A parliamentary vote in Britain on Thursday ended with the
government declining to join the US' efforts to punish Syrian
President Bashar al-Assad for his alleged use of chemical weapons
against civilians. While the US could still act alone, US Defense
Secretary Chuck Hagel said the Obama administration was looking to
act within an international coalition.
In other news around the markets:
Indian Prime Minister Manmohan Singh addressed the parliament on
Friday saying that the rupee's recent slide is part of a necessary
adjustment. He said that although the currency's fall is
concerning, it will likely help boost exports in the coming month.
He also confirmed that he was not considering the use of capital
controls and pledged to contain the fiscal deficit at 4.8 percent
in 2014. In a phone conference on Friday, China's foreign minister
said there should be no UN security council until the chemical
probe in Syria was complete. Amid growing worries about its
exposure to banks, General Electric (NYSE:
) has begun the proceedings to divest its consumer-finance
business. People close to the matter have said that an IPO could be
on the agenda later in the year. Nasdaq OMX Group Inc. has taken
most of the blame for last week's three hour market outage. The
company admitted fault in a detailed summary of the exchange's
preliminary findings. However, Nasdaq isn't accepting total
responsibility, the company insisted that problems with a NYSE
Euronext electronic platform contributed to the market's breakdown.
After a month long sell-off, Asian markets were mostly positive
on Friday. The South Korean KOSPI was up 0.99 percent and the
Australian ASX 200 gained 0.84 percent. The Shanghai composite had
limited gains with only a 0.05 percent increase and the Shenzhen
composite was down 0.93 percent. The Japanese NIKKEI index also
fell, losing 0.53 percent.
European markets were quiet as investors remained cautious. The
FTSE was up 0.08 percent and the STOXX 600 gained just 0.04
percent. The Spanish IBEX fell 0.53 percent and the Italian MIB was
also down 0.32 percent.
Energy futures continued their decline on Friday; Brent futures
were down 0.36 percent and WTI futures fell 0.93 percent. Gold
slipped 0.46 percent and silver lost 1.53 percent. Copper fared
better with a 0.31 percent gain, but aluminum lost 1.58
The euro to dollar ratio was little changed at $1.3235, but the
yen gained 0.39 percent against the greenback. The pound saw
minimal gains against the dollar and the rupee lost ground against
the dollar, falling 0.14 percent.
Earnings Reported Yesterday
Notable companies that reported earnings on Thursday
Salesforce.com Inc. (NYSE:
) reported second quarter EPS of $0.09 on revenue of $957.00
million, beating estimates of EPS of $0.07 on $938.81 million.
Campbell Soup Company (NYSE:
) reported fourth quarter EPS of $0.45 on revenue of $1.72 billion,
compared to last year's EPS of $0.41 on revenue of $1.62 billion.
Toronto Dominion Bank (NYSE:
) reported third quarter EPS of $1.05 on revenue of $6.00 billion,
below estimates of EPS of $1.71 on revenue of $6.31 billion.
Stocks moving in the pre-market included:
Salesforce.com Inc (NYSE:
) gained 7.90 percent in pre-market trade after the company's
second quarter results came in above Wall Street's expectations
Citigroup Inc. (NYSE:
) lost 1.24 percent in pre-market trade after the company agreed to
undergo an audit of its online credit card account system when it
was discovered that hackers were able to access several accounts.
Notable companies expected to report earnings on Friday
Frontline Ltd. (NYSE:
) is expected to report a second quarter loss of $0.50 per share on
revenue of 47.64 million, compared to last year's loss of $0.21 per
share on revenue of $488.51 million.
Friday's economic calendar is another busy one with the US set
to release consumer sentiment and personal income data, and Canada
and India putting out GDP data. From Europe, there will be eurozone
business climate, consumer confidence, unemployment and CPI data,
Spanish current account data, Italian unemployment data and German
retail sales data.
Good luck with your trades and have a great Labor Day
For a recap of Thursday's market action, click .
Tune into Benzinga's pre-market info show with Dennis Dick and
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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