Here is what you need to know.
Manufacturers in every corner of America are worried about Trump’s tariffs. The Beige Book, released Wednesday, showed that manufacturers across the Federal Reserve’s 12 districts had seen President Donald Trump’s ongoing trade spat drive up costs and disrupt supply.
The Chinese yuan is at its weakest level in a year.The People’s Bank of China’s fixing signals the central bank “is not defending any line in the sand for the exchange rate and is comfortable with gradual yuan depreciation,” Tommy Xie, an economist at Oversea-Chinese Banking Corporation, told Bloomberg.
The pound ‘dived faster than Neymar’ after ‘terrible’ UK retail sales numbers. The British pound fell as much as 0.66% Thursday morning after UK retail sales for June came in at -0.5%, missing the 0.4% print that economists were anticipating.
The EU’s record-breaking $US5 billion fine against Google is seen as ‘pro-Amazon ruling.’ Wall Street weighs in on what the fine means for the search giant.
Papa John’s reportedly held deal talks with Wendy’s.Shares gained 4% on Wednesday after a Wall Street Journal report said John Schnatter, the pizza chain’s former CEO and chairman, held talks with Wendy’s about a possible merger before his use of a racial slur on a conference call with a marketing company. The talks are said to have cooled after the incident.
IBM posts its 3rd straight quarter of revenue growth. The enterprise giant reported on Wednesday that second-quarter revenue climbed 4% year-over-year to $US20 billion, propelled by its cloud business.
Berkshire Hathaway loosens its buyback policy.Berkshire Hathaway’s chairman, Warren Buffett, and vice chairman, Charlie Munger, are now authorised to initiate share buybacks when both of them deem the repurchase price is “below Berkshire’s intrinsic value.” The previous policy said the share-buyback purchase price couldn’t exceed 1.2 times book value per share.
Stock markets around the world are lower. China’s Shanghai Composite (-0.53%) led the losses in Asia, and Germany’s DAX (-0.34%) trails in Europe. The S&P 500 is set to open down 0.21% near 2,810.
Earnings reporting picks up. Domino’s Pizza and Philip Morris report ahead of the opening bell, while Microsoft releases its quarterly results after markets close.
US economic data keeps coming. Initial claims and Philly Fed manufacturing will be released at 8:30 a.m. ET. The US 10-year yield is up 3 basis points at 2.90%.
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