Mixed markets | Calamatta Cuschieri

U.S. stocks were mixed, while the dollar rose with Treasury yields as investors remained cautious ahead of the kickoff of the annual gathering of central bankers at Jackson Hole, Wyoming.

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Calamatta Cuschieri
25 August 2017, 9:13am
On Thursday U.S. stocks were mixed while U.K stocks finished higher
On Thursday U.S. stocks were mixed while U.K stocks finished higher
U.S. stocks were mixed, while the dollar rose with Treasury yields as investors remained cautious ahead of the kickoff of the annual gathering of central bankers at Jackson Hole, Wyoming. The S&P 500 Index bounced between gains and losses in trading volume 16 percent below the 30-day average. Tech shares led losses, dragging the Nasdaq 100 Index lower. Oil saw losses as tropical storm Harvey approaches the Texas coast.

U.K. stocks finished higher Thursday, with investors appearing more confident ahead of the summit in Jackson Hole and shaking off downbeat data on the U.K. economy. The FTSE 100 index closed up 0.3% at 7,407.06, the best settlement since Aug. 16. Provident Financial PLC was one of the biggest movers and jumped 13%, adding to a 12% gain from Wednesday. Shares of Dixons Carphone PLC however were shoved down 20.5%. The stock, listed on the midcap FTSE 250 index tumbled as much as 32%.

Uber shrinks losses

Ride-sharing app, Uber, reported a 16 percent increase in quarterly bookings and a smaller loss than the previous period as the ride-services company showed signs of inching toward profitability. Revenue reached $1.75bn in the second quarter - more than double the figure for the same period last year. Uber also said drivers earned about $50m in tips since June.

The shrinking losses reflect Uber's efforts to rein in massive spending on subsidies for both drivers and customers even as it battles rivals in tough markets like South Asia. The number of trips in the quarter soared 150% year-on-year, with the fastest growth coming in developing markets. Adjusted net revenue, which reflects Uber's cut of ride fares, rose to $1.75 billion from $1.5 billion in the first quarter, Uber said.

Gates, Branson invest in ‘Clean Meat’

Bill Gates, Richard Branson and other business giants have invested in a nascent technology to make meat from self-producing animal cells amid rising consumer demand for protein that’s less reliant on feed, land and water. Memphis Meats, which produces beef, chicken and duck directly from animal cells without raising and slaughtering livestock or poultry, raised $17 million from investors.

This is the latest move by an agricultural giant to respond to consumers, especially Millennials, who are rapidly leaving their mark on the U.S. food world. That’s happening through surging demand for organic products, increasing focus on food that’s considered sustainable and greater attention on animal treatment. Big poultry and livestock processors have started to take up alternatives to traditional meat.

Disclaimer:

This article was issued by Peter Petrov, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.

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