Stock market today: Live updates
China’s Second Quarter GDP Growth Slower Than Expected at 6.3%
China’s economy experienced a growth rate of 6.3% in the second quarter compared to the same period last year. However, this figure fell short of analysts’ predictions, who had forecasted a growth rate of 7.3%, according to a Reuters poll.
The 6.3% GDP growth in the second quarter indicates a slower pace of expansion compared to the 2.2% quarter-on-quarter growth recorded in the first three months of the year, marking a 0.8% decrease.
Record High Unemployment Among Youth in China
In June, China witnessed a record-breaking unemployment rate of 21.3% among young individuals aged 16 to 24. This statistic raises concerns about the job market and opportunities available to the younger generation.
Typhoon Talim Disrupts Hong Kong Markets
Hong Kong’s markets are expected to remain closed throughout Monday due to the typhoon warning issued by the city observatory. The forecast indicates that the typhoon warning for Typhoon Talim will be in effect until 4 p.m. local time.
Typically, if the typhoon signal reaches No. 8 or higher after 9 a.m., the morning trading sessions are canceled. If the signal remains in force by noon, all trading sessions for the day will be canceled.
Singapore’s Non-Oil Domestic Exports Decline for Ninth Consecutive Month
Singapore’s non-oil domestic exports experienced a year-on-year decline of 15.5% in June, marking the ninth consecutive month of contraction in this sector. While this drop was deeper than the 14.8% recorded in May, it was slightly lower than the 15.8% expected by economists surveyed by Reuters.
Enterprise Singapore, the country’s enterprise development agency, attributed the decline in non-oil domestic exports to weaker performance in exports to Malaysia, Indonesia, and South Korea. However, exports to Hong Kong and China witnessed an increase.
Preliminary Labor Deal Reached by United Airlines and Pilots
United Airlines’ shares saw a marginal increase in overnight trading following the announcement of a preliminary labor deal with its pilots. The agreement includes a pay raise of up to 40% over four years. This development comes several months after Delta Air Lines reached a new contract agreement with its pilots.
Strong Start to Second-Quarter Earnings Season for S&P 500
The second-quarter earnings season has commenced on a positive note, despite estimates suggesting a roughly 7% decline in year-over-year earnings, according to FactSet. Out of the S&P 500 companies that have reported their second-quarter earnings, approximately 6% have already done so. Among these, 80% have exceeded consensus EPS expectations, as indicated by FactSet data. Additionally, 67% of the reported companies have surpassed sales expectations.
