European Economics Preview: Eurozone Unemployment, Factory PMI Data Due
Unemployment and final manufacturing Purchasing Managers’ survey results from euro area and retail sales from Germany are due on Monday, headlining a busy day for the European economic news.
At 2.00 am ET, Destatis is scheduled to issue Germany retail sales data for June. Economists forecast sales to rise 0.2 percent on month, following the 0.6 percent increase in May.
At 3.00 am ET, Purchasing Managers’ survey results from Poland, Turkey and Hungary are due.
At 3.15 am ET, S&P Global releases Spain manufacturing PMI data. The index is forecast to fall 50.2 in July from 52.6 in the prior month.
At 3.45 am ET, Italy factory PMI survey results are due. Economists forecast the index to fall to 49.1 in July from 50.9 in June.
Thereafter, manufacturing PMI survey results are due from France and Germany at 3.50 and 3.55 am ET, respectively.
At 4.00 am ET, Eurozone S&P Global manufacturing PMI data is due. The score is seen at a 25-month low of 49.6 in July, in line with flash estimate, but down from 52.1 in June.
In the meantime, Italy’s Istat publishes unemployment data for June. Economists forecast the jobless rate to remain unchanged at 8.1 percent.
Half an hour later, UK S&P/CIPS final manufacturing PMI survey results are due. The index is forecast to fall to 52.2 in July, in line with flash estimate, from 52.8 in June.
At 5.00 am ET, Eurostat is scheduled to issue euro area unemployment data for June. The jobless rate is seen unchanged at 6.6 percent.
Power Integrations Inc. Q2 Profit Decreases, misses estimates
Power Integrations Inc. (POWI) released earnings for second quarter that decreased from the same period last year and missed the Street estimates.
The company’s bottom line totaled C$527 million, or C$0.78 per share. This compares with C$994 million, or C$1.47 per share, in last year’s second quarter.
Excluding items, Power Integrations Inc. reported adjusted earnings of C$584 million or C$0.87 per share for the period.
Analysts on average had expected the company to earn C$0.95 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
Power Integrations Inc. earnings at a glance (GAAP) :
-Earnings (Q2): C$527 Mln. vs. C$994 Mln. last year.
-EPS (Q2): C$0.78 vs. C$1.47 last year.
-Analyst Estimates: C$0.95
Denver police investigate woman’s death as a homicide
A woman’s death in Denver is being investigated as a homicide.
At 7:52 a.m. Friday, police, on Twitter, said they were investigating a death in the 3600 block of High Street.
Later in the day, at 3:12 p.m., police said that the investigation is now a “homicide.” No arrest has been made and the investigation is ongoing.
Denver’s high temperature hits 100 degrees breaking prior record set in 1877.
Denver’s high temperature hit 100 degrees on Friday, breaking a daily record set more than a century ago, according to the National Weather Service.
Friday’s high temp broke the previous high record for August 5, 99 degrees, set in 1877, the weather service said. The 100-degree mark was the 5th time this year that the city has climbed to triple digit heights.
On Saturday in Denver the high temperature should top out at about 92 degrees, according to the weather service forecast.
AstraZeneca : FDA Approves Enhertu For HER2-low Metastatic Breast Cancer
AstraZeneca (AZN.L,AZN) and Daiichi Sankyo said Friday that the Food and Drug Administration approved Enhertu (fam-trastuzumab deruxtecan-nxki) for the treatment of adult patients with unresectable or metastatic HER2-low (IHC 1+ or IHC 2+/ISH-) breast cancer who have received a prior chemotherapy in the metastatic setting or developed disease recurrence during or within six months of completing adjuvant chemotherapy.
Enhertu is a specifically engineered HER2-directed antibody drug conjugate (ADC) being jointly developed and commercialized by AstraZeneca and Daiichi Sankyo.
The FDA approval was based on the results from the DESTINY-Breast04 Phase III trial, which showed Enhertu reduced risk of disease progression or death by 50% and increased overall survival by more than six months versus chemotherapy.
The US regulatory submission for DESTINY-Breast04 was reviewed under Project Orbis, which provides a framework for concurrent submission and review of oncology medicines among participating international partners.
As part of Project Orbis, Enhertu is also under regulatory review for the same indication by the Australian Therapeutic Goods Administration, the Brazilian Health Regulatory Agency, Health Canada and Switzerland’s Swissmedic.
Regulatory applications for Enhertu are also currently under review in Europe, Japan and several other countries based on the DESTINY-Breast04 results.
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Berkshire Slips To Loss In Q2
Billionaire Warren Buffett’s Berkshire Hathaway Inc. (BRK.A, BRK.B) reported that its second quarter net loss attributable to shareholders was $43.76 billion or $29,754 per class A share compared to net earnings of $28.09 billion or $18,488 per class A share in the same quarter last year.
Investment and derivative loss for the latest-quarter was $53.04 billion. The prior year result included gain of $21.0 billion due to changes in the unrealized gains that existed in equity security investment holdings.
Operating earnings for the quarter grew to $9.28 billion from $6.69 billion in the previous year.
Total revenues for the quarter were $76.18 billion up from $69.11 billion in the prior year.
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