Sprint shares sank more than 18 percent to $5.95 a share after the company announced that it would drop its pursuit to buy T-Mobile on concerns that antitrust regulators would block the $32 billion deal. (1) A Pro S&P pit trader is giving away some of his coveted trading tactics that helped him to net nearly $2 million in a free eBook – get the download here. The U.S. trade deficit unexpectedly fell 7 percent to a 5-month low of $41.5 billion in June, as a sharp 1.2 percent downturn in imports outpaced a 0.1 percent increase in exports. Imports stood at $237.4 billion, while exports came in at a record $195.9 billion. Economists had called for the deficit to make a slight advance to $45 billion. (2)
The Institute for Supply Management’s U.S. service sector index rose from a reading of 56 to an 8-1/2 year high of 58.7 in July – surpassing forecasts of 56.3 – as business activity rose to a Feb. 2001 high of 62.4, new orders to an Aug. 2005 high of 64.9, and employment to a 6-month high of 56. (3) U.S. factory orders rose at their fastest pace since 1992 – climbing 1.1 percent in June versus forecasts for an increase of 0.6 percent – as demand for commercial aircrafts jumped 8.4 percent. (4) Eurozone retail sales rose at the fastest annual pace since March 2007 in June – rising 2.4 percent compared to forecasts for an increase of 1.4 percent – as sales of non-food products advanced 3 percent and sales of food products rose 2 percent. (5)
Top trader Kirt Christensen explains how even a novice trader can generate a solid weekly income regardless of their account size – see how during this free tell-all event. Time Warner’s Q2 profit advanced 11 percent to $850 million or $0.95 a share, as revenue rose 3 percent. Adjusted earnings of $0.98 a share topped forecasts of $0.84. (6) However, shares fell 12 percent to $74.51 after Rupert Murdoch withdrew 21st Century Fox’s $80 billion takeover bid for the company. (7) AOL’s Q2 profit fell 1 percent to $28.2 million or $0.34 a share, as higher costs outpaced a 20 percent increase in global advertising revenue. Adjusted earnings of $0.45 a share still beat forecasts of $0.44 – sending shares up more than 8 percent. (8)
As anticipated, the Reserve Bank of Australia held its key interest rate on hold at a record low 2.5 percent for the 12th consecutive month, as economic growth remains sluggish. (9) Despite a recent show of strength in the U.K. economy, the Bank of England left its interest rate unchanged and in line with forecasts at a record-low 0.5 percent. (10) The European Central Bank followed suit – leaving its interest rate at a record-low 0.15 percent, as geopolitical risks remain a danger to the eurozone’s already unstable recovery. The move was anticipated by analysts. (11) Students of Open Trader’s Ziad Masri are bringing in profits of over $100,000 a month with his new unconventional trading strategy – read the full story here.
According to Wednesday’s EIA report, the nation’s crude oil supplies dropped 1.8 million barrels to a Feb. low of 365.6 million barrels compared to forecasts for a draw of 1.7 million barrels. Distillates unexpectedly fell by 1.8 million barrels to 124.9 million versus to forecasts for a build of 600,000 barrels. Gasoline supplies also made a surprise downturn – dropping 4.4 million barrels to 213.8 million barrels versus forecasts for an increase of 100,000 barrels. (12) The news had gas prices rebounding 1.5 percent to $2.755 a gallon, from a 6-month low of $2.7155. (13)
Natural gas storage rose by 82 billion cubic feet to 2.39 trillion cubic feet last week – missing forecasts for a build of 89 billion cubic feet. Supplies stand 18.4 percent lower year-on-year and 20.3 percent below the 5-year average. (14)
Wheat prices rose to a 1-month high of $5.65 a bushel this week after a report showed that U.S. wheat exports jumped 81 percent to 801,007 metric tons in the week ended July 24 and speculation rose that quality damage to harvests in Europe due to rain will further increase demand for U.S. supplies. (15) Informa Economics Inc. raised its 2014/15 wheat production forecast for Russia by 3.5 million metric tons to 56 million tons. (16) U.S. soybean production is projected to rise to a record 3.865 billion bushels this year – exceeding the USDA’s estimate of 3.8 billion bushels – as rain in the Midwest is expected to boost yields. The better-than-expected projection sent prices lower throughout the week. (17) U.S. corn production is also expected to surpass the USDA’s July estimate, with a record crop of 14.25 billion bushels. (18)
Gold rose to a 1-month high of $1,324.30 an ounce on Friday, as unrest in the Middle East spurred safe-haven demand. (19) For the week, the metal rose 2.2 percent – marking its first weekly advance in 4 weeks and the highest gain in seven. (20) Silver made its largest 1-day advance in 2-weeks – rising 1.2 percent to close at $20.02 an ounce on Wednesday – as geopolitical concerns over Ukraine deepened. (21)
Vietnam coffee exports are projected to climb from 85,000 metric tons to between 70,000 to 120,000 tons (or 1.17 million to 2.0 million 60-kg bags) in Aug., as foreign buyers cover their needs and sales from Vietnam’s tightening supplies become unstable before the start of the new 2014/15 harvest. (22) Copesucar SA, Brazil’s largest sugar-growing and exporting company, expects sugar production to make its largest year-on-year downturn in 14 years – dropping 7 percent to between 32 million and 34 million metric tons – as drought plagues the region. (23)
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