China sets yuan fixing stronger than expected: Morning Brief

Thursday, August 8, 2019

Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe


Two big earnings reports are scheduled for today: Ride-sharing giant Uber (UBER) and consumer brand Kraft Heinz (KHC).

Ahead of the opening bell, embattled food and beverage giant Kraft Heinz will finally release first-quarter results after a delay caused by an SEC investigation. This will be the first time that investors and analysts will be addressed by CEO Miguel Patricio, who took the helm at the end of April.

Investors will be focused on what management says about a plan to return to growth. Analysts polled by Bloomberg expect Kraft Heinz to report adjusted earnings of 61 cents per share on $6.06 billion in revenue.

Meanwhile, Uber’s report comes on the heels of Lyft’s (LYFTbetter-than-expected report Wednesday evening. Uber will face its moment of truth as it gears up to report financial results after market close. Despite recent price increases, analysts are projecting Uber to report modest deceleration in revenue for the second quarter. The number of riders is also expected to decrease a bit, but growth is anticipated for Uber Eats. Uber is expected to report an adjusted loss of 79 cents per share on revenue of $3.05 billion in revenue.

Other notable reports scheduled for Thursday include AMC Entertainment (AMC), Cronos Group (CRON), Fiverr (FVRR), Norweigan Cruise Line (NCLH), Viacom (VIAB) before market open; Activision Blizzard (ATVI), CBS (CBS), Revolve Group (RVLV), Yelp (YELP) after market close.

Read more


Tiled Chinese Yuan Note (Renminbi) textured background

China sets yuan fixing stronger than expected: The yuan steadied on Thursday after China’s central bank set the daily fixing stronger than analysts expected, providing some reassurance to traders rattled by a tumultuous week in markets. The currency rose as much as 0.3% after the People’s Bank of China set its daily reference rate at 7.0039 per dollar. While that was the first time since 2008 that the fixing was weaker than 7, it tracked earlier moves in the spot rate and was stronger than the 7.0156 average estimate of 21 analysts and traders surveyed by Bloomberg. [Bloomberg]

China exports rebound: China’s export growth rebounded in July and imports shrank less than forecast, signaling some recovery in trade just as companies brace for the arrival of new tariffs from the U.S. Exports increased 3.3% in July from a year earlier, while imports declined 5.6%, leaving a trade surplus of $45.1 billion, the customs administration said Thursday. [Bloomberg]

Lyft shares drop after company announces IPO lock-up period will end early: Lyft (LYFT) shares turned negative in extended trading Wednesday after the company said it would allow company directors and officers to sell their shares at an earlier date than expected following the company’s March initial public offering. [Yahoo Finance]

Also: Lyft tops expectations in Q2 results, raises full-year guidance [Yahoo Finance]

Facebook's Libra faces 'headwinds' on trust, says Ripple CEO: Facebook (FB) will face challenges launching its new cryptocurrency project because it “let the public down,” according to a top crypto CEO. Brad Garlinghouse, the CEO of cryptocurrency company Ripple, told Yahoo Finance UK: “This new world order of digital assets, they’re grounded on trust. People trust bitcoin, they trust ether, they trust XRP. [Yahoo Finance UK]

Adidas profit squeezed by cost of flying clothing to U.S.: Adidas AG’s earnings are being squeezed by the cost of flying clothing from Asia to North America to fill a supply gap. The sporting-goods company reported second-quarter operating profit that was 5 million euros ($5.6 million) below the consensus forecast. It also confirmed 2019 targets, potentially disappointing investors who considered that outlook conservative. [Bloomberg]

Roku loses less money than expected: Roku (ROKU) on Wednesday reported its Q2 2019 earnings, beating analysts’ estimates on both the top and bottom line. Here are the most important numbers to know from the company’s announcement. [Yahoo Finance]


Trump’s 3 lies on trade

Here’s the truth about Trump’s Pledge to America’s Workers

Ray Dalio: ‘Now is the time’ to invest in China

Samsung unveils $949 Galaxy Note10 and $1,099 Galaxy Note10 Plus

Ann Summers CEO Jacqueline Gold on empowering women in the bedroom — and the boardroom

To ensure delivery of the Morning Brief to your inbox, please add to your safe sender list.

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.