Daily News Portal

S&P 500 futures are flat ahead of a busy week of earnings, Fed meeting: Live updates

3 Hours Ago

Wall Street cut China’s GDP forecast many times this year. One bank adjusted 6 times

International investment firms have changed their China GDP forecasts nearly every month so far this year, with JPMorgan making six adjustments since January.

The U.S. investment bank most recently cut its China GDP forecast in July to 5%, down from 5.5% previously. That came alongside cuts this month by Citi and Morgan Stanley to 5%.

Read the full story here.

— Evelyn Cheng

7 Hours Ago

Australia’s business activity contracts for the first time since March

Business activity in Australia’s private sector fell for the first time since March, mainly due to a contraction in services activity.

According to flash estimates from Juno Bank, the composite purchasing managers index fell to 48.3, down from 50.1 in June.

Services PMI went below the 50 no-change mark to 48, down from 50.1 in June. In contrast, manufacturing activity posted a softer contraction at 49.6 compared to the 48.2 seen in June.

A PMI above 50 represents an expansion in the sector, while a PMI reading under 50 represents a contraction.

— Lim Hui Jie

5 Hours Ago

Japan’s business activity expands for seventh straight month: au Jibun bank

Japan’s business activity expanded for the seventh straight month, according to flash estimates by the au Jibun bank.

The country’s composite purchasing managers index stood at 52.1 for July, unchanged from the month before.

Services PMI slipped slightly to 53.9 from 54 in June, while manufacturing activity stayed in contraction territory, with the PMI falling to 49.4 from 49.8.

— Lim Hui Jie

7 Hours Ago

CNBC Pro: China’s earnings season is just getting started. Here are some winners to watch

Some Chinese stock sectors are seeing fundamentals shift in their favor.

Profits are moving to industrials, consumer discretionary and staples — and away from materials and energy, according to HSBC.

Investors may also get some answers about macro policy in coming days with a gathering of Chinese leaders, called the Politburo, due by the end of the month.

CNBC Pro subscribers can read more here.

— Evelyn Cheng

8 Hours Ago

AMC shares surge after judge denies company settlement on stock conversion

Shares of AMC Entertainment Holdings surged more than 60% after a judge on Friday blocked a proposed settlement on the company’s stock conversion plan that would allow the company issue more shares.

AMC Entertainment Preferred shares were down 15%.

In February the movie theater chain was sued for allegedly rigging a shareholder vote that would allow it to convert preferred stock to common stock and issue millions of new shares. Doing so would have diluted the common stock shares but allowed AMC to pay down some of its more than $5 billion in debt.

Read the full story here.

— Tanaya Macheel

9 Hours Ago

S&P 500 futures open flat

Read More:S&P 500 futures are flat ahead of a busy week of earnings, Fed meeting: Live updates