On 02 August, 2017 – Stocks were mostly higher in Asia but retreated in Europe and were little changed in the US

The Dow closed above the 22,000 level for the first time.
United States
Stock indices in the US ended Wednesday with little change. The Dow Jones industrials vaulted above the 22,000 level for the first time and managed to gain 0.2 percent to end trading above that level as well. The S&P was up 1.22 points while the Nasdaq slipped 0.29 point.
Apple helped the Dow industrials hold onto their gain. The stock climbed after the company reported strong iPad and Mac sales in its most recent quarter. Apple’s advance added roughly 50 points to the Dow, giving the index its latest earnings-fueled boost. However, other technology and internet stocks including Alphabet, Microsoft, Facebook, Amazon.com and Netflix declined. Walt Disney also retreated. Lam Research, Advanced Micro Devices and Applied Materials retreated. Cardinal Health declined after it forecast a much smaller profit than expected. The company said it is being hurt by lower prices for generic drugs as well as smaller increases in the prices of brand-name drugs and the loss of a contract with the Safeway grocery chain.
Symantec reported a 33 percent rise in quarterly revenue, helped by strong demand for its cyber security products. The Norton antivirus maker reported a loss of $133 million for the first quarter ended June 30 compared with a profit of $135 million a year earlier. Revenue rose to $1.18 billion from $884 million.
Electric-car maker Tesla’s quarterly revenue more than doubled, driven by deliveries of its high-end Model S sedans and sports utility vehicle Model X. However, the company’s net loss attributable to shareholders widened to $336.4 million for the second quarter ended June 30 from $293.2 million a year earlier. Revenue rose to $2.79 billion from $1.27 billion.
These data reflect observations at 4:00 PM US ET. Gold at the afternoon London fixing was down US$1.35 to US$1,269.60. Copper futures were virtually unchanged at US$2.88. WTI spot crude was up 35 US cents to US$49.51. Dated Brent spot crude was up 50 US cents to US$52.28. The US dollar was up against the yen, Swiss franc and the Canadian dollar. The currency declined against the euro and pound. It was unchanged against the Australian dollar. The Dollar Index was down 0.15 percent. The yield on US Treasury 30 year bond was down 1 basis point to 2.85 percent while the yield on the 10 year note was up 1 basis points to 2.26 percent.
Europe
Most European shares declined Wednesday thanks to mixed earnings while the euro and pound surged against a broadly weaker US dollar amid continued political uncertainty in the US. Banks and mining stocks led the decliners, offsetting gains in the technology sector. The FTSE was down 0.2 percent, the CAC declined 0.4 percent and the DAX lost 0.6 percent. The SMI however advanced 0.7 percent.
Commerzbank declined after it reported a larger than expected second quarter loss due to high restructuring costs. Société Générale also tumbled after reporting lower second quarter profits and revenues, hit by litigation costs. Rio Tinto moved lower in London after its interim underlying profit came in below forecast. Also lower were Glencore and BHP Billiton.
Standard Chartered dropped after the bank posted improved profits for the first-half, but said it would not resume paying dividends. Deutsche Bank and Banco Santander also retreated. RSA Insurance Group slid after it gave a cautious outlook after delivering better than expected first-half profit. Lufthansa advanced after its second quarter net profit jumped 69 percent. William Hill soared after revenue improved 3 percent in its first half.
There was little economic news. July UK construction PMI continued to expand but at a sharply slower pace than in June. At 51.9, the sector PMI was nearly 3 points short of its previous mark and indicative of the worst performance in 11 months. The euro area producer price index for June slipped 0.1 percent on the month after sliding 0.4 percent in May. On the year, the PPI was up 2.5 percent, down from May’s 3.3 percent gain.
Asia Pacific
Asian shares were mostly higher Wednesday after Apple reported better than expected financial results and weak US personal income and manufacturing data helped investors pare back their expectations for rate increases this year.
The Shanghai Composite was 0.2 percent lower while the Hang Seng index was up 0.2 percent.
The Nikkei was up 0.5 percent and the Topix added 0.4 percent thanks to solid quarterly results from domestic companies and helped offset concerns over a rising yen. Honda Motor rallied after the automaker reported upbeat earnings results for the first quarter and raised its full-year outlook. Apple suppliers TDK, Taiyo Yuden and Murata Manufacturing jumped after Apple delivered surprisingly strong fiscal third quarter earnings. Inpex and Japan Petroleum Exploration Co both were down.
The S&P/ASX retreated 0.5 percent and the All Ordinaries was down 0.4 percent. The indices were dragged down by banks and resource stocks. Investors ignored positive building approvals and services sector data. Weaker commodity prices weighed on miners, with BHP Billiton, Fortescue Metals Group and Rio Tinto declining. Woodside Petroleum, Santos, Origin Energy and Beach Energy declined along with crude oil prices. The big four banks also declined.
The Kospi added 0.3 percent led by large-cap tech and telecom shares buoyed by Apple’s strong earnings. The Sensex lost 0.3 percent. The Reserve Bank of India cut its policy repurchase interest rates by 25 basis points to 6.0 percent and its reverse repurchase rate also by 25 basis points to 5.75 percent, reversing the increase of 25 basis points made in April.
Looking forward
Australia posts June merchandise trade balance. Japan releases July composite PMI. China reports July general services PMI. July composite PMIs will be released for the Eurozone, Germany and France. Services PMI will be posted for the UK and US. Eurozone June retail sales also will be reported. The Bank of England announces its monetary policy decision and publishes its Quarterly Inflation Report. In the US, the July ISM nonmanufacturers’ index, June factory orders and the weekly jobless claims, money supply and Fed balance sheet will be posted.
Global Stock Markets

*Note — all releases are listed in local time.

Source: Fidelity

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