European Economics Preview: Eurozone Flash PMI Data Due

Flash Purchasing Managers’ survey data from euro area is due on Wednesday, headlining a light day for the European economic news.

At 1.00 am ET, Statistics Finland releases producer price data for June.

At 2.45 am ET, the French statistical office Insee publishes manufacturing sentiment survey data. The confidence index is seen unchanged at 102 in July.

At 3.15 am ET, France’s flash PMI data is due. The composite index is forecast to fall to 52.5 in July from 52.7 in June.

At 3.30 am ET, IHS Markit releases Germany’s flash composite PMI. Economists expect the composite index to fall to 52.4 in July from 52.6 a month ago.

At 4.00 am ET, Eurozone flash PMI data is due. The composite PMI is seen at 52.1 in July compared to 52.2 in June.

In the meantime, the European Central Bank releases euro area money supply data. M3 is forecast to grow 4.6 percent on year in June following a 4.8 percent rise in May.

At 4.30 am ET, UK Finance is set to publish UK mortgage approvals for June. The number of mortgage approvals is seen at 42,800 versus 42,384 in May.

South Korea fails to drum up support at WTO in row with Japan

GENEVA (REUTERS) – South Korea’s bid to garner international support in a row with Japan by airing its case at the World Trade Organisation brought no visible dividend on Wednesday (July 24), as no other countries took the floor to support either side, a Geneva trade official said.

South Korea is protesting against Japan’s plan to remove it from a list of countries that face minimum trade restrictions, and brought the issue to the WTO’s General Council.

After Japan’s ambassador rejected Seoul’s complaint, no other countries weighed in, the official said.

New PM Johnson says Britain will come out of EU on Oct. 31 "no ifs or buts"

LONDON, July 24 (Reuters) – Britain will come out of the European Union on Oct. 31 “no ifs or buts”, new Prime Minister Boris Johnson said on Wednesday.

Speaking in Downing Street, Johnson said he was going to do “a new deal, a better deal” with the European Union.

“We are going to fulfil the repeated promises of parliament to the people and come out of the EU on October 31, no ifs or buts,” he said. (Reporting by Alistair Smout, William James and Kylie MacLellan; editing by Stephen Addison)

U.S. oil futures climb as EIA reports a nearly 11 million-barrel fall in weekly U.S. crude supplies

The Energy Information Administration on Wednesday reported that U.S. crude supplies fell by 10.8 million barrels for the week ended July 19. That was more than double the 4.4 million-barrel decline expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported an 11 million-barrel drop, according to sources. The EIA data also showed that gasoline inventories were down by 200,000 barrels, while distillate stockpiles rose by 600,000 barrels last week. The S&P Global Platts survey had shown expectations for a supply decrease of 1.1 million barrels for gasoline, while distillates were forecast to rise by 1.7 million barrels. September West Texas Intermediate crude CLU19, +1.27% was up 64 cents, or 1.1%, to $57.41 a barrel on the New York Mercantile Exchange. Prices were trading at $57.20 before the supply data.

Notable Earnings To Watch On July 25 – MMM, AMZN, GOOGL, LH, AAL, LUV, BMY, HSY

Among the companies slated to publish their quarterly financial results, these are few notable big names to watch on Thursday, July 25, 2019.

* 3M Co. (MMM)
* Amazon.com Inc. (AMZN)
* Alphabet Inc. (GOOGL)
* Laboratory Corporation of America Holdings (LH)
* American Airlines Group Inc. (AAL)
* Southwest Airlines Co. (LUV)
* The Hershey Co. (HSY)
* Bristol-Myers Squibb Co. (BMY)

Knight Transportation Inc. Q2 adjusted earnings Inline With Estimates

Knight Transportation Inc. (KNX) revealed a profit for second quarter that decreased from last year.

The company’s bottom line totaled $79.21 million, or $0.48 per share. This compares with $91.32 million, or $0.51 per share, in last year’s second quarter.

Excluding items, Knight Transportation Inc. reported adjusted earnings of $100.63 million or $0.58 per share for the period.

Analysts had expected the company to earn $0.58 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 6.8% to $1.24 billion from $1.33 billion last year.

Knight Transportation Inc. earnings at a glance:

-Earnings (Q2): $100.63 Mln. vs. $99.63 Mln. last year.
-EPS (Q2): $0.58 vs. $0.56 last year.
-Analysts Estimate: $0.58
-Revenue (Q2): $1.24 Bln vs. $1.33 Bln last year.

-Guidance:
Next quarter EPS guidance: $0.54 to $0.57

‘Beyond disturbing’: A teen girl was beaten as onlookers laughed, caught in viral video

CHICAGO — Chicago police are investigating an attack on a teenage girl after cellphone video shared online showed her being repeatedly struck by a group of people as onlookers laugh.

Police spokesman Anthony Guglielmi (goo-lee-EHL’-mee) tweeted Tuesday that the video “is beyond disturbing to watch and this young girl deserves far better.” He says the video has been forwarded to the department’s Special Victims Unit and a criminal investigation is under way.

The video was shared online by a person who wrote that she was a friend of the girl who was attacked. The post said the girl has a “mental disability.”

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The video shows several girls or young women beating the girl as she screams. WLS-TV reports the girl was treated and released at a hospital afterward.