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WALL STREET OPENS FLAT AS TECH EARNINGS AWAITED

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US FINANCIAL MARKET
| US ECONOMY & POLITICS
 EUROPE & WORLD | TODAY IN HISTORY

DAILY MARKET REPORTS

  • Analysts have raised their expectations for S&P 500 earnings to 9.6 percent, compared with an 8 percent rise projected at the start of the month.
  • Tech continues to be the best performing S&P sector this year, despite investors worrying about stretched valuations.
  • IMF shaved its forecasts for U.S. growth to 2.1 percent for both 2017 and 2018 from its earlier estimates of 2.3 percent and 2.5 percent, respectively, citing lack of details on the Trump administration’s stimulus measures.
  • Shares of Halliburton were up 0.2% after the oilfield services provider swung to a quarterly profit.
  • Shares of major European auto makers were among the hardest hit on Monday.
  • European Commission’s confirmation that it is assessing accusations of coordination efforts by rival companies to manipulate diesel engines to reduce emissions.
  • Shares in Volkswagen, Daimler and BMW fell by 2.7%, 3.6% and 2.9%, respectively.

US FINANCIAL MARKET

Halliburton sees North America rig count flattening, shares down

  • U.S. rig count rose to 764 in the week ending July 21, compared with 371 rigs in the same week a year ago.
  • Net profit was $28 million, compared with a loss of $3.21 billion a year earlier.
  • The year-ago quarter included a $3.5 billion charge related to the termination of the Baker Hughes deal.
  • Halliburton’s revenue rose 29 percent to $4.96 billion.

Saudi Arabia Cuts Oil Exports as OPEC Looks to Stem Crude-Price Slide

  • Nigeria also accepts production limits at meeting of energy producers in Russia.
  • Saudi Arabia, the world’s top oil exporter, announced it would go further than cutting its production and would also limit its exports at 6.6 million barrels a day in August.
  • The kingdom exported an average of 7.2 million barrels a day from January to May.

KKR to Buy WebMD in $2.8 Billion Deal

  • KKR has reached a deal to buy WebMD Health Corp. for $2.8 billion.
  • WebMD was founded in the late 1990s by Jeffrey Arnold, who became a billionaire at age 29 when the company merged with Healtheon Corp. in 1999.

Illinois Tool Works Tops Profit Estimates, Raises Guidance

  • Illinois Tool said it had net income of $587 million, up from $525 million in the year-earlier period.
  • Revenue rose to $3.6 billion from $3.4 billion, matching the FactSet consensus.

Apple Supplier Foxconn Looks at Producing Display Panels in Wisconsin

  • Taiwan’s Foxconn Technology, which assembles Apple’s iPhones, is nearing a decision to invest in Wisconsin and could hold an event in Washington, D.C., as soon as this week to discuss U.S. investment plans

Expedia, Priceline Home In on Airbnb’s Turf

  • Expedia and Priceline have dominated hotel bookings for two decades. But with the vacation-rental industry rapidly expanding as a popular alternative to hotel stays, the online travel giants are betting big on the sector by boosting their inventory of home-rental options that can be booked similarly to a hotel, with just a few clicks.
  • The so-called private-accommodation market, which includes vacation rentals, homes or rooms rented out on a short-term basis, is about one-fifth the size of the hotel market based on revenue in the U.S., but it has been growing faster than hotels since 2015.
  • Airbnb remains the leader, particularly for rentals in urban locations, with an estimated 15% of global room nights in private accommodations last year, compared with 12% for Expedia and 9% for Priceline.

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US ECONOMY & POLITIC

U.S. Existing-Home Sales Fell in June

  • Existing-home sales fell 1.8% in June from the prior month to a seasonally adjusted annual rate of 5.52 million.
  • The median sales price in June was $263,800, up 6.5% from a year earlier.

IMF slashes U.S. growth forecasts for 2017 and 2018

  • The IMF on Sunday lowered its economic growth forecasts for the United States to 2.1% for this year and the next, down from the 2.3% for 2017 and 2.5% for 2018 that it had predicted in April.

Trump son-in-law Kushner denies collusion with Russia

  • Senior White House adviser Jared Kusher is denying that President Donald Trump’s campaign colluded with Russia, saying in a statement ahead of congressional interviews that he has “nothing to hide.”
  • The 11-page statement provided to The Associated Press by a representative Monday details four contacts with Russians during Trump’s campaign and transition. Kushner plans to deliver the statement during closed-door meetings with investigators on the Senate and House intelligence panels this week.

In Reversal, Colleges Rein In Tuition

  • U.S. college tuition is growing at the slowest pace in decades, following a nearly 400% rise over the past three decades that fueled middle class anxieties and a surge in student debt.
  • Tuition at college and graduate school—after scholarships and grants are factored in—rose 1.9% in the year through June, broadly in line with overall inflation, Labor Department figures show.

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EUROPE & WORLD

Eurozone Economy Slows in July, Survey Shows

  • The eurozone economy slowed in July.
  • Data firm IHS Markit on Monday said its composite Purchasing Managers Index for the eurozone fell to 55.8 in July from 56.3 in June.
  • That was below the 56.2 reading expected by economists.

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TODAY in HISTORY

  • Tennessee became the first Confederate state to be readmitted to the Union  (1866)
  • The U.S. Supreme Court unanimously ruled that President Richard Nixon had to turn over White House tapes to the Watergate special prosecutor  (1974)

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S&P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg, Wall Street Journal.

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