Mixed markets…Euro economy slows…China manufacturing slows
SINGAPORE (AP) – World markets are mixed Tuesday ahead of key economic releases from the 19-country eurozone, which has come to an agreement with the U.S. on holding off on new tariffs. Futures point to a subdued opening on Wall Street. Benchmark U.S. crude oil fell below $70 per barrel . The dollar rose against the yen and slipped against the euro.
FRANKFURT, Germany (AP) – Official statistics show that Europe’s economic upswing slowed further in the second quarter amid jitters over a possible global trade war. Growth in the 19 countries that use the euro currency eased to a quarterly rate of 0.3 percent, weaker than markets had expected and down from from 0.4 percent in the first quarter. Fear that new tariffs will slow global commerce has been weighing on the outlook in the Europe, where the economy is heavily dependent on trade.
BEIJING (AP) – China’s manufacturing decelerated in July as exports and domestic demand weakened, a survey showed Tuesday, adding to challenges for Beijing amid rising trade tension with Washington. The China Federal of Logistics & Purchasing said its monthly purchasing managers’ index declined to 51.2 from June’s 51.5 on a 100-point scale on which numbers above 50 show activity expanding.
TOKYO (AP) – Sony Corp. profits nearly tripled in the latest quarter, boosted by a jump in PlayStation 4 software sales. The company reported profits of 226.4 billion yen ($2.0 billion) for the April to June quarter, up from 80.9 billion yen in the same period last year and 21.2 billion yen in 2016. Sales rose 5 percent to 1.95 trillion yen. Gaming sales, which account for about a quarter of Sony’s revenue, rose 36 percent to 472 billion yen.
SEOUL, South Korea (AP) – Nintendo Co. said Tuesday that its quarterly profit jumped 44 percent during the fiscal first quarter thanks to increased sales of Nintendo Switch game titles. The Japanese maker of Super Mario and Pokemon games said that its net profit totaled 30.6 billion yen ($274.9 million) during the April-June period, compared with 21.3 billion yen a year earlier. Quarterly sales rose 9 percent to 168.2 billion yen ($1.5 billion) over a year earlier while operating profit surged 88 percent to 30.5 billion yen ($274 million).