Week 31 2017

Week 31 2017

July 31 – 04 August


31 July


Texas manufacturing activity rose for a 10th consecutive month in July as the state’s shale oil producers continue to hold their ground despite the recent volatility in global crude prices.


Asia Pacific equities were broadly higher as materials stocks in the region were boosted by a multi-year high reading from China’s construction sector.


Pimco has staged a “remarkable turnround” to become the world’s best-selling active mutual fund manager, after investors pulled hundreds of billions of dollars from the investment house following the departure of bond king Bill Gross in 2014.


One of the aviation industry’s most colourful wagers has been reignited. In 2012, Willie Walsh, chief executive of International Airlines Group, which owns British Airways, bet Sir Richard Branson a “knee in the groin” that the Virgin Atlantic brand would disappear within five years, after US airline Delta Air Lines bought a 49 per cent stake in the British carrier.


01 August


China’s factories outperformed again in July with more robust growth in output and new orders, according to a closely-watched independent gauge of manufacturing activity.


South Korea’s manufacturing sector fell into contraction in July after just one month above the water line as demand stalled and export sales dipped, according to an industry gauge.


Pivotal Research’s Brian Wieser has downgraded Facebook to sell, saying it’s too expensive at its current price.

Sony has delivered its highest quarterly profit in 18 months and is looking to its consumer electronics products to drive the uptick in revenue over the next nine months of its fiscal year.


02 August


Chinese tourists flocking to European and Asian capitals in record numbers this summer will be spending less on shopping and more on dining and sightseeing as overseas travel becomes more mainstream and the lure of foreign prices diminishes. 


Australia building approvals rose at the fastest pace in eleven months in June, driven by a more than 20 per cent rise in apartments.


Shares in Under Armour tumbled 8.6 per cent on Tuesday after the sportswear maker reported its second straight quarter of losses and launched a major restructuring plan that would slice its 2017 operating profit by half.


Apple signalled a continued recovery in iPhone sales after last year’s declines, as it posted 7 per cent increase in revenues for its most recent quarter and forecast a better-than-expected performance in the three months to September.


03 August


Yum Brands fell 2.1 per cent to $75 in pre-market trading after missing sales estimates for Taco Bell, its strongest fast-food chain, which has been a regular source of growth for the company.


Hostilities between Toshiba and Western Digital have been reignited, with the two partners in a memory chip venture clashing over a $1.8bn investment critical to the business.


Zimbabwe’s central bank said it would more than double the printing of “bond notes” as cash shortages worsen in the dollar-dependent southern African nation.


The pound has fallen to its lowest level against the euro since November 2016 after the Bank of England revised down its growth forecasts for the UK economy and warned that Brexit uncertainty was holding back investment.


04 August


Two of China’s largest state energy companies have submitted merger plans to regulators. News that Shenhua Group and China Guodian had applied to China’s State Council for merger approval was confirmed this week by comments a Guodian executive made during an energy conference.


America’s jobs recovery continued unabated in July, fuelled by a surge in hiring at restaurants and bars, according to figures that exceeded Wall Street expectations and cemented expectations of further Federal Reserve tightening this year. 


Toyota thinks it will avoid booking a second straight year of double digit decline in profit thanks to expectations for a weaker yen helping to boost their financial forecasts for the full-year.


HSBC’s China fund management venture has been punished for misconduct related to IPO subscriptions, as regulators proceed with a broad campaign against financial corruption.