Author: Chief Editor

Weekly jobless claims increase 6,000 to 260,000 Continuing claims rise 48,000 to 1.416 million Trade deficit shrinks 6.2% to $79.6 billion in June The number of Americans filing new claims for unemployment benefits increased last week, suggesting some softening in the labor market, though overall conditions remain tight. That was underscored by other data on Thursday showing a sharp decline in layoffs announced by U.S.-based companies in July. The still-low level of unemployment claims and brisk pace of hiring support views that the economy is not in recession despite gross domestic product contracting in the first half. “The risk is…

OPEC leaders Saudi Arabia and the United Arab Emirates stand ready to deliver a “significant increase” in oil output should the world face a severe supply crisis this winter, sources familiar with the thinking of the top Gulf exporters said. When the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided on Wednesday to raise oil output by a mere 100,000 barrels per day (bpd), it broke a taboo with a rare reference to the group’s spare production capacity. The statement referred to “the severely limited availability” of spare capacity, saying that meant it needed to kept it in reserve…

Non-manufacturing activity data due at 10 a.m. ET PayPal rises after bumping annual profit outlook Airbnb dips after bookings disappoint Indexes up: Dow 0.77%, S&P 0.83%, Nasdaq 1.24% U.S. stock indexes rose on Wednesday on strong results from PayPal and CVS Health, with investors awaiting services activity data for clues on the health of the economy struggling with soaring inflation and tightening financial conditions. Shares of PayPal Holdings (PYPL.O) jumped 11.6% after the fintech company raised its annual profit guidance and said activist investor Elliott Management has an over $2 billion stake. CVS Health Corp (CVS.N) gained 4.7% as the largest U.S. pharmacy chain…

Airbus (AIR.PA) has revoked its entire outstanding order from Qatar Airways for A350 jets, severing all new jetliner business with the Gulf carrier in a dramatic new twist to a dispute clouding World Cup preparations, two industry sources said. No comment was immediately available from Airbus or Qatar Airways. The two aviation titans have been waging a rare public battle for months over the scarred condition of more than 20 long-haul jets that the airline says could pose a risk to passengers and which Airbus insists are completely safe. Qatar Airways, which was the first airline to introduce the intercontinental jet to…

Rio Ferdinand believes that it will be better for everyone if Manchester United provide a clear stance on Cristiano Ronaldo’s future with the club. Mirror. The former Manchester United defender stated that if there’s a lack of clarity regarding the player’s future at the club, the situation could get complicated. He added that from the player’s point of view, having a clear idea about his future is the most important thing. This is something the Portuguese ace does not have at the moment. The 37-year-old forward played in his first pre-season friendly game this summer against Rayo Vallecano on August 31. However, he was…

Exxon Mobil Corp (XOM.N) on Friday posted its biggest quarterly profit ever on the back of soaring energy prices and as it kept a tight rein on spending. The top U.S. oil producer reported second-quarter net income of $17.9 billion, or $4.21 per share, an almost four-fold increase over the $4.69 billion, or $1.10 per share, it earned in the same period last year. Oil and natural gas prices have scaled multi-year highs this year as Western sanctions against major exporter Russia squeezed an already under-supplied global market. Margins for making fuels like gasoline and diesel surged worldwide, boosting the profits of…

Q2 net profit $11.6 bln vs $3.1 bln year earlier Top of share buyback range raised to $15 bln from $10 bln Shares up 3.7% in premarket trading to $155.90 Chevron Corp (CVX.N)posted its biggest quarterly earnings ever on Friday, built on strong fuel margins and high prices for natural gas and oil, and boosted its share buyback target. The oil major posted second-quarter net profit of $11.6 billion, or $5.95 per diluted share, more than triple the $3.1 billion, or $1.60 per share, in the same period last year. Chevron’s ramped-up share buyback plan follows those of other oil majors,…

U.S. stocks futures gained led by the Nasdaq on Friday as positive forecasts from Apple and Amazon indicated resilience in mega-cap companies in the face of weaker consumer spending, with hopes of a less aggressive monetary policy boosting sentiment. Apple Inc (AAPL.O) shares rose 2.4% in premarket trading after the iPhone maker said parts shortages are easing and that demand for iPhones is unceasing despite consumers tightening other spending. Amazon.com Inc (AMZN.O) shot up 12.1% after it forecast a jump in third-quarter revenue from bigger fees from its Prime loyalty subscriptions. High-growth stocks also benefited from the yield on benchmark 10-year Treasury notes retreating…

Toyota Tsusho Corp (8015.T), part of the Toyota group, does not expect Toyota Motor Corp (7203.T) to meet its target to produce a record 9.7 million vehicles worldwide this business year, an executive at the trading firm said on Friday. The comment is likely to add to speculation among analysts and investors that the world’s biggest automaker will have to slash its production goal for the year to March 2023. Hideyuki Iwamoto, chief financial officer (CFO) at Toyota Tsusho Corp, told an earnings news conference he expected Toyota Motor’s production to come in below target based on the automaker’s monthly production results and…

New Barcelona signing Jules Kounde has revealed that club coach Xavi was one of the big reasons why he decided to join the Camp Nou outfit. The Frenchman admittedly chatted with him multiple times and was excited by the way the former midfielder spoke. On Thursday, Barcelona officially confirmed that they had signed Jules Kounde from La Liga rivals Sevilla, pending a successful medical. According to Fabrizio Romano, a fixed fee of around €50 million plus add-ons has been agreed between the two clubs. It is believed that the player, who was also being courted by Chelsea, will sign a five-year contract (June 2027) with the…