall could hurt households because of costlier imports. Sign up here. https://www.reuters.com/markets/asia/yellen-says-japan-explained-2022-fx-intervention-nikkei-reports-2024-07-26/
2024-07-26 23:31
PCE inflation rises moderately in June Russell 2000, S&P Small Cap 600 gain for fourth day in five Deckers, Baker Hughes, Norfolk Southern climb after results Indexes up on Friday: Dow 1.64%, S&P 1.11%, Nasdaq 1.03% Indexes this week: Dow up 0.8%, S&P down 0.8%, Nasdaq down 2.1% July 26 (Reuters) - Wall Street's major indexes ended higher on Friday as investors flocked back to tech megacaps that had triggered broad sell-offs earlier in the week, and inflation data boosted optimism that the Federal Reserve will soon commence cutting interest rates. For the S&P 500 (.SPX) , opens new tab and Nasdaq Composite (.IXIC) , opens new tab, the advances could not completely recoup the ground lost in the two previous sessions, with both indexes ending the week lower for the second consecutive week. The Dow Jones Industrial Average (.DJI) , opens new tab ended in positive territory for the week. Its Friday gains were aided by industrial conglomerate 3M (MMM.N) , opens new tab, which jumped 23% to its largest daily percentage gain in decades after it raised the lower end of its annual adjusted profit forecast. Five members of the so-called Magnificent Seven rose on Friday, led by Meta Platforms (.META.O) , opens new tab which climbed 2.7%. The two exceptions were Tesla (TSLA.O) , opens new tab and Alphabet (GOOGL.O) , opens new tab, whose lackluster earnings had triggered Wednesday's big market sell-off. They both fell 0.2%, with Alphabet dropping to its lowest close since May 2. With further Magnificent Seven earnings due next week, the immediate outlook for markets may hinge on what type of results these companies deliver. "What we get next week from Apple , Microsoft , Amazon.com and Meta is really going to set the tone for whether that rotation continues and, directionally, where the market goes," said Greg Boutle, head of US equity & derivative strategy at BNP Paribas. The rotation involves moving out of a set of high-momentum stocks, whose valuations now appear inflated, to underperforming sectors like mid- and small-cap stocks. This shift seems to have gained momentum in recent weeks, with the small-cap Russell 2000 (.RUT) , opens new tab and S&P Small Cap 600 (.SPCY) , opens new tab both advancing to their fourth closing highs of the week. The Russell 2000 (.RUT) , opens new tab scored its third straight weekly gain in two months and its best three-week run since August 2022. These economically sensitive small-caps were supported on Friday by the moderate rise in June U.S. prices, which underlined cooling inflation and potentially positions the Fed to start easing policy in September. Bets on a 25-basis-point cut at the Fed's September meeting held steady at about 88% after the PCE reading, according to CME's FedWatch. Traders still largely expect two rate cuts by December, LSEG data showed. "We did see (the stable economic data) as beneficial for that broadening trade," said Adam Hetts, global head of multi-asset at Janus Henderson, noting small-caps had outperformed the S&P 500 by more than 10% over the last month. The broadening trade has also benefited cyclical sectors of the economy. On Friday, all 11 of the S&P sectors were higher, with Industrials (.SPLRCI) , opens new tab and Materials (.SPLRCM) , opens new tab the leading gainers. On Friday, the S&P 500 (.SPX) , opens new tab gained 59.88 points, or 1.11%, at 5,459.10 points, while the Nasdaq Composite (.IXIC) , opens new tab climbed 176.16 points, or 1.03%, to 17,357.88. The Dow Jones Industrial Average (.DJI) , opens new tab rose 654.27 points, or 1.64%, to 40,589.34. For the week, the Dow gained 0.75%, while the S&P 500 declined 0.82% and the Nasdaq dropped 2.08%. Among stocks boosted by earnings, Deckers Outdoor (DECK.N) , opens new tab jumped 6.3% after it raised its annual profit forecast, while oilfield services firm Baker Hughes (BKR.O) , opens new tab climbed 5.8% after beating estimates for second-quarter profit. Norfolk Southern (NSC.N) , opens new tab soared 10.9%, its largest one-day percentage gain since March 2020, after the rail operator reported second-quarter profit above Wall Street estimates thanks to robust pricing. Medical device maker Dexcom (DXCM.O) , opens new tab slumped 40.6% after cutting its annual revenue forecast. Volume on U.S. exchanges was 10.92 billion shares, compared with the 11.61 billion average for the full session over the last 20 trading days. Sign up here. https://www.reuters.com/markets/us/nasdaq-futures-jump-megacaps-recover-inflation-data-focus-2024-07-26/
2024-07-26 21:52
PARIS, Aug 11 (Reuters) - Paris has passed the baton to Los Angeles after a successful Games for the French that helped reboot the Olympic brand. The United States took the last gold of the Games in a women's basketball nail-biter against France, nudging them ahead of China to the top spot of the medal table. Here is what you need to know about the Olympics on Sunday. MARSEILLAISE SEGUES TO THE STAR SPANGLED BANNER From Paris to LA with love. The closing ceremony began with France's hero of the games Leon Marchand and some quintessentially French performance art and ended with Hollywood stardust. Tom Cruise rappelled into the stadium, leapt onto a motorbike before a film sequence showed him zooming back to Los Angeles, adding Olympic rings to the Hollywood sign and beginning a relay of the flag around the city up to a performance from the Red Hot Chili Peppers. DOWN TO THE WIRE The United States won a 67-66 thriller over France in the women's basketball final, claiming an historic eighth consecutive Olympic crown while denying the hosts the golden finish to the Paris Games that had seemed within their grasp. With LeBron James sitting courtside wearing the gold medal the U.S. men won by beating France on Saturday, the American women completed the golden hoops double and extended their winning streak on Olympic hardwood to a remarkable 61 games - a stretch of domination that goes all the way back to 1992. US TOP MEDAL TABLE, JUST The United States topped the medals table with 40 golds, finishing above China only by virtue of their 44 silvers. China, who were the last team apart from the U.S. to top the standings, when they did it on home soil at the 2008 Beijing Games, also won 40 golds but managed only 27 silvers. The U.S. and China each had double the number of golds than third-placed Japan, a far more dominant performance by the top two countries than in recent Games. Host nation France met its target of finishing in the top five, reeling in the country's biggest medal haul since 1900. DISTANCE STAR HASSAN The Netherlands' Sifan Hassan became the first person since Czech running star Emil Zatopek in 1952 to medal in the marathon, 5000 metres and 10,000 metres in one Olympics. She deployed her infamous late kick to run an Olympic record time for the marathon of two hours, 22 minutes and 55 seconds, just 36 hours after coming third in the 10,000 metres on the track. At the other end of the field, Bhutan's Kinzang Lhamo finished 90 minutes after Hassan, receiving a standing ovation from spectators as she crossed the line in three hours, 52 minutes and 59 seconds. EGYPT'S OLYMPIC BID Egypt will bid to host the 2036 and 2040 Summer Olympics, with the country's improving infrastructure and sports facilities key for a successful African bid, said the head of the African national Olympic committees association on Sunday. The continent has never staged an Olympic Games. Cairo last made an unsuccessful bid for the 2008 Olympics. CYCLING'S DUTCH SPRINT KING Dutchman Harrie Lavreysen confirmed his status as the dominant force of men's sprinting as he won the Olympic keirin on Sunday to complete a remarkable hat-trick at the National Velodrome. Lavreysen flew around the final corner to beat Australia's Matthew Richardson, who took the silver. U.S. DOMINATE THE RELAYS The United States won the men's and women's 4x400 metres relays late on Saturday, cementing a dominant performance on the track by the Americans at this Olympics. The women won by more than four seconds, clocking the second-quickest time in history and stretching the country's victory streak in the event to eight in a row. The men cut it a bit finer, just holding off Botswana on the finish line. Jamaica's dominance in the women's sprinting came to an end in Paris. U.S. SPOIL FRENCH DREAMS OF BASKETBALL FAIRYTALE There was no "Miracle on the Seine" for France in the basketball as the United States ground out a 98-87 win to claim a fifth consecutive Olympic gold medal. The American showmen crushed Gallic hearts, led by Stephen Curry and a fired up LeBron James. TAIWAN'S LIN WINS BOXING GOLD Taiwan's Lin Yu-ting, 28, one of two boxers at the centre of a gender eligibility row, beat Poland's Julia Szeremeta to claim the women's featherweight title. It is unclear whether boxing will feature at the next Olympics. The International Olympic Committee ran the event at Paris after it stripped the International Boxing Association of its status as the sport's global body over governance and finance issues. Rival body World Boxing said national boxing federations needed to join its ranks to ensure the sport is included in the Los Angeles line up. U.S. GYMNAST CHILES MAY LOSE MEDAL American gymnast Jordan Chiles is set to lose her bronze medal in the women’s artistic gymnastics floor exercise competition after the Court of Arbitration for Sport ruled in favour of an appeal by Romania's Ana Barbosu, who will move up to third place, it said on Saturday. THE PRODUCT PLACEMENT GAMES Winning athletes in Paris have received their medals on Louis Vuitton trays before being handed a Samsung flip phone to take a "victory selfie", heralding a new era of product placement at the Olympics which Los Angeles looks set to build upon. Sign up here. https://www.reuters.com/sports/olympics/paris-olympics-2024-what-you-need-know-right-now-2024-07-26/
2024-07-26 21:42
MOSCOW, July 26 (Reuters) - A blast at the East Urengoy gas condensate field in the Yamal-Nenets region in Russia's Arctic has killed one worker and injured nine others and its cause is being investigated, Russian technical watchdog Rostechnadzor said on Friday. The facility is operated by a company controlled by Russian state-owned Rosneft (ROSN.MM) , opens new tab. The explosion occurred while crews were preparing to repair some equipment, Rostechnadzor said in a statement. The RIA state news agency said the fire had been brought under control and there was no threat to the surrounding population or the environment. It said workers injured in the blast were receiving medical care. Sign up here. https://www.reuters.com/world/europe/blast-russian-oil-gas-field-kills-one-ria-says-2024-07-26/
2024-07-26 21:00
July 26 (Reuters) - Dexcom (DXCM.O) , opens new tab shares closed more than 40% lower on Friday after the glucose monitor maker slashed its annual revenue forecast due to the fallout from a salesforce revamp, prompting some analysts to question its long-term prospects. The company's shares closed at a four-year low of $64, wiping out $25.45 billion from its market value. Analysts highlighted rising competition from Abbott (ABT.N) , opens new tab and Medtronic (MDT.N) , opens new tab. Baird analyst Jeff Johnson downgraded the stock to "neutral" from "outperform" and said Dexcom does not seem to be growing as fast as investors hoped to capture "basal only" diabetes patients who take one insulin injection a day. "More importantly ... it appears that Abbott is doing a better share of taking those basal only Type 2 patients and Dexcom's share is not keeping up," said Johnson. Last week, Abbott reported an 18% jump in second-quarter sales of its FreeStyle Libre devices. It expects the device, including a recently approved over-the-counter version, to bring in sales of $10 billion by 2028. Dexcom now expects 2024 revenue of about $4 billion to $4.05 billion, compared with $4.20 billion to $4.35 billion earlier. As part of the restructuring, Dexcom changed which doctors its salespeople would approach, resulting in fewer-than-expected new patients. Some analysts said the process was more disruptive than feared, while others termed the company's problems "self-inflicted", stemming from poor management execution. At least half of the brokerages covering Dexcom's stock slashed their price targets. The company, which signaled it had lost some market share for devices sold through distributors, also said rebates, or after-market refunds, for its G7 glucose monitors affected how much revenue it made per customer in the second quarter. The rebates were implemented in little over a year, compared with the expected two-year timeline. Sign up here. https://www.reuters.com/business/healthcare-pharmaceuticals/dexcom-plunges-40-after-glucose-monitor-maker-slashes-sales-forecast-2024-07-26/
2024-07-26 20:35
TSX ends up 0.9% at 22,814.81 Posts fifth straight weekly gain All 10 major sectors end higher Technology sector rises 1.6% July 26 (Reuters) - Canada's main stock index notched broad-based gains on Friday to extend its weekly winning streak, as investors cheered U.S. inflation data that could clinch the start of Federal Reserve interest-rate cuts in the coming months. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended up 206.78 points, or 0.9%, at 22,814.81, after three straight days of declines. For the week, the index was up 0.6%, its fifth-straight weekly incline. "Markets are rebounding sharply today following the release of core PCE (price index data) which came in tame," said Brandon Michael, senior investment analyst at ABC Funds. Wall Street's major stock indexes also rose as tech megacaps recovered and the inflation data supported bets that the Fed would begin cutting interest rates in September. "Market breadth is strong today. There's green across the board, which is always a great sign," Michael said. All 10 major sectors gained ground, led by technology, which climbed 1.6%. Industrials rose 1% and heavily weighted financials added nearly 1%. Bank of Nova Scotia (BNS.TO) , opens new tab said it has resolved a technical issue that affected thousands of its clients in Canada, with several complaining about missing paychecks and other problems. Scotiabank's shares ended 0.7% higher. Canadian National Railway Co (CNR.TO) , opens new tab, one of the country's two largest rail companies, resumed the movement of goods through Jasper National Park after a major wildfire forced it to suspend operations. Shares of CN Rail were up 1.8%. Packaging & containers company Winpak (WPK.TO) , opens new tab was a standout. Its shares jumped 7.7% after analysts at BMO and CIBC raised their price targets on the stock. Sign up here. https://www.reuters.com/markets/tsx-futures-gain-us-inflation-data-focus-2024-07-26/
