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International1d ago

Q2 US Unit Labor Costs Rises 1.3% vs 2.1% Increase Expected, 1.3% Gain in Q1

International1d ago

Q2 US Nonfarm Productivity Rises 1.4% vs 0.6% Increase Expected, 0.8% Gain in Q1

International1d ago

US Initial Jobless Claims 199,000 Vs. Expected 205,000, Prior 198,000

International1d ago

Corporate Earnings Season, Persian Gulf Outlook Lift European Bourses Midday

European bourses tracked moderately higher midday Thursday as traders weighed a generally good earnings season and monitored possible ceasefire arrangements pending in the Persian Gulf.Bank and food stocks led gains on continental trading floors, while tech and property shares lagged.Investors also eyed mixed and muted Wall Street futures amid lower closes overnight on Asian exchanges.Deutsche Telekom stock was up 6.9% midday after the company reported higher Q2 earnings and expanded its 2026 stock repurchase authorization.In economic news, Eurozone retail sales fell 0.3% month over month in June, while those in the broader European Union declined by 0.1%, Eurostat reported. Year over year, June retail sales rose by 0.7% in the Eurozone, and by 1.2% in the EU.The pan-continental Stoxx Europe 600 Index was up 0.4% mid-session, possibly on course to close at a fresh all-time record high.The Stoxx Europe 600 Technology Index was down 0.4%, and the Stoxx 600 Banks Index gained 1%.The Stoxx Europe 600 Oil and Gas Index gained 0.6%, while the Stoxx 600 Europe Food and Beverage Index rose 1.1%.The REITE, a European REIT index, fell 0.6%.On the national market indexes, Germany's DAX was up 0.1%, and the FTSE 100 in London gained 0.1%. The CAC 40 in Paris was 0.6% higher, and Spain's IBEX 35 advanced 1.1%.Yields on benchmark 10-year German bonds were higher, near 3.12%.Front-month North Sea Brent crude-oil futures were up 1.1% at $80.29 a barrel.The Euro Stoxx 50 volatility index was down 0.7% at 15.85, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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International1d ago

US Dollar Rises Early Thursday Ahead of Jobless Claims, Productivity

The US dollar rose against its major trading partners early Thursday, except for a decline versus the Canadian dollar, before the release of weekly jobless claims and Q2 productivity and unit labor costs data, all at 8:30 am ET.Wholesale inventories data for June are due to be released at 10:00 am ET, followed by weekly natural gas stocks at 10:30 am ET and an update to the Atlanta Federal Reserve's GDP nowcast estimate around midday.Earlier Wednesday, outplacement firm Challenger, Gray & Christmas reported that layoff intentions declined in July from both June and the previous month, but the technology sector still led the total and artificial intelligence was the key reason listed for the fifth straight month.A quick summary of foreign exchange activity heading into Thursday:EUR/USD fell to 1.1544 from 1.1551 at the Wednesday US close but was little changed from a level of 1.1543 at the same time Wednesday morning. Eurozone construction PMI rose in July but still indicated contraction, while Eurozone retail sales declined in June, slowing the year-over-year rate, data released earlier Thursday showed. The next European Central Bank meeting is scheduled for Sept. 10.GBP/USD fell to 1.3464 from 1.3466 at the Wednesday US close and 1.3467 at the same time Wednesday morning. UK construction PMI rose in July but was still below the breakeven point, according to data released earlier Thursday. The next Bank of England meeting is scheduled for Sept. 17.USD/JPY rose to 157.9260 from 157.7287 at the Wednesday US close and 157.5523 at the same time Wednesday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for Sept. 17-18.USD/CAD fell to 1.3996 from 1.4012 at the Wednesday US close and 1.4060 at the same time Wednesday morning. Canadian services PMI for July is due to be released at 9:30 am ET. The next Bank of Canada meeting is scheduled for Sept. 2.

$EUR/USD$GBP/USD$USD/CAD$USD/JPY

International1d ago

Toronto Housing Market in July Signals Potential Bottom for Home Prices, Says BMO

Toronto's housing market appears to be moving toward a turning point, as tighter supply-demand conditions suggest the prolonged downturn may be losing momentum and paving the way for greater price stability, according to BMO Capital Markets in a Thursday note.Absent a major external shock, recent trends suggest the market may have already passed the lows of this extended downturn, said the bank after the Toronto Regional Real Estate Board's (TRREB) July data was released earlier Thursday."We continue to see signs that the lows for this (very long) cycle are in place," wrote BMO economists in the note.July data from TRREB showed sales down just 0.9% on the year while new listings fell 17.8%, pointing to a more balanced market, added the bank. Although the MLS HPI benchmark price remained 4.6% below last year, improving stability suggests prices may be nearing a floor.The recovery remains uneven, with condos still under pressure as prices are down more than 7% year over year and inventory stays elevated, according to BMO. However, broader market conditions are improving as excess supply is absorbed and buyer competition rises.

$CXY

International1d ago

Tech Caution Undercuts Wall Street Pre-Bell; Asia Mixed, Europe Up

Wall Street futures were mixed pre-bell Thursday as traders eyed tech enterprises cautiously, and backed away from any signs of slipping revenue growth revealed in the ongoing earnings season.In the futures, the S&P 500 rose 0.2%, the Nasdaq declined 0.4% and the Dow Jones was up 0.3%.AppLovin (APP) traded down 18.8% pre-bell after the mobile-technology and app enterprise reported Q2 EPS in line with expectations, but missed on revenue and offered tempered guidance, late Wednesday.Western Digital (WDC) traded down 15.3% pre-bell after the data-storage company overnight released fiscal Q4 earnings and revenue that topped expectations, but offered revenue guidance roughly in line with outlooks.Asian exchanges traded mixed overnight, while European bourses tracked moderately north midday on the continent, again testing record highs.On the economic calendar is the weekly jobless claims report, and the Q2productivity and costs bulletin, at 8:30 am ET.The weekly EIA natural gas report logs at 10:30 am.Federal Reserve St. Louis President Alberto Musalem is slated to speak on Thursday.In pre-market action, bitcoin traded at $64,608, West Texas Intermediate crude oil traded up 0.8% at $75.81, and 10-year US Treasuries offered 4.63%. Spot gold commanded $4,268 an ounce.

Dow JonesNasdaq CompositeS&P 500

International1d ago

Toronto's Housing Supply Falls in July, Prices May Be Heading for Stabilization, TRREB Says

Greater Toronto Area's (GTA) resale housing market tightened in July as new listings fell sharply, outpacing a modest decline in sales and increasing buyer competition, which could lead to home price stabilization in the second half of the year, according to the Toronto Regional Real Estate Board (TRREB) on Thursday.Market conditions became more competitive for buyers as new listings fell 17.8% year over year to 14,484 in July, while home sales declined just 0.9% to 5,995, lifting sales as a share of available listings, wrote TRREB in a note."If current trends continue, home prices could start to level off compared to last year," said TRREB president Daniel Steinfeld in the note. "Many would-be homebuyers are waiting for confidence in the market and broader economy to improve before making a purchase."On a seasonally adjusted basis, home sales rose from June while new listings fell, signaling further tightening in market conditions over the summer, added TRREB.Despite tighter supply-demand conditions, prices remained below year-ago levels, it said. The MLS HPI Composite benchmark fell 4.6% year over year in July, while the average selling price declined 4.5% to C$1,003,956.Month over month, the seasonally adjusted MLS HPI Composite edged higher in July, while the average selling price dipped slightly.

$CXY

International1d ago

Tech Caution, New Insurance Taxes Dent Asian Stock Markets

Asian stock markets tracked unevenly lower Thursday as traders again mulled tech-sector values and monitored Persian Gulf developments. Insurance stocks were pressured after China tax authorities confirmed plans to place levies on certain policies held in Hong Kong.Hong Kong and Tokyo finished in the red, although Shanghai bucked trends to gain ground. Seoul's KOSPI index lost 4.6% in a fresh semiconductor-sector slide.Brent crude oil futures held steady at under $80 barrel, during Asian market hours.In Japan, the Nikkei 225 opened lower on Wall Street cues and could not recover, finishing off 0.9%.The benchmark Nikkei 225 fell 617.18 to 65,683.26, although gaining issues outnumbered losers 168 to 45, as declines were somewhat confined to AI- and semiconductor-sector shares.Leading the upside was industrial-automation outfit Omron, up 15% after reporting earnings, while semiconductor components-maker Taiyo Yuden declined 11%.In Hong Kong, the Hang Seng Index opened lower and drifted south, closing down 1.5% on weakness in tech shares, and concerns regarding new mainland China taxes on certain insurance policies.The broad gauge Hang Seng fell 385.54 to 25,530.28, as losing issues outnumbered gainers 69 to 24. The Hang Seng TECH Index lost 2.3% on the day, while the Mainland Properties Index fell 0.6%.Leading the upside was Wharf Real Estate, gaining 13.7% after reporting earnings, while insurer AIA declined 5.9%.Chinese mainland tax authorities have begun enforcing a flat 20% personal income tax on gains or income obtained in offshore Hong Kong insurance policies, the South China Morning Post reported.On the mainland, the Shanghai Composite rose 0.6% to 3,900.35, as resource issues gained.On the other regional exchanges, the Taiwan TWSE declined 0.5%; the Australian ASX 200 inclined 0.5%; the Singapore Straits Times Index rose 1%, and the Thai Set inclined 0.3%. In late trading in Mumbai, the Sensex was up 0.5%.The MSCI All Country Asia Pacific Index fell 1.2% on the day.

Hang SengNikkei 225Shanghai Composite

International1d ago

Challenger US July Layoff Intentions Fall Sharply from Previous Month, Year-Ago, Technology Still Key

Outplacement firm Challenger, Gray & Christmas said Thursday that companies planned to cut 33,429 jobs in July, down from 45,849 in June and 62,075 in July 2025 and the lowest monthly total since July 2024.The largest layoff count in July was again in the technology sector, accounting for 9,867 job cuts, while artificial intelligence was cited as the key reason for 10,970 of total layoffs intentions, the fifth straight month that AI was the most cited reason."The pace of layoffs fell dramatically this summer," said Andy Challenger, the company's chief revenue officer. "Layoff plans continue to be announced primarily in tech, and artificial intelligence is still the story, as investments in the technology reshape organizations."There have been 477,033 job cuts in the first seven months of 2026, down from 806,383 in the same period in 2025.There were 16,095 hiring plans announced in July, up from the 10,933 hiring plans in June and well above the 3,200 plans announced in July 2025. The aerospace and defense sector led the total with 4,625 hiring plans."Hiring has also increased over last year by 25%, so while AI is shifting the labor market, it is not dismantling it," Challenger said.

International1d ago

Challenger US July Layoff Intentions 33,429 Vs. Prior 45,849; 62,075 Year-Ago

International1d ago

Eurozone Monthly Retail Sales Down 0.3% in June

The euro area's retail sales declined 0.3% month over month in June, following a revised 0.4% rise in May, according to Eurostat data published Thursday.Analysts expected a 0.1% increase for the month.On a yearly basis, the eurozone's retail sales were up 0.7%, against the revised 1.9% rise earlier and the expected 1% growth.

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International1d ago

French Flash Private Payroll Employment Down 0.1% in Q2

France's private nonfarm payroll employment ticked down 0.1% in the second quarter, after a similar 0.1% dip in the prior three-month period, flash data from statistics agency Insee showed Thursday.The reading is consistent with market expectations.

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International1d ago

S&P: UK's Construction PMI Downturn Slows in July

Britain's construction sector remained in a downturn in July amid declines in residential and civil engineering activity levels, S&P Global said Thursday.The S&P Global UK Construction PMI came in at 44.7, higher than 38.4 in the prior month and the consensus estimate of 40. The latest reading marks the slowest pace of reduction in overall output levels since March but remains below the neutral 50 threshold.

FTSE 100

International1d ago

Italy's Monthly Industrial Output Down 1.0% in June

Italy's seasonally adjusted industrial production fell 1.0% month over month in June, after a 0.3% decline in May, statistics agency Istat said Thursday.Analysts expected a 0.3% gain for the month.On a yearly basis, the calendar-adjusted industrial output dropped 0.6%, against the revised 1.2% increase earlier and the consensus estimate of a 1% growth.

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International1d ago

Taiwan's Annual Inflation Eases to 2.54% in July

Taiwan's annual inflation rate eased to 2.54% in July from 2.59% in June, according to data from the National Statistics on Thursday.The latest print was higher than the market consensus forecast of 2.4%, according to Investing.com.Core inflation, which excludes selected food and energy items, decreased to 2.38% in July from 2.44% in June.

Taiwan Weighted

International1d ago

Italy Construction Activity Contracts at Softer Pace in July, PMI Shows

The downturn in Italy's construction sector eased in July, as new orders rose for the first time since February, S&P Global said Thursday.The S&P Global Italy Construction PMI came in at 49.1 in July, up from 45.4 in June.

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International1d ago

Germany's Construction PMI Hits Three-Month Low in July

Germany's construction sector contracted at an accelerated pace in July amid further declines in total activity and new orders, S&P Global said Thursday.The S&P Global Germany Construction PMI Total Activity Index dropped to a three-month low of 42.1 from 44.8 in June. The index has recorded a reading below the 50-point neutral mark year to date.

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International1d ago

PMI: Eurozone Construction Sector Contraction Eases in July

Contraction in the euro area's construction activity in July was the softest in four months as slowing input price inflation offset a marked decline in new orders and a deteriorating outlook for the year ahead.The S&P Global Eurozone Construction PMI Total Activity Index improved to 44.3 from 42.8 in June, still signaling a "historically sharp" fall in construction activity, S&P Global said Thursday.

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International1d ago

PMI: French Construction Slump Eases in July

France's construction sector remained deep in contraction territory in July, though the rate of decline in business activity was at the weakest pace since February, S&P Global said Thursday.The S&P Global France Construction PMI Total Activity Index climbed to 41.5 in July from 38.2 in June.

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International1d ago

Tech Caution, New Insurance Taxes Dent Asian Stock Markets

Hang SengNikkei 225Shanghai Composite