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Finance & Global News 16th July 2020 – BANK OF AMERICA, NETFLIX

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Finance & Global News 16th July 2020 – BANK OF AMERICA, NETFLIX

1. Retail Sales Numbers For June Out At 8:30 AM EST.

Retail sales are scheduled to be released today and analysts will be watching to see if May’s big jump can be repeated. They are anticipating a gain of 5% in June.

Sales surged an unexpectedly strong 17% in May after plunging in April amid Covid-related lockdowns, and sales excluding autos and gas rose 12.4% in May. Many areas of the country opened more fully in June, though recent spikes in virus cases has forced some states and cities to rollback those reopening efforts.

2. Oil prices ease after OPEC Meeting.

Oil prices eased on Thursday after OPEC and allies such as Russia agreed to taper record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a big drawdown from the country’s crude stocks.

Brent crude fell 27 cents, or 0.6%, to $43.52 a barrel, and U.S. WTI crude dropped 32 cents, or 0.8%, to $40.88 a barrel. They rose 2% the previous day, helped by the U.S. crude inventories drop.

3. Fall in the UK Jobs Market slowed in June.

The pace of decline in Britain’s labor market slowed in June, official data showed on Thursday although the figures did not include a recent slew of job losses caused by the coronavirus’s hit to the economy.

Early indicators suggested that the number of employees on companies’ payrolls was down by 649,000 between March and June, with the largest falls at the start of the pandemic. The Office for National Statistics said.
Britain’s unemployment rate unexpectedly held at 3.9% in the three months to May.

4. UK ban on Huawei damages Investment Confidence – China.

Britain’s “discriminatory” ban on Huawei has severely damaged China’s investment confidence in the country, China’s commerce ministry said on Thursday, adding it will take necessary measures to defend Chinese firms’ legal rights.

Prime Minister Boris Johnson on Tuesday ordered Huawei equipment to be purged completely from Britain’s 5G network by the end of 2027.

5. Earnings Watch : BOA, Netflix and More.

Thursday’s earnings line-up includes Bank of America Corp, Morgan Stanley and Charles Schwab Corporation on the financial front. All three are expected to benefit from trading, as other banks demonstrated in their reports this week.

Netflix Inc also reports earnings on Thursday. The video streaming giant, a big beneficiary of shelter-in-place orders that boosted demand for home entertainment, is seen reporting EPS of $1.82 on revenue of $6.1 billion.

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