European Economic News Preview: Eurozone Flash GDP, Inflation Data Due

Flash inflation and quarterly national accounts from the euro area and mortgage approvals from the UK are due on Monday, headlining a busy day for the European economic news.

At 2.00 am ET, Germany’s statistical office Destatis is scheduled to issue retail sales and import prices for June. Economists forecast retail sales to fall 2.7 percent annually after a 3.6 percent drop in May.

At 3.00 am ET, consumer prices from Austria and GDP data from the Czech Republic are due. The Czech economy is forecast to grow 0.2 percent sequentially in the second quarter after staying flat in the first quarter.

At 4.00 am ET, Italy’s statistical office ISTAT releases flash GDP data for the second quarter. Economists expect GDP to remain flat after expanding 0.6 percent in the first quarter.

Half an hour later, the Bank of England publishes UK mortgage approvals for June. The number of mortgage approvals is seen at 49,000 in June, down from 50,524 in May.

At 5.00 am ET, Eurostat publishes euro area flash GDP and inflation data. The currency bloc is expected to grow 0.2 percent on quarter in the second quarter after staying flat a quarter ago. Inflation is forecast to slow to 5.3 percent in July from 5.5 percent in June.

In the meantime, flash inflation figures are due from Italy.

Daikin Recalls Amana-Branded Packaged Terminal Air Conditioners And Heat Pumps

Daikin Comfort Technologies has recalled over 62,000 Amana-branded Packaged Terminal Air Conditioners and Heat Pumps due to the risk of getting burned.

According to the Consumer Product Safety Commission, Amana Packaged Terminal Air Conditioners/Heat Pumps (PTACs) equipped with “DigiAir” modules has been recalled because the module compressor can overheat, posing burn and fire hazards.

DCT has received 52 reports of incidents with the “DigiAir” compressor, including 10 that resulted in fires. No injuries have been reported.

Through direct sales and heating and cooling dealers nationwide from May 2015 through January 2023 for between $1,200 and $1,400.

The company has asked customers to contact Daikin Comfort Technologies Manufacturing for instructions on disabling the DigiAir compressor in the recalled PTACs and to arrange for the free repair of the unit by a qualified technician. DCT is contacting all known purchasers directly.

Berkshire Turns To Profit In Q2

Billionaire Warren Buffett’s Berkshire Hathaway Inc. (BRK.A, BRK.B) reported that its second quarter net earnings attributable to shareholders was $35.91 billion or $24,775 per Class A share compared to a loss of $43.62 billion or $29,663 per Class A share in the same quarter last year.

Investment and derivative gains/losses included gain of $25.87 billion compared to a loss of $53.04 billion in the previous year.

Operating earnings for the second quarter grew to $10.04 billion from $9.42 billion in the previous year.

Total revenues for the quarter were $92.50 billion up from $76.20 billion in the prior year.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Man in argument is shot dead, Aurora Police Department said

A man was shot dead early Saturday morning in Aurora when an argument escalated, police said.

The shooting happened in the 3200 block of Peoria Street, according to a 6:39 p.m. Aurora Police Department tweet.

The man shot was taken to a hospital where he died, police said.

Police described the shooting as an “isolated incident.” Information on a suspect was not released.

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A motorist dies in a two-vehicle crash in Denver, police said

A traffic crash in Denver on Friday is fatal, a motorist died after being taken to a hospital.

The two-vehicle crash happened in the area of West Colfax Avenue and Newton Street, the Denver Police Department said in an 11:10 p.m. Friday tweet.

At 1:01 p.m. Saturday police announced on Twitter that one motorist, a woman, was pronounced dead at a hospital. An investigation into the crash is ongoing. Additional information was not released Saturday.

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Single-engine plane crash in El Paso County, one dead

One person, believed to be a pilot, died Saturday in a small plane crash in El Paso County.

The county’s communications center received reports of the crash in the area of Meadow Lake Airport, near Falcon, the sheriff’s office said in a news release on Twitter at 2:49 p.m.

Emergency responders found the single-engine aircraft downed, and a man, believed to be the pilot, dead at the scene. The National Transportation Safety Board (NTSB) is investigating the crash.

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Denver weather: Cool with a chance of thunderstorms Sunday

Denver will see cool temperatures and potential afternoon thunderstorms Sunday, according to the National Weather Service at Boulder.

The city’s temperatures will top out at about 76 degrees Sunday amid partly cloudy skies with some sun, according to the weather agency.

The city will see an about 30% chance of afternoon thunderstorms, with the highest likelihood of storms coming after 3 p.m.

Warmer weather will come with the work week, with high temperatures creeping into the mid-80s on Monday and slowly rising to reach the low 90s on Friday.

European Shares Mostly Higher After EU Inflation, Growth Data

European stocks were flat to slightly higher on Monday after China’s State Council announced further measures to bolster consumption and economic growth.

Closer home, Eurozone returned to growth in the second quarter amid falling inflation, data showed.

GDP in the euro area grew 0.3 percent in the second quarter of 2023 compared to the previous quarter, Eurostat reported.

Separate figures from the statistical office revealed that Eurozone inflation fell in line with expectations to 5.3 percent year-on-year in July, compared with 5.5 percent in June.

The pan European STOXX 600 was marginally higher at 471.05 after declining 0.2 percent on Friday.

The German DAX rose 0.2 percent, France’s CAC 40 gained 0.4 percent and the U.K.’s FTSE 100 was little changed.

Brewer Heineken plunged nearly 6 percent after slashing its 2023 earnings guidance. Peers Diageo and Anheuser-Busch Inbev were down about 1 percent each.

Novo Nordisk jumped 2.6 percent after launching its blockbuster weight-loss drug Wegovy in Germany.

British building and roofing products supplier Marshalls slumped 8.4 percent after lowering its annual forecast.

Telecoms giant BT Group fell about 1 percent after appointing Allison Kirkby as its new chief executive.

Auto and aircraft parts supplier Senior Plc tumbled 3.2 percent despite reporting a rise in half-yearly profit.