So much for the idea of ‘slack’ in the economy, initial jobless claims just plunged 19k week-over-week to 284k (vs 307k expected) - the lowest since Jan 2006 (which was the lowest print since May 2000). This is the biggest beat of expectations in over 2 years. Continuing claims fell modestly. Let’s not go popping the champagne corks of full recovery quite yet as non-seaonally-adjusted claims collapsed by their most in 6 months as the government saw fit to warn data-consumers that “claims are often very volatile this time of year,” as auto shutdowns can cause claims to fluctuate. In other words, ignore this noise.
Great news… except…
- *LABOR SAYS AUTO SHUTDOWNS CAN CAUSE CLAIMS TO FLUCTUATE
- *LABOR SAYS CLAIMS ARE OFTEN VERY VOLATILE AT THIS TIME OF YEAR
- *U.S. TOTAL BENEFIT ROLLS DECREASE BY 8,000 TO 2.5 MILLION
Caterpillar just announced Q2 financial results that beat expectations.
The construction and mining equipment giant earned $1.69 per share, beating expectations for $1.52.
Revenue came in at $14.15 billion, which was a bit lower than the $14.50 billion expected.
As a global supplier of capital equipment, many look to CAT as a bellwether of economic activity.
“After a sizable drop in sales and revenues in 2013, our ongoing forecasting process has, since the third quarter of last year, pegged 2014 as a roughly -flat year for sales. That’s still the case,” said CEO Doug Oberhelman. “There have been plusses and minuses, but they’ve both been relatively muted in the context of our total sales and revenues. While we’d certainly like to see improvement in economies around the world, and more specifically, the mining industry, the stability that we’ve seen this year has helped. Even though sales and revenues are relatively flat compared to last year, we’ve improved the bottom line with better execution and continued focus on costs,” >> Read More
- missing Air Algerie plane owned by Spain’s Swiftair is an Airbus A320 with 110 passengers and 6 crew on board
- Swiftair and Air Algerie say they currently have no contact with aircraft due to land in Algiers, having taken off in Burkina Faso
Let’s hope for the best .. The world certainly doesn’t need any more of these tragic incidents
The European Central Bank (ECB) said on Thursday there had been a breach of the security protecting a database serving its public website. This led to the theft of email addresses and other contact data left by people registering for events at the ECB.
No internal systems or market sensitive data were compromised. The database serves parts of the ECB website that gather registrations for events such as ECB conferences and visits. It is physically separate from any internal ECB systems. >> Read More
At 11:43 ,Our Message to our Subscribers :
Now kissed high of 7832 level.
Technically Yours/ASR TEAM/BARODA
Amid growing concerns of a deepening slowdown in Europe, the region’s largest and most important economy has posted more robust than expected readings on the strength of its manufacturing sector.
But it was its services sector that was the real standout on Thursday, with the services activity index compiled by Markit jumped to a 37-month high of 56.6.
Reminder that a figure above 50 indicates expansion, while below 50 indicates contraction.
Here’s Markit’s full data for July:
Unilever posted second quarter sales growth that missed expectations, amid a further slowdown in emerging markets and a stagnant recovery in Europe.
The food and consumer goods giant said on Thursday that underlying sales growth came in at 3.8 per cent for the period, below analysts’ estimates of 4.3 per cent growth.
For the first half of the year, turnover was down 5.5 per cent to just over €24bn, the company said.
The numbers reflect Unilever’s broader challenge in boosting profitability as some crucial growth markets continue to slow.
The company, which houses brands such as Ben & Jerry ice cream and Domestos cleaner, has been sharpening its focus on higher-margin products by paring its sprawling portfolio.
During the quarter, it sold its North American pasta sauce brands, Ragú and Bertolli, for $2.2bn in cash to Japan’s Mizkan Group. >> Read More