Finance
10 things you need to know in markets August 7
Good morning! Here’s what you need to know in markets on Tuesday.
1.
Oil prices rose more than 1.5% on Monday ahead ofUS economic sanctions against that are Iran set to take
effect on Tuesday. An initial round of sanctions
against Tehran was reimposed Monday, administration officials
said, as has been expected since President Donald Trump withdrew
the US from the Iran nuclear deal in May.
2.US stocks rose Monday, with the S&P 500 approaching
its January all-time high, after a wave of strong earnings
reports from companies including Tyson Foods. The
dollar edged higher, and Treasury yields fell.
3.
Europe’s biggest bank, HSBC, has reached a $765 million (£591
million) settlement with the US Department of Justice to end an
investigation into the sale of mortgage-backed securities in the
run-up to the 2008 financial crisis, The Guardian
reported. The provisional settlement over the way
HSBC packaged up toxic bonds between 2005 and 2007 is smaller
than some of the settlements the DoJ has reached with other
banks, such as the $4.9 billion penalty for Royal Bank of
Scotland and the $2 billion settlement with Barclays.
4.Indra Nooyi, PepsiCo’s first female CEO, will step down
in October after 12 years at the helm. The company
announced Monday that its president, Ramon Laguarta, would be the
new chief executive.
5.
Asian stocks wobbled on Tuesday as simmering worries over the
US-China trade conflict offset positive leads from earnings-led
gains on Wall Street. MSCI’s broadest index of
Asia-Pacific shares outside Japan was up 0.05%.
6.
New York on Monday filed a lawsuit seeking to compel the Trump
administration to turn over more information about a pilot
program allowing employers to resolve violations of federal
overtime and minimum wage laws without penalties.
According to the lawsuit, filed against the U.S. Department of
Labor by New York Attorney General Barbara Underwood in Manhattan
federal court, the department had failed to respond to a request
for more information submitted in April under the federal freedom
of information law.
7.Marriott International on Monday signalled weakness in
revenue per available room in North America, its largest market,
for the third quarter, sending shares of the world’s largest
hotel chain down about 4%. The company expects
revPAR, an important metric that measures a hotel chain’s health,
to increase by 1.5% to 2% in the region due to Independence Day
holiday falling in the middle of the week and tough comparisons
to last year’s numbers that included the impact of hurricane
relief efforts.
8.Turkey’s lira sank to a record low and bonds tumbled as
heightened concern over a diplomatic spat with the US
overshadowed the central bank’s attempt to support the currency,
Bloomberg reported. The lira slumped as much as 6.3%
Monday before rising 1.1% Tuesday after a report Turkish
officials will head to the U.S.
9.
Eleven US passengers who survived an Aeromexico crash in the
northern Mexican state of Durango on July 31 filed lawsuits
against the airline in Chicago on Monday. The Mexico
City-bound Embraer 190 passenger jet smashed into scrubland near
the runway shortly after take-off during what passengers have
described as strong winds, hail and rain.
10.Bids by telecommunications firms AT&T and Telefonica
won 120 MHz of radioelectric spectrum in the 2500-2690 MHz
frequency band that can be used for wireless services, Mexico’s
telecommunications regulator, IFT, said on Monday.
The auction had drawn strong interest from operators because it
is well-suited for broadband, 5g mobile networks and the
so-called Internet of Things.
-
Entertainment6 days ago
‘Only Murders in the Building’ Season 4 ending explained: Who killed Sazz and why?
-
Entertainment7 days ago
Polling 101: Weighting, probability panels, recall votes, and reaching people by mail
-
Entertainment5 days ago
When will we have 2024 election results online?
-
Entertainment6 days ago
5 Dyson Supersonic dupes worth the hype in 2024
-
Entertainment4 days ago
Halloween 2024: Weekend debates, obscure memes, and a legacy of racism
-
Entertainment5 days ago
Social media drives toxic fandom. Is there a solution?
-
Entertainment4 days ago
Is ‘The Substance’ streaming? How to watch at home
-
Entertainment4 days ago
M4 MacBook Pro vs. M3 MacBook Pro: What are the differences?