Good morning! Here’s what you need to know in markets on Thursday.
1. Asian shares gave up early gains on Thursday as upbeat Wall Street earnings supported global investor sentiment but trade war jitters pushed China’s offshore yuan to a fresh one-year low. Japan’s Nikkei closed down 0.11%, the Hong Kong Hang Seng is down 0.30% at the time of writing (7.30 a.m. BST/2.30 a.m. ET), and the Shanghai Composite is down 0.58% at the same time.
2. Oil rose as much as 1% on Wednesday after US production rose to a record high and stockpiles jumped unexpectedly.US West Texas Intermediate is down 0.3% to $US68.71 at the time of writing (7.10 a.m. BST/2.10 a.m. ET), while Brent oil is down 0.3% to $US72.83.
3. The Chinese yuan fell to its lowest level versus the dollar in more than a year on Wednesday. The depreciation comes amid a dollar rally and trade tensions between the US and China.
4. British retailer Sports Direct on Thursday reported a 12.2% increase in full-year core earnings, helped by its strategy to smarten up its stores and sell more premium products. Reuters reports that the sportswear chain, founded and run by billionaire Mike Ashley, made underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of £306.1 million in the year to April 29.
5. eBay reported an 8% rise in profits during the Q2 earnings results on Wednesday. But the e-commerce company’s Q3 profit forecast was weaker than what Wall Street has been expecting and eBay also lowered its full-year revenue forecast.
6. UK retail sales numbers are coming. The Office for National Statistics will release sales figures for June at 9.30 a.m. BST (4.30 a.m. ET). The consensus forecast among economists is sales growth of 0.4% on the prior month and 3.9% annually.
7. Twitter shares may be topping out, according to Macquarie analyst Ben Schachter. The stock has soared this year, and all of Twitter’s strategy and product improvements are priced in, he says.
8. The manufacturers most affected by US tariffs on imported goods are worried about their future, according to the Federal Reserve. The Fed’s Beige Book, which compiles anecdotes on business activity from across its 12 districts, showed Wednesday that manufacturers in all districts expressed concern about tariffs.
9. Bitcoin’s 10% jump in 20 minutes on Tuesday may have been caused by a short squeeze. Market analysts said that new money coming into the market could have created a short squeeze, forcing traders who bet against bitcoin to buy the digital currency to cover their losses.
10. Berkshire Hathaway shares jumped Wednesday after the company loosened its share buyback policy. The conglomerate is under pressure to put excess cash to work.
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