3 hours ago
China’s GDP grew 6.3% in the second quarter, slower than expected
China’s gross domestic product grew 6.3% year-on-year in the second quarter, below expectations, compared to a forecast of 7.3% by analysts polled by Portal
The GDP reading of 6.3% for the second quarter represented a growth pace of 0.8% qoq, slower than the 2.2% qoq growth recorded in the first three months of the year.
Separately, the unemployment rate among young people aged 16 to 24 was 21.3% in June, a new record.
— Evelyn Cheng
3 hours ago
Hong Kong is expected to cancel all trading sessions for Monday
Hong Kong markets are expected to remain closed throughout Monday after the city’s observatory forecast the typhoon warning for Typhoon Talim will remain in effect until 4pm Hong Kong time.
The Hong Kong Stock Exchange typically cancels morning trading sessions if the typhoon signal is Strength 8 or higher after 9am, and all trading sessions for the day are canceled if the No. 8 or higher signal remains in effect through 12pm .
— Lim Hui Jie
4 hours ago
Singapore’s domestic exports (excluding oil) contract for ninth straight month
Singapore’s domestic exports (ex-oil) fell 15.5% yoy in June, marking the ninth straight month that these exports remain in contraction territory.
That was a sharper drop than the 14.8% drop recorded in May, but slightly less than the 15.8% drop economists polled by Portal had been expecting.
Enterprise Singapore, Singapore’s enterprise development agency, said the decline in non-oil domestic exports was due to weaker exports to Malaysia, Indonesia and South Korea, although exports to Hong Kong and China rose.
— Lim Hui Jie
7 hours ago
United Airlines Reaches Provisional Employment Agreement
United Airlines shares were up marginally in overnight trade after pilots reached a tentative agreement with the company for a pay rise of up to 40% over four years.
The deal, announced on Saturday, comes months after Delta Air Lines reached a new contract agreement.
— Leslie Josephs, Samantha Subin
7 hours ago
Earnings scorecard for the S&P 500
The earnings season for the second quarter has only just begun, but last week’s results got the period off to a strong start, even as FactSet estimates call for a roughly 7% year-over-year decline in earnings.
While the season may just be getting started, about 6% of S&P 500 companies have reported second-quarter earnings, with 80% beating consensus EPS expectations, FactSet data shows. Of those who reported, 67% exceeded sales expectations.
— Samantha Subin
7 hours ago