Published: Wed, July 12, 2017
Entertaiment | By Minnie Bishop

Global stocks mixed ahead of Yellen testimony

Global stocks mixed ahead of Yellen testimony

The sluggish start on Wall Street came as investors looked ahead to the start of the second-quarter company earnings season and Federal Reserve chair Janet Yellen's testimony to Congress. Snap slid $1.36, or 8 percent, to $15.63.

Ms Yellen, appearing in a semi-annual hearing on Wednesday, is due to update lawmakers on the state of the USA economy and the likelihood of additional moves to tighten monetary policy in light of the improving labor market but still mild inflation.

REFRESHING RESULTS: PepsiCo reported better-than-expected quarterly results as higher prices for drinks and snacks boosted both profit and revenue for the beverage and packaged foods company. In other energy trading, wholesale gasoline inched up 2 cents to $1.52 a gallon.

"The pullback in gold has coincided with the rise in US real yields to the year's highs as well as the sharp increase in real yields in Europe to the highest levels in more than a year", UBS analysts said in a note.

There appeared to be an enhanced interest in financial stability concerns - citing stretched valuations in bond, equity, and commercial real estate prices - which was also one of the takeaways from the FOMC minutes last week.

Stainless steel ingredient nickel, however, gained after Chinese steel prices reached their highest in 3-1/2 years.

Central Board of Excise and Custom (CBEC) launches GST Rate Finder app
Once downloaded, you will be able to see three catogories namely ' TAX rates: Goods", "TAX rates: Services' and Information @CBEC. So, now it is easy to know the new tax rates from anywhere and be aware of the rates for all goods and services.

Oil prices edged up for a second day after last week's losses, supported by an expected drop in U.S. stockpiles but there are warnings of uncertainty owing to heavy production by the USA and other countries not signed up to the OPEC-Russia cuts. Heating oil added 2 cents to $1.48 a gallon.

Brent crude futures LCOc1 , the global benchmark for oil prices, were at $46.27 per barrel, down 50 cents, or around 1 percent, from their last close. The CSI300 index rose 0.5 percent, but the Shanghai Composite Index shed 0.2 percent. That will leave it with only 25 percent, to the 75 percent stake of Germany's Bertelsmann. Hong Kong's Hang Seng added 1.5 percent, while the Kospi in South Korea climbed 0.6 percent.

Among other precious metals, silver fell 0.5 percent to $15.55 per ounce, while palladium rose 0.3 percent to $842.25 per ounce.

At 5 p.m., the dollar stood at ¥114.31-31, up from ¥114.17-18 at the same time Monday.

Sterling slipped to a near two-week low against the dollar and the euro after a speech by Bank of England Deputy Governor Ben Broadbent left the outlook for interest rates unanswered.

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