Here is what you need to know.
China’s inflation grew at its slowest pace in 7 months. Consumer prices in China rose 1.8% year-over-year in July, according to data released by the National Bureau of Statistics. Pork prices grew at a 16.1% YoY clip (30.1% YoY in June ), helping push food inflation down to 3.3% YoY. As for producer prices, they fell 1.7% YoY, an improvement from the 2.6% YoY contraction seen in June.
India’s central bank made its last policy decision under Raghuram Rajan. The Reserve Bank of India held its key rate at 6.50%, as expected. In its policy statement, the central bank noted risks to its 5% inflation target are to the upside. As of his time at the central bank Rajan said, “We managed to move the needle forward a little bit.”
UK retail sales weren’t impacted by Brexit. The latest figures from the British Retail Consortium and KPMG showed retail sales rose 1.1% in July. “Warmer weather helped blow away some of the post-referendum blues, boosting the UK feelgood factor and giving consumers a sense that ‘life goes on’ following the initial shock of the Brexit vote,” David McCorquodale, KPMG’s retail head, noted in the release. Food and drink, and fashion were the biggest beneficiaries of the warm weather.
LendingClub’s CFO is leaving the company. CFO Carrie Dolan has resigned to “pursue a new opportunity.” The announcement accompanied LendingClub’s quarterly results, which showed a top line miss of an adjusted $0.09 per share loss and a bottom line beat of $103.4 million in revenue.
Twitter is looking to sublease out a bunch of office space. The social media company wants to get rid of 183,642 square feet of office space from its San Francisco headquarters, according to the San Francisco Business Times. The office space is the biggest sublease available in San Francisco.
US Steel is offering a bunch of stock. The steelmaker announced a public offering of 17 million common shares. The share sale will increase the amount of US Steel shares by about 11.6%.
News Corp. missed on the top and bottom lines. The media giant earned $0.40 per share on revenue of $8.29 billion. “Digital subscriptions continue to grow and now account for approximately 45% of the subscriber base, while print sales have also risen tangibly in recent months,” CEO Robert Thomson said in the earnings statement.
Stock markets around the world are higher. China’s Shanghai Composite (+0.7%) led the gains in Asia and Germany’s DAX (+0.6%) paces the advance in Europe. S&P 500 futures are up 0.75 points at 2176.25.
Earnings reports continue to flow. Coach and Valeant are among the companies reporting ahead of the opening bell while Fossil, Solar City, Walt Disney, and Yelp highlight the names releasing their quarterly results after markets close.
US economic data is light. Wholesale inventories will cross the wires at 10 a.m. ET. The US 10-year yield is down 2 basis points at 1.57%.
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