Wednesday, 23 Sep 2020

These 5 factors are transforming the payments experience for both consumers and businesses

Gold Prices Fall On Firmer Dollar

Gold prices fell on Thursday to hover near one-week low as the U.S. dollar continued to claw back ground against its major peers ahead of the weekly jobless claims, the U.S. trade deficit and service sector activity data later in the day and Friday’s non-farm payrolls report.

Spot gold dropped 0.6 percent to $1,931.58 per ounce, after having fallen 1.4 percent on Wednesday in its biggest single-day fall since August 19. U.S. gold futures were down 0.4 percent at $1,936.30.

The euro remains on the back foot after surveys showed the euro zone’s rebound from its deepest economic downturn on record faltered in August.

Germany’s services PMI fell, but nevertheless remained relatively healthy. French business activity growth eased as new orders stagnated. The services PMIs for Italy and Spain dropped below the breakeven mark due to restrictions on logistics and travel.

Meanwhile, Eurozone retail sales fell unexpectedly in July on weak non-food products turnover, Eurostat data showed.

The Financial Times reported that the European Central Bank (ECB) is worried about the euro’s rise, which threatens the bloc’s economic recovery.

The report came after remarks from ECB chief economist Philip Lane on the exchange rate level that sparked a reversal of some of the euro’s recent strength on Wednesday.

Lane said that the euro-dollar rate “does matter” for monetary policy, hinting that policymakers are uncomfortable with the currency’s strength.

The ECB will meet next week, with investors expecting further action to boost the economy.

European Economics Preview: Eurozone Final PMI, Retail Sales Data Due

Final Purchasing Managers’ survey data and retail sales from euro area are due on Thursday, headlining a busy day for the European economic news.

At 2.30 am ET, the Federal Statistical Office is set to issue Swiss consumer price data for August. Economists forecast consumer prices to fall 0.8 percent on year, following a 0.9 percent decrease in July.

At 3.00 am ET, consumer and producer prices from Turkey and retail sales from Hungary are due. Turkish inflation is seen rising to 11.91 percent in August from 11.76 percent in July.

At 3.15 am ET, Spain’s services PMI data is due. Economists forecast the index to fall to 48.0 in August from 51.9 in July.

At 3.45 am ET, IHS Markit releases Italy’s composite PMI data. The indicator is seen at 52.5 in August, unchanged from July.

Thereafter, final PMI figures are due from France and Germany at 3.50 am and 3.55 am ET, respectively.

At 4.00 am ET, Eurozone final PMI data is due from IHS Markit. The final reading is forecast to match the flash estimate of 51.6 in August.

Half an hour later, UK Markit/CIPS PMI survey data is due. The composite index is seen at 60.3 in August, in line with flash estimate.

At 5.00 am ET, Eurostat is set to issue euro area retail sales data for July. Economists forecast sales to rise 1.5 percent on month, following a 5.7 percent rise in June.

Russia says allegation of influence campaign is 'speculation'

MOSCOW (Reuters) – Russia’s foreign ministry on Thursday dismissed as “speculation” allegations by Facebook that Moscow had used it to pursue a covert political influence operation in the United States and Britain.

Facebook said on Tuesday that the operation had posed as an independent news outlet to target left-wing voters in the United States and Britain, including by recruiting unwitting freelance journalists to write about domestic politics.

Fuwei Films (Holdings) Co., Ltd. Reports Increase In Q2 Profit

Fuwei Films (Holdings) Co., Ltd. (FFHL) reported earnings for its second quarter that climbed from the same period last year.

The company’s earnings totaled RMB14.06 million, or RMB4.30 per share. This compares with RMB0.95 million, or RMB0.29 per share, in last year’s second quarter.

The company’s revenue for the quarter fell 6.0% to RMB82.86 million from RMB88.12 million last year.

Fuwei Films (Holdings) Co., Ltd. earnings at a glance:

-Earnings (Q2): RMB14.06 Mln. vs. RMB0.95 Mln. last year.
-EPS (Q2): RMB4.30 vs. RMB0.29 last year.
-Revenue (Q2): RMB82.86 Mln vs. RMB88.12 Mln last year.

Broadcom Limited Q3 adjusted earnings Beat Estimates

Broadcom Limited (AVGO) announced a profit for third quarter that fell from last year.

The company’s earnings totaled $614 million, or $1.45 per share. This compares with $715 million, or $1.71 per share, in last year’s third quarter.

Excluding items, Broadcom Limited reported adjusted earnings of $2.44 billion or $5.40 per share for the period.

Analysts had expected the company to earn $5.24 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 5.4% to $5.82 billion from $5.52 billion last year.

Broadcom Limited earnings at a glance:

-Earnings (Q3): $2.44 Bln. vs. $2.28 Bln. last year.
-EPS (Q3): $5.40 vs. $5.16 last year.
-Analysts Estimate: $5.24
-Revenue (Q3): $5.82 Bln vs. $5.52 Bln last year.

Next quarter revenue guidance: $6.250 – $6.550 Bln

These 5 factors are transforming the payments experience for both consumers and businesses

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