Week 33 2017

Week 33 2017

14 August – 18 August


14 August


Japan’s economy grew at the fastest pace in more than two years during the three months ended June, notching a sixth straight quarter of expansion as domestic demand took off and exports contracted.


Aldi is building a partnership with Instacart, the Silicon Valley unicorn, to deliver groceries to American doorsteps, as the German discounter looks to slice into the US food market.


Chinese telecom operator China Unicom rose on Monday after the company said it expects net profit for the six months to June to come in 68.9 per cent higher than the same period last year.


Of all the European nations that plunged into economic turmoil in the decade after the global financial crisis, Ireland is the standout recovery.


15 August


China’s economy will grow faster than expected over the next three years because of the government’s reluctance to rein in “dangerous” levels of debt, the International Monetary Fund warned on Tuesday.


Venture capital firm Benchmark took to email on Monday to defend its controversial lawsuit against former Uber boss Travis Kalanick, days after launching its legal broadside to force him off the company’s board.


Warren Buffett’s Berkshire Hathaway has ramped up its bet on the consumer finance sector with a new position in credit card company Synchrony Financial during the second quarter.

A key measure of inflation in Sweden has surpassed the Riksbank’s 2 per cent target for the first time in more than six years, prompting a rally in the krona as investors hope for an acceleration of the central bank’s steps to normalise monetary policy after years of aggressive stimulus.


16 August


The koruna is on the march after news that the Czech economy expanded by an impressive 4.5 per cent on the year in the second quarter, some 1.5 percentage points above forecasts and up from 3 per cent in the first quarter of the year. In the second quarter alone, the economy expanded by 2.3 per cent, set against an expected rate of 0.8 per cent.


Air Berlin filed for insolvency on Tuesday but will remain operating after the German government and Lufthansa stepped in to prevent the collapse of one of Europe’s largest airlines.


A new crop of earnings data on Tuesday painted a mixed picture of the US retail landscape, revealing who is withstanding the rise of ecommerce and who is suffering from changing shopping patterns. 


Sterling approached its weakest level against the euro in 10 months on Tuesday and fell against the dollar, as the latest snapshot of UK inflation underlined the squeeze on consumers but failed to fan expectations the Bank of England would raise interest rates.


17 August


The euro fell to its lowest level of the month on Thursday after European Central Bank policymakers showed concern that its further rise could derail the region’s recovery, a view that could make the bank tread more carefully when starting to pare back its crisis-era support.


Target continued to gain the upper hand in the battle for US retail dollars during the second quarter.


Warren Buffett’s $18bn agreement to buy Oncor risks collapsing after Elliott Management acquired a new portion of debt in the owner of the Texas utility firm that will allow the US hedge fund creditor to block the deal, people close to the matter said.


Japan’s yen has fallen to its weakest level since before last week’s flare-up in tensions between the USA and North Korea, with investor attention refocusing on economic matters as the political focus in the US has shifted elsewhere.


18 August


Prices in Canada grew 1.2 per cent in July, as the rising cost of transport, housing and healthcare lifted the key inflation marker and underscored the central bank’s decision to raise interest rates last month.


Gap shares surged in extended trading after the retailer mounting a turnaround posted better-than-expected second quarter results, led by Old Navy, and lifted its full-year earnings outlook.


NetApp was the second biggest decliner on the S&P 500 and poised for its biggest one-day drop in more than a year on Thursday as Wall Street analysts struck a cautious note, underscoring competitive concerns for the data storage company.


It’s shaping up to be a rough Friday for Asia Pacific equities after a tough Thursday for Wall Street – and one of the region’s three major bourses hasn’t even started trading yet.