TOP STORIES
U.S. GDP EXPANDS AT A DISAPPOINTING 1.2%
U.S. economic growth sputtered this spring-growing a meager 1.2%
in the second quarter-with cautious business investment largely
offsetting more robust consumer spending.
U.S. STOCKS INCH HIGHER
U.S. stocks edged mostly higher, putting the S&P 500 on
track to end the week near where it began.
LOW CRUDE PRICES HAMMER BIG OIL COMPANIES
Exxon Mobil Corp. saw profit fall 60%, and Chevron reported a
third-straight quarterly loss on Friday, capping off a week of
lackluster results for the biggest Western oil companies and
underscoring the continued challenge they face as crude prices fall
to just above $40 a barrel.
BANK OF JAPAN TAKES MODEST ACTION
The BOJ said it would expand only its buying of exchange-traded
funds, a move that disappointed investors and indicated it may have
reached the limits of monetary policy.
SABMILLER BOARD BACKS AB INBEV'S HIGHER OFFER
SABMiller's board backed AB InBev's increased offer, ending a
threat that jeopardized the more than $100 billion combination of
the world's largest brewers.
FED'S WILLIAMS SAYS THE ECONOMY IS LIKELY TO SUPPORT RATE RISES
San Francisco Fed President John Williams said higher short-term
interest rates are likely in the U.S. economy's future.
U.S. CONSUMER SENTIMENT FELL IN JULY
A gauge of U.S. consumer sentiment dropped in July-as the
University of Michigan survey fell to 90.0 from June's 93.5-in a
sign that global economic uncertainty could ripple through domestic
spending.
ABBVIE RESULTS BOOSTED BY HUMIRA, PIPELINE GROWTH
Drugmaker AbbVie Inc. lifted its profit forecast for the year
Friday after second-quarter results easily topped expectations,
boosted by its growing pipeline and higher sales of its
anti-inflammatory drug Humira.
NEXTERA TO BUY ENERGY FUTURE'S ONCOR IN $18.4 BILLION DEAL
NextEra Energy agreed to buy Energy Future's stake in Oncor, in
a deal that values the electricity transmissions business at $18.4
billion and could end Energy Future's stay in chapter 11
bankruptcy.
MERCK REVENUE RISES ON CANCER, HEPATITIS TREATMENTS
Merck posted an unexpected increase in revenue as new cancer and
hepatitis treatments bolstered results.
AUTONATION HITS RECORD EPS, BUT COUNSELS CAUTION
AutoNation Inc., benefiting from continued growth in demand for
higher margin trucks and sport-utilities, will continue pairing
back inventory levels as the wider auto industry braces for a
plateauing of U.S. light-vehicle sales after six years of
uninterrupted growth.
XEROX POSTS HIGHER-THAN-EXPECTED PROFIT
Xerox said its profit rose more than expected in the latest
period, helped by falling expenses as the company plows ahead with
its planned separation.
U.S. EMPLOYMENT COSTS UP 0.6% IN SECOND QUARTER
Employers' personnel costs rose modestly during the spring, the
latest reminder of slow income growth during the recovery.
ARCELORMITTAL EARNINGS BEAT EXPECTATIONS
ArcelorMittal reported its best quarter in five years as steel
markets in the U.S. and Europe improved thanks to new protective
import tariffs, stronger demand and shrinking inventories.
U.S. ASKS PHILIPPINES TO HELP BANGLADESH FIND STOLEN FUNDS
U.S. central bankers have asked their counterparts in the
Philippines to help Bangladesh recover $81 million in stolen
funds.
FUEL COSTS CURB UPS PROFIT RISE
UPS reported profit rose 3.2% in the latest period, though
higher fuel costs cut into climbing revenue from its U.S. and
international package deliveries.
EUROZONE ECONOMY SLOWED IN SECOND QUARTER
The eurozone economy slowed in the three months to June, largely
driven by a weaker-than-expected performance in France.
BARCLAYS PROFIT FALLS BUT INVESTORS CHEER PROGRESS ON REVAMP
Barclays posted a sharp fall in first-half profit on asset sales
and putting cash side to cover an uptick in bad loans but shares
rose as investors welcomed progress on its turnaround.
UBS PROFIT BEATS FORECASTS BUT OUTLOOK GLOOMY
Swiss bank UBS gave a gloomy outlook for its future even though
it posted a second-quarter profit that exceeded expectations,
citing uncertainty and turbulent markets.
SONY REPORTS SURPRISE PROFIT
The $206 million April-June profit defied analysts' expectations
for a loss due to weak image-sensor sales and the costs from recent
earthquakes.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Election 2016
CLINTON PITCHES HER PLAN FOR AMERICA
Hillary Clinton accepted the Democratic Party's nomination for
president, casting herself as a unifying leader whose steadiness
and judgment stands in sharp contrast with her opponent.
U.S. News
FOUR ZIKA CASES LIKELY CAME FROM U.S. MOSQUITOES, GOVERNOR SAYS
Florida Gov. Rick Scott said Friday that four people in the
Miami area are likely the first to have been infected with Zika by
mosquitoes in the continental U.S.
(END) Dow Jones Newswires
July 29, 2016 12:58 ET (16:58 GMT)
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