Hong Kong reports 85 coronavirus cases as authorities battle third wave

HONG KONG (REUTERS) – Hong Kong reported 85 new coronavirus cases on Wednesday (Aug 5), including three that were locally transmitted, as the authorities battle to control a third wave of the outbreak which has seen a resurgence in infections over the past month.

Since late January, around 3,700 people have been infected in Hong Kong, 43 of whom have died. Wednesday’s figure was up marginally from Tuesday’s 80 cases.

Philippines' inflation picks up to 2.7% in July

MANILA, Aug 5 (Reuters) – The Philippines’ annual inflation picked up to 2.7% in July, the fastest pace in six months, driven by increases in transport costs, the country’s statistics agency said on Wednesday.

Last month’s headline figure was near the upper end of the central bank’s forecast range of 2.2% to 3.0% for the month, and above the median 2.5% estimate in a Reuters’ poll.

In June, the consumer price index was 2.5%. (Reporting by Neil Jerome Morales and Enrico dela Cruz Editing by Ed Davies)

Thomson Reuters reports lower 2nd-quarter rev, operating profit

NEW YORK, Aug 5 (Reuters) – Thomson Reuters Corp on Wednesday reported slightly lower revenues for the second quarter and an 18% decline in operating profit, and reaffirmed its forecast for the balance of 2020.

The news and information provider, which owns Reuters News, said quarterly revenue dipped 1% to $1.405 billion and operating profit fell to $365 million, from $447 million, when the quarter included some one-time items. (Writing by Nick Zieminski in New York; Editing by Alexander Smith)

Up to 300,000 left homeless by Beirut blast: Governor

BEIRUT (AFP) – A huge blast in Beirut has left 300,000 people homeless and caused damage across half of the city estimated to cost more than US$3 billion (S$4.1 billion), its governor told AFP on Wednesday (Aug 5).

“I think there are between 250,000 and 300,000 people who are now without homes,” said Marwan Aboud, adding that the estimated cost of the damage from Tuesday’s explosion was between US$3 billion and US$5 billion dollars.

Engineers and technical teams have yet to conduct an official assessment, he said, adding that damage from the blast in the port area seems to have extended to over half of the city.

Philippines confirms 3,462 more coronavirus cases, 9 deaths

MANILA (REUTERS) – The Philippines’ Health Ministry on Wednesday (Aug 5) reported 3,462 new coronavirus infections and nine additional deaths.

In a bulletin, the ministry said total infections had risen to 115,980, putting the tally just behind Indonesia’s 116,871 cases, which is the highest in East Asia.

Coronavirus deaths in the Philippines have reached 2,123.

Gold Glitters Above $2000 On Soft Dollar, Stimulus Hopes

Gold scaled a record high on Wednesday, with rising coronavirus cases in the U.S., falling U.S. Treasury yields and a weaker dollar driving prices higher.

Spot gold climbed 1.1 percent to $2,041.15 per ounce, while U.S. gold futures were up as much as 1.8 percent at $2,045.35.

The United States has averaged more than 1,000 coronavirus-related deaths for nine consecutive days, pushing the death toll past 153,000.

The global death toll from the coronavirus surpassed 700,000, with the U.S., Brazil, India and Mexico leading the rise in fatalities.

Many countries have recently seen single-day records in new cases, signaling the battle is far from over.

The dollar fell against its peers after U.S. yields eased lower again overnight.

Investors continued to focus on negotiations in Congress over a stimulus package after Senate Democratic Leader Chuck Schumer said talks with the White House were moving in the “right direction”.

Congressional Democrats and White House negotiators hope to come to an agreement on the new coronavirus relief package by the end of the week.

Oil Prices Climb On Significant Crude Draw

Oil prices rose over 2 percent to their higher since March on Wednesday after industry data showed a big drop in U.S. crude inventories.

Benchmark Brent crude jumped 2.3 percent to $45.47 a barrel, while West Texas Intermediate oil futures were up 2.6 percent at $42.80 a barrel.

The American Petroleum Institute on Tuesday said U.S. crude inventories fell 8.6 million barrels to 520 million barrels in the week to 1 August, compared with analysts’ expectations for a 3 million barrel drop.

The Energy Information Administration’s more closely followed inventories report is due later in the session.

Last week’s data from the Energy Information Administration showed crude inventories in the U.S. dropped by 10.6 million barrels, the largest so far in 2020.

Investor sentiment was also boosted by signs that talks between Democrats in Congress and the White House on a new coronavirus relief package are making progress.

Perrigo Reaffirms FY20 Adj. Earnings Guidance – Quick Facts

Perrigo Company plc (PRGO) reaffirmed its fiscal 2020 outlook with expected net sales growth of 6% to 7% highlighted by organic net sales growth of approximately 3%. Adjusted EPS is expected to be in the range of $3.95 to $4.15. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.06. Analysts’ estimates typically exclude special items. The company noted that it reaffirmed adjusted earnings guidance despite the addition of $0.12 – $0.15 per adjusted share of incremental COVID-19 related costs and a $0.06 per share impact from the divested Rosemont Rx business.

Second quarter adjusted EPS increased 19.8% to $1.03. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.88, for the quarter.

Second quarter consolidated net sales were $1.22 billion, an increase of 6.1% compared to the prior year quarter. Excluding the impact from divested businesses and currency, net sales increased 10.0% with organic net sales growth of 2.6%. Analysts expected revenue of $1.23 billion for the quarter.