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Category: Business, Economics and Finance / Unemployment / Banking / Economic Trends

Facebook earnings skyrocket while automotive shares fall

Friday, 29 Jul 2016 05:23:18 | Rebecca Hyam

City office-workers and passers-by watch the share market prices at the Australian Stock Exchange in Sydney on August 5, 2011. The Australian dollar is down almost two US cents as global markets continue to be pessimistic about the US economy and European government debt woes. (AAP: Tracey Nearmy)

Yesterday's strong earnings report from Facebook helped to boost the Nasdaq overnight, but more broadly on Wall Street, it was a mixed finish.

Facebook's earnings for the June quarter surged to more than $US2 billion, driven by strong online advertising sales.

That was up 186 per cent on the social media giant's earnings during the same period last year.

Shares in the car maker Ford slumped in the overnight trading session, after it reported a drop of almost nine per cent in second quarter earnings, and weaker sales in China.

That rattled the wider automotive sector, with shares in General Motors and Fiat Chrysler also losing value.

Unemployment claims rising but still market still "healthy"

The number of people claiming unemployment benefits rose by a greater than expected 14,000 last week to a seasonally-adjusted 266,000.

Claims have now been below 300,000 for 73 consecutive weeks, marking the longest stretch since 1973.

The 300,000 threshold is considered to represent a healthy employment market.

By the close, the Dow Jones Industrial Average had lost 0.09 per cent to 18,456.

The S&P 500 Index gained 0.16 per cent to 2,170 and the Nasdaq finished 0.3 per cent higher at 5,154.

Australian dollar strengthens but local market slow

European markets gave back some of yesterday's gains, with London's FTSE 100 Index closing 0.44 per cent lower at 6,721.

It is set to be a slow start locally, with the ASX SPI 200 up 0.1 per cent to 5,523 at 6.45am AEST.

At the same time, the Australian dollar was worth 75.02 US cents, having strengthened overnight.

On the cross-rates it was buying 67.73 European cents, 56.96 British pence, 78.98 Japanese yen and $NZ1.06.

West Texas Crude oil had fallen to $US41.08 a barrel, the price of a barrel of Tapis had edged down to $US43.66 and spot gold had eased to $US1,336.10 an ounce.

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