European Economics Preview: Eurozone Flash PMI Data Due
Beazer Homes USA Inc. Reveals Increase In Q3 Earnings
Beazer Homes USA Inc. (BZH) revealed earnings for its third quarter that climbed from last year.
The company’s earnings totaled $37.14 million, or $1.22 per share. This compares with $15.19 million, or $0.51 per share, in last year’s third quarter.
Analysts had expected the company to earn $0.90 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 7.1% to $570.93 million from $533.11 million last year.
Beazer Homes USA Inc. earnings at a glance:
-Earnings (Q3): $37.14 Mln. vs. $15.19 Mln. last year.
-EPS (Q3): $1.22 vs. $0.51 last year.
-Analysts Estimate: $0.90
-Revenue (Q3): $570.93 Mln vs. $533.11 Mln last year.
U.S. GDP climbs 6.5% buoyed by consumers, businesses
Growth tempered by supply chain constraints on inventory
The U.S. economy grew solidly in the second quarter, but the pace was below expectations as robust consumer spending and business investment on equipment were tempered by a sharp inventory drawdown amid supply chain constraints.
Gross domestic product rose at a 6.5% annualised rate last quarter, the Commerce Department said on Thursday.
The economy grew at a 6.3% rate in the first quarter, revised down from the previously reported 6.4% pace.
The National Bureau of Economic Research, the arbiter of U.S. recessions, declared last week that the pandemic downturn, which started in February 2020, ended in April 2020.
Economic expansion is expected to remain solid for the remainder of this year. A resurgence in COVID-19 infections, driven by the Delta variant, however, poses a risk to the outlook. Higher inflation, if sustained, as well as ongoing supply chain disruptions could also slow the economy. President Joe Biden’s administration provided $1.9 trillion in pandemic relief in March. That brought the amount of government aid to almost $6 trillion since the pandemic started in the U.S. in March 2020.
Almost half of the population has been vaccinated against COVID-19, allowing Americans to travel, frequent restaurants and attend sporting events among services-related activities that were curbed early in the pandemic.
Arthur J Gallagher & Co. Q2 adjusted earnings of $1.17 per share
Arthur J Gallagher & Co. (AJG) released a profit for its second quarter that climbed from the same period last year.
The company’s profit came in at $201.8 million, or $0.92 per share. This compares with $161.8 million, or $0.79 per share, in last year’s second quarter.
Excluding items, Arthur J Gallagher & Co. reported adjusted earnings of $253.2 million or $1.17 per share for the period.
The company’s revenue for the quarter rose 18.0% to $1.90 billion from $1.61 billion last year.
Arthur J Gallagher & Co. earnings at a glance:
-Earnings (Q2): $253.2 Mln. vs. $199.7 Mln. last year.
-EPS (Q2): $1.17 vs. $0.99 last year.
-Revenue (Q2): $1.90 Bln vs. $1.61 Bln last year.
Festivals, weddings to bolster gold sales: WGC
Jewellery demand rose 29% in Apr.-Jun.
Indian gold demand is likely to recover in the second half of 2021 from 35% below the pre-pandemic five-year average in the first half, as festivals and weddings are likely to boost retail purchases in the fourth quarter, the World Gold Council (WGC) said on Thursday.
Higher demand from the world’s second-biggest gold consumer could support global prices that have corrected almost 4% so far in 2021, although a rise in imports of the precious metal would widen India’s trade deficit and weigh on the rupee.
“Consumer demand is trying to make a recovery. It will spike once normalcy is restored on the COVID-19 front,” P.R. Somasundaram, regional CEO of WGC’s Indian operations, told Reuters.
Demand for gold during the April-June quarter rose 19.2% in India to 76.1 tonne, according to the council’s estimates.
In value terms, demand increased 23% to ₹32,810 crore while total jewellery demand increased 25% to 55.1 tonne. In value terms, total demand for jewellery rose 29% to ₹23,750 crore. (With inputs from Lalatendu Mishra in Mumbai)
Toyota to increase price of Innova by 2% from August
This increase was necessitated to partially offset the substantial increase in input costs
Toyota Kirloskar Motor (TKM) on Thursday evening said it would realign the price of its flagship product Toyota Innova Crysta by upto 2% effective from August 1, 2021.
This increase was necessitated to partially offset the substantial increase in input costs and the price increase has been tapered down to minimise the impact on customers, said the company in a statement.
Biden Calls On States To Give $100 To Every Newly Vaccinated Person
President Joe Biden has called on state and local governments to give $100 to those who opt to get a COVID-19 vaccine.
The White House announced the new plan Thursday as the dangerous delta variant continues to spread across the U.S. and some states lag behind in vaccination rates.
The White House said the new plan will incentivize the vaccine-hesitant to go get their shots.
“When the grocery store Kroger started offering $100 to their associates to get vaccinated, it saw vaccination rates increase from 50% to 75%,” the White House said in a statement. “States like New Mexico, Ohio, and Colorado have piloted $100 incentive programs that have also helped move the dial on vaccinations.”
Along with offering $100 to get vaccinated, Biden also announced that small- and medium-sized businesses will be reimbursed for offering paid leave to employees who still need to get vaccinated.
European Economics Preview: Eurozone Flash PMI Data Due
Flash Purchasing Managers’ survey results from the euro area and the UK are due on Friday, headlining a busy day for the European economic news.
At 2.00 am ET, the Office for National Statistics releases UK retail sales data for June. Economists forecast retail sales to grow 0.4 percent on a monthly basis, reversing a 1.4 percent fall in May.
At 3.15 am ET, IHS Markit publishes France’s preliminary Purchasing Managers’ survey data. The composite index is forecast to climb to 58.5 in July from 57.4 in June.
At 3.30 am ET, Germany’s flash composite PMI data is due. Economists expect the composite index to rise to 60.8 in July from 60.1 in the previous month.
In the meantime, Sweden’s producer price data for June is due.
At 4.00 am ET, Eurozone flash composite Purchasing Managers’ survey data is due. The composite PMI is seen rising to 60.0 in July from 59.5 a month ago.
Half an hour later, the UK Markit/CIPS flash PMI data is due. Economists forecast the composite output index to fall to 61.9 in July from 62.2 in the previous month.
At 6.30 am ET, Bank of Russia announces its interest rate decision. The bank is expected to hike its key rate to 6.50 percent from 5.50 percent.