1 US stocks at record high (San Francisco Chronicle)
Strong gains by energy companies and retailers helped nudge each of the major US
stocks indexes to a record high close Thursday. The Standard & Poor's 500
index and Nasdaq composite had previously hit new highs last Friday. The Nasdaq
also notched a record close on Tuesday.
Energy stocks led the rally. The Dow Jones industrial
average climbed 117.86 points, or 0.6 percent, to 18,613.52. The average is now
up about 0.1 percent from its last record set July 20.
The S&P 500 index added 10.30 points, or 0.5
percent, to 2,185.79. That's a gain of 0.13 percent from its previous high last
Friday. The Nasdaq composite index gained 23.81 points, or 0.5 percent, to
5,228.40. It edged up 0.1 percent from its previous high.
The latest market milestones reflect investors'
improved confidence in the US economy of late. Strong job growth, more stable
oil prices and a crop of better-than-expected company earnings have helped lift
stocks in recent weeks.
Traders bid up oil prices in response to the
International Energy Agency's latest forecast. The agency said it expects that
supply and demand for oil will be more in balance the rest of this year. It
also projected that global oil demand won't grow as much as it previously
expected next year, citing a weaker global economy.
Germany's DAX gained 0.9 percent, while France's CAC
40 added 1.2 percent. Britain's FTSE 100 rose 0.7 percent. In Asia, Hong Kong's
Hang Seng index closed 0.4 percent higher, while China's Shanghai Composite
slipped 0.5 percent. South Korea's KOSPI edged up 0.2 percent. Japan's stock
exchange was closed for a holiday.
http://www.sfgate.com/news/world/article/Asian-shares-mixed-after-US-losses-due-to-lower-9135757.php
2 Alibaba grows globally (BBC) China's Alibaba has
seen a sharp increase in international sales, a sign that it is finally making
strides outside its home turf. Its latest results show international sales
increased by 123% to 1.1bn yuan ($165m) between April and June. However, that
figure still made up just 4% of Alibaba's overall revenue.
The e-commerce giant, founded the billionaire Jack
Ma, is a well-known name throughout China but has struggled to break into
markets like the US. The company, which is listed in the US, attributed a large
portion of the increase in international sales to the purchase of Lazada - a
Singapore based e-commerce firm. The deal was completed in mid-April.
Alibaba has expressed a clear desire to expand its
presence internationally and plan for the next 10 to 20 years. As growth in the
Chinese economy flags, this expansion will be more important. The company also
reported the strongest earnings since it began selling shares on the stock
exchange in 2014.
Alibaba also increased the number of sales by mobile
users. The number of Chinese users buying products on Alibaba through their
mobile phones rose to 427 million from 410 million in the three months
previous. Mobile growth has been a key metric for investors who were concerned
about whether the company could make this transition.
3 Global gold demand jumps 15% (Abdul Basit in
Khaleej Times) Global demand for gold jumped 15 per cent in the second quarter
but fell in major markets such as India and China. The Middle East was no
exception as the region witnessed 20 per cent decline in terms of weight and 16
per cent in dollar value, the World Gold Council said in its report.
Challenging geopolitical and economic conditions
continue to hamper the Middle Eastern markets, the council said. The high price
level has taken its toll on the jewellery sector in the region, it added.
Prices jumped by about one quarter in value during the first half.
Globally, the total gold demand stood at 1,050
tonnes in April-June period, showing an increase of 15 per cent compared with
the second quarter of 2015. So first-half demand jumped to 2,335 tonnes - which
was the second highest level for that period and not far from the record
2,371.5 tonnes seen in 2013.
The US election, the UK referendum on EU membership
and possible implications of the Brexit outcome, the increasingly parlous state
of Italy's banking sector; these have proved a potent combination as far as
gold investors are concerned.
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