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Oil Heading For Weekly Gain On Demand Recovery Hopes

Rupee settles 6 paise lower at 74.90 against US dollar

Meanwhile, wholesale price-based inflation declined 0.58% in July.

The rupee settled 6 paise lower at 74.90 (provisional) against US dollar on Friday tracking weak domestic equities.

At the interbank forex market, the local unit opened at 74.85 against the US dollar, then lost ground and finally settled at 74.90 against the American currency, registering a decline of 6 paise over its previous close of 74.84.

During the session, the rupee witnessed an intra-day high of 74.74 and a low of 74.93 against the greenback.

Meanwhile, wholesale price-based inflation declined 0.58% in July, even as food items turned costlier. WPI inflation in June was at (-) 1.81%, according to official data.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05% lower at 93.29.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 376.46 points lower at 37,934.03 and broader NSE Nifty was trading 133.70 points down at 11,166.75.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹ 416.28 crore on Thursday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.67% to USD 44.66 per barrel.

Indonesia reports 2,307 new coronavirus infections, 53 deaths

JAKARTA (REUTERS) – Indonesia reported 2,307 new coronavirus infections on Friday (Aug 14), taking the total number of cases in the South-east Asian country to 135,123, data from Indonesia’s Covid-19 task force showed.

The data also showed 53 new deaths, taking the total number to 6,021, the highest number of fatalities in South-east Asia.

Fang Holdings Limited Q2 Income Climbs

Fang Holdings Limited (SFUN) announced earnings for its second quarter that advanced from the same period last year.

The company’s profit totaled $21.48 million, or $0.24 per share. This compares with $5.11 million, or $0.06 per share, in last year’s second quarter.

The company’s revenue for the quarter fell 1.5% to $66.85 million from $67.85 million last year.

Fang Holdings Limited earnings at a glance:

-Earnings (Q2): $21.48 Mln. vs. $5.11 Mln. last year.
-EPS (Q2): $0.24 vs. $0.06 last year.
-Revenue (Q2): $66.85 Mln vs. $67.85 Mln last year.

Even The New York Post Is Done With Donald Trump’s ‘Nasty’ Attacks On Kamala Harris

Even the editorial board for the New York Post is getting fed up with President Donald Trump’s personal attacks on Sen. Kamala Harris (D-Calif.).

The Rupert Murdoch-owned newspaper’s board used an op-ed on Thursday to warn Trump that he “continues to be his own worst enemy” by calling Harris, the presumptive vice-presidential nominee, a “mad woman” and “nasty.”

Trump risked turning off voters “who like his policies but dislike his rhetoric,” said the board, which endorsed Trump for the 2016 GOP primary in New York.

The president’s insults are “just, as Trump would say, mean and nasty,” it added in the column headlined “Lose the nasty words, Mr. President — it does you no good.”

The tabloid instead encouraged Trump to attack presumptive Democratic rival Joe Biden and his running mate, Harris, on “substantive issues” such as the economy and foreign policy.

“Why not focus on that, Mr. President — instead of resorting to callous insults that do you no good. Your goal is to get reelected, right?” the board concluded.

Read the New York Post editorial board’s full op-ed here.

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China Automotive Systems Re-iterates FY20 Revenue Guidance – Quick Facts

While reporting financial results for the second quarter on Friday, vehicle parts supplier China Automotive Systems, Inc. (CAAS) re-iterated its revenue guidance for the full-year 2020 of $360 million, based on the company’s current views on operating and market conditions, which are subject to change.

In April, the Company regained its full operating capacity after lockdown restrictions were removed and reopened its Wuhan headquarters after a temporary relocation to Jingzhou City in March.

For the second quarter, the company reported a net loss attributable to parent company’s common shareholders of $4.1 million or $0.13 per share, compared to net income of $2.5 million or $0.08 per share in the prior-year quarter. Net sales also declined to $83.2 million from $105.7 million in the same quarter last year.

EARNINGS SUMMARY: Details of China Automotive Systems Inc Q2 Earnings Report

Below are the earnings highlights for China Automotive Systems Inc (CAAS):

-Earnings: -$4.10 million in Q2 vs. $2.45 million in the same period last year.
-EPS: -$0.13 in Q2 vs. $0.08 in the same period last year.
-Analysts projected -$0.04 per share
-Revenue: $83.18 million in Q2 vs. $105.75 million in the same period last year.

Oil Heading For Weekly Gain On Demand Recovery Hopes

Oil prices fell on Friday after retail sales and industrial production numbers for July continue to point to weak recovery in China.

Benchmark Brent crude dropped 30 cents, or 0.7 percent, to $44.66 a barrel, but was heading for gain of more than 1 percent for the week on optimism about the pace of oil demand recovery.

Similarly, West Texas Intermediate crude futures were down 25 cents, or 0.6 percent, at $41.99 but headed for a gain of over 2 percent for the week.

Official data showed today that China’s industrial production grew 4.8 percent on a yearly basis in July, the same rate of growth as seen in June and weaker than the expected rise of 5.1 percent.

Retail sales dropped 1.1 percent from last year, confounding expectations for an increase of 0.1 percent.

During January to July period, fixed asset investment decreased 1.6 percent versus a 3.1 percent decrease in January to June.

Elsewhere, the euro area economy contracted at a record pace in the second quarter, as initially estimated, due to the containment measures taken by member countries to control the spread of the coronavirus, flash estimate from Eurostat showed.

Gross domestic product fell 12.1 percent sequentially in the second quarter, following a 3.6 percent drop in the first quarter. This was the sharpest decline seen since the series began in 1995.

Year-on-year, GDP was down 15 percent versus a 3.1 percent decline a quarter ago. This was also the sharpest decrease since 1995.